公开资料显示，于泽出生于1971年10月，毕业于南开大学，获经济学学士学位。毕业后，他便在保险业 深耕，是一名30余年的"老将"。 从工作经历来看，1994年7月至2006年10月，于泽任职于中国人民保险公司，曾任天津分公司车辆保险 事业部常务副总经理；2006年10月至2019年12月，他转战太平财产保险有限公司，曾任天津分公司总经 理、市场总监、助理总经理、副总经理以及总经理等职务。 2019年12月，于泽回归中国人保集团并出任副总裁一职；2021年6月28日，其人保财险总经理任职资格 获原银保监会核准；2023年5月，于泽当选人保财险董事会副董事长。2024年，中国人保年报显示，于 泽税前薪酬为91.28万。 近年来，保险业多名高管因涉嫌严重违纪违法被查 文｜《财经》研究员 丁艳 编辑 | 杨芮 12月6日，据中央纪委国家监委网站通报，中国人民保险集团股份有限公司（下称"中国人保集团"， 601319.SH，1339.HK）党委委员、副总裁于泽涉嫌严重违纪违法，目前正接受中央纪委国家监委纪律 审查和监察调查。 （图片来源：中央纪委国家监委网站） 12月1日，于泽失联消息在市场发酵后，二级市场反应迅速，中 ...

Group 1: Core Insights - The insurance industry in 2024 is undergoing significant transformation, with a focus on high-quality development and risk management [2] - The publication "Insurance New Era 2024" features 59 articles across seven sections, providing comprehensive insights into the industry's future [1] Group 2: Regulatory and Market Trends - The establishment of the National Financial Regulatory Administration's county-level supervision marks a new phase in regulatory efforts, aiming to enhance the insurance sector's quality [2] - The demand for commercial insurance is rising from individual to societal levels, emphasizing the industry's role in supporting China's modernization [2] Group 3: Low Interest Rates Impact - The persistent low interest rates are reshaping the life insurance sector, leading to a renewed focus on variable income products like participating insurance [3] - Insurers are adjusting their channel strategies, with major companies increasing their investments in bancassurance to adapt to market demands [3] Group 4: Property Insurance Resilience - The property insurance sector is demonstrating resilience in the low interest rate environment, focusing on addressing industry pain points and enhancing compliance awareness [4] - Despite low growth in auto insurance premiums, the overall underwriting profitability remains strong, while non-auto insurance, particularly health insurance, is experiencing double-digit growth [4] Group 5: Channel Upgrades and Cost Efficiency - The "reporting and operation integration" strategy is being implemented in both life and property insurance sectors, leading to a transformation in sales logic and cost structures [5] - Insurers are prioritizing cost reduction and efficiency improvements as part of a fundamental reform in the industry [6] Group 6: Leadership Changes and Industry Dynamics - Major insurance companies are undergoing significant leadership changes, with state-owned enterprises appointing new executives, indicating a shift in development strategies [7] - The trend of "AIA-ization" among smaller firms reflects a broader movement towards innovation and adaptation in the insurance landscape [7] Group 7: Market Trends and Financial Management - The insurance industry is moving towards a more calculated approach to operations, with an emphasis on financial management and accountability [8] - Local state-owned assets are increasingly investing in the insurance sector, while central enterprises are reducing their stakes in financial companies [8]

于泽担任人保财险总裁的4年，正值财险行业深刻变革与转型时期。车险综合改革深化，"报行合一"政策持续推进，推动财险行业尤其是头部公司优化经 营、降本增效，综合成本率得以改善。在2024年第三季度的业绩发布会上，中国人保管理层曾以多个"新高"概括上半年业绩，其中包括集团合并利润创历史 新高、财产险综合成本率达到近10年同期最好水平等。 数据显示，2021年至2024年，人保财险的年度保费收入从约4500亿元增长至约5400亿元，市场份额稳定保持在30%以上，持续领先于主要竞争对手。于泽此 前曾公开谈及对"报行合一"政策的看法，他认为非车险业务长期亏损的根源在于过度差异化定价偏离了保险的大数法则，并表态公司积极支持监管在非车险 领域推行该政策。 然而，严格的费用管控在实践中面临挑战。根据人保财险2024年第三季度偿付能力报告，当季度集团全系统共收到监管罚单49张，罚款总额逾610万元。违 规事由主要集中在未按规定使用经批准或报备的条款费率、给予投保人保险合同约定外利益，以及虚列费用套取资金等方面。这反映出在行业转型与严监管 背景下，大型险企内部治理与合规经营仍面临持续考验。 2025年12月6日，中央纪委国家监委网 ...

原标题：杂谈丨大额存单消失记：人身险开门红获最大助攻？ 来源：今日保 年底，门红期间，金融市场再传停售。 不过，这次停售的，终于不是保险产品了。 据多家媒体报道，六大国有行的手机App上，5年期大额存单已难觅踪影，部分大行甚至将3年期定存的 起售门槛从20万大幅拉升至100万元，而即便如此，给出的最高收益率也不过区区1.55%。 当然了，尽管大额存单中也有不少法人投资者，但无疑，5年期大额存单的退场及3年期门槛的大幅提 升，会将不少个人投资者挡在门外。 零碎的公开信息显示，2023年一季度，金融机构发行大额存单2.1万期，发行总量为5.5万亿元。截至 2023年9月末，大额存单余额23.5万亿元。 尽管2024年以来未见详细的信息报道，但规模绝不小。 由此溢出的庞大资金，必会寻求新的去向。 这一变化，对于正处于2026年"开门红"备战焦灼期的人身险行业而言，无疑是一次神助攻，而银保渠 道，或将再次证明自己，比个险更强更有价值。毕竟今年8月的那场战役，消耗了太多的资源和精力， 以至于9月如银保等渠道甚至出现停车的态势。 当然了，银行不卖5年期大额存单，盖因5年内，利率水平或许又将出现一个明显的下降。相当于提前给 ...

在近日北京市政府新闻办举办的首都"十四五"规划高质量收官系列主题新闻发布会——金融业发展 成就专场发布会上，北京金融监管局局长朱衍生表示，北京保险业在资产规模、服务效能和民生保障等 多个维度均取得良好发展，保险深度、保险密度保持全国第一，彰显了首都金融业的强劲韧性与活力。 数据显示，截至2025年三季度末，北京金融监管局辖内保险业总资产为2.3万亿元，较"十三五"末 增长1.1倍。2024年，北京地区保险深度为7.12%，高于全国2.9个百分点，保险密度为每人1.6万元，是 全国的4倍，保险深度和密度保持全国第一。同时，辖内保险公司综合偿付能力充足率165.7%，高于全 国31.3个百分点。行业转型步伐加快。保险业"报行合一"不断强化，财险业和寿险业综合费用率分别 较"十三五"末下降9.8个和7个百分点，降本增效成果显现。 在民生领域，辖内个人养老金缴存资金超223.1亿元，专属商业养老保险、养老理财、商业养老金 合计超594亿元，居试点城市前列。"北京普惠健康保"不断升级，不限年龄、不限职业、不限病史，推 出四年来累计参保超1700万人次，2025年度续保率达80%，可补充最高350万元保障。"北京普惠家财 ...

Core Viewpoint - Huakai Insurance Brokerage Co., Ltd. is set to delist from the New Third Board, marking a significant trend of insurance intermediaries exiting the market, with only 8 remaining listed companies as of now [1][5]. Company Summary - Huakai Insurance was listed on the New Third Board in November 2015 and experienced rapid growth initially, achieving revenue of 94.27 million yuan in 2015, a year-on-year increase of 87.71% [2]. - The company reached its peak revenue of 551 million yuan in 2018, with a growth rate of 52.31% [2]. - However, from 2017 onwards, the company faced challenges, including major shareholder reductions and governance issues, leading to financial instability [2][5]. - In the first half of 2024, Huakai reported revenue of 13.7 million yuan, a year-on-year increase of 6.28%, but incurred a loss of 1.62 million yuan [5]. Industry Summary - The number of insurance intermediaries listed on the New Third Board peaked at over 30 but has now decreased to only 8 [5]. - Among the remaining intermediaries, Min Tai An leads with revenue of 358 million yuan, while Cheng An Da follows with 310 million yuan and a growth rate of 23.11% [5]. - Five out of the eight remaining companies reported losses, with Cheng An Da transitioning from profit to a loss of 2.98 million yuan in the first half of 2024 [6]. - The decline in the insurance intermediary sector is attributed to reduced income, weak financing capabilities on the New Third Board, and increased competition from direct sales channels established by insurance companies [7][8]. - The insurance market in China, while ranking second globally in premium size, still has significant potential for growth, indicating future opportunities for insurance intermediaries [8].

Core Insights - The report emphasizes the dual-driven business model of the insurance industry, focusing on both assets and liabilities, with a long-term outlook on liability cost optimization driving valuation recovery [8][9] - The insurance sector is currently at a cyclical turning point, with improving operational quality and a focus on cost reduction strategies, particularly in life insurance [9][10] Industry Overview - The insurance sector's total market capitalization is approximately 32,040.19 billion, with a circulating market value of 22,048.26 billion [4] - The report indicates a significant increase in the insurance index, with a 13.8% rise over the past 12 months, although it has underperformed relative to the broader market in the last six months [5] Company Profit Forecasts and Valuations - Key companies such as China Life, China Pacific, and Ping An are projected to have varying EPS growth rates, with China Life expected to see EPS of 6.34 in 2025 and 4.10 in 2026, while Ping An is forecasted to reach 8.02 in 2025 and 8.83 in 2026 [3] - The report maintains a "Buy" recommendation for several companies, including China Life and China Pacific, based on their projected performance and valuation metrics [3] Investment Themes - The report highlights the importance of the "cost reduction trifecta" in life insurance, focusing on product innovation, channel expansion, and dynamic adjustment of preset interest rates [8][9] - In property insurance, the "reporting and operation integration" is expected to optimize costs and enhance profitability, particularly in non-auto insurance segments [9][10] Short-term and Long-term Outlook - Short-term performance is closely tied to equity market trends, with expectations of continued growth in 2025, but potential pressure on performance in 2026 due to investment factors [9][10] - Long-term, the report anticipates that improvements in life insurance costs will drive valuation recovery, with a projected NBV growth rate of over 15% for listed insurance companies in 2026 [9][10] Regulatory Environment - The introduction of a dynamic adjustment mechanism for preset interest rates is expected to alleviate liability costs and enhance the attractiveness of dividend insurance products [24][38] - Recent regulatory guidance aims to stabilize dividend levels in insurance products, preventing excessive competition and ensuring sustainable growth [38][39]

记者注意到，于泽最近一次公开露面是在今年8月28日的中国人保中期业绩发布会上。彼时他在会上表 示，随着2025年新能源汽车出口量预计突破百万台，增长超过70%，公司看好这块业务并加大了发展力 度。"以中国香港、泰国的项目经验为支点，深化全球合作，预计海外业务将成为公司新的增长点。"于 泽当时这样描述公司的新能源车险出海战略。 公开资料显示，于泽1971年10月出生，拥有丰富的财险行业从业经验。1994年7月，他加入中国人民保 险公司（人保集团前身），开启职业生涯。1994年7月至2003年7月，于泽历任中国人民保险公司天津分 公司物业管理中心副经理，静海县支公司副总经理、副总经理（主持工作）；2003年7月至2006年10 月，于泽进入人保财险，任静海县支公司副总经理（主持工作）、总经理，天津分公司车辆保险事业部 常务副总经理。 2006年10月，于泽转至太平财产保险有限公司（以下简称"太平财险"），历任天津分公司总经理、市场 总监、助理总经理、副总经理、总经理，并于2016年9月至2019年12月任太平财险总经理；2019年12 月，于泽回归人保集团，任集团副总裁，同时兼任人保财险执行董事、副董事长、总裁， ...

Group 1 - The core viewpoint of the report indicates a decline in the premium scale of life insurance companies in October, with a year-on-year decrease of 4.6%, attributed to a shift in focus towards preparations for the 2026 "opening red" campaign [1][2] - For the period from January to October 2025, the original premium of life insurance reached 42,519 billion yuan, showing a year-on-year increase of 9.6%, while the total premium was 48,010 billion yuan, up 8.8% year-on-year [1] - The report highlights that the market demand remains strong, with the expected growth in new single premiums due to the attractiveness of insurance products compared to bank deposits [2][5] Group 2 - In October, the health insurance premium showed a slight year-on-year increase of 0.5%, although the growth rate decreased by 2.8 percentage points compared to September [3] - The health insurance sector's share reached 21% by the end of October, up 0.4 percentage points from the end of September, indicating a positive trend in the market [3] - The China Banking and Insurance Regulatory Commission's recent guidelines are expected to stimulate growth in the health insurance market by supporting various product developments [3] Group 3 - The property insurance sector experienced a year-on-year decline of 5.5% in October, with both auto and non-auto insurance premiums decreasing [4] - The auto insurance premium growth turned negative in October, with a year-on-year decrease of 6.6%, influenced by a high base from the previous year [4] - Non-auto insurance premiums also saw a decline, with a year-on-year drop of 3.4% in October, reflecting pressures from regulatory changes and market conditions [4] Group 4 - The report notes improvements in both the liability and asset sides of the insurance companies, with significant upward potential in valuations [5] - The anticipated optimization of liability costs due to a shift in product offerings and a potential recovery in long-term interest rates could alleviate pressure on investment returns [5] - The insurance sector is currently undervalued, with estimated valuations for 2025 ranging from 0.55 to 0.94 times PEV and 1.07 to 2.00 times PB, indicating a historical low [5]

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1] Core Insights - In October 2025, the premium income for life insurance companies decreased, but the pre-sale for the "opening red" period is progressing steadily, indicating a positive outlook for new policy premium growth [5] - The total original premium for life insurance from January to October 2025 reached 425.19 billion yuan, a year-on-year increase of 9.6%, while the scale premium was 480.10 billion yuan, up 8.8% year-on-year [5] - The report anticipates that market demand remains strong, with the attractiveness of insurance products still evident compared to bank deposits, supporting optimistic expectations for new policy premium growth [5] Summary by Sections Life Insurance - In October 2025, the original premium scale for life insurance companies was 149.1 billion yuan, down 4.6% year-on-year, with the decline attributed to companies focusing on preparations for the 2026 "opening red" period [5] - The new investment contributions from policyholders increased by 2% year-on-year, with unit-linked insurance seeing a 17% increase [5] Health Insurance - Health insurance premiums in October 2025 increased by 0.5% year-on-year, with a total year-to-date increase of 2.3% [5] - The report notes that the China Banking and Insurance Regulatory Commission's recent guidelines are expected to stimulate growth in the health insurance market [5] Property Insurance - Property insurance premiums in October 2025 decreased by 5.5% year-on-year, with both auto and non-auto insurance experiencing declines [5] - The report highlights that the growth in auto insurance premiums is expected to be supported by the increasing penetration of new energy vehicles [5] Financial Performance - The report indicates that both liabilities and assets are continuously improving, with significant upward potential in valuations [5] - The estimated valuation for the insurance sector as of November 28, 2025, is between 0.55-0.94 times PEV and 1.07-2.00 times PB, which is considered historically low [5]