来源：燕梳师院 作者：颜清欢 董事长沈开涛疑失联 12月17日，江泰保险经纪董事长沈开涛被曝疑似失联。据多家媒体报道，其本人电话持续处于关机状 态，公司高管对此回应"不太清楚"，未提供进一步说明。 作为国内保险经纪行业的开拓者，沈开涛创办江泰保险经纪，打开了国内保险经纪行业的大门。执掌公 司25年来，他曾主导参与南水北调、港珠澳大桥等国家级重大项目保险安排。 一个电话关机，一家公司缄默，一个行业在等待答案。作为"中国保险经纪第一人"创办的企业，江泰保 险经纪正因董事长沈开涛的疑似失联，陷入前所未有的迷雾与不安之中。 从其履历来看，沈开涛的职业生涯与中国保险中介行业的发展轨迹高度重叠。公开资料显示，沈开涛出 生于1964年1月10日，是江苏泰州的一个普通劳动者家庭，长江商学院EMBA学历，现为江泰保险经纪 董事长、北京快速工程规划建设管理公司董事长。 1980年高中毕业后参军，成为中国人民解放军北京基建工程兵，加入北京修建地铁的行列。1983年转业 后到北京城建集团工作并在1995年创办北京快速工程规划建设管理公司，涉足房地产，承揽了不少建筑 工程。 1998年，沈开涛敏锐捕捉到保险中介行业的发展机遇，率先向中 ...

Core 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]

中经记者 陈晶晶北 京报道 近日，财信吉祥人寿保险股份有限公司（以下简称"财信吉祥人寿"）及其相关分支机构均收到监管行政 处罚。 监管披露的行政处罚文件显示，财信吉祥人寿因存在四项违法违规行为，国家金融监督管理总局湖南监 管局（以下简称"湖南金融监管局"）对其予以38万元的行政处罚。 与此同时，财信吉祥人寿安徽分公司因虚列会议费、业务宣传费套取费用被处罚，长沙中心支公司、株 洲中心支公司、娄底中心支公司也均因虚列会议费、业务宣传费套取费用等原因被处罚。 对于上述处罚，财信吉祥人寿方面亦对《中国经营报》记者表示，一切以公司公告为准。 财信吉祥人寿在公告中称，"上述处罚未对公司造成重大影响，目前，公司经营一切正常，各项业务有 序推进。" 机构及相关负责人"双罚" 监管处罚文件显示，财信吉祥人寿因聘任不具有任职资格的人员，最低资本计量不合规，给予投保人、 被保险人、受益人保险合同约定以外的利益，电话销售过程存在销售误导行为等违法违规行为，对财信 吉祥人寿罚款共计38万元。 分支机构方面也因费用问题被处罚。财信吉祥人寿安徽分公司虚列会议费、业务宣传费套取费用，被监 管罚款30万元。长沙中心支公司虚挂代理人套取费用，虚 ...

中国平安 20251212 摘要 投资者对中国平安 2025 年四季度及 2026 年业绩（包括净资产、净利 润等）普遍持有乐观预期，主要基于行业和纵向对比的信心。 平安在港股市场估值被显著低估，赔率角度看具有较大上涨潜力，美联 储降息等外部环境变化也为资金流入创造条件，外资配置虽低但新增资 金进场明显。 短期基本面层面，平安"预享金悦"分红型增额终身寿险市场反馈良好， 2026 年一季度开门红预期积极，居民对保险需求旺盛。 2025 年公司推出 6 年缴费期分红险产品，margin 相对稳定，与去年相 比不会有大幅提升，政策已反映在公司的 margin 中。 2025 年价值率增长约 70%归因于监管因素（报行合一、银保渠道、个 险及预定利率下调），30%归因于内部经营管理（费用率降低和缴费期 拉长）。 对华夏幸福的减值已接近完成，账面资产很少，不会再有大的损失；对 万科的风险敞口有限且可控，将尽可能履行义务和责任，并协作解决问 题。 预计 2027 年前基本可以摆脱掉大部分减值问题，2025、2026 两年基 本上差不多可以轻装上阵；2025 年 ROE 预计能回到 17%左右甚至更 高。 Q&A 最近中 ...

"以前接口不统一，商业银行和保险公司需要根据每一家机构的单独接口进行开发，工作量大，测试时间长，数据传输也容易出现遗漏或错误。行业标准的 发布不仅降低了系统对接成本，更强化了跨机构风险防控能力。"中国保险行业协会表示。 据了解，当用户在商业银行选择一款保险产品进行投保时，银保通系统负责串联起商业银行的业务系统和保险公司的业务系统，银保通系统会将用户在银行 柜面、手机银行或者自助机具上录入的投保信息，传输到保险公司进行投保审核。保费的缴纳、资金的流转等财务信息也都由其负责在商业银行和保险公司 之间进行传递，另外其会对业务进行风险评估和合规监控。 "该标准通过统一接口规范与'数据字典'，解决了此前银保系统接口不统一导致的开发成本高、协同效率低及数据错误风险问题，能显著降低对接成本并提 升数据传输质量。"在众托帮联合创始人兼总经理龙格看来，未来，银保业务将加速实现跨机构高效互联，推动产品创新与风控协同。接口改造通常分阶段 进行，先评估现有系统与标准的差异，再通过API网关或微服务架构逐步适配，并利用灰度发布来降低风险。 技术壁垒的消融，直接为业务模式的进化打开了空间。龙格补充表示，统一接口将解锁跨机构数据共享、产品 ...

Core Viewpoint - The Hong Kong insurance sector experienced a collective rise, driven by positive market sentiment and favorable regulatory changes, indicating a strong outlook for the industry in both the short and long term [1] Group 1: Market Performance - On December 12, major Hong Kong insurance stocks saw significant gains, with China Taiping rising nearly 4%, China Life up 2.3%, and China Ping An, China Taibao, and AIA increasing by nearly 2% [1] - The stock prices and their respective changes include: - China Taiping: 18.500, +3.76% - China Life: 27.440, +2.31% - China Taibao: 33.380, +1.95% - AIA: 78.750, +1.88% - China Ping An: 62.600, +1.79% - China Pacific Insurance: 16.830, +0.54% - China People's Insurance: 6.770, +0.15% [2] Group 2: Industry Outlook - Guosheng Securities reported that the insurance industry will benefit from the trend of bank deposits moving to insurance products, with diverse demands in retirement, healthcare, and savings expected to drive industry expansion [1] - The smooth progress of the insurance companies' "opening red" is anticipated to boost the liability performance in 2026 [1] - The adjustment of product reservation interest rates is expected to significantly alleviate the risk of industry interest spread losses, while the "integration of reporting and operations" is promoting a reduction in internal competition and increasing concentration among leading companies [1] Group 3: Regulatory Impact - UBS highlighted that the recent notification from the National Financial Regulatory Administration, which adjusts risk factors for insurance companies, reinforces the policy direction encouraging long-term patient capital, thus enhancing market sentiment [1] - The recent rise in Chinese government bond yields and the steepening yield curve are seen as beneficial for insurance companies in the long run [1] - UBS reiterated its preference for China Ping An as the top choice in the industry, maintaining a "buy" rating with a target price of 70 HKD, citing attractive risk-reward dynamics [1]

巨亏之下，摆在这位新掌门人面前的局面并不乐观。 从精算师到掌舵者 银行系险企光大永明人寿近日迎来新掌门人，张晨松升任董事长获监管核准。 这位资深精算师出身的专家型高管，从2024年8月履新总经理到担任董事长，仅用一年三个月的时间。 依托光大集团和加拿大永明金融两大实力股东，手握"金钥匙"的光大永明人寿曾经历一段长时间的盈利扩张周期。然而，从2022年起，公司开始陷入连续亏 损的泥淖，2024年更是交出一份史上最差成绩单，年度亏损超过17亿元。 12月5日，国家金融监督管理总局天津监管局发布任职披露，核准张晨松光大永明人寿董事长的任职资格。 公开履历显示，张晨松已深耕保险业26年，出生于1974年，1999年南开大学硕士毕业，同年加入泰康人寿精算部，曾担任精算师和风险管理部总经理职位， 后参与了华诚人寿的筹建。 值得一提的是，张晨松拥有三个精算师资格，于2002年、2005年、2009年先后获得了北美精算师、中国精算师、英国精算师。 2013年，张晨松加入光大永明人寿，历任总经理助理、副总经理、财务负责人、总精算师、首席风险官等职务。凤凰网财经注意到，张晨松担任光大永明人 寿总精算师长达十一年之久，直到2024 ...

智通财经APP获悉，国盛证券发布研报称，长期来看，保险行业持续受益于银行存款搬家趋势，多元化 的养老、医疗、理财储蓄等保险需求有望推动行业持续扩容。短期来看，险企开门红进展顺利，有望提 振2026年负债端表现。产品预定利率阶梯型下调大幅缓解行业利差损风险，"报行合一"推动行业反内卷 和头部公司集中度提升，积极看好保险板块的配置价值。 国盛证券主要观点如下： 保险行业阶段性超额收益显著，但市场风格切换全年跑输大市 上市险企2025年以来个股涨幅排名：新华40.73%、平安25.93%、人保18.06%、太保15.51%、国寿 10.41%。保险行业个股涨幅差异较大，主要是三方面原因： 1)投资及业绩表现：上市险企总投资收益率普遍较大幅提升，其中新华最为显著。股债投资环境倒逼险 资增配权益资产，同时监管持续为险资增配权益资产打开政策空间，上市险企增配股票的力度和节奏各 不相同。截至2025Q2，新华、平安股票投资占比较高、且24、25年增配力度较大。2025年前三季度总 投资收益率表现：新华8.6%、国寿6.4%、太保(非年化)5.2%。因各家险企OCI股票投资在总投资资产占 比差异较大，导致同期归母净利润增速表 ...

Core Viewpoint - China Life Insurance Company is enhancing market vitality amid micro and macro challenges, with total premiums expected to exceed RMB 700 billion by November 30, 2025, marking a significant breakthrough in premium scale and solidifying its market leadership [1] Group 1: Social Responsibility - China Life has provided insurance and value-added services to over 600 million customers, with compensation payouts exceeding RMB 160.9 billion in the first half of 2025, including over RMB 34 billion for health insurance [2] - The company has offered risk protection of approximately RMB 2.7 trillion to small and micro enterprises and individual businesses, actively participating in the construction of the third pillar of pension [2] - China Life has launched various health insurance products, including senior bone health insurance and personal long-term disability income loss insurance, addressing real health needs [2] Group 2: Growth Potential - The company has diversified its product offerings, with new single premium contributions from life insurance, annuities, and health insurance reaching 31.95%, 32.47%, and 31.15% respectively in the first three quarters of 2025 [4] - As of September 30, 2025, China Life's total sales force reached 657,000, maintaining the industry's leading position, with a significant improvement in retention rates [4] - New business value grew by 41.8% in the first three quarters of 2025, driven by a multi-faceted channel strategy and reforms [4] Group 3: Long-term Investment Strategy - China Life adheres to asset-liability matching principles, optimizing asset allocation and conducting stable cross-cycle investment [5] - The company has maintained a solid foundation for low-interest environments by increasing its long-term bond investments to RMB 2 trillion [6] - China Life is actively investing in equity markets, increasing its equity investment by over RMB 380 billion by the third quarter of 2025 [6] Group 4: Strategic Focus - The company emphasizes a customer-centric approach, implementing the "333" strategy, focusing on efficiency, long-term vision, asset-liability linkage, and risk management [7]

Core Viewpoint - The life insurance industry is expected to enter a new growth cycle by 2026, driven by improved liability trends and a return to growth-oriented valuation logic for high-quality companies [2][3][8]. Group 1: Life Insurance Trends - Five key trends in the life insurance industry are anticipated: 1) Continued rapid growth of new business, embracing "deposit migration" and a "new era of health insurance"; 2) Further reduction in the rigid costs of new business, enhancing its value proposition; 3) Diversification in new business product structures, with significant optimization in quality companies; 4) Upward migration of customer tiers, prompting upgrades in operational models and talent; 5) Concentration of competition among companies with strong life insurance operational capabilities [3][8][9]. - The "deposit migration" phenomenon is expected to become more pronounced, with savings-type insurance products gaining traction in a low-interest-rate environment, providing a more attractive yield compared to bank deposits [9][11]. - The health insurance sector is projected to recover, with new business premiums returning to growth by 2026, supported by policy reforms and the removal of operational bottlenecks [11][41]. Group 2: Financial Insurance Insights - The property and casualty insurance sector is expected to see stable growth in auto insurance premiums, with head companies optimizing their business structures to improve underwriting profitability [33][35]. - Non-auto insurance is anticipated to experience moderate growth, with health insurance emerging as a significant growth driver, particularly in light of ongoing regulatory reforms [40][41]. - The industry is positioned to replicate successful overseas expansion strategies seen in Japan's insurance sector during the 1980s, leveraging China's Belt and Road Initiative and the growing overseas presence of Chinese enterprises [44][46]. Group 3: Hong Kong Life Insurance - The life insurance business in Hong Kong is expected to regain investment appeal as foreign attitudes towards Chinese assets shift, coinciding with a new growth phase in the mainland insurance market [4][50]. - The competitive landscape is likely to favor high-quality Hong Kong insurers, as they adapt to the evolving dynamics of the mainland market and capitalize on upward customer migration trends [51].