Core Viewpoint - Focusing solely on high sales demonstration rates when selecting participating insurance is not advisable, as a high demonstration rate does not guarantee high actual returns [2][12]. Group 1: Sales Demonstration Rates - The sales demonstration rate includes non-guaranteed benefits, which are subject to the insurance company's operational performance and investment results, leading to uncertainty in actual returns [2]. - Regulatory requirements limit the sales demonstration rate for new products with a predetermined interest rate of 1.75% to a maximum of 3.9% or the average investment return over the past five years, whichever is lower [2]. - Older products with a predetermined interest rate of 1.50% may have demonstration rates exceeding 4%, as they were launched before the latest regulatory requirements [2]. Group 2: Customer Returns - The actual return for customers depends on the investment return rate of the insurance company's dividend settlement [2][3]. - In scenarios where the investment performance is the same, products with a predetermined interest rate of 1.75% yield customer returns that are consistently 0.075 percentage points higher than those with a 1.50% rate [3]. - To achieve the same customer return, products with a lower predetermined interest rate (1.50%) require a higher investment return from the insurance company [5]. Group 3: Long-term Operational Strength - The long-term operational strength of an insurance company is crucial for achieving high returns on participating insurance [12][18]. - Factors influencing the conversion of demonstration rates to actual returns include the company's long-term investment capability, market uncertainties, and overall operational strength [13][18]. - Companies with high spreads but significant expense losses may face sustainability issues regarding their dividend levels [14]. Group 4: Evaluating Insurance Companies - When selecting a strong participating insurance company, it is essential to consider historical dividend realization rates, investment performance stability, and operational strength rather than just high demonstration rates [15]. - Key indicators for evaluating the dividend strength of life insurance companies include long-term dividend realization rates, long-term investment returns, solvency ratios, and overall operational stability [15][18]. - The analysis of a specific company, Lujiazui Guotai, shows an average total investment return of 6.1% and an average dividend realization rate of 159.7% over the past ten years, indicating strong performance [19][24].

到今年二季度末，已经有32家寿险公司将HTM债券都转成了AFS债券，其中有28家公 司今年公布的投资收益率仍然是I 3 9下的口径，这包括老七家中的五家公司（只有国寿 和太保寿还没有转）。另外国华和合众今年已经不再公布偿付能力报告了。 今年三季度是债券市场的熊市，10年期到30年期国债和地方债收益率大约上升了2 0到3 6 b p。绝大多数公司的债券久期（不含久期很短的非标投资）都在10年到20年之间，债 券投资的仓位占可投资资产的比例通常在45%到75%之间，对于已经没有HTM债券的公 司来说，三季度债券价格下跌将给公司整体带来- 1. 4%到- 3.0%的投资收益率，公司的 净投资收益率通常在0 . 7%左右，二者相加在一起的贡献在- 0 . 6%到- 2 . 4%之间，那么公 司权益投资带来的收益率贡献（不含已经归属于净资产收益率中的股票和基金分红）等 于 三 季 度 的 综 合 收 益 率 减 去 0.6% 到 2.4% 之 间 的 某 个 数 ， 通 常 我 们 会 选 1 . 5% 为 最 佳 估 计，然后再参考20 24年综合收益率及其他相关信息加以微调，最后的误差应该在0 . 5% 之内。当然 ...

Core Viewpoint - The health insurance industry in China is transitioning from a phase of rapid growth driven by high volume to a focus on long-term value, emphasizing quality over mere coverage as consumer expectations evolve [1][3]. Group 1: Aging Population and Medical Reform - China is rapidly entering a deeply aging society, with projections indicating that by the end of 2024, 22.0% of the population will be aged 60 and above, and 15.6% will be aged 65 and above [3]. - This demographic shift is increasing the burden of chronic diseases and medical demands, creating a clear development space for commercial health insurance to provide stable, long-term, and high-quality supplementary coverage [3]. - The implementation of DRG/DIP payment reforms clarifies the supplementary role of commercial insurance, with current payment structures showing that personal cash payments account for 49%, while commercial insurance only covers 7.7% of innovative drug costs, indicating significant potential for growth in commercial health insurance [3]. Group 2: Long-term Commitment of Blue Medical Insurance - Blue Medical Insurance has established a long-term commitment to its customers, evolving from a "product as service" concept to a comprehensive "good doctor, good medicine, good service" model [5][6]. - The introduction of the Blue Medical Insurance product in 2022, featuring a 20-year guaranteed renewal promise, addresses customer concerns about renewal anxiety and builds trust [6]. - By 2023, Blue Medical Insurance expanded its focus to include health management services for families, enhancing its offerings to meet real user needs [6]. Group 3: Evolution of Good Doctor, Good Medicine, Good Service - The launch of the upgraded Blue Medical Insurance (Good Doctor, Good Medicine version) in December 2025 represents a comprehensive enhancement of its core service system, aiming to meet diverse customer expectations for high-quality health coverage [8][10]. - The upgrade includes an expanded network of medical resources, incorporating 186 top private hospitals and ensuring access to cutting-edge treatment options, with total coverage for claims raised to 10 million yuan [10]. - The drug coverage has been significantly enhanced, with a total of 276 special drugs included, and 100% coverage of 32 newly approved special drugs in 2025, addressing critical patient needs [11]. - Service improvements include seamless integration of online consultations, extensive hospital networks, and a commitment to hassle-free claims processing, enhancing the overall patient experience [12]. Conclusion - The evolution of Blue Medical Insurance reflects a proactive response to the challenges of an aging society, the emergence of innovative drugs, and the restructuring of the medical payment system, focusing on user-centric health needs and delivering a reliable health management partnership [13][14].

Group 1 - The insurance industry has seen frequent executive changes since 2015, with over 50 companies appointing new leaders, including chairpersons and general managers [2] - A trend of younger and more specialized management is emerging, as evidenced by the appointment of Zhang Chu as a member of the party committee at China Life Reinsurance Co., Ltd. [2] - The leadership change at China Life Reinsurance reflects the company's confidence and determination to achieve high-quality development [2] Group 2 - Zhang Chu holds a master's degree in economics from Renmin University of China and has North American actuarial qualifications, with 19 years of experience in the financial sector [3] - He has previously held various leadership roles in actuarial and product development departments, showcasing a solid foundation in statistics, actuarial science, and insurance [3][4] - Zhang has contributed significantly to the actuarial profession in China, leading research and publishing important reports on sustainable development in insurance [4] Group 3 - Zhang Chu has a strong innovative mindset, having pioneered the "special drug insurance" product, which enhances accessibility to advanced medical resources for families [4] - He has led initiatives to develop insurance products tailored for specific groups, such as veterans and union workers, contributing to a multi-tiered social security system [4] - The expectation is that Zhang will play a vital role in actuarial pricing, product innovation, and market expansion, aligning with the company's strategic goals during the "14th Five-Year Plan" period [4]

声明：本系列文章基于原期刊目录和摘要内容整理而得，仅限于读者交流学习。如有侵权，请联系 删除。 本文基于以下论文整理而得： 美国精算学会-The State of Long-Term Care Insurance—2025 原文链接： https://www.actuary.org/wp-content/uploads/2025/03/health-brief-2025-stateofltc.pdf 【本期看点】 ● 保障内容与目的： 长期护理保险用于支付长期护理服务与支持（LTSS）的费用，涵 盖专业护理、辅助生活设施护理及家庭护理等。尽管不是传统健康保险，LTCI既可覆 盖护理成本，也能保护受益人的资产。 ● 市场需求与不确定性： 老年人口迅速增长将大幅推高对LTSS的需求。LTCI市场面临 诸多不确定性，包括：公共计划及其对未来市场的影响、利率波动、新冠疫情影响以及 痴呆症研究进展。 ● 产品创新： 除了传统的独立LTCI产品，结合了寿险或年金产品的"混合型"产品已在 市场扮演重要角色，并能解决"付费却从未使用保障"的顾虑。另一种较新的选择——提 供最长12个月保障的短期护理保险，也呈上升趋势。 ● 成 ...

一周新闻速览 监管动态 医保局：医保目录新增114种药品，首版商业健康险创新药目录同步发布 医保局局长章轲：中国必将成为全球最重要的创新药首发地 医保局黄心宇：国家医保目录将保持每年一调的节奏 金融监管总局副局长肖远企：保险公司商业模式可持续性应纳入监管重点 赵宇龙与越南财政部副部长黎晋近（Le Tan Can)举行会谈 赵宇龙："十四五"时期保险业建设养老社区项目130个，长护险覆盖1.8亿人 赵宇龙：商业保险在发展养老金融方面具备三方面的独特优势 香港：三季度保险收益指数同比均录得双位数升幅 泰康资产：企业年金投管规模超6,900亿，居市场前列！ 中国平安：起诉华夏幸福及其董事长王文学 人事变动 香港保监局：香港市场已发行七宗保险连接证券，累计发行总额达8亿美元 公司动态 瑞众人寿：举牌青岛啤酒H股，持股比例达到5% 和谐健康：12月4日至8日增持金融街股份703.84万股 长城人寿：被出具警示函，涉违规增持新天绿能 泰康养老：增资20亿，为养老金融发力蓄能 平安人寿：发行200亿2025年资本补充债券 新华保险：拟发不超100亿永续债增强资本实力 中英人寿：获批发行10年期可赎回资本补充债券、无固定期限 ...

Core Viewpoint - The life insurance industry has a unique profit recognition mechanism characterized by "delayed release," where potential profits from policy sales are not immediately recognized due to the long-term nature and uncertainty of insurance contracts. This results in profits being recorded as "Contractual Service Margin" (CSM) and amortized over the service period [1][4]. Insurance Contract Liability Structure - Insurance contract liabilities consist of present value of future cash flows, non-financial risk adjustments, and Contractual Service Margin (CSM). The present value of future cash flows is calculated based on expected premiums and payouts, discounted to present value using a risk-free rate plus a liquidity premium [3][7]. - Non-financial risk adjustments are additional amounts added to liabilities to compensate for uncertainties such as mortality rates and claims [3][7]. - CSM represents the expected future profits related to insurance services that have not yet been recognized, acting as a "profit pool" for future services [3][7]. CSM Ratio - The insurance contract service margin ratio is a key indicator calculated as CSM divided by total insurance contract liabilities. This ratio indicates the proportion of "deferred future profits" within the total insurance liabilities [9]. - As of June 30, 2025, the CSM ratio for seven listed insurance companies was 13.1%, down from 21.4% in 2022, reflecting a downward trend influenced by declining long-term interest rates [10][12][16]. New Business Profitability - The new business profitability formula indicates that the initial recognition of CSM minus any initial losses, divided by the present value of future cash inflows, provides insight into profitability per premium collected. This metric is expected to improve as new business contributions to overall CSM increase over time [14][16]. - In 2023, new business profitability began to rebound, with projections for 2024 indicating an increase to 8.6%, suggesting positive effects from regulatory measures [14][16]. CSM Ratio Variations - Differences in CSM ratios among listed insurance companies can be attributed to various factors, including the quality of new business and the impact of regulatory changes. For instance, Taiping Life had the highest CSM ratio at 14.6% among the analyzed companies [16].

多重给付重疾，豁免保费很重要 ④重疾高发年龄段 40-50岁，50-60岁 30岁之前买重疾更佳 ⑤恶性肿瘤是高发重疾 甲状腺癌、肺癌、乳腺癌高发 ①重疾理赔300亿 平安超100亿，太保超50亿 ②6大赔案：赔款300万+ 28家有"百万级"重疾赔案 ③豁免保费13亿，"一日赔"52亿 ⑥女性 重疾理赔多 发病年龄 也要比男性 早 44家寿 险公 司 上半年 重疾理赔超300亿 平安超100亿，新华超50亿 | 2025年上半年寿险公司 - 一露 疾 理 赔 金 额 | | --- | | 序号 | 公司简称 | 理赔金额 )(亿元) | 理赔件数 与作 | 件均理赔 (万元)。 | | --- | --- | --- | --- | --- | | | 平安寿险 | 104.10 \ | 13.00 | 38.01 | | D | 太保寿险 | 52.30 | 7.70 | 6.79 | 1 2025年上半年 寿险公司 重疾理赔报告 | 3 | 泰康人寿 | 24.00 | 3.10 | 7.74 | | --- | --- | --- | --- | --- | | ব | 太平人寿 | 24.00 | ...

Core Viewpoint - 中信保诚人寿 has been recognized as an outstanding competitive foreign-funded insurance company, reflecting its commitment to long-termism and high-quality development in a complex market environment [1][6]. Financial Performance - In the first three quarters of 2025, 中信保诚人寿 achieved insurance business revenue of 2.7833 billion yuan, a year-on-year increase of 17%, and a net profit of 314 million yuan [3]. - The company's core and comprehensive solvency adequacy ratios remain well above regulatory requirements, and it maintains the highest AAA credit rating [3]. Business Transformation and Product Innovation - 中信保诚人寿 has been at the forefront of business transformation and product innovation, developing a diversified pension financial product matrix to meet the needs of an aging society [4]. - The company has launched its first "insurance + trust + pension" comprehensive service for high-net-worth clients, integrating asset management, wealth inheritance, and quality pension solutions [4]. Service Ecosystem and Digital Transformation - The company has upgraded its service ecosystem, creating a "healthcare and wealth nurturing" service system that provides 24/7 responses and has partnered with over 47 elderly care and travel institutions [5]. - 中信保诚人寿 is embracing digital transformation by applying AI technology in investment decision-making and customer service, enhancing efficiency and precision [5]. Social Responsibility and Sustainable Development - 中信保诚人寿 has actively engaged in social responsibility, donating over 45.4 million yuan to public welfare and sending 7,630 volunteers for various community services [5]. - The company is also investing in carbon neutrality-related fields to support China's green transition, aligning its development with social needs [5]. Future Outlook - Moving forward, 中信保诚人寿 aims to leverage shareholder advantages and deepen the integration of finance, technology, and services, continuing to innovate in pension finance, health protection, and wealth management [6].

Core Viewpoint - The article discusses the development of personal pension systems in China, highlighting the increasing elderly population and the government's initiatives to establish a robust pension framework as a response to aging demographics [3][4]. Personal Pension Development Status - By the end of 2024, the elderly population aged 65 and above in China is projected to reach 22.023 million, accounting for 15.6% of the total population, indicating a deep aging phase [3]. - The State Council issued guidelines in 2022 to promote personal pensions as the "third pillar" of the pension insurance system, utilizing a model of "government tax incentives + voluntary individual participation + market-oriented professional operation" to address gaps in pension security [4]. - As of now, over 70 million personal pension accounts have been opened nationwide, with a diverse range of products available [4]. Product Supply Overview - There are currently 926 personal pension products available, categorized into four main types: - Savings products: 466, primarily consisting of exclusive fixed deposits and large time deposits from state-owned and joint-stock banks [5]. - Insurance products: 118, including exclusive commercial pension insurance and participating pension insurance [6]. - Fund products: 305, designed specifically for pensions with discounted purchase rates and tax benefits, covering equity, mixed, and bond types [6]. - Wealth management products: 37, focusing on low-risk fixed-income assets [6]. Yield Analysis of Personal Pension Products - Different types of personal pension products exhibit significant yield differentiation based on investment strategies and risk levels, catering to various investor risk preferences [7]. - Fund products show the highest yield potential, with a weighted average return of 18.5% and a simple average return of 14.0% for 304 pension fund products as of now [8]. - Passive index funds tracking major indices like the CSI 300 and CSI 500 have performed well, with some products exceeding a 40% return, while others have shown negative returns, highlighting the high volatility associated with fund products [11]. - Savings products offer stable but lower returns, with rates concentrated between 1.3% and 1.8%, appealing to conservative investors [11]. - Wealth management products aim for steady growth, with an annualized weighted return of approximately 2.2% and a simple average return of 2.6% [13]. - Insurance products, particularly participating insurance, provide a dual benefit of guaranteed returns and potential dividends, with average client returns reaching 3.2% in 2024, and some products achieving 3.5% [15]. Comparative Yield Ranking - In 2025, fund products are expected to lead in average yield, followed by insurance products, wealth management products, and finally savings products [17]. Analysis of Participating Insurance Products - The structural bull market in 2025 is expected to draw investors towards high-yield equity funds, but caution is advised due to the inherent risks associated with high returns [19]. - Participating insurance products offer a safety net with guaranteed returns of 1.5% to 1.75%, insulated from market fluctuations, while also allowing for profit-sharing through dividends [20]. - The dual mechanism of guaranteed returns and floating dividends positions participating insurance as a preferred choice for long-term pension planning, addressing both safety and growth needs [20].