上半年全国实现保费收入8532.3亿元，同比增长5.9%，保险市场运行呈现出缓中趋稳、稳中向好的特点。 The first half achieve premium income of 853.23 billion yuan，Year-on-year growth of 5.9%，Insurance market movement present in the slow stabilised、Stability to the good characteristic。

　　⊙记者 卢晓平 ○编辑 枫林

Reporter LuXiaoPing ⊙ ○ edit maple's woods

　　春江水暖鸭先知。保险股一段时间以来的强势表现，已让市场嗅出了行业迎来发展拐点的气息。

Riverside plumbing duck a prophet。Insurance stocks a strong performance in the time，Already let the market to sniff out the industry development in the breath of inflection point。

　　记者从昨日召开的上半年保险监管工作会议获悉，上半年全国实现保费收入8532.3亿元，同比增长5.9%，保险市场运行呈现出缓中趋稳、稳中向好的特点。

Reporters from the first half of insurance regulation held yesterday working meeting of the learned，The first half achieve premium income of 853.23 billion yuan，Year-on-year growth of 5.9%，Insurance market movement present in the slow stabilised、Stability to the good characteristic。

　　陆续披露的前6月保费数据也验证了这一点。数据显示，新华保险(601336,股吧)前6月同比增长10.4%，维持高于同业的总保费增速；国寿披露上半年保费收入同比下滑5.17%，但环比明显改善，6月份保费收入为314亿元，同比增加8.3%，环比则大幅上升49.5%；平安寿险上半年保费收入同比增长4.4%；太保寿险同比微增1.1%。

The disclosure in June before premium data showed it。Data shows，Xinhua insurance(601336,Shares it)Six months before a year-on-year increase of 10.4%，Maintain higher than the total premium growth of trade；China life in the first half year-on-year disclosure of the premium income declined 5.17%，But annulus comparing obviously improved，June premium income for 31.4 billion yuan，Increased 8.3% year-on-year，The annulus comparing rose 49.5%；Peace in the first half of life insurance premium income year-on-year growth of 4.4%；What life insurance up slightly increased by 1.1%。

　　显然，在经历了去年、尤其是今年上半年快速回落后，保险保费增速底部基本探明，行业回暖态势明晰。

obviously，In the past year、Especially in the first half of this year after fell back quickly，Insurance premium growth basic proved at the bottom，Industry thaw situation clear。

　　保费增速底部探明 Premium growth proven at the bottom

　　从2010年上半年同比增长33.6%，到2011年上半年同比增长16.9%，再到今年上半年同比增长5.9%，“三级跳”让支撑保险股业绩主业的保费增速呈现陡跌。

From the first half of 2010 year-on-year growth of 33.6%，Through the first half of 2011 year-on-year growth of 16.9%，And then to a year-on-year increase of 5.9% in the first half of this year，“Triple jump”Let support insurance stocks performance of its premium growth present steep fall。

　　保险股走势也颇意味深长。去年以来一直到今年一季度，四只个股整体走势不佳。不过，今年二季度以来，中国平安(601318,股吧)、新华保险、中国人寿、中国太保(601601,股吧)四只个股完全不理会大盘走势，股价上升到更高的平台进行整理。

Insurance stocks trend also quite significant。Since the first quarter of this year until last year，Four stocks whole trend not beautiful。but，Since the second quarter of this year，China peace(601318,Shares it)、Xinhua insurance、China life、What China(601601,Shares it)Four stocks completely ignore market trends，Share price rise to greater platform of finishing。

　　“保监会上月召集部分公司大佬开会，大家一致感觉是跌幅趋缓，企稳明显”，一位险资人士表示。

“Last month two part company convened by the meeting，You feel is consistent decline slowing，Stabilising obvious”，A risk endowment personage says。

　　陆续披露的前6月保费数据也验证了这一点。与此同时，中国人寿280亿元次级债发行完毕，而中国平安和新华保险都获批发行次级债。偿付能力充足率的提升，将大大提高公司的内涵竞争力。

The disclosure in June before premium data showed it。At the same time，China life 28 billion yuan subprime debt issue within，China peace and xinhua insurance approved subordinated debt issuance。Solvency adequacy of ascension，The connotation of the company will greatly improve the competitiveness。

　　另外，从未来发展看，保费市场潜力巨大。来自保险监管工作会议的信息，2012年是近年来保险业最为困难的一年，国内外经济金融形势错综复杂，推进保险业转变发展方式的要求日益迫切，防范化解风险的任务仍然艰巨。但保险业发展仍然有很多有利条件。未来一个时期我国仍处于发展的重要战略机遇期，经济社会蓬勃发展的基本面没有变。我国人口老龄化趋势明显，全社会养老医疗保障需求将大幅增长，保险业继续保持快速发展的基础没有变。

In addition，From see future development，The premium market potential is tremendous。From insurance supervision work conference information，2012 is the most difficult of the insurance industry in recent years for a year，The economic and financial situation at home and abroad and intricate，Promote the development of the insurance industry transformation way are becoming more demanding urgent，Prevent and eliminate risk is still arduous task。But insurance industry development, there are still many favorable conditions。Future a period of the development of our country still is in an important period of strategic opportunities，The prosperous development of the economic society fundamentals have no change。The population aging in our country is obvious trend，The whole society endowment medical security demand will greatly increase，Continue to maintain the fast development of the insurance industry base does not change。

　　行业整体实力不断增强 Industry overall strength increased

　　尽管百业兴则保险兴，但保险行业起步晚，发展阶段不一样，经过良性调整，加上政策推动，将出现一波较强势的回升态势。

Although economic xing xing is insurance，But the insurance industry late start，Stage of development，After benign adjustment，Plus policy to promote，There will be a wave of the stronger picks up trend。

　　“在降息初期，保险业反应并不灵敏，但到了中期，效果会凸显”，一位资深券商分析师表示。

“Cut interest rates in the early，Insurance industry is not sensitive reaction，But in the middle，Effect will be highlighted”，A senior securities analysts said。

　　而个人税收递延型养老保险试点也是呼之欲出。有业界人士甚至这样比喻：一旦推出，保险股的估值将重新估算。这项创新试点将突破寿险发展困局，促进行业高速发展。

And personal tax deferred model endowment insurance pilot is also be vividly portrayed。Industry insiders have even this parable：Once out，Insurance shares will be recalculated valuations。This innovative pilot will break through the life insurance development dilemma，Promote industry development。

　　显然，降息和递延养老险试点将利好保险股未来走势。

obviously，Interest rate cuts and deferred endowment insurance pilot good insurance stocks will future trajectory。