银保合作模式困境显现：中银三星人寿半年巨亏，股权转让遇冷

Core Viewpoint - The article highlights the challenges faced by bank-affiliated insurance companies, particularly focusing on Zhongyin Samsung Life, which has experienced significant losses despite growing premium income, indicating structural issues within the bancassurance model [1][4]. Group 1: Financial Performance - Zhongyin Samsung Life has seen premium income grow from 6.46 million yuan in 2014 to 298.62 million yuan in 2024, marking a 370% increase after the entry of China Bank [2]. - However, net profit has fluctuated significantly, with figures of 0.55 million yuan in 2019 and a peak of 4.83 million yuan in 2024, indicating reliance on short-term investment gains rather than sustainable growth [2]. - In the first half of this year, the company reported insurance business income of 186.45 million yuan, an 8.12% year-on-year increase, but incurred a loss of 5.43 million yuan, the only bank-affiliated insurer to do so [2][5]. Group 2: Liability Reserves - The insurance liability reserves have been increasing, reaching 278.08 million yuan in 2024, with a growth rate of 34.11% from the previous year, indicating rising payout pressures [3]. Group 3: Market Position and Challenges - The bancassurance model, once a strength, has become a constraint as regulatory changes and market competition intensify, leading to a decline in new single premium business for bank-affiliated insurers [4][8]. - Traditional insurers have outperformed bank-affiliated companies in new single premium business, with a 45% growth compared to a 14% decline for the latter [4]. Group 4: Investment Management Issues - Bank-affiliated insurers, including Zhongyin Samsung Life, struggle with independent investment management, leading to lower investment returns, with the company reporting a comprehensive investment yield of 2.39% and total asset investment yield of -0.4% in the first half of this year [6]. Group 5: Shareholder Structure and Future Uncertainty - The sale of a 24% stake by the controlling shareholder, AVIC Group, has not found a buyer, adding uncertainty to the company's future [7]. - The potential exit of AVIC Group could delay a planned capital increase of 2.4 billion yuan, which has already been postponed for three years [8].