2026年伊始，国家金融监督管理总局多地分局陆续发布撤销保险公司分支机构的批复，阳光人寿、中信 保诚人寿、大地财险等机构的相关分支机构正式退出历史舞台。 《每日经济新闻》记者注意到，上述撤销批复只是保险机构撤销分支机构动作的"冰山一角"。据记者不 完全统计，2025年保险机构已有3102家分支机构关停；2020年以来的6年间，被裁撤的保险分支机构数 量合计达13379家。从分支机构退出的构成来看，营销服务部占退出数量的大多数，其次为支公司、中 心支公司。 "营销服务部的功能比较单一，裁撤的阻力最低，因此更容易被裁撤、被取代。"对外经济贸易大学保险 学院教授王国军1月4日通过微信向《每日经济新闻》记者表示，单纯做保险营销的网点将逐渐失去生命 力，及时转型为社区康养服务提供中心的网点将会大行其道。基层网点职能将聚焦在较为复杂的业务领 域，如中高端医疗、社区和居家康养服务、财富管理与传承等方面。 降本增效与数字化驱动 保险分支机构是保险公司对保险销售人员进行管理、为客户提供保险服务的机构。在保险行业快速发展 的阶段，保险分支机构作为下沉到县域市场的营销神经末梢曾经遍地开花。但随着保险行业发展环境的 变化、代理人数量 ...

Core Viewpoint - The A-share insurance sector has experienced a strong rise since 2025, significantly outperforming other financial sectors and the CSI 300 index, driven by policy benefits, improved fundamentals, and favorable market conditions [1][2]. Group 1: Performance and Growth - The five major listed insurance companies in A-shares have shown substantial annual growth rates, with stock price increases of 21.21% for China Ping An, 10.39% for China Life, 26.60% for China Pacific Insurance, 35.87% for China Re, and 46.03% for New China Life in 2025 [2]. - The insurance sector's performance has outpaced that of banks and securities, indicating a robust upward trend in the market [2]. Group 2: Fundamental Support - The strong performance of insurance stocks is attributed to two main factors: better-than-expected growth in new insurance policies and a recovering equity market, which has led to increased investment from insurance funds [3]. - In the first eleven months of 2025, the insurance industry's original premium income reached 5.76 trillion yuan, reflecting a year-on-year growth of 7.6%, with life insurance companies seeing a 9.1% increase [3]. Group 3: Market Dynamics - The "opening red" phenomenon in 2026 is expected to sustain the high demand for insurance products, further supporting the ongoing bullish trend in the insurance market [4]. - The stability of long-term interest rates and increased equity allocation are anticipated to enhance investment returns, while the return of dividend insurance products is expected to optimize the cost structure for listed insurance companies [5]. Group 4: Regulatory and Policy Environment - Recent regulatory adjustments have lowered risk factors for insurance companies, potentially releasing significant capital for investment in the stock market, estimated to exceed 1 trillion yuan if fully allocated [6]. - The insurance sector is expected to see an influx of approximately 600 billion yuan in new capital entering the market in 2026, driven by favorable policies and market conditions [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 保险业正着力应对"资产端收益持续走低"与"负债端成本刚性难降"的双重挑战，这一结构性 困境促使全行业从经营逻辑的根本层面寻求转型 2025年，中国保险业正式进入预定利率全面下调至2.0%的新周期，这场静水深流的变革背后，是保险 预定利率历经三年阶梯式调降：普通型产品利率从3.5%降至2%，分红型产品从2.5%降至1.75%。这组 动态数据不仅标志着行业定价逻辑的根本转变，更暗藏着保险业整体经营逻辑的重构。 当前，"资产端收益下行"与"负债端成本刚性"的矛盾已成为行业核心挑战，中国太保集团副总裁苏罡指 出，这已非简单的周期性问题，而是迫使行业从底层经营逻辑进行系统性变革的结构性挑战。 在转型路径上，压降负债端成本和增厚投资端收益是当前保险业转型的双轮。负债端，告别"高息揽 客"模式，分红险等浮动收益型产品成为市场主流，负债成本得到有效压缩。同时，"报行合一"政策与 严格稽查重塑渠道生态，推动销售模式向价值导向转型，市场正在逐步进入高质量发展的新阶段。 资产端，随着资本市场回暖，险资权益投资热情显著提升。截至2025年三季度末，人身险公司与财产险 公司投资于股票和 ...

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector [1]. Core Insights - The report discusses the evolution of participating insurance in China, highlighting its significance in a low-interest-rate environment and the shift towards floating yield products, which are gaining traction among domestic investors [2][6]. Summary by Sections 1. What is Participating Insurance? - Participating insurance is a type of insurance that combines protection and investment, allowing policyholders to share in the insurer's surplus [12]. - The operational mechanism involves sharing profits derived from better-than-expected performance, with a minimum of 70% of the surplus distributed to policyholders [6][15]. 2. Historical Development of Participating Insurance in Mainland China - The development of participating insurance has seen significant fluctuations influenced by policy and market factors, with its market share peaking at 75% in 2010 before declining due to market reforms [6][45]. - Since 2024, regulatory policies have encouraged the development of floating yield products, marking a consensus in the industry towards transitioning to participating insurance [6][45]. 3. Current Transition of Participating Insurance - The report anticipates that the proportion of participating insurance will continue to rise, with over 50% of new policies in the first half of 2025 being participating insurance [6][45]. - The transition is expected to alleviate pressure from interest rate losses and enhance the reliability of the insurance sector's embedded value (EV) [6][45]. 4. International Experience - In mature markets, floating yield products dominate, with Hong Kong's participating insurance being a core component, accounting for 85% of new premiums in 2024 [2][6]. - The report suggests that the characteristics of participating insurance in Hong Kong, such as multi-currency support and a design of low guarantees with high floating returns, could serve as a model for the mainland market [2][6]. 5. Key Metrics for Evaluating Participating Insurance - The report outlines four key indicators for assessing the performance of participating insurance: 1. **Guaranteed Rate**: Currently set at 1.75%, which is lower than traditional insurance [23]. 2. **Demonstration Rate**: Reflects expected returns, with current rates around 3.5% to 4% [24]. 3. **Actual Yield**: The industry average is capped at 3.2%, with some companies exceeding this limit [27]. 4. **Dividend Realization Rate**: Increased by 11 percentage points to 62% in 2024, indicating improved management and expectation guidance [29].

来源：观潮财经 2025年Q3，已披露2025年三季度偿付能力报告的73家人身险企中，除弘康人寿未披露最近一期风险评 级外，剩余72家险企中有31家险企为A类，40家险企为B类，华汇人寿因公司治理问题评级为C类未达 标。 根据监管偿付能力数据核查机制，核心偿付能力充足率低于60%或综合偿付能力充足率低于120%的保 险公司将成为重点关注对象。2025年三季度，监管重点关注线以下的险企有两家。 具体到变动走向来看，18家险企综合偿付能力同比上升，占比25%，较2024年同期减少32家；下滑险企 数量55家，占比75%，较2024年同期增加34家。 偿付能力达标：按照《保险公司偿付能力管理规定》，保险公司必须同时满足核心偿付能力充足率不低 于50%、综合偿付能力充足率不低于100%、风险综合评级在B类及以上才算达标。 | | 最近一期风险综合评级未达标险企 | | | | | --- | --- | --- | --- | --- | | | 序号 公司简称 核心偿付能力 综合偿付能力 最近一期评级 | | | | | 1 | 华汇人寿 · C | 1898. 92% | 1909. 25% | 1 | 今年三季 ...

长寿是社会进步和发展的重要指标之一。 同时，如何科学管理和分散长寿时代风险成为社会发展面临的新挑战。近日召开的第二届长寿风险大会 上，多位业界人士围绕长寿风险的度量、分散与创新解决方案展开探讨。 长寿风险是指个体或群体的寿命超出预期，导致养老金、保险机构等长期支付义务增加，从而引发财务 压力的风险。这一风险在人口老龄化加剧的背景下尤为突出，成为养老保障体系和保险业的重要挑战。 我国已进入中度老龄化社会。老年人口数量多，老龄化速度快。据公开数据，截至2024年末，全国60周 岁及以上老年人口3.1亿，占总人口的22.0%；全国65周岁及以上老年人口2.2亿，占总人口的15.6%。全 国65周岁及以上老年人口抚养比22.8%。 香港保险业监管局市场发展组高级经理陈颖仪分享香港保险相连证券（ILS）市场经验及其对寿险年金 险市场发展的作用时表示，对于高频低损的风险，一般可以由传统的保险市场或再保险市场进行风险自 留或排分。对于低频高损的风险，传统的再保险市场未必能满足保障要求，所以非传统的风险转移就应 运而生。直保公司或者再保公司可以作为发起人，将相关的风险ILS转移到资本市场。 巨灾债券是最常见的ILS工具之一。 ...

摘要 2026 年保险负债端展望乐观，预录保费超预期，主要受益于银行存款 利率下行，分红险产品竞争力增强，银保渠道占比提升预计成为保费增 长点。 利率上行对保险资产端构成利好，10 年期国债收益率上升缓解利差损风 险担忧，新配置固收类资产收益率有望提升，但短期内可能对报表产生 小幅负面影响。 预计 2026 年新单保费和新业务价值将实现两位数以上增长，部分公司 银保渠道或实现三位数增长，负债结构优化、渠道拓展及投资收益改善 将推动行业发展。 保险公司债券配置边际意愿减弱，转向有效久期管理，长债配置压力降 低，三季度末寿险行业债券配置比例小幅下降至 51%左右。 人身险行业核心权益配置比例达 15.5%，为近 11 至 14 年最高水平， 受益于监管鼓励长期持股及股票市场表现，但红利股表现一般。 中国平安股息率高且稳定，自由流通市值大，公募基金主动持仓规模占 比低，具备增持空间，因此表现相对较好。 保险股到底在涨什么？- 非银最新观点汇报 20251215 保险行业估值仍处于较低水平，即使 ROE 达到 30%-40%的情况下也是 如此，政策环境友好，预计未来发展持续向好。 Q&A 保险股在当前市场环境下为何表 ...

21世纪经济报道记者 吴霜 在当前深刻变化的宏观经济与金融环境中，长期低利率构成了保险行业最根本的经营背景，这也给保险资管行业带来了一场关于生存与发展的 严峻考验。 在近日，中国太保举办的投资者开放日上，与会者围绕当下的低利率环境、保险负债端情况和全球市场表现等话题展开了分享。中国太保集团 副总裁苏罡指出，中国十年期国债收益率已降至1.7%至1.9%的区间，这不仅是历史性的低位，更可能预示着一个缓慢下行的趋势。 然而，保险业务的本质决定了其负债成本具有难以压缩的粘性，特别是大量长期保单的预定利率在签发时便已锁定。 这一"资产端收益下行"与"负债端成本刚性"之间的矛盾，导致行业利差空间被持续侵蚀，潜在"利差损风险"由此浮出水面，成为关乎行业健康 与公司经营的底层核心威胁。 对此，苏罡强调，这已非周期性问题，而是结构性挑战，迫使整个行业必须从根本的经营逻辑上寻求转型。 传统路径"失灵" 面对系统性挑战，业内形成一种共识，也就是"头痛医头、脚痛医脚"的局部调整已不足够，必须对资产负债管理进行一场从理念到机制的顶层 重塑。 苏罡提出，首先要回归保险经营的本源，即坚守"安全性、盈利性、流动性"三大原则的平衡，并以此为纲 ...

Core Viewpoint - The adjustment of risk factors for insurance companies aims to enhance their capital management and encourage long-term investments, particularly in the stock market and support for foreign trade enterprises [1][16]. Group 1: Background - The implementation of the second phase of solvency regulations has put pressure on insurance companies' solvency ratios, with the overall solvency adequacy ratio declining since the rules were enacted in 2022 [2][17]. - Despite regulatory optimizations in September 2023, the solvency adequacy ratio remains below levels prior to the second phase implementation [17]. - As of Q3 2025, the stock allocation ratio for the insurance industry reached 10%, an increase of 1.2 percentage points from the previous quarter and 2.5 percentage points from the beginning of the year [2][17]. Group 2: Content of the Notification - The notification includes differentiated adjustments to risk factors based on holding periods for stocks, encouraging long-term investments [4][18]. - For stocks in the CSI 300 index and the CSI Low Volatility 100 index held for over three years, the risk factor is reduced from 0.3 to 0.27 [4][18]. - For stocks listed on the Sci-Tech Innovation Board held for over two years, the risk factor is reduced from 0.4 to 0.36 [4][18]. - The risk factor for export credit insurance and overseas investment insurance premiums is reduced from 0.467 to 0.42, and the reserve risk factor is reduced from 0.605 to 0.545 [4][18]. Group 3: Internal Control and Solvency Management - Insurance companies are required to enhance internal controls and accurately measure stock holding periods to improve long-term investment management capabilities [5][19]. - There is an emphasis on strengthening solvency management to ensure that solvency data is accurate and complete [5][19]. Group 4: Impact - The adjustments are expected to promote long-term investments by insurance capital, alleviating pressure on solvency ratios and enhancing investment flexibility [14][28]. - In a low-interest-rate environment, increasing equity investment ratios can help insurance companies improve investment yield elasticity and mitigate potential interest spread losses [14][28].

Core Viewpoint - The article discusses the adjustments made by the National Financial Regulatory Administration to the risk factors related to insurance companies' investment activities, aimed at enhancing their solvency and encouraging long-term investments in the stock market [7][9]. Group 1: Event Summary - On December 5, the National Financial Regulatory Administration issued a notice to adjust the risk factors for insurance companies' related business, focusing on enhancing the role of insurance funds as patient capital [7]. - The adjustments include lowering the risk factors for stocks held for over three years and two years, specifically for the CSI 300 Index and the STAR Market stocks, to encourage long-term investments [10]. - The risk factors for export credit insurance and overseas investment insurance have also been reduced to support foreign trade enterprises [10]. Group 2: Background and Context - The solvency of insurance companies has been under pressure due to stricter capital recognition requirements and increased risk factors since the implementation of the second phase of the solvency regime [8]. - Despite regulatory optimizations in September 2023, the overall solvency adequacy ratio remains below levels seen before the new rules were implemented [8]. - The proportion of stocks held by insurance companies has increased significantly, with a 1.2 percentage point rise in stock allocation to 10% by the end of Q3 2025 compared to the previous quarter [8]. Group 3: Impact Analysis - The adjustments are expected to promote long-term investments by insurance funds, alleviating solvency pressures and enhancing investment flexibility [11]. - The changes are likely to improve the long-term return levels for insurance companies, helping to mitigate risks associated with low interest rates and enhancing market resilience [12]. - By increasing the allocation to high-return, high-dividend stocks, insurance companies can secure more stable income and improve their net investment returns [12].