财经网×企业预警通App ◆监管之声 四部门：稳妥发展高标准农田建设管护、农业机械损毁等保险 据中国人民银行官网信息，中国人民银行、金融监管总局、中国证监会、农业农村部联合发布《关于统筹建立常态化 金融支持机制助力防止返贫致贫和乡村全面振兴的意见》。《意见》强调丰富金融产品与服务模式，鼓励开发专属信 贷产品，探索"贷款+外部直投"、科技保险、知识产权质押融资等创新工具；推动资本市场综合支持，持续在国家乡村 振兴重点帮扶县实施"保险+期货"，并创新发展高标准农田管护、农机损毁、帮扶产业项目等特色农业保险，提升承保 理赔质效，切实保障资金安全与项目稳定运营。 ◆行业关注 2025年四季度，144家非上市险企集中披露偿付能力报告，行业整体表现亮眼：近九成机构盈利，人身险公司净利润 同比大增169.68%，财险公司净利润同比增长154.82%。驱动因素主要包括"报行合一"政策深化、分红险加速转型、资 本市场回暖带动投资收益回升，以及居民降息环境下对稳健型保险配置需求上升。 超六成险企车均保费低于2000元 2025年第四季度披露的车险数据显示，58家非上市财险公司车均保费呈现显著分化与结构性优化：最高达13438.6 ...

智通财经记者 | 吕文琦 在强监管持续推进的背景下，保险中介行业迎来新一轮深度洗牌。 2月27日，金融监管总局披露，2024-2025年累计查处并注销60家保险专业中介法人牌照，同时清退保险专业中介分支机构3730家、保险兼业代理机构226 家。这是自2024年启动保险中介市场"清虚规范提质"行动以来的重要阶段性成果。 金融监管总局表示，下一步将围绕防风险、强监管、促高质量发展工作主线，扎实做好保险中介监管工作，完善保险中介监管制度，持续深入推进保险中介 清虚提质，优化保险中介市场结构，推动保险中介机构加强专业能力和信息化建设，深化保险兼业代理改革，推动保险中介高质量发展，助力提升金融服务 质效。 近年来，从地方性中介机构主动注销牌照，到区域性代理公司收缩业务，再到兼业代理渠道明显退场，行业主体数量持续下降。在费用压缩、佣金重塑与监 管穿透并行的背景下，保险中介"撤退潮"正在加速。 强监管信号进一步明确 北京大学应用经济学博士后、教授朱俊生在接受智通财经采访表示，此次集中出清释放出强监管、严监管成为行业新常态的明确信号。 "监管层对保险中介市场的治理决心是坚定且持续的。"朱俊生表示，监管思路正在从过去相对偏重 ...

2026 年 2 月远东资信发布研报指出，2025 年保险行业在监管深化、市场变革下迈入格局重塑关键阶段，呈现五大核心特点，而 2026 年行业将沿着四大趋势 继续发展，头部与中小险企分化、业务与投资结构调整成为核心主线。 2025 年保险行业的五大特点体现在行业格局、经营数据、资金配置、偿付能力和资本补充五大维度。其一，监管全渠道推进 "报行合一"，行业马太效应凸 显，银保渠道整体保费下滑但上市险企实现正增长，中小险企受资源限制发展承压。其二，保费收入保持韧性但增速放缓，2025 年总保费 6.12 万亿元同比 增 7.4%，增速较 2024 年降 3.7 个百分点，资产负债错配下保险产品预定利率持续调降，分红险成为市场新选择。其三，保险资金运用余额突破 37.46 万亿 元，债券仍为配置主力（占比 50.3%），但权益资产配置大幅提升，股票投资较 2024 年底增长 50%，政策持续推动险资入市成为重要推手。其四，行业偿 付能力充足率下滑，2025 年三季度末综合偿付能力充足率 186.3%，较 2024 年底降 13.1 个百分点，人身险行业下滑幅度最为明显，财产险行业则呈上升态 势。其五，资本补充步伐 ...

Group 1 - The core viewpoint is that the bancassurance channel is expected to become a significant source of premium and NBV growth for the life insurance industry by 2026, with leading companies likely to expand their advantages [1] - There is a strong demand from residents for stable-yield financial products, leading to an increase in new single premiums in the bancassurance channel as residents shift funds from deposits to insurance products [1] - The popularity of participating insurance products, which offer relatively high returns and low volatility, aligns with the conservative investment preferences of bank customers [1] Group 2 - Banks are increasingly focusing on non-interest income and insurance services due to narrowing net interest margins and intensified competition in wealth management [2] - The importance of intermediary income from selling insurance products is rising for banks to enhance their non-interest income and diversify revenue sources [2] - Insurance companies' offerings, including savings and protection products, as well as health management and retirement community services, are crucial for banks to better serve their clients [2] Group 3 - Insurance companies that excel in the bancassurance channel and have a strong presence in the health and wellness ecosystem are likely to increase their market share in this channel [3] - The "reporting and banking integration" is leading to a decrease in the cost ratio of the bancassurance channel, making competition more rational [3] - Smaller insurance companies may struggle to compete for market share in the bancassurance sector, while leading companies with brand value and comprehensive service capabilities are expected to attract more clients and banks [3]

回溯更早时期，"千万年薪"曾是行业热议话题。2022年，合众人寿一名董事税前薪酬高达953.85万元， 直逼千万门槛。北京商报记者在统计过程中发现，董监高薪酬与公司的盈亏情况并不明显挂钩，一方 面，多数保险公司没有与盈利挂钩的奖励计划支付；另一方面，很多为董监高提供了高薪水的保险公 司，其本身盈利规模和保费规模并不靠前。 那么，险企董监高薪酬具体受哪些因素影响？业内人士告诉北京商报记者，保险公司在确定董监高薪酬 时，需要考虑管理人员在职责范围内的表现、对公司的贡献以及个人能力的提升等方面。部分公司的薪 酬体系可能受到历史因素的影响，存在一定的惯性，即使公司业绩发生变化，薪酬体系也可能难以迅速 调整。 从政策背景看，2022年财政部发布《关于进一步加强国有金融企业财务管理的通知》，提出金融企业应 当合理控制岗位分配级差，充分调动一线员工、基层员工的积极性，有效平衡好领导班子、中层干部和 基层员工的收入分配关系，加强了对金融行业董监高薪酬的管控。 虽然非上市险企董监高薪酬与险企本身的盈利规模、保费规模等相关性并不强，但是也有一定规律。 "千万年薪"的传说渐远，分化悬殊的现实凸显。据北京商报记者不完全统计，截至2月 ...

Core Viewpoint - The Guangdong Financial Regulatory Bureau has issued administrative penalties targeting violations in the bancassurance channel of the life insurance industry, highlighting a firm stance on regulating this sector and cracking down on fee-related violations [2][3]. Group 1: Penalties Imposed - China Pacific Life Insurance Co., Ltd. (Pacific Life) and New China Life Insurance Co., Ltd. (New China Life) have been fined for violations related to bancassurance business commissions [2][3]. - Pacific Life's Guangzhou branch was fined 280,000 yuan for "falsely listing bancassurance business commissions and bearing marketing expenses for partner banks," with two responsible individuals receiving warnings and fines totaling 50,000 yuan [2]. - New China Life's Dongguan and Foshan branches were fined 250,000 yuan and 160,000 yuan respectively for "falsely listing bancassurance specialist commissions," with two responsible individuals also receiving warnings and fines totaling 30,000 yuan [3]. Group 2: Importance of Bancassurance Channel - The bancassurance channel is a core sales avenue for the life insurance industry, leveraging bank network advantages and customer resources [3]. - Bancassurance specialists play a crucial role in connecting insurance companies with banks, handling channel coordination, product promotion, and after-sales service, making their compliance essential for the healthy development of this channel [4]. Group 3: Regulatory Framework and Compliance Issues - Since August 2023, the National Financial Regulatory Administration has issued several notices to standardize bancassurance product management, establishing a regulatory framework for "reporting and operation unity" [4]. - "Reporting and operation unity" requires insurance companies to ensure that the pricing assumptions used in product approval submissions align with actual business practices, prohibiting any form of hidden fee arbitrage [4]. - Following the implementation of this policy, the average commission rate in the bancassurance channel has decreased by approximately 30% [4]. Group 4: Violations and Market Impact - Despite regulatory efforts, the rationality and authenticity of bancassurance specialists' compensation remain difficult to ascertain, allowing some insurance branches to engage in violations [5]. - Violations such as "falsely listing bancassurance specialist commissions and bearing marketing expenses for partner banks" are seen as tactics to pay additional fees and compete for bank channel resources, representing typical "small account" violations in the bancassurance channel [5]. - Such practices can distort financial data, obscure the true operational status of insurance companies, disrupt fair market competition, and potentially harm consumer rights [6].

来源：慧保天下 本周2月9日，金融监管总局召开人身保险监管工作会议。新一年的监管部署，在传统的农历"小年"前落 地。 值得注意的是，由于金融监管总局人身司新一任司长迟迟未能就位，此次人身保险监管工作会议召开时 间较晚，且从坊间流传的各种消息来看，与以往思路也并未发生显著变化。如此重要的位置，空缺如此 久的时间，这与当下人身保险行业发展所面临的复杂形势形成了某种微妙的"互文"。 结合2025年行业逻辑，笔者梳理出2026年人身险业发展中最值得关注的六大主线，有关新一任人身险司 司长、属地化监管下的市场演变、市场风险化解、"报行合一"下的费用管控、营销体制改革与"产品+服 务"新范式。 一个最大的悬念：最强监管周期下，谁来掌舵 一个值得期待的利好：属地化监管或有利于中小公司发展 一项最具挑战的任务：利率低、负债长，如何化解市场风险冲击 一条长期博弈的主线："报行合一"下的费用管理 一则最古老的命题：营销体制改革再进一步 一个包含社会责任的热望：小产品如何对接大服务 01 一个最大的悬念：最强监管周期下，谁来掌舵 2025年，人身保险行业迎来盈利最强年。已披露数据的57家非上市人身险公司，有超过80%的公司实现 盈 ...

Core Viewpoint - The report from Guolian Minsheng Securities indicates that by 2026, the resonance between assets and liabilities is expected to support the continued recovery of insurance valuations [1] Group 1: Insurance Fund Scale and Growth - The balance of insurance funds is projected to reach 38.5 trillion yuan by the end of Q4 2025, representing a 15.7% increase from Q4 2024 and a 2.7% increase from Q3 2025 [1] - By the end of Q4 2025, the fund utilization balance for life insurance companies and property insurance companies is expected to be 34.7 trillion yuan and 2.4 trillion yuan, respectively, with increases of 15.7% and 8.8% from Q4 2024, and 2.8% and 1.2% from Q3 2025 [1] - Life insurance companies account for 90.1% of the total insurance fund utilization balance, reflecting a strong demand for life insurance products driven by residents' "savings transfer" needs and adjustments in product interest rates [1] Group 2: Asset Allocation of Life Insurance Companies - As of Q4 2025, life insurance companies have allocated 20.37 trillion yuan to fixed income assets and 7.98 trillion yuan to equity assets, marking increases of 3.4% and 1.2% from Q3 2025 [2] - The proportion of fixed income assets and equity assets in the total fund utilization balance of life insurance companies is 58.8% and 23.0%, respectively, with a slight increase of 0.4 percentage points and a decrease of 0.3 percentage points from Q3 2025 [2] - The increase in the allocation to fixed income assets is attributed to heightened volatility in the equity market, prompting life insurance companies to stabilize investment returns [2] Group 3: Asset Allocation of Property Insurance Companies - By the end of Q4 2025, property insurance companies have allocated 1.37 trillion yuan to fixed income assets and 0.55 trillion yuan to equity assets, with increases of 1.9% and 0.3% from Q3 2025 [3] - The allocation proportions for fixed income and equity assets in the total fund utilization balance of property insurance companies are 56.7% and 22.9%, reflecting an increase of 0.4 percentage points and a decrease of 0.2 percentage points from Q3 2025 [3] - The increase in the allocation to cash and stocks is driven by the high demand for liquid assets during the year-end claims peak and regulatory adjustments to attract insurance capital into the market [3]

合规与消费者权益保护是业务发展的底线。和谐健康银邮事业部建立健全金融消费者保护基本制度，严 守监管要求，依法保障客户合法权益，维护金融市场稳定。2025年，和谐健康银邮事业部继续率、回访 成功率、双录合规等核心品质指标全面优于同业，风险合规体系贯穿业务全流程，为稳健发展筑牢安全 屏障。 产品与业务结构优化上，和谐健康银邮事业部依托高客收期趸产品快速提升渠道保费份额，同步加速价 值转型，持续优化产品结构，精准对接客户全生命周期保障需求，实现规模增长与价值创造同步提升。 同时，全面夯实队伍、渠道两大基础，搭建会议管理、活动量管理、风险合规三大支撑体系，着力提升 执行、营销、培训、创新发展四大核心能力，以体系化建设、专业化能力为业务长效发展保驾护航。 展望未来，和谐健康银邮事业部将持续深化关键渠道合作、优化产品供给、提升服务品质，坚守合规初 心、聚焦价值成长，紧扣居民养老健康保障核心需求，以精细化运营、专业化服务推动银保业务高质量 发展，为行业转型升级贡献和谐力量。 编辑：史言 文/王强 在"报行合一"政策深入推进的2025年，银保渠道在规范与重塑中迎来了新一轮发展机遇。面对老龄化加 剧带来的养老、健康保障需求升级 ...

Core Viewpoint - The insurance industry maintains a recommended rating, supported by a "slow bull" market trend that benefits both asset returns for insurance companies and sales of floating income-type dividend insurance [1] Group 1: Life Insurance Companies - In 2023, life insurance companies achieved a cumulative premium income of 43,624 billion, with a year-on-year growth of 8.9%, slightly down from 9.1% [3] - December's premium income for life insurance companies was 2,152 billion, showing a year-on-year increase of 6.0%, with life insurance premiums at 1,683 billion, up 10.1% [3] - The strong performance in life insurance is expected to continue into 2026, particularly in the bancassurance channel, where new single premiums are anticipated to double [3] Group 2: Property Insurance Companies - Property insurance companies reported a cumulative premium income of 17,570 billion in 2023, with a stable year-on-year growth of 3.9% [4] - December's premium income for property insurance was 1,413 billion, with a year-on-year increase of 4.4%, and auto insurance premiums at 977 billion, up 2.2% [4] - Non-auto insurance premiums in December reached 437 billion, showing a significant year-on-year growth of 9.6%, driven by low base effects from the previous year [4] Group 3: Overall Industry Performance - The total premium income for the insurance industry in 2023 was 61,194 billion, reflecting a year-on-year growth of 7.4% [5] - By the end of December, the total assets of the insurance industry reached 413,145 billion, a 15.1% increase from the beginning of the year, while net assets grew by 10.2% to 36,640 billion [5] - Investment recommendations include China Ping An, New China Life, China Life, and China Taiping, with a focus on the long-term investment value of China Property Insurance [5]