【环球网财经报道 记者 冯超男】在今年，人身险行业发生了两件备受瞩目的大事：一是预定利率持续下调，造就如今低利率环境，分红险成为各大险企产 品转型重点；二是"报行合一"开始向个险渠道铺开，标志着行业全面告别"高费用驱动"的发展模式，转而迈向"费用透明化"的新阶段。 分红险遇上银保渠道，契合度藏着多少 " 惊喜 " ？ 对于后者而言，加之银保"一对三"合作限制放开，银保渠道的行业地位得到进一步提升。对于坐拥庞大代理人队伍的大型险企来说，个险增长后劲不足，让 其重新审视这一渠道的价值，同时将更多的资源向银保渠道倾斜。 如今，银保渠道在销售端的地位发生了质变。而这在上市险企2025年上半年财报所披露数据得到最直观的印证： 以中国人寿为例，报告期内，银保渠道总保费达724.44亿元，同比增长45.7%。再者，2025年上半年，新华保险在银保渠道保费收入合计461.92亿元，较上 年同期增长65.1%；太保寿险银保渠道保费规模达416.6亿元，同比增长82.6%；人保寿险银保渠道保费收入531.04亿元，同比增长24.1%。 相比之下，同期个险渠道的表现明显逊色不少。除人保寿险外，前述其他险企个险渠道保费收入均高于银保 ...

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 . 自2017年以来，招商信诺首次出现一季度保费同比下滑，也是在10家银行系险企中唯一一家出 现保险业务收入缩水的公司。 分析人士指出，内部因素虽然存在，如公司近年来主动停售部分固收类增额终身寿险 、并将资源 更多转向大健康方向等；但真正导致其业绩下滑的核心，还是外部环境的剧烈变化。 | 产品名称 | 停售原因 | 停售时间 | | | --- | --- | --- | --- | | 招商信请定额给付 天了保险 | 公司业务策略调整 | 2025/9/1 | ブラ 保 開店 | | 招商信若失能收入 長大保険A款（互 | | | 河十 保险 | | 联网专属) | 公司 / 务员略调整 | 2025/9/1 | HE | | 招商信済終身重大 | 公司业务策略调整 | 2025/9/1 | 对于 保 EHE | | 疾病保险改 | | | | | 招商信后传家典佑 | 公司 / 务策略调整 | 2025/9/1 | 对于 保障 HIE | | 终身寿险 | | | | | | | | गन | 图源：招商信诺官网 追踪保险银行业圈内动态，剖析 ...

Core Viewpoint - The mid-term performance reports from listed insurance companies indicate a significant increase in both premium scale and business value through the bancassurance channel, suggesting a revitalization of this channel after the strict implementation of the "reporting and operation integration" policy for two years [1][2]. Summary by Sections Premium Income and Business Value Growth - In the first half of the year, five listed life insurance companies achieved a total premium income of 2549.97 billion yuan through the bancassurance channel, representing a year-on-year growth of 46.9% [2]. - Specific contributions include: China Life at 724.44 billion yuan (up 45.7%), PICC Life at 531.04 billion yuan (up 24.1%), New China Life at 461.6 billion yuan (up 65.1%), Taikang Life at 416.6 billion yuan (up 82.6%), and Ping An at 415.97 billion yuan (up 37.5%) [2]. - The contribution of the bancassurance channel to the total premium income of these five companies increased from 14.2% to 19.3% year-on-year [2]. New Business Value and Key Performance Indicators - The bancassurance channel has become a crucial driver for the growth of new business value, with PICC Life reporting that nearly 60% of its premium income came from this channel, leading to a 71.7% year-on-year increase in new business value [2]. - Ping An achieved a new business value of 59.72 billion yuan, marking a significant year-on-year growth of 168.6% [2]. Long-term Premium Income and Strategic Importance - Key indicators for future premium income, such as the first-year premium income from long-term insurance, showed substantial growth, with China Life and New China Life reporting year-on-year increases of 112.4% and 150.3%, respectively [3]. - Executives from various companies emphasized the bancassurance channel's contribution to value, with statements highlighting its importance as a pillar for company value sources [3]. Regulatory Changes and Cost Structure - The implementation of the "reporting and operation integration" policy has led to a more rational fee structure in the bancassurance channel, with regulatory measures aimed at addressing long-standing issues of high costs and unreasonable fee structures [4]. - The regulatory changes have resulted in a unified standard for commissions on long-term premium products, which is expected to enhance the value of new business despite initial declines in new single premium income [5]. Expansion and Collaboration - The removal of restrictions on the number of insurance companies that can collaborate with a single bank branch has facilitated broader cooperation between leading insurance companies and banks, enhancing competitive advantages [6]. - Companies are focusing on optimizing product offerings and improving service quality to adapt to the new competitive landscape, with significant growth in bancassurance channel performance reported by several firms [6][7]. Future Outlook and Challenges - Companies are optimistic about the future of the bancassurance channel, with plans to enhance sustainable development capabilities and strengthen partnerships with key banks [7]. - Challenges remain, including the need for insurance companies to improve product design and service capabilities to meet the heightened expectations of bank customers regarding product profitability and value [7].

Core Viewpoint - The bank-affiliated insurance company, Bank of China Samsung Life, has experienced rapid premium growth but has faced significant profitability challenges, culminating in a loss of 543 million yuan in the first half of the year, making it the only loss-making entity among bank-affiliated insurers [1][2]. Company Performance - Bank of China Samsung Life's insurance business revenue increased from 53.05 billion yuan in 2019 to 248.68 billion yuan in 2023, with projections of 298.62 billion yuan for 2024. However, net profit fluctuated, peaking at 4.83 billion yuan in 2024 but showing a loss of 543 million yuan in the first half of this year [2]. - The company's insurance business revenue grew by 8.12% year-on-year in the first half of this year, but the transition from profit to loss highlights underlying vulnerabilities [2]. Loss Factors - Investment income volatility has been identified as a significant factor contributing to the company's losses, with declining interest rates and capital market fluctuations impacting returns [2][3]. - Increased claims and reserve provisions have also pressured profits, with claims rising significantly from 8.93 billion yuan in 2022 to 34.5 billion yuan in 2024 [3]. Structural Challenges - The reliance on the bank insurance channel has created a "comfort trap," limiting the company's ability to innovate and adapt to changing market conditions [4][5]. - Traditional insurance companies have outperformed bank-affiliated insurers in new single premium business, indicating a shift in competitive dynamics [5]. Shareholder Dynamics - The potential exit of the major shareholder, AVIC Group, adds uncertainty to the company's future, as it has put its 24% stake up for sale at a base price of 1.815 billion yuan [7][9]. - The exit of AVIC Group could delay the company's long-planned capital increase, which has already been postponed for three years [9]. Regulatory Environment - Recent regulatory changes have restricted state-owned enterprises from investing in financial institutions, leading to a trend of share transfers among insurance companies, which may reshape the industry landscape [8][9]. - The shift towards a more transparent and standardized ownership structure could enhance the overall risk management capabilities of the insurance sector [8]. Strategic Recommendations - To address its challenges, the company should diversify its distribution channels, enhance product innovation, and improve its investment management capabilities [6]. - Transitioning from a bank-dependent model to a more market-oriented approach is essential for sustainable competitiveness in a complex market environment [9].

Core Viewpoint - The insurance industry in A-shares has shown significant growth in new business value through bank insurance channels in the first half of 2025, with a notable shift towards dividend insurance as a primary product, driven by regulatory changes and market conditions [1][5][7]. Financial Performance - Among the five listed insurance companies, four reported an increase in net profit, with New China Life Insurance leading at a growth rate of 33.5%, while China Ping An experienced a decline of 8.8% in net profit [2][3]. - The total dividend payout from four companies approached 30 billion yuan, with China Ping An contributing the highest at approximately 17.2 billion yuan [3]. Business Channel Trends - The bank insurance channel has seen a surge in business volume, with China Life's total premium from this channel reaching 72.44 billion yuan, a year-on-year increase of 45.7% [4][5]. - New business value from bank insurance channels has surpassed that of individual insurance channels for some companies, indicating a strategic shift in focus [4][6]. Product Development - Dividend insurance has emerged as a key product, with significant growth in new premium income, particularly in the individual insurance channel, where it now accounts for over 50% of new business [7][8]. - The low interest rate environment has contributed to the rise of dividend insurance, which offers both risk protection and potential profit sharing for policyholders [8][9]. Investment Strategies - Insurance companies have increased their stock market investments, with China Ping An's stock investment proportion rising to 10.5%, reflecting a broader industry trend towards equities [10][11]. - Despite the increase in stock investments, some companies reported a decline in overall investment returns, highlighting the challenges of matching asset and liability durations in a low-interest-rate environment [12]. Market Outlook - Executives from various insurance companies expressed optimism about the stock market's performance in the second half of 2025, citing reasonable valuations and potential investment opportunities in sectors like technology and consumer goods [13].

Core Insights - The insurance industry in China has shown significant improvement in new business value and comprehensive cost ratios in the first half of the year, driven by the surge in the bancassurance channel and a shift towards dividend insurance products [1][2][4]. Bancassurance Channel - The bancassurance channel experienced a remarkable recovery, with new single premium income reaching 1,525.47 billion yuan, a year-on-year increase of 76.19% [2]. - Major players like New China Life and China Life saw their new single premium income double, with growth rates of 150.3% and 111.1% respectively [2]. - The share of new single premium income from the bancassurance channel rose to 41.38%, an increase of 13.24 percentage points year-on-year [3]. New Business Value - The new business value rate for the bancassurance channel improved, with companies like China Ping An reporting a 9.7 percentage point increase to 28.6% [4]. - The average contribution of the bancassurance channel to new business value among listed insurance companies rose to 38.9%, up 8.4 percentage points year-on-year [4]. Shift to Dividend Insurance - Insurance companies have been transitioning from traditional products to dividend insurance, which has started to show results in the first half of the year [5][6]. - The proportion of dividend insurance in new single premium income has significantly increased, with companies like China Taiping reporting the highest share at 29% [6][7]. Property Insurance Sector - The comprehensive cost ratio for property insurance companies has improved, with a decrease of 0.8 to 2.6 percentage points, reaching levels around 95.2% to 96.3% for major players [8]. - The previously unprofitable new energy vehicle insurance segment has turned profitable, with China Ping An reporting a 46% increase in premium income and China Taiping indicating a significant rise in the share of new energy vehicle insurance premiums [9][10].

Core Viewpoint - The current competitive landscape in the Chinese bancassurance market is intensifying, yet it demonstrates robust development resilience and vitality, with the company leveraging strategic agility and unique resource endowments to drive dual growth in value and scale [2] Group 1: Core Competitiveness of Bancassurance Channel - The term "root" signifies the foundational aspects of the company's bancassurance business, which has been a pioneer in the industry for over 20 years, establishing a nationwide network and a trusted brand image. The company collaborates with 52 banks, including state-owned banks, joint-stock banks, and local commercial banks, maintaining long-term stable partnerships [3] - The term "soul" refers to the company's talented workforce, characterized by strong learning capabilities, quick responsiveness, and high execution efficiency. The team maintains a competitive mindset, innovative spirit, and strategic resilience, earning widespread acclaim in the market [3] - The term "ability" highlights the company's commitment to market-oriented, professional, systematic, and refined reforms, aiming for high-level development and empowering the bancassurance channel to fully benefit from the company's reform and growth [3]

Core Viewpoint - The banking-affiliated insurance companies have demonstrated strong performance in the insurance market, with significant growth in both insurance business revenue and net profit in the first half of the year [1][2]. Group 1: Financial Performance - In the first half of the year, nine banking-affiliated insurance companies achieved a total insurance business revenue of 301.16 billion yuan, representing a year-on-year growth of 12.4% [1]. - The same group reported a total net profit of 8.595 billion yuan, with a year-on-year increase of 1.2% [1]. - Among the 60 non-listed life insurance companies that disclosed their second-quarter solvency reports, banking-affiliated insurers occupied half of the top ten in terms of insurance business revenue and four out of the top ten in net profit [1][2]. Group 2: Competitive Advantages - Banking-affiliated insurance companies benefit from strong brand recognition and trust from consumers due to their banking parent companies [2]. - They possess significant channel advantages, allowing them to better reach and serve customers through their parent banks [2][3]. - The implementation of the "reporting and banking integration" policy and the cancellation of the "1+3" policy have provided favorable conditions for the development of banking-affiliated insurers [3]. Group 3: Market Trends and Innovations - Eight out of nine banking-affiliated insurers reported a year-on-year increase in insurance business revenue, with one company, China Netherlands Life Insurance, achieving a remarkable growth rate of 36.5% [2]. - The banking-affiliated insurers are exploring new development paths in the bancassurance channel, focusing on service quality improvement and innovative service models [3][4]. - Companies like Zhongyou Life are leveraging extensive networks and customer resources to enhance sales efficiency and service quality, while also emphasizing product innovation to meet diverse customer needs [4]. Group 4: Future Outlook - Banking-affiliated insurers are expected to continue playing a crucial role in the insurance market, leveraging their brand, channel, and resource advantages for higher quality development [5]. - The ongoing transformation and upgrading of the bancassurance channel are anticipated to lead to better insurance services for consumers and contribute positively to the stability and prosperity of the insurance market [5].

Core Insights - The banking-affiliated insurance companies have shown strong performance in the first half of the year, with a total insurance business revenue of 301.16 billion yuan and a net profit of 8.595 billion yuan, reflecting a year-on-year growth of 12.4% and 1.2% respectively [2][3] Group 1: Performance Overview - Nine banking-affiliated insurance companies reported a total insurance business revenue of 301.16 billion yuan in the first half of the year, with a net profit of 8.595 billion yuan [2][3] - Among the top ten insurance companies by revenue, five are banking-affiliated, and four of the top ten by net profit are also banking-affiliated [1][3] - China Post Life Insurance and ICBC-AXA Life Insurance ranked among the top three in both insurance business revenue and net profit [2] Group 2: Competitive Advantages - Banking-affiliated insurance companies benefit from brand and channel advantages, allowing them to better integrate resources from both banks and insurance companies [1][3] - The close relationship with parent banks provides these insurance companies with significant resource advantages, enhancing consumer trust [2][3] Group 3: Market Trends - Eight out of nine banking-affiliated insurance companies experienced a year-on-year increase in insurance business revenue, with the highest growth recorded at 36.5% by Sino-Dutch Life Insurance [4][5] - The implementation of the "reporting and banking integration" policy and the cancellation of the "1+3" policy have led to a transformation in the bancassurance channel, allowing for a more structured market environment [4][5] - Analysts predict that as regulatory policies evolve and market demands diversify, the bancassurance channel will seek breakthroughs in service innovation and quality enhancement [5]

Core Viewpoint - The banking insurance companies have shown strong performance in the first half of the year, with significant growth in both insurance business income and net profit, benefiting from their brand and channel advantages [1][2][3]. Group 1: Financial Performance - In the first half of the year, nine banking insurance companies achieved a total insurance business income of 301.16 billion yuan, representing a year-on-year growth of 12.4% [2]. - The total net profit for these companies reached 8.595 billion yuan, with a year-on-year increase of 1.2% [2]. - Among the top performers, China Post Life Insurance Co., Ltd. and ICBC-AXA Life Insurance Co., Ltd. ranked in the top three for both insurance business income and net profit [2][3]. Group 2: Market Position and Competitive Advantage - Five banking insurance companies ranked among the top ten in insurance business income, while four made it to the top ten in net profit among 60 disclosed non-listed life insurance companies [3]. - The strong performance of banking insurance companies is attributed to their brand advantages, as they are backed by major banks, which enhances consumer trust [3]. - The channel advantages allow banking insurance companies to leverage their parent banks' resources for better integration and transformation of the bancassurance model [3][4]. Group 3: Industry Trends and Future Outlook - The bancassurance channel is undergoing a transformation, especially after the implementation of the "reporting and operation integration" policy and the cancellation of the "1+3" policy, which has led to a more competitive market environment [4][5]. - Eight out of nine banking insurance companies reported a year-on-year increase in insurance business income, with the highest growth rate of 36.5% recorded by a specific company [4]. - The ongoing regulatory changes are expected to enhance market vitality and promote innovation in service models, leading to higher quality development in the bancassurance sector [5].