国内人身险个险渠道已历经30余年发展，可主要分为四大发展阶段 阶段一，个险渠道引入与起步期(1992-2002)：1992年友邦保险首次将人身险"代理人"这一新颖的营销模 式引入中国市场，1994年平安保险制定了中国第一套代理人制度"基本法"，1995年《保险法》奠定制度 基础，首次明确了保险代理人的法律地位和行为准则，对保险公司的经营行为提出了更为严格的要求。 个险渠道在市场启蒙中逐步成为主要销售渠道。阶段二，渠道竞争加剧期(2003-2014)：预定利率下调导 致普通型人身险对于客户吸引力大幅下降，个险渠道受到拖累。个险渠道与迅速崛起的银保渠道展开激 烈竞争，虽面临市场份额波动和人员高流失率的挑战，但凭借其在复杂产品上的优势，最终重回市场增 长引擎的核心位置。阶段三，个险业务规模扩张期(2015-2019)：随着代理人资格考试的取消，行业进入 靠"人海战术"驱动的爆发式增长阶段，代理人数量在2019年达到912万人的历史峰值，个险渠道的市场 主导地位得到空前巩固。阶段四，个险渠道清虚转型期(2020-至今)：代理人粗放式增长已现疲态，多方 问题齐发，叠加人口红利逐步消失，过去靠个险人力快速扩张拉动保费规模 ...

证券研究报告·行业深度报告·保险Ⅱ 保险Ⅱ行业深度报告 中国个险渠道三十年——从"人海战术"到 价值驱动的转型升级之路 《保险股历史行情复盘——哪些因素 是保险股行情的催化剂？》 2025-10-14 《非车险"报行合一"落地，预计推 动行业盈利表现改善》 2025-10-10 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 10 月 22 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 行业走势 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 保险Ⅱ 沪深300 相关研究 东吴证券研究所 1 / 32 请务必阅读正文之后的免责声明部分 -16% 2024/10/22 2025/2/20 2025/6/21 2025/10/20 ◼ 国内人身险个险渠道已历经 30 余年发展，可主要分为四大发展阶段。 阶段一，个险渠道引入与起步期（1992-2002）：1992 年友邦保险首次将 人身险"代理人"这一新颖的营销模式引入中国市场，1994 年平安保 险制定了中国第一套代理人制度"基本 ...

Group 1 - The core viewpoint of the articles indicates that the individual insurance channel of listed life insurance companies is under pressure, with premium growth lagging behind the bank insurance channel, which has seen double-digit increases [1][2] - In the first half of the year, five major listed life insurance companies achieved a total premium income of 9,628.14 billion yuan, reflecting a year-on-year growth of 1.01% [1][2] - The individual insurance channel remains a crucial source of premium income, contributing over 70% to the total premium income of these companies [1] Group 2 - Except for China Ping An, all other four listed life insurance companies reported positive growth in individual insurance channel premium income, with China Life achieving 4,044.48 billion yuan (up 2.64%), Taikang Life at 1,373.8 billion yuan (up 0.9%), New China Life at 725.26 billion yuan (up 5.5%), and PICC Life at 354.14 billion yuan (up 3%) [2] - The growth in individual insurance premiums is primarily supported by renewal premiums, while new business premiums have declined for most companies, except for New China Life [2] Group 3 - The average monthly first-year commission income for Taikang Life's core sales force was 7,120 yuan, down 13.4% year-on-year, while Ping An Life's agents earned 9,898 yuan per person per month, a decrease of 17.3% [3] - The decline in agent activity and income is attributed to the implementation of regulatory requirements and product transformation, which are expected to stabilize in the future [3] Group 4 - Since the regulatory "cleaning up and improving quality" initiative began in 2019, the individual insurance channel has seen a significant reduction in personnel, dropping from a peak of 9.12 million to around 2 million [4] - Despite the reduction in personnel, the new business value in the individual insurance channel has shown significant improvement, with Ping An Life's new business value increasing by 17% year-on-year [4] Group 5 - The reduction in personnel has led to a noticeable improvement in the efficiency and quality of the individual insurance channel, driven by marketing system reforms and digital empowerment [5][6] - Taikang Life has optimized its team structure and enhanced its capabilities through digital initiatives, resulting in a 12.7% year-on-year increase in average monthly first-year premium per core salesperson [6] Group 6 - The ongoing transformation of the individual insurance channel is focused on professionalization and specialization, as indicated by the recent regulatory guidance aimed at upgrading the personal agency channel [7][8] - Long-term strategies emphasize improving the quality and productivity of agents to adapt to increasingly complex insurance products [7][8]