SCS(SH:601555) 智通财经网·2025-08-14 02:43Core Viewpoint - The report from Dongwu Securities indicates that the Chinese bancassurance channel has evolved through five major stages over nearly 30 years and is currently in the "New Bancassurance" development phase, with expectations that new business value rates and new single scale may surpass individual insurance channels in the future [1][2] Stage Development Summary - Stage 1: Initial Exploration Period (1996-2000) - The bancassurance channel began with the first collaboration between Ping An and Agricultural Bank, establishing a cooperative model [1] - Stage 2: Rapid Growth Period (2001-2010) - The introduction of dividend insurance products aligned well with banking operations, leading to significant growth, with premium income reaching 458.4 billion yuan in 2011, 6.4 times that of 2004 [1] - Stage 3: Market Correction Period (2011-2016) - Regulatory policies limited bank cooperation and led to a decline in market share for bancassurance as individual insurance channels grew rapidly [2] - Stage 4: Policy-Driven Long-Term Development (2017-2023) - Regulatory guidance shifted focus to long-term products, with the emergence of increasing whole life insurance dominating the market, maintaining premium income above one trillion yuan [2] - Stage 5: New Bancassurance Development Period (2024-Present) - The full implementation of the "Report and Action Together" policy is expected to optimize costs and enhance product innovation, with projected premium income of approximately 756.8 billion yuan in 2024 [2] Key Drivers of Development - The bancassurance channel holds significant importance in global life insurance markets, with nearly half of the penetration rates exceeding 50% in major European markets due to favorable regulatory environments and deferred tax policies [3] - International bancassurance models can be categorized into four types based on capital ties and cooperation depth: agreement agency model, strategic alliance model, capital cooperation model, and financial group model [3] - The development of bancassurance in Europe has progressed through three stages, integrating banking and insurance operations through capital movements and diversifying product offerings [3] Company Strategies - China Life is actively expanding bank cooperation and enhancing professional team development while enriching its bancassurance product system to maintain market leadership [6] - Ping An leverages group synergies to create a new bancassurance model, expanding quality bank partnerships and focusing on wealth management [7] - China Pacific Insurance is deepening its "Long Voyage Action" to build differentiated competitive advantages through value-oriented strategies [7] - New China Life Insurance is implementing tiered strategies in bancassurance to reduce sales costs, with new business value in this channel expected to grow fivefold in 2024 [7] - Future development of the bancassurance channel should focus on breaking existing models, seeking integrated cooperation, and diversifying product offerings [7]