解码险资“巨轮”泰康的主动转身

Core Viewpoint - Taikang Insurance is undergoing a transformation period after years of leading the non-listed insurance sector, facing challenges in its core life insurance business while attempting to innovate through a "new life insurance" model that integrates health and wellness services [1][3]. Group 1: Financial Performance - In 2024, Taikang recorded revenue and net profit of 327.06 billion yuan and 15.16 billion yuan, with growth rates of 17.23% and 20.63% respectively [2]. - Taikang Life's revenue and profit growth rates were 17.83% and 8.88%, with profit growth declining by 10 percentage points compared to the previous year [4][15]. - Taikang Pension reported a loss of 1.4 billion yuan, while Taikang Online's profit increased by nearly 60%, contributing only 0.077 billion yuan to the group [4]. Group 2: Organizational Changes - Since 2023, Taikang has undergone significant personnel changes, with founder Chen Dongsheng taking over as chairman of Taikang Pension and his son Chen Yilun leading the fund business [3]. - Taikang Life has closed 359 branches from 2024 to April 2025, with 144 branches closed in the first four months of 2025 alone, marking it as the fastest shrinking major life insurance institution [7][21]. Group 3: Strategic Adjustments - The shrinking of branches may indicate ongoing adjustments within Taikang, as the company aims to optimize its resource allocation and focus on high-net-worth clients [23][27]. - Taikang's "new life insurance" strategy aims to integrate health and wellness services into its traditional insurance offerings, with products like "Happiness Appointment" and the "Taikang Home" retirement community [10][12]. Group 4: Challenges in Pension Sector - Taikang Pension has faced significant challenges, with a revenue growth rate dropping over 20 percentage points to 0.5% in 2024, and a loss of 1.4 billion yuan [37][40]. - The company is focusing on its core pension business while gradually divesting from non-core short-term health insurance products [40]. Group 5: Future Outlook - The long-term success of Taikang's investment in health and wellness services, particularly in retirement communities, remains uncertain due to cultural preferences for home-based care and potential operational challenges [50][52].