Investment Rating - The report maintains a positive investment rating, recommending continued active investment in the insurance sector due to expected double-digit growth in new premiums driven by the bancassurance channel [5]. Core Insights - The insurance industry is projected to achieve double-digit growth in new premiums by 2026, primarily driven by the bancassurance channel, which benefits from the migration of deposits and the competitive advantages of large insurance companies [1][26]. - The bancassurance channel has seen a significant increase in market share, with the "old seven" insurance companies' new premium market share rising from 8.2% in 2019 to 23.8% in 2023, and expected to reach 26.0% in 2024 [2][22]. - A survey of 88 frontline bank wealth managers indicates that a substantial portion of household deposits will mature in 2026, with expectations that many will not be renewed, leading to a shift towards insurance products [3][35]. - The demographic of clients with maturing deposits is predominantly older, with a lower risk appetite, making insurance products a preferred option for reallocating funds [4][40]. - The report highlights that the bancassurance channel's growth will significantly enhance the overall profitability of large insurance companies by spreading fixed costs over a larger premium base [1][26]. Summary by Sections Bancassurance Channel - The bancassurance channel is identified as the main driver of value growth in the insurance industry for 2026, with a compound annual growth rate of 16.2% from 2019 to 2023 [12]. - The report notes that the shift in focus from individual insurance channels to bancassurance began in 2020, driven by the need to compensate for declining individual premium growth [2][12]. Bank Wealth Manager Survey Analysis - The survey indicates that a significant portion of maturing deposits will not be renewed, with expectations that 50% of clients will have deposits maturing in the 10%-30% and 30%-50% ranges [3][35]. - Wealth managers believe that the most acceptable financial products for clients will be bank wealth management and insurance, with insurance ranking second [4][40]. Projections for 2026 - The report estimates that the new premium growth rate for the bancassurance channel will exceed 25% in 2026, with expected incremental funds of 3,057 billion in January, 5,094 billion in Q1, and 11,150 billion for the entire year [5][62]. - The anticipated growth is attributed to the large volume of maturing deposits and the expected shift towards insurance products due to lower renewal rates for traditional bank deposits [60].

二、接此批复文件后，中国人寿保险股份有限公司简阳市支公司平武营销服务部、中国人寿保险股份有 限公司简阳市支公司石盘营销服务部、中国人寿保险股份有限公司成都市简阳市支公司射洪坝营销服务 部、中国人寿保险股份有限公司彭州市支公司敖平营销服务部、中国人寿保险股份有限公司彭州市支公 司隆丰营销服务部应立即停止一切经营活动，于15个工作日内向四川金融监管局缴回许可证，并按照有 关法律法规要求办理相关手续。 一、同意撤销中国人寿保险股份有限公司简阳市支公司平武营销服务部，中国人寿保险股份有限公司简 阳市支公司石盘营销服务部，中国人寿保险股份有限公司成都市简阳市支公司射洪坝营销服务部，中国 人寿保险股份有限公司彭州市支公司敖平营销服务部，中国人寿保险股份有限公司彭州市支公司隆丰营 销服务部。 2026年1月5日，四川金融监管局发布批复称，《关于撤销中国人寿（601628）保险股份有限公司简阳市 支公司平武营销服务部等5家营销服务部的请示》(国寿人险川发〔2025〕338号)收悉。经审核，现批复 如下： 未尽事项按金融监管总局有关规定办理。 ...

2026年1月4日，四川金融监管局发布批复称，《关于撤销中国人寿（601628）保险股份有限公司彭州市 支公司升平营销服务部等6家营销服务部的请示》(国寿人险川发〔2025〕324号)及相关补正材料收悉。 经审核，现批复如下： 一、同意撤销中国人寿保险股份有限公司彭州市支公司升平营销服务部，中国人寿保险股份有限公司大 邑县支公司高山营销服务部，中国人寿保险股份有限公司都江堰市支公司蒲阳营销服务部，中国人寿保 险股份有限公司简阳市支公司青龙营销服务部，中国人寿保险股份有限公司简阳市支公司镇金营销服务 部，中国人寿保险股份有限公司成都市高新区支公司天府软件园营销服务部。 二、接此批复文件后，中国人寿保险股份有限公司彭州市支公司升平营销服务部、中国人寿保险股份有 限公司大邑县支公司高山营销服务部、中国人寿保险股份有限公司都江堰市支公司蒲阳营销服务部、中 国人寿保险股份有限公司简阳市支公司青龙营销服务部、中国人寿保险股份有限公司简阳市支公司镇金 营销服务部、中国人寿保险股份有限公司成都市高新区支公司天府软件园营销服务部应立即停止一切经 营活动，于15个工作日内向四川金融监管局缴回许可证，并按照有关法律法规要求办理相关 ...

Core Viewpoint - The 2025 settlement interest rates for exclusive commercial pension insurance products have been released, showing a range of 2% to 4.35% for stable accounts and 2.5% to 4.55% for aggressive accounts, with over 80% of stable accounts exceeding 3% [1][5]. Summary by Sections Settlement Interest Rates - A total of 39 exclusive commercial pension products have stable account settlement rates between 2% and 4.35%, with an arithmetic mean of 3% and aggressive account rates ranging from 2.5% to 4.55%, with an arithmetic mean of 3.34% [5]. - The median settlement interest rate for both account types is 3.2% [4][5]. Leading Products - The highest settlement rates are observed in the products from Agricultural Bank Life Insurance, with both stable and aggressive accounts yielding 4.35% and 4.55% respectively [5]. - National Pension's products follow closely, with stable and aggressive account rates of 4.01% and 4.02% [5]. - Xinhua Pension's product also exceeds 4% for stable accounts, with an aggressive account rate of 3.6% [5]. Performance Trends - National Pension's products have maintained a stable settlement rate above 4% since their launch in 2022, while Xinhua Pension's stable account rates have fluctuated but remained above 4% [6]. - Some products have settlement rates below 3%, with several of these products already discontinued [6]. Changes in Settlement Rates - The settlement rates for exclusive commercial pension insurance products have shown fluctuations, with some products maintaining rates while others have decreased or increased [7]. - In 2025, among 28 comparable products, 13 stable accounts maintained their rates, while 9 saw declines and 6 experienced increases [7]. New Product Dynamics - A significant number of products have been discontinued, with only 14 currently available, reflecting a trend of new product launches with lower minimum guaranteed rates [8]. - Despite the reduction in guaranteed rates, actual settlement rates for many new products have not decreased, with some maintaining the same rates as older products [8]. Investment Considerations - Higher minimum guaranteed rates do not necessarily correlate with higher actual returns, as they can restrict investment strategies and potentially limit long-term returns for clients [9].

Core Insights - China Life Insurance Company reported a total of over 62.24 million claims and over 100.4 billion yuan in claims amount for 2025, marking a year-on-year increase of 7% and 10% respectively [1][2] - The company has implemented a paperless claims process, reducing the need for physical documentation by over 51.21 million cases, which accounts for over 80% of claims [1][2] - The company aims to enhance its services in rural areas, serving over 4.54 million rural residents with claims exceeding 15.8 billion yuan [2] Claims Performance - In 2025, the claims distribution by type included 18.7% for death, 60.6% for medical, 17.9% for critical illness, and 2.8% for disability [1] - Health insurance claims amounted to over 78.8 billion yuan, demonstrating the company's focus on health protection [1] Technological Advancements - The company has integrated technology into its claims process, utilizing big data and artificial intelligence to streamline operations and enhance customer experience [2][4] - A new claims service model allows for rapid processing and payment, with 817 million claims processed through direct payment, totaling over 4.3 billion yuan [3] Customer-Centric Initiatives - The introduction of a "one-day critical illness claim" service allows for same-day processing of eligible claims, serving 234,000 clients with claims exceeding 10.6 billion yuan [3] - The company has also launched a proactive claims service that identifies clients at risk and initiates claims without waiting for customer reports, serving nearly 680,000 clients with claims of 860 million yuan [3] Future Directions - China Life Insurance plans to continue enhancing its digital financial services, focusing on customer-centric and data-driven approaches to improve operational efficiency and service quality [4] - The company aims to integrate deeply into the national multi-level medical security system, providing diverse and intelligent services to ensure comprehensive protection for policyholders [4]

二、中国人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2026年1月6日，湛江金融监管分局发布批复称，《关于中国人寿保险股份有限公司徐闻县支公司第八营 销服务部变更营业场所的请示》(国寿人险湛呈〔2025〕36号)收悉。经审核，现批复如下： 一、同意中国人寿保险股份有限公司徐闻县支公司第八营销服务部将营业场所变更为：广东省湛江市徐 闻县徐城街道西园中路10号4层401房02间。 ...

Group 1 - Tencent Holdings (00700) had a net inflow of 1.953 billion, representing a 14.71% increase in net inflow [1][2] - Xiaomi Group-W (01810) saw a net inflow of 1.634 billion, with a net inflow ratio of 22.31% [1][2] - The top three stocks with the highest net outflow were China Mobile (00941) at -1.137 billion, SMIC (00981) at -1.079 billion, and Kuaishou-W (01024) at -286 million [1][2] Group 2 - The highest net inflow ratios were recorded by Sichuan Chengyu Expressway (00107) at 72.73%, Shanghai Industrial Holdings (00363) at 56.73%, and Qingdao Port (06198) at 50.96% [1][3] - The stocks with the largest net outflow ratios included China National Building Material (03323) at -61.83%, Stone Pharmaceutical Group (02005) at -61.03%, and CITIC International Telecommunications (01883) at -54.38% [1][3]

Core Viewpoint - China Life Insurance Company is undergoing a change in its operational location for a specific branch, which has been officially approved by the local financial regulatory authority [2]. Group 1: Company Operations - The Zhanjiang Financial Regulatory Bureau has approved the request for China Life Insurance Company to change the operational location of its Leicheng branch to a new address at No. 001, Xincheng Avenue, Leizhou City, Zhanjiang, Guangdong Province [2]. - The company is required to complete the necessary procedures for the change and obtain new permits as per relevant regulations [2].

Regulatory Dynamics - The Financial Regulatory Bureau has provided the most authoritative explanation for the "reporting and operation integration" of non-auto insurance [6] - The Guangdong Financial Regulatory Bureau is promoting the establishment of private equity securities investment funds by insurance companies in Guangdong [11] - The Jiangxi government supports insurance institutions in enhancing risk reduction service levels and providing comprehensive insurance solutions for technology-based enterprises [14] Company Dynamics - Ping An Life has made its fourth stake increase in China Merchants Bank H-shares, reaching a holding ratio of over 20% [18] - Ping An Life has also increased its stake in Agricultural Bank of China H-shares to over 20% [19] - Sunshine Life plans to reduce its stake in Huakang Clean by 3% [22] - China Life has reported over 62.24 million claims in 2025, with total payouts exceeding 100.4 billion [32] - New China Life reported a maximum payout of 10.5 million in 2025 [33] - People's Insurance Company of China reported over 2 billion claims in 2025, with a year-on-year growth of over 10% [36] Industry Dynamics - The short-term large-denomination deposit rates have entered the "0" range, with experts predicting a continued downward trend [47] - Insurance stocks have collectively surged, with Ping An, New China Life, and China Pacific Insurance reaching historical highs [49][50] - The issuance scale of insurance companies' bonds has exceeded 100 billion for three consecutive years [54] - 93.4% of combination-type insurance asset management products achieved positive returns in 2025 [55] - The insurance industry has entered a new cycle of predetermined interest rates, with significant changes in pricing logic [56]

Core Viewpoint - The China Life Insurance Company Xi'an Branch and its associated marketing service departments have been penalized for inadequate training management of insurance agents, indicating ongoing compliance issues within the company [1][2]. Summary by Category Administrative Penalties - The Xi'an Branch of China Life Insurance received a warning and a fine of 10,000 yuan for violations related to insurance agent training management [2]. - The Shuyuanmen Marketing Service Department was fined 20,000 yuan, while the Economic and Technological Development Zone Marketing Service Department also received a fine of 20,000 yuan [2]. - The Chang'an South Road Marketing Service Department and the Zhonglou Business Department were each fined 10,000 yuan [2]. - Related responsible personnel, including Party Jin Ning, Fan Ye, Wang Yan, Wang Hanxiao, Li Jiangfeng, Yang Qingbo, and Wang Xiaoming, were also warned and fined 10,000 yuan each [2]. Historical Context - A year prior, on January 7, 2025, the Xi'an Branch was similarly penalized for the same issue of inadequate training management, receiving a warning and a fine of 10,000 yuan [3]. - In September 2025, the China Life Group reported on the progress of central inspection rectification, emphasizing the need for a transformation in the business model and stricter management of agents [3].