分红险与传统险最大的差异，就是分红。那么分红从哪里来呢？它来自于险企分红业务的"实际经营盈余"，三个"盈余来源"分别是"利差""死差"和"费差"， 也就是保险公司在投资收益、保险赔付支出和费用支出三方面，所产生的实际经营情况和定价假设之间的差额。 21世纪经济报道记者 曹媛 深圳报道 近年来，我国十年期国债利率中枢下移、投资环境的不确定增大，分红险凭借"保证利益+浮动红利"的模式成为居民财富配置新选择。 例如，今年上半年平安人寿分红险在个险新单中的占比已提升至四成左右。 也需注意的是，保险公司的分红水平受宏观经济、险企投资能力、经营成本等多重因素影响，历史演示收益与实际结算可能存在差距，且一般需要10年以上 长期持有，才能充分发挥分红险的优势。 那么，在分红险热度攀升的当下，消费者如何看清"确定保障"与"不确定收益"的边界？如何避免"盲目跟风"？ 近日，平安人寿产品设计部产品策略及研发团队总经理杨旸接受21世纪经济报道采访，详解"火出圈"的分红险。 21世纪：当前，为什么分红险越来越火？和传统险等产品比，分红险的优势在哪里？ 杨旸：近年来，十年期国债利率走低、投资环境的不确定性增大。相对于传统险，分红险在保证 ...

Core Insights - The insurance industry has shown strong profit performance in Q3, driven by stock market gains and effective sales channels, particularly in the banking insurance sector [2][3][4] Group 1: Profit Performance - China Life reported a net profit of 167.8 billion yuan for the first three quarters, averaging 6.14 billion yuan per day [3] - Ping An achieved a net profit of 132.86 billion yuan, with over 100 billion yuan contributed by Ping An Life [3] - Other major insurers like Taikang Life and Xinhua Insurance also reported net profits exceeding 30 billion yuan, with Taikang Life and Xinhua Insurance both surpassing 30 billion yuan [3] Group 2: Banking Insurance Sector - The banking insurance sector has maintained a strong second tier position, with all ten bank-affiliated insurers reporting profits, totaling approximately 24.64 billion yuan, a 93% increase year-on-year [4][5] - Postal Insurance led the bank-affiliated insurers with a net profit of 9.13 billion yuan, followed by ICBC-AXA and CMB Life with 3.97 billion yuan and 3.20 billion yuan respectively [5] Group 3: Investment-Driven Growth - The majority of profit growth in the insurance industry is attributed to Q3 performance, with China Life and Xinhua Insurance reporting net profits of 126.87 billion yuan and 18.06 billion yuan respectively, marking year-on-year increases of 91.5% and 88.2% [6] - The stock market's performance, with the Shanghai Composite Index rising 12.73% and the CSI 300 Index increasing 17.9%, has significantly contributed to investment returns [7] Group 4: Investment Returns - China Life achieved total investment income of 368.55 billion yuan, a year-on-year increase of 41%, with an investment return rate of 6.42% [8] - Ping An's investment portfolio yielded a non-annualized comprehensive return rate of 5.4%, while China Pacific Insurance reported total investment income of 86.25 billion yuan, up 35.3% [8] Group 5: Losses in the Industry - Only 14 life insurance companies reported losses in the first three quarters, a decrease of 13 from the previous year [9] - Companies like Aixin Life and Heng'an Standard Pension reported declines in insurance business income, attributed to overall market contraction and strategic shifts towards value growth [10]

Core Viewpoint - China Ping An officially launched the "China Ping An 2025-2027 Service Hunan Rural Revitalization Plan" aimed at supporting rural revitalization in Hunan Province through various financial and social initiatives [1][2] Group 1: Financial Support - Over the past five years, China Ping An has invested more than 14 billion yuan to support the county economy in Hunan, providing approximately 120 billion yuan in credit funds, including 45.6 billion yuan in inclusive finance [1] - The company plans to provide 1 billion yuan in agricultural loans and 70 million yuan in industry support over the next three years [2] Group 2: Industry Assistance - Ping An Property & Casualty has launched the "Ping An Revitalization Insurance," investing 26.75 million yuan to support the development of 17 geographical indication agricultural product brands in Hunan [1] - The company will also procure 20 million yuan worth of local specialty products, such as mountain tea oil from the village, to provide stable sales channels for local farmers [2] Group 3: Community and Social Development - China Ping An has committed nearly 4 million yuan for local livelihood assistance, recruiting over 700 volunteers for educational support and upgrading 50 rural health clinics [1] - The plan includes establishing 100 grassroots party-building points and conducting 40 financial promotion activities in Hunan [2]

Core Insights - The net profit of five A-share listed insurance companies reached CNY 426.04 billion in the first three quarters of 2025, representing a year-on-year increase of 33.5% despite a high base from the previous year [1] - Investment assets of these companies totaled CNY 20.26 trillion by the end of Q3 2025, up 10.4% from the beginning of the year, benefiting from a rising equity market [3] Group 1: Profit Performance - The net profit growth rates for the five insurance companies from highest to lowest are: China Life +60.5%, New China Life +58.9%, PICC +28.9%, Taikang +19.3%, and Ping An +11.5% [1] - In Q3 alone, the combined net profit reached CNY 247.85 billion, a year-on-year increase of 68.3%, with China Life and New China Life leading the growth due to investment income elasticity [1] - By the end of Q3 2025, the total net assets of these companies amounted to CNY 23.11 trillion, reflecting a growth of 10.3% from the beginning of the year [1] Group 2: Life Insurance and Non-Life Insurance Performance - The new business value (NBV) for life insurance companies showed significant growth, with the following year-on-year increases: PICC Life +76.6%, New China Life +50.8%, Ping An +46.2%, China Life +41.8%, and Taikang +31.2% [2] - The premium income for non-life insurance companies also saw positive growth, with PICC +3.5%, Ping An +7.1%, and Taikang +0.1%, primarily driven by stable growth in auto insurance premiums [2] - The combined loss ratio (COR) for these companies improved, with PICC at 96.1%, Ping An at 97.0%, and Taikang at 97.6%, indicating significant increases in underwriting profits [2] Group 3: Investment Performance - The total investment income for the five insurance companies increased significantly, with China Life +40.7%, New China Life +40.3%, PICC +36.6%, Taikang +26.8%, and Ping An +19.5% [3] - The overall net investment yield declined due to pressure from low interest rates on fixed-income assets, while the total investment yield improved due to a strong stock market [3] Group 4: Investment Recommendations - On the liability side, the dynamic adjustment of life insurance interest rates and the transformation of dividend insurance are expected to reduce liability costs and enhance NBV value rates [4] - The continuous improvement in underwriting profits is anticipated as non-life insurance companies advance channel integration and refined expense management [4] - The current public fund holdings in insurance stocks are relatively low, with the insurance index PB valuation at 1.42x, which is at a historical low level [4]

同时，针对不同客户群体的差异化需求，平安健康险深圳分公司构建了多层次陪诊陪护服务体系： 一是基础陪诊服务。覆盖门诊、检查、住院等核心场景，提供医院导航、就诊协助、排队代办、报告代 取等全流程协助，让独自就医的客户不再迷茫； "就医有协助，陪护有温度"，是新时代大湾区居民对健康保障服务的新兴诉求之一。随着医疗资源需求 持续增长，患者就医过程中面临的预约难、流程繁、无人陪护等痛点日益凸显，尤其对于老年群体、独 自就医人群及跨境就医客户而言，专业的陪诊陪护服务已成为刚需。 近年来，国家持续出台政策支持商业健康保险与健康管理深度融合。作为扎根深圳、服务湾区的专业健 康险机构，平安健康险深圳分公司立足深圳医疗健康领域发展实际，积极推动保险服务从"事后被动理 赔"转为"前置就医服务、主动健康管理"的转变，以"平安乐健康"品质医疗中的"陪诊陪护"服务为抓 手，为客户提供省心、省时、又省钱的优质服务体验。 精准破局：以精细化陪诊陪护服务直击就医核心痛点 在快节奏城市的医疗环境中，患者往往面临"挂号耗时长、就诊流程不熟悉、检查报告看不懂、住院陪 护缺人帮"等一系列难题。作为最早在陪诊陪护服务领域布局的保险公司机构之一，平安健康 ...

Core Insights - China's new energy vehicle (NEV) exports reached 1.758 million units from January to September 2025, marking a year-on-year growth of 89.4%, indicating strong competitiveness and recognition in overseas markets [1] - The rapid growth of NEV exports has spurred the development of related insurance markets, with several domestic insurance companies actively pursuing opportunities in the overseas NEV insurance sector [1][4] Industry Trends - The NEV insurance market is entering an accelerated phase of expansion, primarily through pilot projects and localized approaches, with a focus on Southeast Asia and the Asia-Pacific region [5][10] - Domestic insurers are adopting various models for overseas expansion, including co-insurance or reinsurance mechanisms, partnerships with local insurance companies, and collaborations with international insurers [5][6][7] Company Strategies - China Pacific Insurance has implemented a three-step regional development strategy focusing on Hong Kong, Asia, and global markets, successfully launching its first NEV insurance policy in Hong Kong and Thailand [4] - ZhongAn Insurance has announced its first overseas NEV insurance policy, while China Re and Hyundai Insurance have signed a cooperation framework to integrate resources and share data for NEV insurance [5] Challenges and Barriers - Insurers face significant challenges in terms of technical, data, ecological, and compliance capabilities when entering overseas markets [3][9] - Key difficulties include data isolation, regulatory barriers, cultural differences, and the establishment of a reliable repair network for NEVs in foreign markets [9][10] Long-term Development Strategies - To achieve sustainable growth in overseas NEV insurance, insurers should focus on key markets where Chinese car manufacturers are investing, deepen ecological collaboration with automakers, and enhance technology output and localization [10][11]

Core Viewpoint - The implementation of the "reporting and operation integration" requirement for non-auto insurance will begin on November 1, which is seen as a significant regulatory change in the industry [2][9]. Group 1: Reporting and Operation Integration - The "reporting and operation integration" refers to the requirement that property insurance companies must issue policies and invoices only after receiving premiums, a shift from the previous practice of issuing policies before payment [3][4]. - This change aims to address two main issues: the rising accounts receivable due to the previous "non-fee issuance" practice and the potential for fraudulent premium reporting [3][4]. - The industry generally views this shift positively, as it is expected to alleviate the pressure of high accounts receivable and improve cash flow for non-auto insurance [3][5]. Group 2: Implementation Challenges - Insurance companies are currently preparing for the transition, which includes informing clients about the new "fee issuance" requirement and upgrading their systems [5]. - There are concerns regarding the initial difficulties in adapting to this new requirement, particularly for certain non-auto insurance products like cargo insurance, where determining the exact premium can be challenging [5][6]. Group 3: Payment Flexibility - The regulatory body has allowed for installment payments for large projects, with specific guidelines for premium payments exceeding a certain amount [7][8]. - The minimum installment payment is set at 200,000 yuan, and the first payment must be at least 25% of the total premium [8]. Group 4: New Product Reporting - The new regulations also emphasize the need for strict adherence to rate management and the proper use of insurance terms, preventing companies from altering agreed-upon terms through unofficial means [9]. - Companies are required to start reporting new product terms from November 1, with a complete update of all non-auto insurance products expected by the end of 2026 [9][10].

Core Insights - The second Fourming Insurance Forum and the 2025 Academic Annual Meeting of the China Insurance Society were held in Ningbo, focusing on the theme of "High-Quality Insurance Services for Common Prosperity" [1] Group 1: Key Themes and Objectives - The forum gathered financial and insurance professionals from across the country to explore the future paths of insurance in supporting common prosperity [1] - The Chief Risk Officer of the National Financial Regulatory Administration emphasized the steady growth and structural optimization of the insurance industry during the 14th Five-Year Plan period, highlighting the importance of technological self-reliance and innovation in insurance [3] - The forum aims to deepen reforms and improve mechanisms in the insurance sector, promoting a collaborative policy system and a comprehensive service ecosystem [3] Group 2: Regional Focus and Initiatives - Zhejiang Province is advancing a unique financial development path, focusing on high-quality development and supporting key areas such as social governance and rural revitalization through innovative insurance products [4] - Ningbo is recognized as a national insurance innovation comprehensive pilot zone, integrating insurance deeply into economic construction and social governance [4] - The forum serves as a platform to promote the "Insurance Innovation in Ningbo" brand and to share replicable experiences in insurance reform [4] Group 3: Reports and Discussions - The opening ceremony featured the release of the "2025 Inclusive Insurance High-Quality Development White Paper" and a plan for Ningbo's insurance reform initiatives from 2025 to 2027 [5] - Key industry leaders participated in discussions on implementing the spirit of the 20th Central Committee, focusing on the insurance sector's role in national strategy and high-quality service [5] Group 4: Event Structure - The forum was organized in a "1+2+7" format, including one main forum, two special sessions, and seven thematic activities [6] - The thematic activities covered various topics such as government-bank-insurance collaboration, technological finance, and the application of AI in the insurance industry [7]

Core Insights - The "Digital Risk Control Project" won the second prize in the national finals of the 2025 "Data Element ×" competition, showcasing a significant achievement among 22,000 participating projects [1] - The competition aims to promote the marketization of data elements and the deep integration of data with industries, featuring 13 industry tracks including financial services [1] Group 1: Project Overview - The "Digital Risk Control Project" addresses industry pain points such as data integration, circulation, and application difficulties, establishing the first "data-risk-ecosystem" digital risk control system in the insurance sector [2] - The project utilizes a robust data foundation and distributed computing capabilities from Ping An Group, creating a comprehensive database covering ten high-quality data categories, with a total data volume exceeding PB level [2] - It integrates over 370 authoritative data sources, forming the first compliance data fusion model and claims knowledge engineering system in the industry, achieving a data standard at DCMM level five [2] Group 2: Technological Innovations - The project has developed a large model and knowledge engineering system for the insurance domain, utilizing trillions of insurance corpus and hundreds of millions of claims data to create an interpretable knowledge graph and intelligent reasoning chain [2] - The automation rate of knowledge has reached 70%, while the data knowledge rate stands at 50%, significantly enhancing risk identification accuracy and control efficiency [2] - The project has empowered over 20 insurance institutions through an inclusive financial open platform, generating economic and social benefits exceeding 10 billion [2] Group 3: Company Strengths - Ping An Group's technology innovation and ecological collaboration are highlighted by this award, reflecting its systemic strength in driving intelligent financial development through data elements [3] - The company has accumulated over 30 trillion bytes of data, covering nearly 250 million individual customers, and has trained large models based on vast data resources [3] - AI has been fully integrated into Ping An's core business, with 89% of car insurance policies being issued in an average of one minute, and the automation rate for personal injury claims reaching 63% [3] Group 4: Future Directions - Financial One Account will continue to act as a technology output window, collaborating with the Ping An ecosystem and the industry to explore new intelligent financial models driven by data elements [4] - The aim is to contribute to the high-quality development of the financial industry, support the real economy, enhance financial risk prevention capabilities, and promote new productive forces [4]

Core Viewpoint - The leading life insurance company, Ping An, is accelerating its transformation towards dividend insurance products, with a significant increase in the proportion of dividend insurance in new individual policies to around 40% in the first half of the year [1][2]. Group 1: Transformation Strategy - Ping An is focusing on a "turn to dividends" strategy, enhancing its product offerings in wealth and pension insurance, as well as protection products [2][3]. - The company aims to build a unique competitive advantage in dividend products by emphasizing "good products, good accounts, and good services" [2]. - Ping An is enriching its dividend product system by launching new products such as the "Yuxiang Dividend Whole Life" and "Yuxiang Jinyue Annuity" [2][4]. Group 2: Financial Management and Investment Strategy - The company is implementing a "asset-liability linkage" model to improve the competitiveness of its dividend products [2][3]. - Ping An has established a comprehensive management system for dividend accounts, leveraging its investment strength to create operational advantages for new dividend accounts [2][4]. - As of the end of Q3, Ping An's investment portfolio exceeded 6.41 trillion yuan, with an average net investment return of 5.0% over the past decade [5]. Group 3: Regulatory Environment and Market Dynamics - The recent regulatory guidelines from the National Financial Supervision Administration are reshaping the dividend insurance market, emphasizing asset-liability management and linking dividend levels to actual investment returns [9][10]. - The new regulations are expected to favor companies with strong operational stability and investment capabilities while imposing constraints on those with weaker asset-liability management [10]. - Ping An is preparing to launch dividend critical illness products in response to the regulatory framework, enhancing product design and pricing models [10][11]. Group 4: Consumer Guidance and Product Features - The company emphasizes the importance of consumers understanding their needs and matching them with the characteristics of dividend products, which typically require long-term holding [6][8]. - Consumers are advised to evaluate insurance companies based on their investment capabilities, historical dividend performance, and overall operational stability [8]. - The return of dividend critical illness insurance is seen as a significant move to meet changing market demands and provide long-term protection and stability for consumers [11].