Sou Hu Cai Jing·2025-09-10 09:32Core Viewpoint - Ping An Insurance is restructuring its health insurance product marketing channels, with health insurance products exiting the sales channels of Ping An Life, indicating a strategic shift towards self-operated medical insurance products [3][4][6]. Group 1: Business Strategy - The decision for health insurance products to exit Ping An Life's sales channels is primarily driven by business development strategy considerations, aiming to leverage the strengths of both life and health insurance companies [4][6]. - Ping An Life plans to enhance its self-operated medical insurance offerings in response to the increasing demand for health management services among its clients [6][10]. - The company aims to build a more comprehensive product matrix around the "comprehensive finance + medical and elderly care" strategy, which is expected to boost its competitive edge in the life insurance market [5][7]. Group 2: Market Performance - In the first half of 2025, Ping An Life's new business value for life and health insurance reached 22.335 billion yuan, a year-on-year increase of 39.8%, with nearly 70% of this value coming from clients enjoying services from the medical and elderly care ecosystem [6][10]. - Health insurance premium income for Ping An reached approximately 87 billion yuan in the first half of the year, with medical insurance contributing over 41 billion yuan, highlighting the growing importance of medical insurance as a revenue driver [7][10]. - The overall health insurance market in China is experiencing positive growth, with a 2.3% year-on-year increase in premium income, indicating significant future growth potential [10]. Group 3: Marketing Channels - The exit of health insurance products from Ping An Life's sales channels is not expected to significantly impact the health insurance business, as Ping An Health Insurance has a wide range of marketing channels, including self-operated teams and mobile applications [8]. - The management of Ping An Health Insurance is exploring new marketing channels to further strengthen its health insurance business [8].