13个精算师·2025-12-18 10:28Core Insights - The article highlights that over 80% of insurance companies have a surrender rate below 2%, indicating a positive trend in policy retention [7][12][20] - The total surrender scale exceeds 1.3 trillion, with lifetime insurance accounting for over 670 billion, reflecting significant market activity [11][9] - The average surrender rate has seen a continuous decline, with the median surrender rate for Q3 2025 recorded at 1.27% [12][14] Summary by Sections Surrender Rates and Trends - In Q3 2025, 71 life insurance companies reported a surrender rate, with 2 companies exceeding 8% and 3 exceeding 4% [7][22] - The average surrender rate for these companies is 1.73%, a decrease of 1.48 percentage points compared to three years ago [14][16] - A total of 58 companies have a surrender rate below 2%, which is approximately 82% of the surveyed companies, marking an increase of about 1.6 percentage points from the previous year [20][22] Surrender Scale and Product Types - The cumulative surrender scale for over 740 products reached more than 1.3 trillion, with 4 companies reporting over 100 billion in surrenders [11][9] - The increase in surrender scale is primarily attributed to lifetime insurance, which has surpassed 670 billion, while the share of annuity insurance in surrenders has significantly decreased [11][30] - The surrender rates for investment-linked and universal life products are notably high, indicating a shift in consumer preferences [26][28] Company Performance and Market Outlook - The article notes that the life insurance sector is expected to enter a golden development period by 2026, driven by improved liability quality and investment returns [7][8] - The net profit for 72 life insurance companies in the first three quarters of 2025 reached 461.96 billion, surpassing the total for the entire year of 2024 and setting a historical high for the industry [7][8] - The decline in surrender rates is attributed to the maturation of previously popular products and a shift towards more stable lifetime insurance offerings [16][31]