Core Insights - The establishment of a health management subsidiary by China Life Insurance marks a significant shift in the Chinese insurance industry from traditional risk transfer to proactive health intervention [1][3] - The health insurance market in China is at a critical turning point, with premium income expected to exceed 40 billion yuan by mid-2025, reflecting a 49.6% year-on-year profit growth [1][4] - The trend indicates that insurance companies are transforming from mere risk bearers to comprehensive health service providers, with health management capabilities becoming a core competitive factor [1][3] Industry Trends - The approval for insurance companies to set up health management subsidiaries is a response to structural issues in traditional insurance models, which face increasing operational pressure due to rising medical costs [3][7] - The aging population in China, with over 20% aged 60 and above by the end of 2024, creates urgent demand for health management services to control rising medical expenses [7][12] - The integration of advanced technologies like big data and AI supports the feasibility of health management services, allowing for personalized health interventions [8][10] Competitive Landscape - Major insurance groups, including Ping An and Taikang, are actively entering the health management sector, indicating a reshaping of the competitive landscape [1][9] - The market is characterized by diverse strategies, with some companies focusing on building their own health service networks while others opt for partnerships with specialized health management firms [9][13] - The overall growth of the health insurance market is driven by policy support, increased public health awareness, and rising medical costs, with companies offering comprehensive health management services gaining a competitive edge [12][13] Financial Performance - China Life Insurance's comprehensive claims ratio has decreased from 93% in 2020 to 87.1% in 2024, with net profit growing from 0.38 billion yuan to 19.3 billion yuan over the same period, reflecting a compound annual growth rate of 167.5% [4][11] - In the first half of 2025, the combined insurance business revenue of five specialized health insurance companies reached 79.645 billion yuan, indicating a robust growth trend in the sector [10][11]
从赔钱到防病：保险巨头转型，健康管理子公司成为新竞争领域