2 1 Shi Ji Jing Ji Bao Dao·2025-09-01 09:06Core Viewpoint - China Ping An's life insurance segment is entering a golden development period, serving as a cornerstone for wealth management among the middle class and above in China [1] Performance Summary - In the reporting period, China Ping An achieved total operating revenue of 500.076 billion yuan, a year-on-year increase of 1.03% [1] - Despite a 26.9% year-on-year decline in first-year premiums from the agent channel, new business value grew by 17.0%, indicating improved channel quality [1] - The bancassurance channel saw first-year premiums and new business value increase by 77.6% and 168.6% respectively, becoming a new growth engine [1] Channel Performance - The agent channel remains the foundation of Ping An's life insurance, with new business value growing by 17% [2] - The bancassurance channel experienced explosive growth, with overall growth exceeding 170% across both Ping An Bank and other banks [2] - Community finance, although currently small in scale, achieved a growth rate of 160% [2] Regulatory Impact - The implementation of the "reporting and operation integration" policy has led to a 17.3% year-on-year decline in average monthly income for agents, reflecting a temporary negative impact [3][4] - The company is committed to complying with regulatory requirements, having developed and filed fifty new individual insurance products since the policy's implementation [4][5] Product Transformation - As of the first half of the year, the proportion of participating insurance products reached approximately 40% [6] - The shift from traditional insurance to participating insurance is a response to market demand and macroeconomic factors, with regulatory pressures to lower preset interest rates [6] - The company plans to adjust product pricing rates, with maximum preset rates for ordinary, participating, and universal products set at 2.0%, 1.75%, and 1.0% respectively [6][7] Competitive Strategy - Despite the reduction in preset interest rates, the company believes that the competitive edge of its participating insurance products will remain strong due to effective asset-liability matching and the added value of its insurance plus service model [7] - The focus for the second half of the year will be on enhancing the "insurance plus service" model, particularly in medical services, to address customer needs in a diversifying healthcare landscape [7]