Core Viewpoint - The analysis of new business acquisition cost rates in the life insurance sector indicates that a higher acquisition cost does not necessarily correlate with lower profitability for new business, challenging conventional wisdom in the industry [1][6][24]. Group 1: New Business Acquisition Cost Rate - The formula for calculating the new business acquisition cost rate is defined as the cash flow from acquiring insurance contracts divided by the present value of future cash inflows from those contracts [1][11]. - In 2024, the aggregated new business acquisition cost rate for 12 life insurance companies was 8.4%, a decrease of 0.8 percentage points year-on-year [17]. - The new business profit margin for the same group of companies was 8.7%, reflecting a year-on-year decline of 0.4 percentage points [19]. Group 2: Performance of Individual Companies - Among the 12 companies, Ping An Life had the highest new business acquisition cost rate at 11.9%, followed by Taiping Life at 9.6% [19]. - The analysis revealed that loss-making contracts had a new business acquisition cost rate of 5.7%, while non-loss-making contracts had a rate of 8.7%, suggesting that higher quality, potentially profitable business requires greater investment in acquisition [19][22]. - Companies primarily using the bancassurance channel, such as Zhong Postal Life and Sunshine Life, experienced a 2.5 percentage point decrease in their new business acquisition cost rates due to the "reporting and operation integration" effect [21][22]. Group 3: Insights on Cost and Profitability Relationship - The relationship between new business acquisition cost rates and profit margins is complex; higher acquisition costs do not equate to lower profit margins, which contradicts common assumptions [6][24]. - The analysis indicates that companies with higher acquisition costs often achieve higher profit margins, likely due to their investment in acquiring higher quality business [7][26]. - The findings suggest that the main distribution channels for leading companies remain focused on individual agents, which influences their cost structures and profitability [4][26].

母基金研究中心据公开信息统计， 2 0 2 5年6月1日至6月3 0日资讯涉及的募资动态共1 7起，折 合人民币规模合计超过4 2 0亿元。以下是内容提要与具体资讯。 【内容提要】 1 . 中国太保发布 5 0 0亿战新并购基金与私募证券投资基金 2 . 招商资本成功发行 1 0亿元5年期科创债 3 . 中科创星发行 4亿元科创债券 4 . 东方富海发行 4亿元科创债 5 . 弘晖基金设立南京天使基金 6 . 朝希资本二期人民币主基金完成 7亿首关 7 . 中信建投资本携手多方设立吉林首支生物医药产业基金 8 . 高瓴资本设立 3 0亿北京新基金 9 . 毅达资本成功发行全国首批民营创投机构科创债 1 0 . 幂方健康基金完成新一支美元基金募集 11 . 嘉御宁波跨境电商基金在宁波正式起航 1 2 . 君联资本管理股份有限公司成功发行 2 0 2 5年度第一期科创债 1 3 . 苏州先导产投联合美的资本设立产业基金 1 4 . 云晖资本五期人民币主基金完成首关 1 5 . 博瑔 S基金三期完成终关募集并实现首次分配 1 6 . 高麓二期工业物流收益基金完成设立 1 7 . 绿动资本携手怀化设立产业投资基金 0 ...

Core Viewpoint - China Pacific Life Insurance Shandong Branch emphasizes the integration of party leadership and business development, focusing on high-quality financial services and community engagement to enhance social welfare and economic growth [2][9][10] Group 1: Party Leadership and Corporate Culture - The company promotes a "Lu Li Tong Xin" party culture brand, advocating for the "Three Cattle" spirit to foster a cohesive development environment [2] - It implements a closed-loop management system for marketing staff, enhancing training and recognition through structured learning and practical engagement [2] - The company encourages employees to lead by example and integrate party activities with business operations to improve service quality [2] Group 2: Financial Services and Product Offerings - The company is actively involved in various pension-related products, including personal tax-deferred pension insurance and long-term care insurance, with a significant market presence [5] - It has developed a comprehensive elder care service ecosystem, offering both high-end community services and home care solutions to cater to diverse customer needs [5] - The company has established a national network of elder care facilities, with 10 operational communities and over 16,000 beds available [5] Group 3: Community Engagement and Social Responsibility - The company engages in various social initiatives, including educational support and community welfare programs, to promote social development and rural revitalization [3] - It has launched a series of consumer education campaigns aimed at protecting the rights of elderly clients and raising awareness about financial fraud [8] - The company has committed to significant financial support for local infrastructure and development projects, with nearly 100 billion yuan invested in various sectors [9] Group 4: Customer Service and Claims Management - In 2024, the company processed claims totaling 1.6 billion yuan, serving approximately 190,000 clients, with a high claim approval rate of 99.4% [9] - It has introduced user-friendly services for elderly clients, including simplified claims processes and dedicated support spaces in service centers [7] - The company emphasizes clear communication and risk assessment during the sales process to ensure products meet the needs of elderly customers [8]

Core Insights - China Pacific Insurance launched a private equity fund with a target size of 20 billion yuan, emphasizing long-term investment strategies [1][2] - China Chengtong's investment in three ETFs signals confidence in the long-term value of state-owned enterprises [1][2] - The approval of the first batch of new floating fee rate funds indicates a shift towards performance-based fee structures [3][4] Group 1: Long-term Capital Inflow - There is an increasing trend of long-term capital inflow into the capital market, with social security funds, enterprise annuities, and insurance funds showing significant investment activity [1][2] - The total net purchase of A-shares by long-term funds has exceeded 200 billion yuan this year, indicating a positive cycle of capital inflow and market stability [2][5] Group 2: Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) has introduced a floating management fee mechanism linked to fund performance, encouraging long-term investment behavior [3][4] - Recent regulatory changes allow private equity funds to shorten lock-up periods for shares, enhancing liquidity and investment efficiency [4][5] Group 3: Future Outlook - The ongoing implementation of policies aimed at promoting long-term capital participation is expected to optimize the investment environment for insurance and pension funds [5] - There is potential for further increases in the equity investment ratio of insurance funds, as regulatory limits remain significantly below current levels [5]

● 本报记者 刘丽靓 从中国国新、中国诚通、中国石化等央企基金集群密集布局战新产业，到深圳、上海、江苏等地国资基 金加速构建创新升级生态圈，国资背景的长期资本、耐心资本正汇聚成势。随着容亏免责与差异化考核 制度广泛落地，国有资本正以基金为支点，为培育新质生产力注入资本"活水"。 深圳市人工智能终端产业私募股权投资基金合伙企业（有限合伙）近日正式成立。该基金由深圳市引导 基金投资有限公司与荣耀等共同出资，将为人工智能终端产业提供资金支持，推动产业发展。广汽集团 积极协同多方资本，在重庆设立1.1亿元智联私募基金，并在苏州新设广祺智行产投基金。 从各地实践来看，一些地区通过设立引导基金、跨区域合作基金、"以投带引"、"园区+创投"等模式， 引入资金和平台；一些地区通过组建并购基金推动优质企业整合与产业集聚升级。 "国资基金作为国有资本的重要运作方式，已成为各级国资支持科技创新、培育战略性新兴产业、打造 新质生产力的重要工具。"上海国有资本运营研究院院长罗新宇表示，当前，增强国有资本核心功能， 通过国资布局优化调整，推动国有资本向战略性新兴产业和未来产业集中，是国资基金支持新质生产力 加快形成、服务国家战略的题中之 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國太平洋保險(集團)股份有限公司 呈交日期: 2025年7月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02601 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,775,300,000 | RMB | | 1 RMB | | 2,775,300,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,775,300,000 | RMB | | 1 RMB | | 2,775,300,000 | | 2. 股份分類 | 普通股 | 股 ...

「投资界前哨」系投资界旗下专注创投政策风向、 VC/PE 动态公众号，欢迎关注！ 根据公开信息统计：截至30日，上月（6月1日-6月30日）募资动态共22起。 高盛来捡漏了 高盛正在募集自身史上最大S基金。 这源自据彭博社的报道，高盛资管正在寻求新一期S基金募资，预计总额超过142亿美元（约合 1019亿元人民币）。 此时高盛剑指S基金，绝非偶然。黑石最新出手了一笔50亿美元的S交易，凯雷集团、阿波罗也 将于今年陆续完成体量可观的S基金募资，跃跃欲试。 中国太保发布300亿基金 6月3日，中国太保正式发布总规模500亿元的太保战新并购基金与私募证券投资基金。 其中：太保战新并购私募基金（暂定名，以基金正式备案名称为准）目标规模300亿元，首期 规模100亿元，聚焦上海国资国企改革和现代化产业体系建设的重点领域，推动上海战新产业 加快发展和重点产业强链补链，打造以"长期资本＋并购整合＋资源协同"为特色的上海国资创 新转型生态。太保致远1号私募证券投资基金（暂定名，以基金正式备案名称为准）目标规模 200亿元，旨在响应国家"扩大保险机构设立私募证券投资基金改革试点"号召，积极践行长期 主义，发挥耐心资本优势，完善 ...

Core Viewpoint - The company has signed a strategic cooperation agreement with China Pacific Life Insurance Co., Ltd. Hebei Branch to develop smart elderly care, smart healthcare, and smart medical insurance in Langfang City [1] Group 1: Strategic Cooperation - The partnership aims to create pilot projects in smart elderly care, smart healthcare, and smart medical insurance [1] - The collaboration will provide experience and references for the entire province [1] Group 2: Goals and Objectives - The cooperation focuses on optimizing the insurance system platform, expanding its functions, and enhancing data empowerment [1] - Both parties will explore collaboration in home care and nursing, community institutional care and nursing, integrated medical and elderly care, chronic disease management, and training services for caregivers [1]

南方财经全媒体记者 孙诗卉 实习生 涂盛青 上海报道 近日，多款百万医疗险上新，21世纪经济报道记者发现，百万医疗险"卷"药品责任成为产品升级新趋 势。具体来看，多款产品对特药目录进行了扩容、放开了外购药责任，尤其在外购药责任方面做出了极 大的突破。 以往，不限清单的外购药责任仅出现在高端医疗险产品责任中，而普通的百万医疗几乎是没有产品可以 扩展外购药责任。 之所以出现这样的趋势，众安保险资深产品专家王顺对21世纪经济报道记者解释称，一方面原因是患者 的实际就医需求，在实际就医过程中患者可能遇到的用药限制，在癌症重症治疗领域中，患者也需要长 期自费购买免疫或靶向药，通过设计外购药责任，可以大幅降低经济负担，解决用户实际痛点。 另一方面，医疗险的基础责任趋同，而外购药的增设也同时提升了产品的竞争力，针对清单范围内的特 药、高昂价格药品提供特药直付和用药追踪，将 "报销环节" 延伸至 "治疗全流程"，降低患者垫资压力 的同时，也通过审核规范用药减少理赔纠纷。 事实上，自按疾病诊断相关分组（DRG）和按病种分值付费（DIP）支付方式的多项改革措施在全国范 围内加速推进，许多价格较高的原研药、进口药，以及一些非医保目 ...

港股保险股午后回落调整，中国平安(02318.HK)跌超3%，中国太保(02601.HK)跌超4%，中国人寿 (02628.HK)、新华保险(01336.HK)等跟跌。 ...