人身险公司两大渠道业务走势分化：个险向下 银保向上

Core Viewpoint - The personal insurance industry is experiencing a divergence in the performance of individual insurance channels and bancassurance channels, with individual insurance declining and bancassurance growing [1] Group 1: Individual Insurance Channel - The individual insurance channel has been under pressure due to the ongoing pandemic, which has hindered offline sales and directly impacted policy sales [2] - Deep-rooted issues in the individual insurance channel have been highlighted, including high agent dropout rates and low professionalism, exacerbated by the pandemic [2][3] - Data shows that the individual insurance channel's premium income has been declining, with a 34% year-on-year drop in January for 52 insurance companies, and an 18% decline for the entire previous year [2] Group 2: Bancassurance Channel - The bancassurance channel saw a 5.1% year-on-year decrease in new premiums in January, but a significant 211% increase compared to the previous month [4] - Many insurance companies are prioritizing the bancassurance channel, with some considering it their main source of premium income, as seen with Bohai Life's significant growth in bancassurance premiums [4] - The bancassurance channel has shown potential for growth, with a 20.3% year-on-year increase in premiums last year, although it still lags behind the individual insurance channel in terms of total premium contribution [6] Group 3: Industry Trends and Future Outlook - The combined premium contribution of individual and bancassurance channels accounts for about 90% of the personal insurance market, with their respective shares fluctuating over time [5] - The bancassurance channel is expected to continue its upward trend, with industry experts suggesting that insurance companies should prepare for high-quality development in this area over the next 5 to 10 years [6] - Sustainable growth in the bancassurance sector will require optimizing product structures and addressing high channel costs to enhance its significance for insurance companies [6]