Core Viewpoint - The average dividend realization rate for the life insurance industry in 2024 is 61.7%, an increase of 11 percentage points year-on-year, indicating improvements in the management and expectation guidance of participating insurance products [3][4]. Dividend Realization Rate Analysis - As of September 10, 2024, 76 life insurance companies reported 3,357 participating insurance products, with 12 products having a realization rate of zero, 2,726 products (81.2%) below 100%, 256 products (7.6%) achieving 100%, and 363 products (10.8%) exceeding 100% [3][4]. - The realization rate reflects the insurance company's ability to fulfill non-guaranteed dividends, serving as a key indicator of investment management effectiveness and operational transparency [4]. Improving Dividend Realization Rates - The National Financial Regulatory Administration issued a notice on August 2, 2024, emphasizing the need for insurance companies to balance demonstration benefits with realization rates [6]. - The relationship between demonstration benefits and realization rates is crucial, where demonstration benefits are based on hypothetical investment scenarios, while realization rates reflect actual performance [8][9]. - To enhance realization rates, companies must set reasonable demonstration rates and improve investment capabilities, especially for already sold policies [11]. Evaluation Criteria for Life Insurance Companies - Long-term assessment of realization rates should consider historical data, stability of dividend policies, and the company's long-term investment returns [13]. - Companies should maintain a safe solvency margin and healthy risk ratings, focusing on those with stable operations [13]. - Currently, 42 companies meet the criteria set by "13精," with New China Life Insurance leading in average realization rates for 2024 [14]. New China Life Insurance Performance - New China Life Insurance reported an average realization rate of 156.1% over the past five years, ranking first among 27 companies [15]. - In 2024, 80 participating insurance products were disclosed, with 63 products achieving or exceeding a 100% realization rate, reflecting strong investment return capabilities [17]. - The company has shown excellent long-term investment returns, with an average total investment return rate of 5.1% from 2015 to 2024, and total assets reaching 1.78 trillion yuan, indicating robust market validation of its investment capabilities [17][18].

Core Viewpoint - The article discusses the analysis of the embedded value changes of listed life insurance companies for the first half of 2025, highlighting a 7.7% growth in embedded value, driven by various factors including expected returns and new business value creation [2][14]. Summary by Sections Embedded Value Changes - The embedded value of listed life insurance companies increased by 7.7% in the first half of 2025, with the expected return on the initial embedded value contributing 2.8%, new business value creation contributing 2.6%, investment return differences contributing 1.4%, and operational experience deviations contributing 0.83% [14][26]. ROEV Analysis - The overall Return on Embedded Value (ROEV) for listed life insurance companies was 6.3%, a decrease of 0.5 percentage points year-on-year. Companies like China Life, Ping An Life, and Taiping Life saw a decline in ROEV, while New China Life, AIA, and Sunshine Life experienced improvements [29][30]. Factors Influencing Embedded Value - The factors influencing the embedded value changes are ranked as follows: expected return on embedded value, new business value creation, investment return differences, operational experience deviations, and changes in assumptions and models [16][18]. Detailed Breakdown of Influencing Factors - **Expected Return on Embedded Value**: Averaged 2.8%, down 0.5 percentage points year-on-year, with most companies (except AIA) showing a decline [18]. - **New Business Value Creation**: Contributed 2.56%, down 0.2 percentage points year-on-year, with some companies like Ping An Life and New China Life showing improvements while others declined [18]. - **Operational Experience Deviations**: Averaged 0.83%, up 0.1 percentage points year-on-year, indicating positive impacts from actual operational experiences [23]. - **Investment Return Differences**: Averaged 1.4%, up 0.5 percentage points year-on-year, with most companies reporting positive deviations [26]. Company-Specific Insights - Sunshine Life reported the highest ROEV at 11.1%, followed by AIA at 8.6% and Ping An Life at 7.5% [30].

Core Viewpoint - The article discusses the issuance of the "Guiding Opinions on Promoting High-Quality Development of Health Insurance" by the Financial Regulatory Bureau, emphasizing the need to enhance the health insurance sector's service and guarantee levels in response to increasing health protection demands and the aging population [1][12]. Summary by Sections 1. Increasing Demand for Health Insurance - The demand for health insurance is rising due to an aging population and increasing life expectancy, with the average life expectancy in China reaching 79 years [5]. - There is a growing need for commercial health insurance products, particularly for quick settlement of medical expenses and coverage of more medications not included in basic medical insurance [7][8]. 2. Breaking Through Bottlenecks - The health insurance sector has seen rapid growth since 2014, with commercial health insurance premium income expected to reach 977.3 billion by the end of 2024, more than six times the amount a decade ago, with a compound annual growth rate of approximately 20% [11]. - Despite this growth, challenges such as product homogeneity and insufficient operational capabilities are emerging, which hinder service improvement [11][12]. 3. Deepening Health Insurance Reform - The opinions outline a focus on enhancing the health management service system and promoting collaboration between health insurance and the healthcare industry [15][22]. - Specific areas of development include commercial medical insurance, long-term care insurance, and disability income loss insurance, with a push for integrating new medical technologies and drugs into insurance coverage [16][20]. 4. Enhancing Sustainable Development Capabilities - The article emphasizes the need for insurance companies to strengthen their responsibilities and improve actuarial management, as well as to enhance the professional talent pool in health insurance [24][25]. - It also highlights the importance of digital transformation and the use of big data and AI to improve operational efficiency and customer satisfaction [25]. 5. Strengthening Health Insurance Regulation - The regulatory framework will be improved to ensure compliance and fair pricing in health insurance products, with a focus on enhancing the overall market order [27][28]. - Measures will be taken to combat malpractice and protect consumer rights, ensuring a more transparent and efficient health insurance market [28]. 6. Optimizing the Health Insurance Development Environment - The article calls for the establishment of standardized health insurance clauses and evaluation systems to improve service quality and consumer understanding [31][32]. - It also encourages collaboration between various stakeholders to promote the development of group health insurance and improve public awareness of health insurance [32]. 7. Future Arrangements - The Financial Regulatory Bureau plans to create a favorable policy environment for health insurance development and to enhance product offerings to meet public demand for high-quality health protection [35].

Core Viewpoint - The differentiation in the development of participating insurance among life insurance companies is influenced by multiple factors, including early positioning, efforts from leading insurers, and strategic considerations regarding distribution channels and product types [1][10][29]. Group 1: Early Positioning - Companies like Zhonghong and MetLife have seen rapid growth in participating insurance premiums due to their early market entry [1]. - The overall market for participating insurance has seen a significant decline in its share, dropping approximately 50 percentage points over the past decade to around 20% [12][13]. Group 2: Efforts from Leading Insurers - Leading insurers are experiencing high growth rates in new participating insurance policies, although adjustments in business structure may take time [11]. - For instance, Xinhua Insurance reported a first-year premium of 4.6 billion for participating insurance, showing a substantial increase compared to the previous year [14]. Group 3: Strategic Considerations - The growth of participating insurance is heavily reliant on distribution channels, particularly the banking insurance channel, which has shown a 9.4% year-on-year increase in premium income [7]. - Companies like Zhongyou Life and AIA have leveraged their strong distribution networks to achieve rapid growth in participating insurance premiums, with Zhongyou Life's premiums exceeding 260 billion in 2024, marking an 180% increase [18]. - The choice to focus on participating insurance varies among companies, influenced by their investment capabilities and strategic goals [24][25]. Group 4: Market Dynamics - The overall premium income for life insurance companies reached 3.57 trillion by the end of August 2025, with a growth rate exceeding 10% compared to the beginning of the year [4]. - The participating insurance segment has seen a growth rate of around 90% in the second quarter of 2025, significantly outpacing the traditional insurance segment's growth of approximately 20% [9][10]. Group 5: Investment Considerations - Participating insurance requires higher investment return assumptions compared to traditional insurance, which can lead to varying strategies among insurers regarding product offerings [22][23]. - Companies with strong investment capabilities, such as Ping An, are better positioned to support the growth of participating insurance through effective capital management [25].

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： US Life Insurance Industry Statistics 2025: Market Size, Ownership, and Demographics 网址链接： https://coinlaw.io/us-life-insurance-industry-statistics/ 【本期看点】 ●58%的美国人表示至少拥有一份人寿保险，这表明寿险的全国覆盖率保持稳定。 ●2025年，美国仍有约1.08亿成年人未参保或人寿保险保障不足。 ●截至2025年，美国已参保的Z世代（1995-2010年出生）成年人中，62%持有终身寿险，比例居各 代际之首。 ●44%的已参保成年人认为其人寿保险保障不足以满足未来需求。 ●52%的美国人预计去世后将为亲人留下1万至3万美元以上的未偿债务。 2025年美国寿险行业统计概述 导言 在美国人寿保险行业不断发展的背景下，数百万美国人依靠人寿保险来保障家庭的财务未来。随着 消费者偏好、技术发展和经济因素的变化给行业带来深刻变革，理解最新统计数 ...

Core Viewpoint - The establishment of the "Bai Nian Qi Cheng Family Office" by Bai Nian Life Insurance marks a significant step in the company's strategic layout in the high-net-worth service sector, aiming for value transformation and high-quality development [1][4]. Group 1: Strategic Significance and Vision - The "Bai Nian Qi Cheng" family office is designed to address the challenges of wealth security, preservation, and inheritance in the current uncertain macroeconomic environment [2]. - The family office aims to provide a comprehensive service covering the entire wealth lifecycle, including wealth creation, preservation, inheritance, and enjoyment, thus supporting clients in achieving a sustainable family legacy [4][11]. Group 2: Collaboration with Shanghai Trust - Bai Nian Life Insurance has entered into a comprehensive cooperation with Shanghai International Trust, focusing on resource sharing and value co-creation, integrating insurance safety with trust flexibility [5][7]. - The partnership aims to create a top-tier family office ecosystem, leveraging both companies' strengths to enhance client services and ensure long-term strategic collaboration [11]. Group 3: Service Model and Offerings - The family office will utilize a "1+3+N" service model, where one family office consultant coordinates three core service officers to provide customized, diversified, and global resources for high-net-worth clients [2]. - The goal is to offer a "one-stop, long-term, and warm" wealth inheritance solution, helping clients navigate future uncertainties and achieve wealth security, preservation, appreciation, and orderly transfer [2][4]. Group 4: Future Outlook - The collaboration is expected to introduce global top-tier resources in law, investment banking, asset management, charity, education, and healthcare, establishing a benchmark for family offices in China [5][11]. - Both companies are committed to creating a client-centered value proposition and exploring growth paths through digital empowerment, aiming for innovative solutions that meet future challenges [7][11].

Core Viewpoint - The article highlights the launch of the 2026 campus recruitment by China Insurance, emphasizing the company's commitment to innovation and the opportunity for graduates to contribute to the insurance sector while pursuing their careers [3][4]. Company Overview - China Insurance, established in 1986, began with agricultural insurance and has evolved into a significant player in the insurance market. The company is now positioned for higher development following its ownership transfer to Central Huijin in 2025 [4]. - As the only state-owned insurance company with the "China" name, it boasts a registered capital of 14.64 billion yuan and a comprehensive solvency adequacy ratio of 227.2% as of December 2024. The company reported annual premium income of 68.15 billion yuan, ranking fifth in the property insurance market [5]. Recruitment Details - The recruitment is aimed at graduates from domestic and international institutions for various roles, including management training, technology, marketing, and claims [9]. - The company offers a comprehensive training system and growth platform, ensuring that employees have clear career development paths and competitive compensation packages, including basic, performance, and reward salaries [11]. Employee Benefits - Employees are provided with high-competitive salaries and benefits, including five insurances and one fund, supplementary commercial insurance, paid annual leave, and regular health check-ups [11]. Application Process - The recruitment process includes resume submission, written tests, and interviews, with specific timelines for offer issuance and campus visits outlined [13][14]. Targeted Fields of Study - The company welcomes graduates from various fields, including actuarial science, finance, mathematics, public health, and engineering, indicating a broad scope for potential candidates [10].

Regulatory Dynamics - Nine departments encourage Chinese export credit insurance companies and other insurance institutions to increase support for service exports [8][9] - The central bank maintains the 1-year and 5-year LPR unchanged at 3.0% and 3.5% respectively [10] - The Ministry of Human Resources and Social Security reports that the basic pension insurance fund has achieved positive returns for eight consecutive years, with an average investment return rate of 5.15% [11] - The number of people covered by basic pension insurance in China reaches 1.072 billion, increasing by over 7.3 million since the end of the 13th Five-Year Plan [12] - Over 20 million new employment form workers are covered by occupational injury insurance [13] - The National Medical Insurance Bureau has included 42 rare diseases in the national medical insurance catalog [14] - The National Medical Insurance Bureau releases a long-term care insurance service catalog consisting of 20 life care and 16 medical care items [15] - The Financial Regulatory Administration holds a seminar with ASEAN and China-Japan-Korea financial regulatory agencies [16] - Financial Regulatory Administration head Li Yunzhe meets with Ray Dalio, founder of Bridgewater Associates [17] - The total assets of the banking and insurance industries exceed 500 trillion, with an average growth of nearly 9% over the past five years [18] Company Dynamics - China Ping An increases its stake in Agricultural Bank of China by 115 million HKD [29] - Sunshine Life increases its stake in China Ruyi by 113 million HKD [30] - Great Wall Life raises its stake in New Tian Green Energy to 5.00%, triggering a disclosure requirement [31] - Great Wall Life increases its stake in Qin Port shares by 1 million shares [32] - Ping An Life acquires a stake in Jingchang Logistics [33] - Ping An Overseas issues a 300 million USD 10-year senior unsecured bond with a coupon rate of 5% [34] - Fosun United receives approval for capital increase, with the International Finance Corporation and Asian Development Bank as new shareholders [35] - Ruizhong Life reduces its stake in Qinsong shares by over 9.55 million shares [36] - China Reinsurance receives approval for issuing capital supplement bonds [37] - Bank of China Samsung is approved to issue perpetual capital bonds [38] - China Life establishes a health management company in Nanjing [39] - Sunshine Insurance unveils Sunshine Hengyi Private Fund Management Co., Ltd. [41] - Bank of China Samsung establishes an equity investment partnership in Tianjin with a contribution of 1.1 billion [42] - Tianmao Group's cash option for delisting is executed, involving over 2.3 billion [43] - Huanghe Property Insurance's 125 million shares are up for auction with a starting price of 115 million [44] Industry Dynamics - Social insurance capital's A-share holdings exceed 2 trillion, reaching a historical high [55] - JPMorgan Chase invests approximately 135 billion HKD in China Pacific Insurance H-shares [56] - Mainland insurance companies attract record inflows in Hong Kong stocks [57] - Insurance capital's real estate investment scale significantly increases in the first half of 2025 [58] - The second batch of Sci-Tech Bond ETFs sees substantial institutional investment [59] - Goldman Sachs reports a surge of hedge funds into banking, insurance, and consumer finance sectors [60] - The first commercial insurance innovation drug catalog completes expert review, with five high-cost CAR-T drugs approved [61] - AI applications in the insurance industry are accelerating, with significant productivity potential [62][63] - The health insurance structure is changing, with medical insurance growth surpassing critical illness insurance [65]

Core Viewpoint - Ping An is enhancing its car insurance services through the launch of the "Three Exemptions" initiative, aiming to provide a seamless and efficient customer experience while responding to evolving client needs [3][5][11]. Group 1: Event Highlights - Ping An hosted a vibrant event in Chengdu to reward car insurance clients, featuring performances by well-known actors and comedians, creating a joyful atmosphere for over 400 attendees [1]. - The event marked the official announcement of the upgraded "Car Insurance Three Exemptions" service, which aims to create a comprehensive customer service system that is time-saving, cost-effective, and hassle-free [3]. Group 2: Service Innovations - The "Three Exemptions" service includes "exemption from on-site inspection, exemption from proof, and exemption from damage assessment," significantly streamlining the claims process for clients with no accident records over the past three years [8]. - Ping An's innovative "Human Injury Package" service covers the entire process from accident prevention to medical treatment, alleviating financial burdens for car owners by covering medical expenses upfront [9]. - The company has upgraded its vehicle repair quality assurance service, ensuring that repairs at over 20,000 selected service centers meet high standards, thus addressing customer concerns about repair quality [10]. Group 3: Ecosystem Development - Ping An is expanding its service offerings beyond insurance to create a one-stop car service ecosystem, which now includes over 80 services such as roadside assistance, annual inspection agency, and car washing [11][12]. - The "Ping An Good Car Owner APP" has over 200 million registered users, providing daily services to over 3 million users, demonstrating the platform's extensive reach and user engagement [11]. Group 4: Customer-Centric Approach - The company's core philosophy revolves around being customer-centric, continuously adapting to meet changing customer needs and enhancing service experiences [14]. - Ping An's commitment to public safety is evident in its "Red and Green Light" road safety initiative, which encourages safe driving behaviors among car owners and integrates these efforts into the app for community engagement [16].

"13精"数据库第395周更新公告 13精资讯-增加2025年8月万能险结算利率2065条 13精资讯-增加2025年2季度保险公司增资情况数据 13精资讯-增加2024年各国保费、保险深度、人均保费 13精资讯-增加最近一周保险公司被处罚数据 13精资讯-增加最近一周保险公司投连险净值数据 13 精利用最新录得数据做的研究报告之395期： 财险行业最新固定成本率大约是9.0%（不含理赔人员薪酬），已经实现五连降！ ！ 先说结论： 1、 财险行业的固定成本率究竟有多高？ 财务管理理论认为，企业的固定成本是刚性的的，随着销售收入的增加，固定成本率逐步降低，单位固定成本支撑的收入逐步提高，这被 称为经营杠杆。任何一个行业都会享受经营杠杆带来的好处，这不是保险行业独特的盈利模式。 微观经济学理论认为，一个企业能以低于更多企业的成本为整个市场供给一种物品或者服务时，这个行业就存在自然垄断（曼昆，经济学原理，微观经 济学分册第八版，305页）。 那么问题来了，我们如何判断大公司和中小公司的成本差异？ 变动成本？（包含市场成本和赔付成本） 固定成本？ 本文利用新保险合同准则下的信息披露，结合市场调查的结果，试图将各个类别 ...