泰康人寿年内撤销上百家分支机构！高退保率与合规漏洞待解

Core Viewpoint - Taikang Life is undergoing significant restructuring, with a focus on reducing its branch network and transitioning towards a new "insurance + healthcare" model, amidst challenges in traditional business growth and rising operational pressures [2][5][9]. Group 1: Business Restructuring - Since 2025, Taikang Life has closed 114 branches and marketing service departments, surpassing half of the total closures in 2024, making it the fastest among major life insurance companies in reducing its network [2][3]. - The closures are primarily concentrated in populous provinces such as Henan, Sichuan, and Liaoning, indicating a strategic shift in resource allocation towards core business areas [2][3]. - The company's chairman emphasized the need to focus limited resources on core strategies, suggesting a proactive approach to restructuring [2]. Group 2: Financial Performance - In Q1 2025, Taikang Life's insurance business revenue fell by 17.81% year-on-year, marking the largest decline among major life insurers with disclosed revenues exceeding 10 billion [5][6]. - From 2020 to 2024, Taikang Life's revenue grew from 213.77 billion to 271.10 billion, but net profit decreased from 19.00 billion to 14.32 billion, indicating a troubling trend of declining profitability [5][6]. - The Taikang Pension segment reported a significant loss of 2.17 billion in 2024, the largest annual loss since its establishment in 2007, with insurance revenue also declining by 8.6% [5][6]. Group 3: Challenges in Product Structure - The company faced a rising surrender rate, with surrender payments reaching 14.26 billion by the end of 2024, a 34.77% increase from the previous year, exacerbating product structure imbalances [6][7]. - Specific products, such as the Taikang Winner Life Insurance, exhibited concerning trends where surrender amounts exceeded new premium income, indicating potential issues in product attractiveness [6][7]. Group 4: Compliance Issues - Taikang Life has faced multiple regulatory penalties, with 10 administrative penalties issued in 2024 alone, highlighting compliance shortcomings that may hinder its transformation efforts [8]. - The company has been penalized for misleading sales practices, which could contribute to the rising surrender rates and overall operational challenges [8]. Group 5: Future Outlook - Despite current challenges, there is optimism regarding Taikang Life's strategic positioning in the "insurance + healthcare" sector, with potential for long-term growth if key issues are addressed [9]. - The company's ability to resolve product structure imbalances, agent attrition, and compliance management will be critical in navigating the ongoing industry transformation [9].