Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The non-bank financial sector is under pressure due to overall market adjustments, with the insurance sector outperforming the CSI 300 index [5] - Insurers are preparing for a positive outlook for the 2026 opening, with improvements in new policies and value rates, supported by stable long-term interest rates [6] - The brokerage sector continues to show high performance, with a focus on undervalued leading brokerages [5] Summary by Sections Insurance - The release of the "Guidelines for Expense Allocation of Life Insurance Products" aims to enhance expense management and improve shareholder value [6] - Insurers are expected to see growth in bank insurance channels and a shift towards dividend insurance, with new health insurance regulations likely increasing product ratios [6] - Long-term interest rates are stabilizing, and the cost of liabilities is expected to decrease, improving the overall profitability of insurers [6] Brokerage - CICC plans to merge with Dongxing Securities and Xinda Securities, aiming for economies of scale and improved shareholder returns [7] - The average daily trading volume of stock funds is reported at 23.3 trillion, reflecting a decrease of 6.6% [7] - The brokerage sector is expected to see significant ROE expansion, with continued low valuations presenting strategic investment opportunities [7] Recommended and Beneficiary Stocks - Recommended stocks include China Life H, Ping An, Huatai Securities, Guotai Junan, and others [8] - Beneficiary stocks include Tonghuashun and Jiufang Zhitu Holdings [8]

Core Viewpoint - The China Actuarial Association has released the "Guidelines for Cost Allocation of Life Insurance Products," aimed at enhancing the scientific and rational nature of cost allocation in life insurance product pricing, in line with government policies for high-quality development in the insurance industry [1][2]. Group 1: Cost Definition and Classification - The guidelines define product costs as expenses incurred by insurance companies in operating life insurance businesses, excluding taxes and additional charges, and categorize them into variable costs and allocated fixed costs [1][2]. - Variable costs are further divided into those paid to intermediaries or insurance sales personnel and other variable costs, while allocated fixed costs refer to business and management fees that need to be allocated to products [2]. Group 2: Cost Allocation Scope and Methods - The guidelines specify the scope of cost allocation based on the reasons for incurring costs and their nature [3]. - They outline methods for collecting, recognizing, and allocating costs, emphasizing a principle of "recognition first, allocation later," to ensure a scientific and rational approach to cost recognition and allocation in insurance products [3]. - The guidelines provide a unified standard for cost allocation in the industry, promoting better cost management and refined operations for insurance companies, which can lead to more accurate product pricing and reduced price irregularities in the market [3].

Core Insights - The article highlights significant developments in the insurance industry, including regulatory updates, company dynamics, and emerging trends in insurance products and services. Regulatory Dynamics - Seven departments support the development of specialized agricultural insurance for the silk industry [4] - The Ministry of Finance welcomes qualified German insurance companies to expand their business in China [8] - The Ministry of Finance has allocated a budget of 45.6 billion for agricultural insurance premium subsidies for 2026 [9] - The central bank maintains the 1-year and 5-year LPR at 3.0% and 3.5% respectively [10] - The Financial Regulatory Bureau reports that the balance of funds utilized by insurance companies reached 37.46 trillion, a 12.6% increase from the beginning of the year [11] Company Dynamics - Sunshine Life plans to invest 20 billion in establishing a pilot fund [23] - Sunshine Life has reduced its stake in Huishang Bank by 11.438 million shares [24] - China Life Insurance provided insurance coverage of nearly 83 trillion for strategic emerging industries in the first three quarters [29] - New China Life has been approved to increase its capital in New China Asset Management (Hong Kong) [30] - Dongwu Property Insurance's Beijing branch has been approved to commence operations [31] Industry Trends - The insurance asset management sector has seen a 10.6% year-on-year increase, managing over 33 trillion in funds [46] - The net profit of PICC Health surged by 200% in the first three quarters [47] - Sixteen insurance companies issued over 600 billion in bonds to supplement capital [49] - The insurance industry is experiencing a shift towards more flexible and innovative insurance products, including a new "per day" drone insurance product launched in Jiangsu [67] - The insurance sector is increasingly focusing on long-term care insurance and products tailored for the elderly [18][19] Personnel Changes - Huang Zhiwei has been approved as the chairman of China Merchants Jinhe Life Insurance [33] - The former general manager of Bank of China Samsung Life, Qiu Zhikun, is now acting chairman [34] - Zhang Yaohui has been appointed as the deputy general manager of Zhonghui Mutual Insurance [37] Product and Service Innovations - New China Life launched a celebratory version of its whole life insurance product, emphasizing dual growth advantages [64] - The 2026 Beijing Inclusive Health Insurance offers a 10% discount on medication purchases for policyholders [65] - Jiangsu has introduced a pioneering "per day" insurance product for drones, enhancing risk management in the low-altitude economy [67]

Core Viewpoint - The China Actuarial Association has released the "Guidelines for Expense Allocation of Life Insurance Products" to enhance the scientific and rational allocation of expenses in life insurance product pricing, aligning with the "reporting and operation integration" policy [1][2]. Group 1: Guidelines Overview - The guidelines define and categorize expenses related to life insurance business, distinguishing between variable expenses and fixed expenses to be allocated [2]. - Variable expenses are further divided into those paid to intermediaries or insurance sales personnel and other variable expenses, while fixed expenses refer to business and management fees excluding variable costs [2]. Group 2: Implementation and Impact - The guidelines specify the scope of expense allocation based on the nature and cause of expenses, providing methods for expense collection, identification, and allocation [2]. - By adhering to the principle of "identify first, allocate later," insurance companies are encouraged to scientifically and rationally conduct expense recognition and allocation [2]. - The implementation of these guidelines is expected to improve the efficiency of resource allocation, enhance expense management levels, and support the overall goal of reducing costs and increasing efficiency in the insurance industry [2].

Core Viewpoint - The China Actuarial Association has issued guidelines for the allocation of expenses related to life insurance products, aiming to clarify expense recognition and allocation in line with the "report and act as one" principle [5][9][33]. Group 1: Expense Allocation Guidelines - The guidelines categorize expenses into two main types: variable and fixed, with channel expenses and agent commissions classified as variable [12][16]. - Four categories of expenses are specified as non-allocable, including asset management department expenses and audit fees [19][21]. - The principle of "recognize first, then allocate" is emphasized, requiring direct recognition of fees such as commissions, with specific allocation requirements for channel and annual expenses [22][24]. Group 2: Implementation of "Report and Act as One" - Since the first "report and act as one" document was issued in August 2023, insurance companies are required to report the total available expense level [7][33]. - The guidelines aim to enhance expense management standards across the industry, providing a unified framework for insurance companies to follow [11][35]. - The association plans to conduct training sessions to promote awareness of the importance of detailed expense management within the industry [35][38]. Group 3: Impact on the Insurance Industry - The implementation of "report and act as one" has led to significant cost reduction and efficiency improvements across the insurance sector [33][34]. - Companies like China Life and PICC have reported enhanced new business value and improved cost structures as a result of these measures [34][35]. - The guidelines are part of a broader trend towards high-quality development in the insurance industry, focusing on precise management and regulatory compliance [38][39].

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 韩宋辉）"报行合一"落实再迎新要求。上证报记者从相关渠道获悉，中国 精算师协会11月21日下发《人身保险产品费用分摊指引》（下称《指引》），明确人身保险产品费用分 摊细则，包括明确费用定义、分类和分摊范围等，以进一步提升人身保险产品定价中费用分摊的科学性 与合理性，推动保险公司更好落实"报行合一"监管要求，也可提升人身保险行业费用管理的科学性与合 理性。 自2023年以来，金融监管总局持续推进"报行合一"相关政策，要求保险公司严格执行备案的保险条款和 费率。业内人士称，自相关政策实施以来，人身保险市场秩序持续规范，保险公司内控管理水平不断提 高，行业整体降本增效成果显著。 《指引》下发后，将推动保险公司主动压降变动和固定成本，将产品定价、预算费用和实际费用进行有 机联动，有利于科学管理经营成本，向精细化经营管理转型。 业内人士表示，在人身保险产品开发和向监管部门备案时，需要对各项费用作出假设和安排，是人身保 险产品精算定价的重要一环。《指引》下发后，人身保险产品在费用精算上有了"准绳"，将进一步强化 人身保险开发和算账经营理念，促进保险公司向精细化管理转 ...

Core Insights - The insurance intermediary market in China is experiencing a significant "exit tide," with at least 21 insurance intermediaries having their licenses revoked or canceled in 2024, matching the total for the entire previous year [2][3][4] - The "reporting and operation integration" policy is raising industry entry barriers, ensuring that insurance terms and rates reported to regulators align with those actually sold, thus targeting the high-fee arbitrage model that many intermediaries relied on [4][5] - Regulatory measures are being implemented to promote a healthier and more orderly development of the insurance intermediary market, including a classification system for intermediaries that encourages better management and service capabilities [6][7] Industry Trends - The number of insurance intermediaries is decreasing annually, with a notable rise in the cancellation of branch offices, as seen in Jilin Province where 62 intermediaries were deregistered, representing an 11.7% decline since the beginning of the year [3][4] - Over 100 rural commercial banks and other institutions have exited the insurance agency market this year, indicating a broader trend of withdrawal from the sector [3][4] - The implementation of the "reporting and operation integration" policy is expected to challenge intermediaries' financial practices and operational compliance, leading to the elimination of those lacking core competitiveness [5][6] Future Outlook - The ongoing "exit tide" is seen as a structural optimization rather than a decline, with surviving intermediaries expected to focus on specialization, digital transformation, compliance, and providing advisory services [7][8] - Successful intermediaries will likely leverage technology for efficiency, utilize data for targeted marketing, and establish strong compliance frameworks to ensure long-term sustainability [7][8] - The shift towards a "consultative" service model is anticipated, where intermediaries build long-term relationships based on trust and understanding client needs, moving away from short-term transactional approaches [8]

以下文章来源于阿尔法工场金融家 ，作者金妹妹 阿尔法工场金融家 . 追踪保险银行业圈内动态，剖析最新风向，分享有料、有价值的"内行人"洞察见解。 导语： 几乎可以确定，头部三家险企的行业集中度将继续上升。 中国保险业的监管正以前所未有的力度穿透全业务链条，在相继重塑了车险与寿险市场后，终于 指向了非车险领域。 11 月上旬，国家金融监督管理总局财险司正式下发《加强非车险业务监管有关工作指引》。 作为 10 月 10 日 36 号文的细化落实文件，该指引明确了非车险 "报行合一" 的产 品备案时间 表、保费管理规则及刚性监管要求，标志着这项制度性变革从 11 月 1 日新规实施的启动阶段全 面落地。 非车险在过去三年间快速膨胀，但增长与盈利的背离越来越大。 2025年上半年，非车险保费收入达5140亿元，同比增长5.6%，增速略高于车险，但行业经营压 力仍存。 从成本表现来看，财险业整体COR（综合成本率）降至96.61%，创近五年同期最低，但非车险 内部细分险种分化明显： 此前非车险费用率长期处于高位，部分激进险种费用率曾超40%；同时极端天气频发、产业事故 增多，叠加医疗费用通胀、赔偿标准提高等因素，导致赔 ...

Core Insights - The insurance industry in China has shown differentiated growth in premium income across various insurance types, driven by market demand and product supply factors [2][4] Group 1: Premium Income Overview - In the first three quarters of this year, life insurance companies achieved original insurance premium income of 38,434 billion yuan, a year-on-year increase of 10.2%, while property insurance companies reported premium income of 13,712 billion yuan, up 4.9% [1] - Life insurance premium income accounted for 82.5% of total premium income for life insurance companies, with a year-on-year growth of 12.7% [3] - The highest growth in premium income among life insurance products was seen in investment-linked insurance, which reached 16.7 billion yuan, growing by 22.4% year-on-year [3] Group 2: Growth Drivers - The robust growth in life insurance is primarily driven by the demand for guaranteed return products, such as endowment insurance, during a declining interest rate environment [4] - The increase in health insurance premiums is attributed to rising health awareness among the population and the aging demographic, alongside product innovation and policy initiatives [4] - The growth in accident insurance is linked to the recovery of social mobility and increased outdoor activities, reflecting the vibrancy of economic activities [4] Group 3: Regulatory Impact - The "reporting and operation integration" policy has been deeply implemented, affecting both short-term and long-term premium income for insurance companies [5][6] - The recent regulatory notifications emphasize the need for compliance in non-auto insurance products, which is expected to lead to a reduction in expense ratios and improve underwriting profit margins for property insurance companies [5] - The long-term effects of the "reporting and operation integration" policy are anticipated to foster high-quality development in the insurance industry, encouraging innovation and enhancing service quality [6]

Core Viewpoint - The implementation of the "reporting and operation integration" policy for non-auto insurance, effective November 1, is expected to profoundly impact the industry and reshape the competitive landscape [1]. Group 1: Industry Overview - The insurance industry is a crucial part of the financial system, with a market size in the trillions, serving as a "social stabilizer" and participating in social governance [1]. - The essence of insurance is to provide risk protection for society, helping enterprises, families, and individuals transfer unknown risks [1]. Group 2: Policy Implications - The core of the "reporting and operation integration" policy is to compel insurance companies to operate in compliance, ensuring consistency between what is reported and what is practiced, thereby enhancing professional capabilities and service levels [1][2]. - This policy aims to shift companies from low-level competition based on resource grabbing and price wars to a competition based on comprehensive strength [1]. Group 3: Industry Challenges - Historically, insufficient regulatory oversight has led to a lack of self-discipline in the industry, resulting in companies ignoring compliance and engaging in practices such as splitting coverage and misreporting expenses [2]. - The chaotic competition has posed risks of losses for insurance companies, affecting their profitability and solvency, which in turn impacts the income of industry professionals and the overall health of the sector [2]. Group 4: Market Potential and Reform - The Chinese insurance market has significant potential and is calling for regulation, with ongoing financial reforms moving towards deeper integration of reporting and operations [3]. - The "reporting and operation integration" policy restricts speculative behaviors in the market, signaling a shift towards more structured operations [3]. Group 5: Future Directions - The insurance market in China is still developing and faces challenges that need to be addressed through ongoing development [4]. - Companies must accurately grasp policy changes, adhere to regulations, enhance risk management, and innovate service models to thrive in a competitive environment [4].