Cai Jing Wang·2025-05-06 07:12Core Viewpoint - The insurance industry is experiencing pressure on performance due to market volatility, but the transformation towards dividend-type insurance and the establishment of diversified channels are showing promising results, indicating a trend towards high-quality development in the sector [1] Group 1: Performance and Transformation - Major listed insurance companies have released their Q1 performance, revealing that dividend-type insurance is becoming a new growth engine amidst challenging conditions [1] - China Life Insurance Company has significantly increased the proportion of its floating income business first-year premium to 51.72% compared to the same period last year, maintaining steady growth in net profit, new business value, and total premium [1][2] - The company has developed over 140 types of dividend-type insurance products to meet diverse customer needs across their life cycles [2] Group 2: Product Diversification - China Life's dividend-type insurance products offer various insurance periods and payment methods, catering to different scenarios such as education savings, retirement planning, and wealth management [2] - The company has introduced multiple dividend-type insurance products within the personal pension system, providing customers with more options for wealth management and retirement security [2] Group 3: Support Systems and Service Capabilities - To ensure the high-quality development of dividend-type insurance, companies are enhancing their operational support systems, focusing on channel efficiency and comprehensive service capabilities [3] - China Life is reforming its individual insurance channel marketing system, emphasizing a customer-centric approach and professional training for its sales team [3][4] - The company is also expanding its elderly care services, establishing 18 institutional elderly care projects in 15 cities, and developing various elderly care products [4] Group 4: Investment Performance - China Life, as one of the largest institutional investors in China, adheres to principles of asset-liability matching and long-term investment, achieving a total investment income of RMB 53.767 billion with a return rate of 2.75% in Q1 [4] - The company’s net investment income reached RMB 44.247 billion, with a net investment return rate of 2.60%, positioning it among the industry leaders [4] Group 5: Market Trends and Future Outlook - The insurance industry is facing pressure on average returns due to declining interest rates, prompting a shift towards floating income insurance products [5] - China Life is actively promoting the diversification of its products and business, with a focus on floating income products, which are expected to become a key area of growth [5][6] - The trend indicates that dividend-type insurance products, which combine fixed and floating returns, will likely become a focal point for insurance companies, creating a win-win business model for both insurers and customers [6]