Group 1 - The core viewpoint is that the new business value and new single premium of life insurance are expected to maintain rapid growth by 2026 [1][2] - The bank insurance channel is projected to see a new single premium growth rate of over 30% by 2026, driven by the demand for low-risk funds and the strategic focus of major listed companies on this channel [2] - The individual insurance channel is expected to see a new business value growth rate of 0%-10% in 2026, driven by improvements in "product + service" and "differentiated accounts" [2] Group 2 - The rigid cost of life insurance is effectively decreasing, with major companies showing a significant reduction in new single rigid liability costs, which are expected to alleviate interest spread risks [3] - The life insurance contract service margin (CSM) is anticipated to return to positive growth by 2027, driven by factors such as the bank insurance channel's growth and stabilization of risk-free interest rates [3] - The adjustment of investment actuarial assumptions for 2023-2024 has been made, with a low probability of further downward adjustments, supporting the stabilization of CSM balances for major companies [3]
华源证券：银保渠道依靠网点数量渗透 个险渠道由“产品+服务”和“差异化账户”驱动
智通财经网·2025-12-08 02:08