泰康人寿今年撤销超百家机构 高退保率与合规漏洞拖累转型

Core Viewpoint - Taikang Life is undergoing significant restructuring, with over 100 branch offices and marketing service departments closed since 2025, reflecting a shift towards a new "insurance + healthcare" model amidst challenges in traditional business operations [2][3] Group 1: Business Performance - In Q1 2025, Taikang Life's insurance business revenue declined by over 17%, losing its long-held position as the leading non-listed insurance company to Zhongyou Life [2][5] - From 2020 to 2024, Taikang Life's revenue grew from 213.77 billion to 271.10 billion, while net profit fell from 19.00 billion to 14.32 billion [5] - Taikang Pension, a key part of the "insurance + healthcare" strategy, reported a net loss of 2.17 billion in 2024, the largest since its establishment in 2007 [5][6] Group 2: Branch Network Reduction - Taikang Life has closed over 100 branch offices in 2025, surpassing the total closures of 200 in 2024, making it the fastest shrinking company among major life insurance firms [2][3] - The closures are concentrated in populous provinces like Henan, Sichuan, and Liaoning, indicating a strategic focus on core operations [2] Group 3: Industry Context - The insurance industry is experiencing a transformation, with nearly 2,000 branch offices exiting the market in 2024, reflecting a trend of downsizing inefficient operations [3] - The shift away from traditional expansion strategies is seen as a necessary adjustment to optimize resource allocation [3] Group 4: Challenges in New Model - The "insurance + healthcare" model, while innovative, requires significant capital investment and has long return cycles, posing challenges in balancing service quality and cost control [4] - High surrender rates and compliance issues have emerged as significant challenges for Taikang Life, with the company facing multiple regulatory penalties for misleading sales practices [6][8] Group 5: Future Outlook - Despite current pressures, there is optimism that Taikang Life's strategic investments in the "insurance + healthcare" sector could yield long-term benefits if key issues such as product structure imbalance and compliance are effectively addressed [9]