保险行业研究：“报行合一”一周年，几家欢喜几家忧？

Investment Rating - The report indicates a cautious outlook for the insurance industry, emphasizing the need for improved operational efficiency and risk management due to regulatory changes [2][24]. Core Insights - The implementation of the "reporting and operation unity" policy aims to prevent fee discrepancies and enhance liability quality within the insurance sector [3][24]. - The insurance industry has seen a decline in investment returns, with the average investment yield dropping from 5.50% in 2013 to 2.29% in 2023, which has limited the ability to offset fee discrepancies [2][24]. - The average commission level across the industry has decreased by 30% since the policy's implementation, indicating a significant shift in the competitive landscape [4][24]. Summary by Sections Regulatory Changes - The regulatory body has issued multiple notifications to enforce the "reporting and operation unity" policy, which requires insurance companies to align their product pricing assumptions with actual operational practices [3][4]. - The policy has been primarily applied to the bank insurance channel, with subsequent expansions to other distribution channels planned [6][7]. Market Dynamics - The bank insurance channel has become a critical market share battleground, leading to high commission rates and competitive pressures among insurance companies [4][9]. - The report highlights a notable decline in new premium contributions from the bank insurance channel, with a 33.31% year-on-year decrease in new premiums for sample companies [10][11]. Company Performance - Insurance companies that primarily rely on bank insurance channels have experienced a more significant impact from the policy changes, with their new premium contributions declining more sharply compared to other types of companies [11][12]. - The report suggests that larger insurance companies with diversified product lines and service levels are likely to benefit from the shift towards value-driven competition in the bank insurance channel [5][24]. Future Outlook - The "reporting and operation unity" policy is expected to lead to a long-term improvement in the quality and efficiency of the insurance industry, despite short-term pressures on premium growth [24]. - As the policy is fully implemented across all channels, the industry is anticipated to achieve both volume and quality improvements in the future [24].