2026年开年首周，保险行业上演"开门红"盛况。 开年以来，A股保险板块集体拉升，截至1月7日，申万保险指数涨幅近10%，新华保险（601336.SH） 涨超18%，多只保险股股价创下历史新高；港股市场亦同步走强，中国人寿（02628.HK）、中国太平 （00966.HK）等涨幅均超15%，南北两市保险股共振走强。 业内认为，保险股行情火热背后，和行业"开门红"业务超预期兑现有一定关系。在居民 "存款搬家" 与 低利率双重驱动下，"保底+浮动收益" 的分红险成绝对主力，演示结算收益率为3%-3.5%的产品，精准 承接储蓄迁移需求；部分险企地区分公司开年首三天期交保费破亿元，有投资者购买百万元的分红型保 单。 南开大学金融发展研究院院长田利辉向时代财经指出，分红险的崛起和银保渠道的价值回归，或标志着 行业正从粗放的规模竞赛，转向兼顾稳健经营与客户价值的深度耕耘。未来的赢家，必将是那些能够将 庞大的销售网络转化为深度服务生态，并以穿越周期的资产配置能力，将保单上的"预期红利"转化为客 户账户实际收益的保险公司。 分红险成主推产品，"开门红"表现普遍超预期 田利辉向时代财经表示，分红险的核心吸引力在于"利率下行周期 ...

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 ...

保险板块指数日K线图 实际上，在负债端减压和资产端松绑的政策影响下，保险板块持续走强，2025年全年保险板块涨幅为 26.42%。 负债端方面，预定利率下调、发展分红险等举措减轻了保险公司的负债成本压力，尤其是在市场利率持 续下行环境中，保险产品日益成为居民配置的重要资产。得益于居民"存款搬家"，负债端保险销售有望 保持增长趋势。 资产端方面，上调权益资产投资比例，调降股票投资相关风险因子，扩大保险资金长期投资试点，开展 黄金投资试点……2025年以来，政策持续为险资投资"松绑"，打开空间与拓宽渠道并行，鼓励险资"长 钱长投"。保险公司不断加强多元资产配置，尤其是增加权益资产配置，受益于2025年权益市场表现亮 眼，从而获得丰厚投资收益。2025年前三季度，A股五大上市险企合计实现归母净利润约4260.39亿元， 创下历史同期新高。 "负债端增长带来的保险公司扩表是本轮保险股行情的重要支撑。"国金证券表示，重点关注"开门红"预 期较好，以及业务质地优良（负债成本低、资负匹配情况较好）的头部险企。 中泰证券策略分析师张文宇表示，2025年12月以来保险板块表现不错，这可能与支持政策落地有关：一 是调整保险公司投 ...

来源：今日保 2025年，是人身保险行业变革至深的一年。 这一年，有着太多的话题。比如，既有外部宏观环境的持续承压、利率下行的中继，也有资本市场呈现 的"慢牛"特征，还有老龄化进程的推进，更有监管政策的深化落地、"报行合一"的全面推行，以及数字 化与人工智能技术的加速渗透…… 整个行业都看到了。 如此深度的调整，转型、爬坡、改革、奋进、震荡、焦灼、焦虑、忧惧……几乎同时映射到不同险企、 不同梯队的机构之中，人身险行业内部竞争格局从未如此般，持续分化、加速分化。 期间，头部公司凭借资本实力、科技能力与综合服务优势稳步扩张，巨头优势尽显；中小险企则在内外 环境陡变下，面临产品同质化严重、渠道萎缩、偿付能力不足等多重挑战。 如是回溯2025年，再看"十五五"开局之年的2026，当知这一年的历史方位，将是决定未来五年市场走向 的关键年。 面对负债端存量成本高企、资产端收益波动加剧、资本端压力持续加大的"三重挤压"，以及新会计准则 切换+偿二代三期的推进，一众保险机构当如何从战略高度重新审视自身的经营模式、资源配置逻辑？ 又如何让"以客户为中心"不再停留在口号，而是真正内化为产品、渠道与组织运转的核心原则？ 作为首批中 ...

Core Insights - The article emphasizes the importance of regulatory measures in the insurance industry, focusing on compliance, product innovation, and market adaptation to enhance consumer protection and industry stability. Regulatory Measures - The integration of insurance and banking is a key regulatory policy aimed at standardizing rates and managing costs, which is essential for curbing irrational competition in the market [1] - Compliance supervision has intensified, as evidenced by penalties against executives and companies like Evergrande Life, highlighting the regulatory authority's commitment to industry health [1] - The classification and tiered regulation optimize supervisory authority allocation, improving precision and efficiency in line with the diverse development of industry institutions [1] Product Innovation - Participating insurance products have become mainstream, with new policies accounting for over 40% of the market, reflecting consumer demand for wealth accumulation [1] - Health insurance is supported by policies that expand coverage, with the introduction of innovative drug lists, serving as a crucial growth engine for the industry [1] - Long-term care insurance has been fully implemented, covering 190 million people, addressing the long-term care protection gap and enhancing the multi-tiered social security system [1] Market Adaptation - Premiums for new energy vehicle insurance have increased by 41.44% year-on-year, indicating a shift towards independent operating models that align with the development of the new energy vehicle industry [1] - The insurance sector is responding to the aging population trend by strategically positioning itself in retirement finance, including profitable senior living communities with occupancy rates exceeding 80% [1] - Inclusive insurance products, such as home and education insurance, are expanding to cover broader demographics, reflecting the industry's social responsibility [1] Technological Integration - The integration of AI in insurance processes enhances underwriting, claims, and service delivery, driving the industry's digital and intelligent transformation [1] - Data security insurance is becoming increasingly relevant due to rising risks of data breaches and cyberattacks, with policies tailored to meet these emerging needs [2] Risk Management - The solvency ratio remains a core indicator for risk management in insurance companies, with ongoing regulatory assessments reinforcing the industry's ability to withstand risks [1] - Catastrophe insurance is being developed to address risks from natural disasters, filling gaps in traditional insurance coverage through a combination of policy guidance and market operations [2] Cross-Border Opportunities - International insurers like AIA and Allianz are increasing their presence in the Chinese market, showcasing the industry's openness and enhancing market supply through innovative cross-border medical insurance [2]

在寿险行业深度转型、迈向高质量发展的关键时期，创新是推动企业持续发展的核心动力。近日，在财 经网2025年金融业年度评选中，富德生命人寿凭借其在产品创新领域的持续探索，获评年度产品创新企 业。 通过构建客户多维度画像标签体系，富德生命人寿能够基于客户的基础属性、行为特征及风险偏好等实 现差异化精准定价，进行定制化产品开发。例如，对保障期满和缴费期满客户提供支持方案，同时研发 慢性病医疗产品，完善客户的保障需求；对于中高端客户，完成VIP客户专属产品市场研究，提供中高 端医疗产品。 此外，AI与大数据的应用已深入风险定价、智能核保、理赔管理、反欺诈监测及客户服务等环节，实 现了运营提效、风险防控与服务优化的协同提升。 富德生命人寿是一家全国性的专业寿险公司，成立于2002年，总部位于深圳，注册资本117.52亿元。紧 扣经济社会发展和人民群众保险需求变化，富德生命人寿围绕"教育、财富、健康、养老"四大领域持续 丰富产品供给，以保障全面、功能丰富、持续创新等产品优势诠释着"好产品，在富德"的内涵。 前瞻布局，多维应对利率风险 在低利率环境成为行业新常态的背景下，依靠高负债成本产品"挪储"的策略不可持续，保险公司需 ...

文｜阿尔法工场金融家 距离部分中小险企的合规"存亡线"，还有约半年时间。 这一制度设计，既是对过往保险业资产负债管理"两张皮"、政策程序碎片化、风控标准不统一等行业沉 疴的集中纠偏与规范；更是在2026年全行业全面落地新会计准则之前，为提前防范会计准则切换后险企 净资产的剧烈波动，筑牢了一道强制性的风险"减震阀"。 同时，国家金融监督管理总局在《保险公司资产负债管理办法（征求意见稿）》答记者问中明确指出， 新规将成本收益指标评价周期拉长至3-5年，引导保险公司长期经营，培育耐心资本。 尽管新规为行业预留了约7个月的整改缓冲期，但保险业从"规模导向"的粗放发展模式，向"资产负债联 动导向"的精细化经营模式的硬性切换，已然没有退路。 新规对行业的影响，呈现出极致且剧烈的"二元分化"特征。这种分化不仅体现在显性的合规整改成本 上，更将直接重塑未来保险业的市场竞争格局与生存规则。 以中国人寿(601628.SH)、中国平安(601318.SH)、中国太保(02601.HK)为代表的头部大型险企，凭借多 年的战略超前布局，早已搭建起相对完善的资产负债联动管理机制。 国家金融监督管理总局发布《保险公司资产负债管理办法（征 ...

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].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for the sector's performance relative to the overall market [3]. Core Insights - The strategic positioning of asset-liability management for insurance companies has been elevated, with the introduction of the "Insurance Company Asset-Liability Management Measures (Draft for Comments)" by the Financial Supervisory Authority [2]. - The draft emphasizes three main goals for asset-liability management: matching the term structure, cost-benefit matching, and liquidity matching, with insurance companies bearing primary responsibility and the authority overseeing compliance [2]. - The governance structure requires clear delineation of responsibilities for the board of directors and senior management, establishing an asset-liability management committee and department within insurance companies [2]. - The report highlights the importance of asset-liability management in mitigating interest spread risks, especially in a declining interest rate environment, and aims to enhance the risk warning mechanism for insurance operations [2]. Summary by Sections Regulatory and Monitoring Indicators - For property and casualty insurance companies, there are three regulatory indicators focusing on income-cost coverage and liquidity, all of which must not fall below 100% [5]. - For life insurance companies, four regulatory indicators are established, including effective duration gap and comprehensive investment income coverage, also requiring a minimum of 100% [5]. Valuation of Key Companies - The report provides a valuation table for key non-bank financial companies, including China Life, Ping An, and China Pacific Insurance, with metrics such as market capitalization and price-to-earnings ratios [6]. - For instance, China Life has a market capitalization of 115.02 billion RMB and a PE ratio of 7.66, while Ping An has a market capitalization of 119.24 billion RMB and a PE ratio of 9.02 [6]. Investment Recommendations - The report continues to recommend several major insurance companies, including China Life (H), Ping An (A/H), China Pacific Insurance, China People’s Insurance, New China Life, and China Property Insurance, while suggesting to pay attention to China Taiping [3].

【环球网财经报道 记者冯超男】站在2025年的岁末回望，这一年保险行业呈现出诸多变革： 人身险产品结构的调整，为分红险打开了快速发展的通道。这一现象的背后，实则是险企在资产负债管理方面的精细谋划，旨在通过优化产品布局实现稳健 经营与可持续发展。 预定利率"非对称"下调，人身险公司将发展重心转向以分红险为代表的浮动收益型产品；长期低利率环境下，险企构建稳固的资产负债管理体系，成为其保 障高效运作的核心要务；保险资金加快入市步伐，充分发挥了耐心资本作用；推动健康险高质量发展，促进健康保险与健康管理的深度融合...... 一系列务实且有力的改革举措推进，让保险业在理性经营的道路上越走越稳健，对"行稳致远"发展理念有了更为深刻的理解。 低利率下，分红险成险企共识之选 2025年9月1日，人身险预定利率下调，全线产品进入了"不超过2.0%"的水平。其中，普通型产品的预定利率从2.5%下调至2.0%，下调幅度为50BP；分红型 产品的预定利率从2.0%下调至1.75%，下调幅度为25BP；万能型产品的保底利率从1.5%下调至1%，下调幅度为50BP。 可以看到，分红型产品预定利率下调幅度只是其他类型产品的一半。这种"非对 ...