招商信诺：坚定推进大健康战略，走差异化发展之路

Core Insights - The insurance industry is undergoing significant transformation due to low interest rates and regulatory changes, prompting companies to seek high-quality development strategies [1][4][2] - The focus on "transformation" is essential for sustainable growth, with companies encouraged to diversify their profit models beyond reliance on interest spreads [2][4] - The new three-year strategic plan of China Merchants Life Insurance emphasizes a differentiated approach in health management and insurance services [2][5] Industry Overview - The low interest rate environment has led to a substantial decline in investment returns for life insurance companies, increasing the risk of potential losses and asset shrinkage [1][4] - Regulatory bodies are promoting the development of long-term dividend insurance products and encouraging a customer-centric approach in product design [4][4] - The life insurance sector is transitioning from rapid growth to a phase focused on high-quality development, moving away from scale-driven strategies [4][4] Company Strategy - China Merchants Life is committed to a "big health" strategy, aiming to build differentiated product design capabilities and robust risk management systems [2][5] - The company has launched a new three-year strategic plan (2025-2027) that aligns with the industry's high-quality development direction, focusing on health-related business [4][5] - Key areas of focus include accelerating the development of health insurance, enhancing health services, and maintaining stable growth in life insurance [5][6] Market Position - China Merchants Life has seen continuous growth in high-end medical insurance premiums, serving nearly 300,000 corporate executives and employees, with a market share exceeding 30% in this segment [5][10] - The company aims to leverage its partnerships and resources to maintain its leading position in the high-end medical insurance market [6][10] Innovation and Technology - The company is exploring new business models, including high-end medical insurance, cross-border insurance solutions, and internet insurance products [6][7] - China Merchants Life is integrating AI and big data technologies to enhance service efficiency and risk management capabilities [15][16] - The introduction of intelligent customer service platforms and streamlined claims processes aims to improve customer experience and operational efficiency [16][17]