Core Viewpoint - The National Financial Supervision Administration and the People's Bank of China have jointly released a plan to incorporate the development of inclusive insurance into the regulatory evaluation system for insurance companies [1] Group 1: Policy Initiatives - The plan aims to promote the continuous expansion, enhancement, and improvement of agricultural insurance products [1] - It emphasizes the development and promotion of property insurance, liability insurance, and export credit insurance tailored to the needs of small and micro enterprises [1] - The initiative encourages insurance companies to increase the supply of personal insurance products, including health insurance, pension insurance, accident insurance, and life insurance for farmers [1] Group 2: Regulatory Framework - The development of inclusive insurance will be integrated into the regulatory evaluation system for insurance companies [1] - There will be improvements to the statistical indicator system for inclusive insurance, with a focus on continuously enhancing the quality of statistical data [1]

港元分红保单的演示利率（预期收益率）不得超过6%，非港 元（包括美元）分红保单的演示利率不得超过6.5%，自2025 年7月1日起执行。 作者：老盈盈 封图：图虫创意 代理人业绩激增 "最近真的太忙了，还剩一周，坚持到最后。"6月23日，李女士对经济观察报记者称。李女士是一 家香港保险公司的代理人，在香港工作，但住在深圳。 当天是星期一，有一位来自武汉的投保人专程到香港找李女士签分红险保单。进入6月份之后，贵 宾签单室变得非常难预约，以前提前一两天还可能预约到，近段时间需要提前两周预约了。6月18 日，李女士本来打算帮这位客户预约6月23日签约大厅的位置， 没想到提前一周都约不到，有些约 到的客户也都是站着签单的，后来她的客户只能在会议室里签单。 之所以出现这种签单盛况，主要是由于2025年2月28日香港保险业监管局向所有的保险公司、保险 经纪公司发送的一份指引——《分红保单利益演示利率上限指引》（下称《指引》），正式对香港 分红险的演示利率进行"限高"，要求港元分红保单的演示利率（预期收益率）不得超过6%，非港 元（包括美元）分红保单的演示利率不得超过6.5%，自2025年7月1日起执行。 因此， 不少内地 ...

Core Viewpoint - The article emphasizes the importance of regular health check-ups and insurance to manage health risks, particularly in the context of rising healthcare costs and the increasing prevalence of serious illnesses among younger populations [7][12][34]. Group 1: Health Risks and Costs - Serious illnesses can incur treatment costs in the millions, making insurance essential for financial protection [9][18]. - The article highlights that many health issues are becoming more common among younger individuals, contrasting with previous generations who maintained healthier lifestyles [12][13]. - The evolution of human health has reached a point where many diseases only manifest under extreme conditions, exacerbated by modern lifestyle choices [14]. Group 2: Medical Advancements - Advances in medical treatments, such as CAR-T therapy and proton therapy, have improved outcomes for serious conditions like cancer, but these treatments are often prohibitively expensive [15][24]. - The introduction of innovative therapies has made it possible to target diseases more effectively, yet the high costs remain a significant barrier for many patients [16][24]. Group 3: Insurance Solutions - The article discusses the benefits of commercial health insurance, particularly the "Good Insurance" product, which offers comprehensive coverage for serious illnesses at a low monthly premium [18][21]. - The upgraded insurance plans provide access to high-quality medical facilities and advanced treatments, reducing the financial burden on patients [23][28]. - The combination of effective insurance and advanced medical treatments allows patients to manage their health risks more effectively, ensuring they have access to necessary care without excessive costs [25][27].

Core Points - The article discusses the implementation of maternity benefits, known as "maternity leave salary," which provides financial support to working women during their maternity leave [1][3] - As of June 12, 2023, 12 provinces and Xinjiang Production and Construction Corps have enabled direct payment of maternity benefits to individuals [1][6] - The average maternity benefit for insured female employees in 2024 is projected to exceed 26,000 yuan [4][6] Group 1: Maternity Benefits Implementation - Maternity benefits are funded by maternity insurance, not by the employers of the male or female employees [3] - Since 2019, maternity insurance and basic medical insurance have been merged, with over 250 million people expected to be insured by 2024 [3][7] - The maternity benefits are calculated based on the average monthly salary of employees in the previous year and are exempt from personal income tax [3] Group 2: Direct Payment and Process Simplification - As of now, 13 provinces have implemented direct payment of maternity benefits to individuals, streamlining the process [6][7] - The process has been simplified, eliminating the need for additional documents such as birth certificates and marriage certificates [6] - In regions where direct payment is available, female employees can receive maternity benefits directly in their bank accounts without lengthy waiting periods [7][11] Group 3: Case Study and Efficiency Improvements - In Zhuzhou, Hunan Province, the application process for maternity benefits has been digitized, reducing processing time from 20 to 10 working days [11] - The new online platform allows for a one-stop application process, enhancing efficiency and reducing the risk of delayed or withheld payments by employers [11] - The local health insurance department emphasizes the importance of strict management and verification of application materials to ensure the safety of the maternity insurance fund [11]

Core Viewpoint - Tryg is preparing for its Q2 2025 results release on July 11, 2025, and is conducting pre-close analyst calls to inform capital market participants about key factors influencing its recent financial performance [1] Insurance Revenue Growth - Tryg's insurance revenue is well-distributed across Scandinavia, with approximately 50% from Denmark, 30% from Sweden, and 20% from Norway. In Q2 2024, the company reported insurance revenue of DKK 9,545 million [2] Revenue Development - The commercial segment is expected to have a smaller spillover effect into 2025 due to the derisking of the corporate portfolio in 2024. Tryg reported a growth of 3.7% in local currencies for Q1 2025 [3] Claims Environment - Tryg's underlying claims ratio was 66.8% in Q2 2024, with expectations for stable to slightly improving performance towards 2027. The underlying claims ratio improved by 30 basis points in Q1 2025 [4] Weather Claims - Normalized weather claims for Q2 are expected to be DKK 80 million, which is 10% of the annual guidance of DKK 800 million. The quarterly distribution of weather claims is 40% in Q1, 10% in Q2, 20% in Q3, and 30% in Q4 [5] Large Claims - Tryg provides guidance for large claims of DKK 800 million annually, distributed evenly across quarters [6] Interest Rates Development - The expected discount rate for Q2 is approximately 2.5%, up from 2.3% in Q1 2025 [7] Run-off Expectations - Tryg has a long-term run-off expectation of approximately 2% towards 2027 [8] Investment Activities - Tryg's investment activities are divided into a match portfolio of approximately DKK 46 billion and a free portfolio of approximately DKK 16 billion as of Q1 2025. The free portfolio has been derisked and mainly consists of Scandinavian covered bonds and government bonds [9] Other Income and Costs - Other income and costs are guided between DKK -350 million and DKK -370 million quarterly, primarily driven by amortization of intangibles related to the RSA Scandinavia acquisition [11] Number of Shares - As of the end of Q1 2025, Tryg had 607,059,826 outstanding shares, with a total of 4,091,106 shares bought back in Q2, reducing the number of outstanding shares [12] Outlook Statement - Tryg aims for its highest ever insurance service result of DKK 8.0-8.4 billion by 2027, following an insurance service result of around DKK 7.2 billion in 2024 [13]

Core Viewpoint - The company is launching a series of activities for the 2025 "7.8 National Insurance Publicity Day" under the guidance of the National Financial Supervision Administration and the China Insurance Industry Association, focusing on the theme "Love and Responsibility Insurance Makes Life Better" to enhance public awareness of insurance and promote a trustworthy image of the insurance industry [1][4]. Group 1: Public Awareness and Education - The company will conduct diverse promotional activities including public education, community service, and consumer rights protection to enhance insurance knowledge and cultivate a unique insurance culture in China [1][4]. - Activities will include financial knowledge lectures, interactive experience zones, public open days, and the formation of service teams to improve public understanding of the insurance industry and enhance financial literacy among consumers [3][4]. Group 2: Community Engagement and Service Improvement - The company plans to establish "Warm Stations" at customer service centers to improve infrastructure and provide services tailored to specific groups, such as the elderly and outdoor workers, enhancing the overall service experience [3][4]. - The company will focus on public welfare services in areas like rural revitalization, health, and inclusive finance, organizing volunteer teams to provide insurance protection and services to those in need [4]. Group 3: Compliance and Training - The company will strengthen training for employees to ensure compliance with marketing practices and appropriate management, aiming to eliminate false advertising and misleading sales [4]. - The fifth "Golden Spike Protection" original works competition will be held to encourage employees to create engaging content that promotes financial knowledge and the company's story [4]. Group 4: Commitment to Quality Service - The company emphasizes its commitment to providing high-quality insurance services to support the well-being of the public and contribute to the development of a strong financial nation [5].

Core Viewpoint - The strategic partnership between Sipai Health Technology and Arthur J. Gallagher aims to enhance the corporate group health insurance market in China through customized insurance solutions and improved risk management capabilities [1][2]. Group 1: Strategic Partnership - Sipai Health Technology and Arthur J. Gallagher have signed a five-year strategic cooperation agreement focusing on corporate group health insurance and reinsurance [1]. - The collaboration will leverage Sipai's resources in China and Gallagher's global insurance product design capabilities to create data-driven health insurance development mechanisms [1]. Group 2: Market Opportunities - There is a growing demand for cross-border medical insurance as Chinese companies expand internationally, prompting the need for overseas health protection solutions [2]. - The partnership aims to address the health insurance needs of foreign enterprises investing in China, capturing market opportunities in the health insurance sector [2]. Group 3: Implementation and Innovation - A joint working group has been established to ensure efficient implementation of the partnership and resource collaboration, focusing on innovation and customer-centric solutions in the health insurance field [2].

Core Viewpoint - The upcoming 2025 National Negotiation (国谈) is causing anxiety among pharmaceutical companies, as the latest signals regarding the Class B drug directory indicate that it may still proceed in sync with the negotiations, with the National Healthcare Security Administration (国家医保局) holding a meeting to discuss the adjustment plan for the drug directories [1][2][3]. Group 1: Changes in Drug Directory - The Class B drug directory will be renamed to the "Commercial Health Insurance Innovative Drug Directory" [2]. - The first version of the directory is expected to be developed in conjunction with the 2025 National Negotiation [2]. - The recent meeting did not invite representatives from the commercial insurance sector, suggesting that these companies may no longer directly participate in the directory formulation [2][7]. Group 2: Implications for Price Negotiation - Analysts indicate that the most significant change in the new directory is the withdrawal of commercial insurance companies from the directory formulation, which may lead to the cancellation of price negotiations [7][9]. - The National Healthcare Security Administration is expected to take the lead in formulating the innovative drug directory, which will have a nature closer to a recommendation list, significantly reducing the constraints on commercial insurance companies [8][10]. - The absence of commercial insurance in the directory formulation raises concerns about the feasibility of price negotiations, as pricing is typically determined collaboratively by payers and pharmaceutical companies [9]. Group 3: Selection Criteria and Market Impact - The selection criteria for the new directory are expected to remain largely unchanged, focusing on filling gaps and enhancing standards, primarily including innovative drugs that cannot be included in the basic medical insurance directory due to their high clinical value [13][14]. - The demand for price reductions in the new innovative drug directory may decrease or even disappear, potentially increasing the chances for high-priced innovative drugs to be included [16][17]. - The mechanism for transitioning drugs from the basic medical insurance directory to the innovative drug directory is anticipated to be established, allowing for a more seamless integration of the two directories [18][19][20].

Market Overview - The A-share market continues to rebound with increased trading volume, and the Shanghai Composite Index reached a new high for the year at 3455.97, up by 1.04% [1][3] - The Shenzhen Component Index rose by 1.72% to 10393.72, while the ChiNext Index increased by 3.11% to 2128.39, indicating strong market performance across various indices [1][3] Sector Performance - The top-performing sectors include Non-bank Financials (up 4.46%), Defense and Military (up 3.36%), and Computers (up 2.99%) [2] - Conversely, the worst-performing sectors were Coal (down 1.00%), Oil and Petrochemicals (down 0.57%), and Transportation (down 0.21%) [2] Concept Index Performance - Leading concept indices included Internet Insurance (up 4.17%), Futures Concept (up 4.12%), and Domestic Aircraft Carriers (up 3.92%) [2] - The lagging concept indices were Combustible Ice (down 1.25%), Glyphosate (down 0.78%), and Russia-Ukraine Conflict Concept (down 0.69%) [2] Future Outlook - The market is expected to maintain its upward trend, supported by strong performance in the financial sector and a favorable macroeconomic environment [4] - The total trading volume in the Shanghai and Shenzhen markets reached 1.6 trillion yuan, an increase of 188.2 billion yuan from the previous trading day, indicating heightened investor activity [4] - Analysts suggest focusing on sectors such as finance, machinery, consumer goods, and TMT (Technology, Media, and Telecommunications) for potential investment opportunities [4]

Group 1 - The company, FWD Group, plans to globally offer 91.34 million shares, with 9.13 million shares available in Hong Kong and 82.21 million shares for international sale, at a price of HKD 38.00 per share [1] - The offering period is set from June 26 to July 2, 2025, with shares expected to start trading on July 7, 2025 [1] - Morgan Stanley and Goldman Sachs are the joint sponsors for the offering [1] Group 2 - FWD Group is a pan-Asian life insurance company founded in 2013 by Richard Li, aiming to become a leading insurance provider in Asia [2] - The company focuses on a customer-centric and technology-driven model, adapting to market trends and customer needs [2] - The total life insurance premium in the pan-Asian market is projected to grow from approximately USD 407 billion in 2023 to USD 579 billion by 2033, indicating significant market opportunities [2] Group 3 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to purchase shares worth approximately USD 250 million (around HKD 1.95 billion) [3] - The total number of shares to be purchased by cornerstone investors is 51.32 million [3] - Key cornerstone investors include MC Management and T&D United Capital [3] Group 4 - After deducting underwriting commissions and estimated expenses related to the global offering, the company expects to net approximately HKD 2.953 billion from the offering [4] - The net proceeds will be used to enhance the capital levels under the insurance group regulatory framework and to provide growth funding for operational entities [4] - The funds will strengthen the company's capital, solvency, and core liquidity, establishing a capital buffer beyond statutory requirements [4]