Core Viewpoint - The Financial Regulatory Bureau has issued a draft notice aimed at strengthening the regulation of non-auto insurance, addressing long-standing issues in the industry and promoting cost reduction and efficiency improvement [1][2]. Group 1: Regulatory Changes - The draft notice emphasizes the implementation of a "report and practice unified" system for non-auto insurance, requiring that the actual insurance terms and rates executed by insurance companies must align with the submitted regulatory materials [2][3]. - This regulatory approach aims to eliminate short-sighted practices such as price wars and improper fee collection methods, encouraging companies to focus on reasonable pricing, quality service, and sound operations [2][3]. Group 2: Premium Collection Risks - The issue of accounts receivable risk has been a significant challenge for non-auto insurance, with some companies managing premium collection too loosely, leading to high accounts receivable and potential financial instability [3]. - The draft mandates that insurance companies must issue policies and invoices only after collecting full or initial premiums, thereby improving cash flow and managing accounts receivable risks effectively [3]. Group 3: Cost Reduction and Efficiency - The push for cost reduction and efficiency is essential for the sustainable development of the property insurance industry, as the previous competitive model has led to rising comprehensive cost ratios and reduced profit margins [4]. - Implementing the "report and practice unified" system is expected to free up resources from unhealthy competition, allowing companies to enhance their pricing and underwriting capabilities, improve claims service levels, and strengthen market competitiveness [4]. Group 4: Impact on the Economy - Non-auto insurance has expanded its role across various sectors of the economy, providing crucial support for businesses in managing operational risks and stabilizing production [5]. - As the regulatory body continues to advance the "report and practice unified" system, non-auto insurance is anticipated to better fulfill its risk protection and resource allocation functions, serving as a solid foundation for the stable development of the real economy [5].

近日，A股上市险企陆续披露上半年保费收入，截至记者发稿，已有中国太保、新华保险披露相关 数据。整体来看，两家上市险企保费收入均实现同比增长。其中，中国太保上半年实现保费收入2820.0 亿元，同比增长9%；新华保险上半年实现保费收入1212.62亿元，同比增长23%。分条线看，太保寿险 保费收入为1680.09亿元，增长9.7%，太保产险保费收入为1139.99亿元，增长0.9%。 从财险业务看，太保产险数据显示，上半年其机动车辆险保费收入536.07亿元，同比增长2.8%；非 机动车辆险保费收入603.92亿元，同比微降0.8%。对此，业内人士认为，上半年新能源汽车发展势头强 劲，推动车险保费收入不断提升；而非车险方面，农险、健康险、意外险正在成为新的增长极。 责任编辑：杨喜亭 对于上半年的保费收入情况，新华保险表示，公司全面落实以客户为中心的战略，加强顶层设计， 做优做强分支机构；不断丰富完善产品体系，推动业务和收入结构转型升级；将服务上升到战略高度， 全面加强和完善客户服务生态体系建设。 中信建投证券发布的报告认为，新华保险一季度个险渠道绩优队伍建设成效进一步显现，月均绩优 人力及万C人力（一定时期内保 ...

Core Viewpoint - The insurance industry is experiencing a decline in premium income, with the first two months of 2024 showing negative growth in life insurance premiums, influenced by high previous sales and regulatory changes [1][4][5]. Group 1: Premium Income Performance - Several listed insurance companies reported poor premium income performance in the first two months of 2024, with some companies choosing not to disclose their premium data [1][2]. - The overall life insurance premium income for January and February 2024 was 9,458 billion and 12,997 billion respectively, showing a decline compared to the same period in 2023 [4]. - Only a few companies, such as New China Life and China Pacific Insurance, disclosed their premium data, with New China Life reporting a 29% year-on-year increase, while Sunshine Life reported a 4.9% decline [2][4]. Group 2: Regulatory Impact - Regulatory changes, including limits on preset interest rates and the "reporting and operation integration" policy, have contributed to the cooling of premium income [1][5]. - The new regulations set the upper limit for preset interest rates at 2.5% for ordinary insurance products and 2.0% for dividend-type products starting from September and October 2024 respectively [5]. Group 3: Shift to Dividend Insurance Products - The industry is shifting towards dividend insurance products, which are expected to account for over 50% of total premium income in the future [1][7]. - Companies are focusing on developing floating income products, with leaders from major insurance firms indicating a significant increase in the proportion of these products [7][8]. - Despite the potential for growth in dividend insurance, the current sales performance is still lacking, and agents face challenges in selling these products effectively [6][8]. Group 4: Sales Force Development - There is a consensus on the need to enhance the training and skills of the sales force to improve the sales of dividend insurance products [10]. - Companies are investing significant efforts in training their sales teams to align with the transition towards dividend insurance, aiming to avoid misguidance and mismatched customer needs [10].

本报记者 冷翠华 一组看似矛盾的数据刚刚出炉——根据上市险企和上市银行2024年年报，去年上市险企银保收入大 多同比上涨，而上市银行代销收入却普遍同比下降，部分银行保险代销收入甚至呈现同比锐减。 业内人士认为，上述看似矛盾的数据背后，是"报行合一"政策的落地实施，以及银保业务的转型发 展。未来，银保渠道仍将是保险业非常重要的渠道，"价值银保"是险企要着力推进的重点工作之一。 具体来看，农业银行去年实现手续费及佣金净收入755.67亿元，较2023年减少45.26亿元，下降 5.7%。其中代理业务收入下降20.6%，主要是代理保险相关手续费收入减少；建设银行2024年年报显 示，手续费及佣金收入中，代理业务手续费收入144.12亿元，较2023年减少44.82亿元，降幅23.72%， 主要受保险、基金等降费政策影响；此外，招商银行去年实现代理保险保费1172.25亿元，同比增长 21.07%，不过，其代理保险收入64.25亿元，同比下降52.71%；平安银行2024年代理及委托手续费收入 54.34亿元，同比下降29.4%，主要是代理个人保险收入下降。 普华永道管理咨询（上海）有限公司中国金融行业管理咨询合伙人 ...

渠道建设一直是关乎人身险行业生存和持续发展的大命题。作为人身险产品重要的对客和销售渠道，在 个人代理人精简瘦身趋势下，银保渠道近年得到不少保险公司押注。这种近乎行业性的押注，最新成果 几何？ 中国证券报记者从业内获悉的一份行业交流数据资料显示，2024年全年，人身险公司银保渠道新单保费 规模出现两位数的同比下滑。业内人士认为，2024年是银保渠道落地"报行合一"后的首个完整经营年 度，销售激励减少叠加预定利率下滑、市场需求透支等因素，银保渠道新单规模萎缩也在意料之中。 记者前期多次调研也发现，去年以来，银行代销保险的货架上，代表人身险公司产品转型方向的分红险 席卷而来，占比较过往有较大程度提升。但多位理财经理反映，"不好卖"成了共性问题，浮动分红带来 的不确定性是横亘在银行代销渠道和消费者之间的一座大山。对于保险公司来说，距离找到规模与价值 并重的银保新业态，还有较长的路要走。 银保渠道新单增长遇阻 对于银保渠道，可以将其理解为，银行为保险公司代销保险产品，保险公司向银行支付手续费和佣金。 行业交流数据显示，2024年全年，人身险公司银保渠道新单保费约6600亿元，同比下滑约14%。 业内人士向记者介绍，新单 ...

Group 1 - The core viewpoint of the articles highlights the positive performance of the life insurance industry in Q1, with 72 companies reporting a total insurance business income of 1.35 trillion yuan and a net profit of 861.43 billion yuan [1][2][3] - A total of 49 life insurance companies reported profits, with a combined profit of 886.33 billion yuan, while 23 companies reported losses totaling 24.90 billion yuan [3] - Major companies such as China Life, Ping An Life, and China Pacific Life each reported insurance business income exceeding 100 billion yuan, contributing significantly to the overall industry performance [2][3] Group 2 - The improvement in the life insurance sector's performance is attributed to factors such as product structure optimization, the implementation of "reporting and operation in unison," and the release of investment income from the previous year [1][3] - The Financial Regulatory Authority has issued guidelines to deepen the implementation of "reporting and operation in unison," which aims to reduce non-compliant and unreasonable costs in the personal insurance channel [4] - Several insurance companies have switched to new accounting standards, which may impact key operational indicators like net profit and total assets, making profits more sensitive to market fluctuations [5][6] Group 3 - The new accounting standards and solvency regulations are expected to influence the operational metrics of life insurance companies, with potential for divergence between net profit and net assets [6] - The life insurance industry is anticipated to have significant growth potential as consumer demand for health management and elderly care services increases [6]

市场人士认为，险资频频增持背后，除了银行高股息吸金，背后更蕴含着险企大举加码银保的战略考量。"最近3年，银保期交保费逐步赶上个险，一些头部 公司也将战略重心押注银保，试图通过重仓银行股，借力资本纽带抢占银保市场。"一家中型人身险公司银保业务负责人对智通财经记者表示。 据行业交流数据预测，未来10-15年，银行渠道的新业务价值将是个险的两到三倍，甚至目前仍以个险为主的老七家，其银保新业务价值也将超过个险，老 七家在银保期交的市场份额将从2024年的26%上升至40%左右。 "随着低利率时代到来，利差的收窄对于银行和保险都是大考验，未来二者一定走向抱团取暖，战略联盟、资本纽带绑定双方长期利益将逐渐成为趋势。"一 家头部寿险公司高管对智通财经记者表示。 险资"痴迷"银行股：年内上百次出手增持，10度触发举牌 智通财经7月24日讯（记者 夏淑媛） 险资持续"爆买"银行股。港交所最新权益披露资料显示，近期弘康人寿累计3次增持郑州银行H股。与弘康人寿加仓区 域性城商行不同，平安资产、中国平安则出手增持国有大行邮储H股，二者最新持股比例均超14%。 据智通财经记者统计，开年以来，截至7月22日，平安人寿、新华保险、瑞众人寿 ...

截至8月6日，已披露2025年二季度偿付能力报告的135家非上市险企合计净利润约380亿元，同比实现翻 倍。其中，59家人身险公司合计净利润同比增长超2倍，76家财产险公司合计净利润同比增长约七成。 分析来看，取得良好业绩可归结为资产和负债两端同步改善：资产端受益于资本市场向好，投资收益增 厚；负债端得益于"报行合一"等政策压降费用成本。市场人士认为，资负两端共振向好，有望带动上市 险企业绩整体实现较快增长，新业务价值、综合成本率等核心业务指标也有望得到改善。 非上市险企业绩整体回暖 上半年，人身险业和财产险业非上市公司业绩整体回暖。 135家非上市险企上半年盈利情况 （截至8月6日） 郭晨凯 制图 ◎记者 何奎 今年上半年，非上市险企整体业绩亮眼。 上市险企整体业绩有望增长 非上市险企业绩整体实现较快增长，传递出保险行业整体回暖的积极信号。市场人士认为，在资产和负 债两端共振向好背景下，上市险企整体业绩也有望实现较快增长。 广发证券研报认为：寿险业方面，资负联动有望扩大行业利润水平；财险业方面，保费增速回暖， COR（综合成本率）改善，赔付率有望在高基数下改善，费用率持续优化。 数据显示，59家人身险公司合 ...

135家非上市险企上半年盈利情况 （截至8月6日） 郭晨凯 制图 ◎记者 何奎 今年上半年，非上市险企整体业绩亮眼。 截至8月6日，已披露2025年二季度偿付能力报告的135家非上市险企合计净利润约380亿元，同比实现翻 倍。其中，59家人身险公司合计净利润同比增长超2倍，76家财产险公司合计净利润同比增长约七成。 分析来看，取得良好业绩可归结为资产和负债两端同步改善：资产端受益于资本市场向好，投资收益增 厚；负债端得益于"报行合一"等政策压降费用成本。市场人士认为，资负两端共振向好，有望带动上市 险企业绩整体实现较快增长，新业务价值、综合成本率等核心业务指标也有望得到改善。 非上市险企业绩整体回暖 上半年，人身险业和财产险业非上市公司业绩整体回暖。 数据显示，59家人身险公司合计实现净利润约290亿元，同比增长超2倍；76家财产险公司合计实现净利 润超90亿元，同比增长约七成。 从盈利机构数量来看，人身险业有38家公司实现盈利，占比超六成；财产险业有68家公司实现盈利，占 比约九成。人身险业和财产险业盈利公司数量均较去年同期明显增长。 对外经济贸易大学创新与风险管理研究中心副主任龙格表示，上半年权益市场反弹 ...

整体来看，上半年保费收入持续向好。其中，人身险业累计保费同比自4月转正后继续保持正增长，财 产险业则保持稳健增长。在业内人士看来，一方面，利率下行背景下，各大险企中分红险产品的占比有 望持续提升，产品结构不断改善，潜在利差损压力有望得到缓解。另一方面，随着非车险"报行合一"有 序推进，下半年，财产险业的承保盈利、风控水平和服务质量有望显著改善。 受多重因素影响，今年上半年，保险业继续保持增长势头，人身险业和财产险业发展状态良好。金融监 管总局最新发布的数据显示，今年前6个月，保险业原保险保费收入合计达3.74万亿元，较2024年同期 增长5.31%；赔付支出达1.35万亿元，同比增长9.41%。 民生证券研究院非银金融首席分析师张凯烽表示，整体来看，上半年保费收入持续向好，人身险业累计 保费同比自4月转正后继续保持正增长，财产险业则保持稳健增长。 人身险业保费保持高增长 数据显示，今年前6个月，人身险业原保险保费收入2.96万亿元，同比增长5.64%。其中，6月单月人身 险业原保费收入4908亿元，同比增长16.3%，环比增长21.5%，延续5月16.6%的高增长势头。 从具体险种业务看，上半年，寿险业务原保 ...