中信证券：分红险转型 提升行业估值

Core Insights - The report from CITIC Securities indicates that with the establishment of a low interest rate environment, household wealth is shifting from savings deposits to dividend insurance through the insurance and banking channels, creating a chain that supports the capital market [1] - The transformation of dividend insurance marks a significant change in the business model of insurance companies, leading to a substantial decrease in sensitivity of profits to investment returns [1] - The valuation system for listed insurance companies is expected to shift from a Price-to-Book (PB) model to a Price-to-Earnings Value (PEV) model, suggesting a considerable allocation value for these companies [1]