业绩承压、股权遇冷与合规困局交织，民生人寿如何“破局”?

Core Viewpoint - Minsheng Life Insurance, once hailed as a "reform pioneer" in the private life insurance sector, is currently facing multiple challenges, including declining profitability, regulatory penalties, and difficulties in equity transfer, indicating a "transformation dilemma" for the 22-year-old company [2]. Regulatory Challenges - The company has received a total of 7 regulatory fines in 2025, with significant penalties imposed on branch managers for violations related to insurance contracts and ethical obligations [3][4]. - Specific fines include 220,000 yuan for the Henan branch and 250,000 yuan for the Zhejiang branch due to non-compliance with approved insurance terms and rates [5]. Financial Performance - In the first half of 2025, Minsheng Life reported an insurance business income of 7.495 billion yuan, a year-on-year decrease of 4.69%, and a net profit of 357 million yuan, down 30.57% [7]. - The first quarter of 2025 saw a drastic decline in net profit to 5.9 million yuan, a 71.27% drop compared to the same period last year [7]. Product Strategy - The company's product competitiveness has weakened, with the top four products by signed premiums discontinued before September 2023, leading to reliance on renewal premiums [7]. - Since August 2024, only 5 life insurance and 7 annuity products have been launched, with a notable lack of dividend products compared to market trends [8]. Dividend Performance - Among 43 dividend insurance products, only one achieved a dividend realization rate exceeding 100%, while most others were around 50%, indicating a lack of consumer confidence [8]. - In 2024, the company received 268 consumer complaints, with 52% related to policy cancellations [8]. Equity Transfer Issues - Minsheng Life has faced 16 failed equity auctions over the past five years, with the latest auction scheduled for September 25, 2025, showing no successful transactions [9]. - The company’s equity has been repeatedly put up for sale due to unresolved debts, reflecting broader trends in the insurance industry where smaller firms struggle to attract investment [11]. Industry Context - The challenges faced by Minsheng Life are indicative of the pressures on small and medium-sized private insurance companies during a period of industry transformation, necessitating improvements in compliance, product strategy, and shareholder structure [12].