Core Insights - Taikang Life is a leading non-listed insurance company in China, with insurance revenue exceeding 200 billion yuan and total assets surpassing 1.8 trillion yuan in 2024 [1][2] - The company is facing operational pressures due to declining interest rates in the financial market, leading to a reliance on short-term sales strategies [1][2] - Taikang Life is closing over 160 branch offices to reduce operational costs while simultaneously launching high-value "retirement" insurance products to prepare for future performance [2][5] Branch Network Reduction - Taikang Life has closed approximately 160 branch offices across various provinces, representing a 7% reduction in its network [2][5] - As of the end of 2024, the company has 2,135 branches, indicating a significant contraction in its physical presence [2] - The closure of branches raises concerns about customer trust and brand image, despite the availability of services at nearby locations [4][5] Industry Trends - The insurance industry is witnessing a trend of branch closures, with over 10,000 branches shut down from 2020 to 2024, including major players like China Life and Ping An [5] - Factors driving this trend include accelerated digital transformation, the rise of internet insurance, and declining efficiency in traditional sales models [5][6] - The number of individual insurance agents has decreased significantly, from 9.12 million in 2019 to 2.64 million in 2024 [6] Financial Performance - Taikang Life's revenue grew from 213.77 billion yuan in 2020 to 281.42 billion yuan in 2024, but net profit has shown volatility, with a peak of 230.73 billion yuan in 2021 and a decline to 143.21 billion yuan in 2024 [8][10] - The company has a strong solvency position, with a comprehensive solvency adequacy ratio of 335% in 2024 [8] - The company faces challenges with high policy surrender rates, particularly with its investment-linked products, indicating potential issues with product performance and sales practices [10][11] Retirement Product Strategy - Taikang Life is innovating by integrating traditional life insurance with physical retirement services, launching products like "Happiness Appointment" that require policyholders to secure retirement community access through insurance contracts [15][18] - The company has expanded its retirement community projects to 43 locations across 36 cities, with over 16,000 residents [19] - The "Happiness Appointment" product has seen significant growth, with sales increasing from 300 in its first year to nearly 50,000 in 2024, contributing over one-third to new value [19][20]

Core Viewpoint - The banking insurance companies in China have shown significant improvement in their financial performance for 2024, with a total net profit of 9.864 billion yuan, a substantial recovery from a loss of 16.142 billion yuan in the previous year [1][2]. Group 1: Financial Performance - Out of 10 banking insurance companies, 8 reported profits while 2 incurred losses totaling 3.369 billion yuan [2]. - China Post Life and CCB Life achieved a turnaround in their financial performance, with China Post Life reporting a net profit of 8.941 billion yuan, a year-on-year increase of 665.2% [2]. - CCB Life also reported a net profit of 0.324 billion yuan, a significant improvement from a loss of 2.399 billion yuan in 2023 [2]. Group 2: Accounting Standards Impact - The transition to new accounting standards (IFRS9/IFRS17) has led to increased volatility in net profit figures for banking insurance companies, as most equity investments are now measured at fair value [3]. - The new standards emphasize the disclosure of insurance service income rather than total premium income, resulting in differences in reported figures [3]. Group 3: Net Asset Changes - The net assets of several banking insurance companies, including ICBC-AXA Life and CCB Life, have seen significant declines, with double-digit decreases reported [4]. - The decline in net assets is attributed to the requirement to discount insurance contract liabilities using current interest rates, which has increased the measurement of insurance liabilities [4]. Group 4: Regulatory Changes - The "reporting and banking integration" policy has impacted the performance of banking insurance companies, with a 22% year-on-year decline in new single premium income from the bancassurance channel [4][5]. - Industry experts believe that the long-term effects of this policy will lead to a shift from scale-driven to value-driven contributions in the bancassurance channel, prompting insurance companies to enhance efficiency and reduce costs [5].

Core Viewpoint - The insurance technology intermediary sector is experiencing a surge in overseas listings, driven by capital demands and the need to address profitability challenges [2][7][11]. Group 1: Listing Trends - The parent company of "Little Umbrella," Hand Return Group, has recently passed the main board listing hearing on the Hong Kong Stock Exchange, marking its third attempt to list [2][3]. - Since 2023, several domestic insurance intermediaries have submitted listing applications to US or Hong Kong markets, with successful cases including Cheche Technology and Youjia Insurance [2][5]. - Despite the surge, some companies like Yuanxin Technology have delayed their listing plans after passing the hearing, indicating mixed outcomes in the listing rush [2][5]. Group 2: Business Model and Financials - Hand Return Group operates as an online life insurance intermediary, utilizing three platforms: Little Umbrella for direct sales, Kachabao for agent sales, and Niubao 100 for partner-assisted sales [3][4]. - The company has distributed over 1,900 products since its inception, with customized products accounting for 52.5%, 59.0%, and 40.5% of first-year premiums from 2022 to 2024 [4]. - Financially, Hand Return Group reported revenues of 806 million, 1.634 billion, and 1.387 billion yuan from 2022 to 2024, with adjusted net profits of 75 million, 253 million, and 242 million yuan respectively [4]. Group 3: Market Dynamics and Challenges - The insurance technology intermediary sector has seen limited successful listings since 2007, with a notable increase in IPO activity starting in 2020 [5][6]. - Many companies are facing pressure to list due to capital exit demands and the need to diversify their revenue streams beyond commission-based models [7][8]. - The implementation of the "reporting and operation integration" policy has significantly impacted the revenue of intermediaries, with average commission rates dropping from 39.1% to 25.2% [8][9]. Group 4: Future Outlook - Despite current challenges, experts believe there is significant growth potential in the insurance technology sector, driven by unmet market needs and the ongoing digital transformation of the industry [10][13]. - The preference for overseas listings is attributed to lower entry barriers and greater interest from international investors in China's insurance market [11][12].

一位接近保通的人士对经济观察报记者表示，除江西省分公司 外，保通还计划关停云南、内蒙古等地的分公司。 作者：姜鑫 封图：图虫创意 2025年5月18日，是保通保险代理有限公司（下称"保通"）成立12周年的司庆日，但是今年的司 庆并不平静。 近日，保通江西省分公司的代理人收到了一条分公司关停的消息。 5月10日，代理人向经济观察报记者展示的消息显示，经公司研究决定，保通将于2025年5月30日 关停江西省分公司的所有业务。6月15日后，公司会统一办理执业登记注销，合同终止后，代理人 有30天提现权益。 一位接近保通的人士对经济观察报记者表示，除江西省分公司外，保通还计划关停云南、内蒙古等 地的分公司。 保通隶属于上海豹云网络信息服务有限公司（下称"豹云网络"），后者是一家服务于保险行业的综 合性集团。近期，有媒体报道称，同样隶属于豹云网络的爱云保技术有限公司（下称"i云保"）正在 谋求打包出售。去年7月，i云保曾计划赴美上市。 上述代理人还表示，江西分公司业绩达成率一直比较低，但直接关停还是有些意外。由于大部分代理 人依托i云保平台进行线上销售，机构关停不影响其销售，但在销售非互联网产品时，面临着合规问 题。 ...

Core Insights - The life insurance industry in China has shown strong performance in Q1 2023, 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] Insurance Business Income - In Q1 2023, the 72 life insurance companies collectively achieved an insurance business income of 1.35 trillion yuan, with major players like China Life Insurance, Ping An Life, and China Pacific Life each exceeding 100 billion yuan in income, specifically 354.41 billion yuan, 173.85 billion yuan, and 100.22 billion yuan respectively [2] Net Profit Performance - Out of the 72 companies, 49 reported profits totaling 886.33 billion yuan, while 23 companies incurred losses amounting to 24.90 billion yuan. This marks an increase in both the number and proportion of profitable companies compared to the same period last year [3] Factors Influencing Performance - The positive performance in Q1 is attributed to several factors, including optimization of product structure and pricing, the implementation of a unified reporting system, and the release of investment gains from the previous year [3] Regulatory Developments - The National Financial Regulatory Administration has issued guidelines to deepen the reform of personal marketing systems in the life insurance industry, emphasizing the need for insurance companies to align their product pricing assumptions with actual business practices [4] Accounting Standards Changes - Several insurance companies have indicated that they have adopted new accounting standards and solvency regulations, which may impact key operational metrics such as net profit and total assets. The transition to these new standards is expected to create variability in reported profits and net assets [5][6] Future Outlook - The life insurance industry is anticipated to have significant growth potential, driven by increasing consumer demand for health management and elderly care services, which will highlight the industry's advantages in providing long-term cash flow and investment management services [6]

Group 1 - The core viewpoint of the report indicates a divergence in net profit performance among listed insurance companies in Q1 2025, with China Life achieving a net profit of 28.802 billion yuan (YoY +39.5%), while China Ping An reported a decline of 27.016 billion yuan (YoY -26.4%) [1][12] - China Pacific Insurance's profit decreased significantly due to a 89.0% drop in fair value changes, while China Life's profit growth was primarily driven by a 32.8% reduction in insurance service fees [1][12] - New Business Value (NBV) growth remained strong across various insurance companies, with China Pacific Insurance leading at 39.0% YoY growth, followed by China Ping An at 34.9% [2][13] Group 2 - The property and casualty insurance sector showed significant improvement in combined operating ratio (COR) and underwriting profit, with China Re's COR at 94.5% (YoY -3.4pp) and underwriting profit of 6.653 billion yuan (YoY +183.0%) [2][26] - Investment yield performance varied, with net investment yield for China Ping An and China Pacific Insurance remaining stable, while China Life's yield decreased [3][37] - The report anticipates that the continuous reduction in life insurance preset interest rates and the implementation of "reporting and operation integration" will lower liability costs and support steady growth in NBV for the insurance sector in 2025 [6][44] Group 3 - The report highlights that the investment assets of major insurance companies have steadily increased, with China Life's investment assets reaching 6.82 trillion yuan, a 3.1% increase from the end of 2024 [3][37] - The annualized total investment yield for New China Life improved to 5.70% (YoY +1.10pp), while China Life and China Pacific Insurance experienced declines [5][38] - The report recommends several companies, including New China Life, China Pacific Insurance, China Re, China Ping An, and China Life, based on their performance and market conditions [6][44]

南方财经全媒体记者 孙诗卉 上海报道 4 月 30 日，北京金融监管局发布批复，核准凌晨凯担任明亚保险经纪股份有限公司董事长。这一任命 瞬间在业内激起千层浪，毕竟凌晨凯出身京东，长期活跃于零售领域，此前在保险行业并无太多涉足， 如今却跨界掌舵老牌保险中介明亚；与此同时，明亚创始人杨臣则从董事长转任总裁。 实际上，明亚的控股权历经多次更迭，创始人杨臣已不再是实际控制人，2020年末，明亚保险曾迎来重 大股权变更，引入宁波市聚盟商务信息咨询合伙企业（有限合伙）、宁波市亚荣商务信息咨询有限公 司。目前，宁波聚盟持有明亚保险约53.2%股份，宁波亚荣持股5.7%，杨臣的持股已不足5%。 太盟正式接管，凌晨凯 "空降" 根据业内知情人士的说法，此次变动本质上是控股股东 PAG （太盟投资集团）的内部人事安排。从天 眼查信息也可以觉出端倪，宁波聚盟的控股股东为成都金苹果教育集团，而其实际控制人则为深圳前海 太宁投资咨询有限公司。宁波亚荣也为太盟集团成员，2023年，其控股股东先锋太盟曾将控制权让渡给 境外公司China Auto Leasing Holding Limited。今年4月22日，宁波亚荣的工商信息发生变更， ...

| · 中国移动 令 | 下午7:53 | | | --- | --- | --- | | く 気 | 天茂集团-龙虎榜 | [7] Q | | ~ 买八营业部 0 | | 买入/卖出 | | ● 中信证券上海环球金融中心 ... | | 9999万 | | | | 0 | | 华鑫证券上海分公司 | | 2384万 | | 198次 46.46% 量化打板 | | 26.19万 | | 光大证券金华宾虹路证券营 ... | | 1546万 | | 9次 11.11% 落升(江南神鹰) | | 5.41万 | | 广发证券上海龙华路证券营 ... | | 837 7 | | | | O | | 东方财富证券拉萨金融城南 ... | | 817万 | | 774次 28.42% 互联网营业部 | | 520万 | | ~ 卖出营业部 | | 卖出/买入 | | 恒泰证券上海张杨路证券营 ... | | 1398万 | | 1次 100% | | 38.69万 | | 浙商证券金华分公司 | | 1269万 | | | | 86.30万 | | 招商证券北京建国路证券营 ... | | 1161万 | 华夏时报（ ...

Summary of China Life Insurance Conference Call Company Overview - **Company**: China Life Insurance - **Date**: May 7, 2025 Key Points Industry and Regulatory Environment - Regulatory policies are driving the separation of sales and production in the agent channel, with the company actively participating in industry standard formulation, expecting minimal impact on the stability of the agent workforce [2][3] - The integration of banking and insurance channels has significantly improved value rates, with individual insurance channel value rates increasing mainly due to the transformation towards participating insurance and asset-liability management [2][3] Financial Performance and Strategy - In Q1, the proportion of participating insurance new policies reached approximately 50%, with plans to continue increasing the sales of floating income products throughout the year [2][4] - The company is diversifying its business in response to declining interest rates, focusing on increasing sales of floating income products while controlling the scale of long-duration liabilities [2][5] - The asset duration is approximately 8 years, while the liability duration is about 10 years, with an effective duration gap reduced to below 1.5 years, indicating a commitment to asset-liability matching management [2][5] Health Insurance and Profitability - Significant improvement in medical health insurance claims in Q1, attributed to comprehensive process optimization, effectively reducing claim costs and enhancing overall profitability [2][9] - The specific numerical contribution of health insurance claims improvement to profit growth was not disclosed, but it reflects successful risk management and product design [9][10] Accounting and Valuation Metrics - Under new accounting standards, value indicators such as intrinsic value and new business value are more reflective of the company's operational results, alongside net profit, total premium growth, and market share as key quantitative indicators [2][10] - The company emphasizes the importance of long-term perspectives in evaluating performance, especially under new accounting standards, to avoid short-term pressures affecting long-term decisions [11] Investment Strategy - Despite increased market uncertainty, the company maintains its overall investment direction, with adjustments in details and pacing, such as significant bond allocations in Q1 and a focus on balanced stock portfolios [12] - The company plans to increase its allocation to high-dividend stocks, currently exceeding 150 billion, while ensuring the selection is based on long-term operational stability rather than just high dividend yields [13][14] Future Outlook - The company is committed to its long-term strategy in life insurance and will not alter its approach due to short-term factors, focusing on sustainable growth and capturing opportunities in short-term insurance without compromising core strategies [22] - There are no specific targets for intrinsic value, but the company aims for steady growth in new business value and will continue to push for the transformation towards floating income products [23] Shareholder Returns and Market Management - The company is currently not providing clear dividend guidance, as dividend rates are tied to prior operating profits or free surplus, which have not been set [24] - Discussions on stock buybacks are ongoing, but the focus remains on dividends as a direct reflection of company performance to investors [25] Conclusion - China Life Insurance is navigating a complex regulatory and economic landscape while focusing on strategic growth in its insurance offerings, optimizing its investment portfolio, and maintaining a commitment to shareholder value through dividends and market communication.

南方财经全媒体记者 孙诗卉 上海报道 5月6日，天茂集团公告，于2025年5月6日收到中国证券监督管理委员会（以下简称"中国证监会"）的《立案告知书》，因涉嫌未按期披露定期报告，根据相 关法律法规，中国证监会决定对公司立案。天茂集团表示，将积极配合中国证监会的相关工作，并严格按照规定及监管要求履行信息披露义务。目前公司经 营情况正常。 天茂集团原定于4月29日发布2024年度报告及2025年一季度报告，然而却在当天发布公告称，因定期报告涉及的部分信息需要进一步补充提供，无法在法定 期限内披露上述定期报告。 目前，天茂集团已经自2025年5月6日起停牌。根据相关要求，若停牌两个月内仍未披露年报，将被实施退市风险警示。退市风 险警示后两个月内仍未披露符合要求的年报，深交所将终止股票上市。 而这并非国华人寿一家面临的问题，相关业内人士对21世纪经济报道记者表示，去年以来，满期兑付高峰的到来，对于中小险企来说都是一个挑战，面对满 期兑付高峰，险企需要加强现金流监控和应急管理，保持充足的现金流以应对客户支付要求。 此外，"报行合一"政策和"一对三"放开的落实，也对国华人寿的保费收入产生了不小的影响，随着银保渠道竞争压力 ...