存款到期的客群年龄整体偏高，预计风险偏好整体偏低，保险产品位居居民到期存款再配置的第二选择 梯队 ①26年初存款到期的客户年龄位于45-60岁、60岁以上、30-45岁、30岁以下的综合得分为3.39、2.53、 2.51、1.57分。②预计存款到期客户对银行理财接受程度最高，保险位居第二梯队。在选择该选项的理 财经理中，认为银行理财、现金持有、保险产品、债券型基金、固收+基金、权益基金为客户最能接受 的金融产品的理财经理，占比分别为46.8%、47.1%、10.0%、7.8%、6.6%、5.7%。综合得分来看，银行 理财5.64分、现金持有4.31分（预计转存其他银行也包括在内），其余债券型基金、固收+基金、保险 产品得分接近，分别为3.31、3.24、3.14分，权益基金为2.03分。 智通财经APP获悉，国金证券发布研报称，展望2026年，预计个险渠道保持稳健增长，银保渠道直接受 益于存款搬家，客户优势和账户优势明显，叠加大型险企开拓银保市场的积极性和优势显著，预计仍将 延续较好增长，市占率继续提升。 国金证券主要观点如下： 预计26年上市险企新单保费将实现双位数增长，银保渠道是主驱力 在银保增长的主驱 ...

"如果有短期内用不上的钱，可以试试这款储蓄型保险。"一位银行客户经理近期向记者介绍保险产品。 记者在走访多家银行网点时发现，储蓄型保险正成为银行客户经理大力推销的产品。这一现象既反映了 低利率背景下，储蓄型保险提供长期锁定收益的优势，又折射出银保渠道重新崛起的趋势。 事实上，近期记者在走访银行网点时，已有多位客户经理向记者推荐了带有储蓄功能的保险产品，包括 增额寿险、护理险、分红险等。客户经理推荐的核心卖点在于，存款利率不断下调，部分长期限定期存 款、大额存单也已下架，储蓄型保险能够锁定长期收益，利率也有一定的优势。 业内人士表示，上市险企在战略上高度重视银保渠道，随着头部险企进一步扩大合作银行覆盖面、推动 银保合作模式深化，以及银保队伍销售能力提升，银保渠道业绩有望延续较高增长态势。 银行力推储蓄型保险 近日，在农业银行北京市大兴区某网点，银行理财经理向记者推荐了一款增额寿险。她向记者介绍，该 保险是一款储蓄型保险，在首年一次性缴纳10万元保费后，保单的现金价值随保单年度增长而增加。保 单利益演示表显示，保单现金价值在第四年增至10.72万元，折算年化单利为1.79%。此后十几年里，保 单现金价值呈现加速增 ...

● 程竹 李蕴奇 "如果有短期内用不上的钱，可以试试这款储蓄型保险。"一位银行客户经理近期向记者介绍保险产品。 记者在走访多家银行网点时发现，储蓄型保险正成为银行客户经理大力推销的产品。这一现象既反映了 低利率背景下，储蓄型保险提供长期锁定收益的优势，又折射出银保渠道重新崛起的趋势。 业内人士表示，上市险企在战略上高度重视银保渠道，随着头部险企进一步扩大合作银行覆盖面、推动 银保合作模式深化，以及银保队伍销售能力提升，银保渠道业绩有望延续较高增长态势。 银保渠道驱动险企业务增长 银行客户经理热衷于推销保险，折射出银保渠道正成为保险行业增长的重要引擎。业内人士表示，银行 除了具有广泛的网点覆盖和深厚的客户信任优势，还通过代销储蓄型保险产品满足客户的长期稳健增值 需求。未来，随着头部险企进一步扩大合作银行覆盖面、推动银保合作模式深化以及银保队伍销售能力 提升，银保渠道业务收入有望延续较高增长态势。 中金公司研究部保险行业首席分析师毛晴晴认为，储蓄型保险产品和银行存款都具有保值增值的储蓄功 能。二者不同之处在于，储蓄型保险能够在牺牲流动性的前提下，给予投保人更长期的保证收益。在低 利率环境下，居民通过牺牲流动性换取 ...

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 ...

中国平安 20251212 摘要 投资者对中国平安 2025 年四季度及 2026 年业绩（包括净资产、净利 润等）普遍持有乐观预期，主要基于行业和纵向对比的信心。 平安在港股市场估值被显著低估，赔率角度看具有较大上涨潜力，美联 储降息等外部环境变化也为资金流入创造条件，外资配置虽低但新增资 金进场明显。 短期基本面层面，平安"预享金悦"分红型增额终身寿险市场反馈良好， 2026 年一季度开门红预期积极，居民对保险需求旺盛。 2025 年公司推出 6 年缴费期分红险产品，margin 相对稳定，与去年相 比不会有大幅提升，政策已反映在公司的 margin 中。 2025 年价值率增长约 70%归因于监管因素（报行合一、银保渠道、个 险及预定利率下调），30%归因于内部经营管理（费用率降低和缴费期 拉长）。 对华夏幸福的减值已接近完成，账面资产很少，不会再有大的损失；对 万科的风险敞口有限且可控，将尽可能履行义务和责任，并协作解决问 题。 预计 2027 年前基本可以摆脱掉大部分减值问题，2025、2026 两年基 本上差不多可以轻装上阵；2025 年 ROE 预计能回到 17%左右甚至更 高。 Q&A 最近中 ...

内地保险业板块日前走强，因国家金融监管总局发布《关于调整保险公司相关业务风险因子的通知》， 强化了鼓励长期耐心资本的政策导向，有助提振市场情绪。另外，近期中国国债收益率上升，收益率曲 线趋陡，长期而言有利于保险公司，尤其是人寿保险公司，因其带来更高的再投资收益率，以及对内含 价值和偿付能力产生正面影响。再者，该行预计部分保险公司已达成年度目标，因此将焦点转为准备明 年开门红销售表现。而宏观不确定性持续，储蓄需求依然强劲，加上部分银行提高了三年期定期存款的 最低购买门槛，均为保险销售、尤其是银保渠道带来显著顺风。 瑞银发布研报称，重申中国平安（601318）(02318)为保险行业首选，予"买入"评级，目标价70港元， 认为其风险回报具吸引力，因集团第四季经营利润增速显著加快，2025和26年预期股息率相对较高，分 别达4.9%和5.1%，且股息政策清晰。另外，集团可能成为偿付能力放宽通知的主要受益者。 ...

原标题：杂谈丨大额存单消失记：人身险开门红获最大助攻？ 来源：今日保 年底，门红期间，金融市场再传停售。 不过，这次停售的，终于不是保险产品了。 据多家媒体报道，六大国有行的手机App上，5年期大额存单已难觅踪影，部分大行甚至将3年期定存的 起售门槛从20万大幅拉升至100万元，而即便如此，给出的最高收益率也不过区区1.55%。 当然了，尽管大额存单中也有不少法人投资者，但无疑，5年期大额存单的退场及3年期门槛的大幅提 升，会将不少个人投资者挡在门外。 零碎的公开信息显示，2023年一季度，金融机构发行大额存单2.1万期，发行总量为5.5万亿元。截至 2023年9月末，大额存单余额23.5万亿元。 尽管2024年以来未见详细的信息报道，但规模绝不小。 由此溢出的庞大资金，必会寻求新的去向。 这一变化，对于正处于2026年"开门红"备战焦灼期的人身险行业而言，无疑是一次神助攻，而银保渠 道，或将再次证明自己，比个险更强更有价值。毕竟今年8月的那场战役，消耗了太多的资源和精力， 以至于9月如银保等渠道甚至出现停车的态势。 当然了，银行不卖5年期大额存单，盖因5年内，利率水平或许又将出现一个明显的下降。相当于提前给 ...

Core Insights - The overall performance of five A-share listed insurance companies in the life insurance sector shows steady growth, with many institutions reporting double-digit increases in total premiums, new premiums, and renewal premiums [1][2]. Premium Growth - In the first three quarters, China Life achieved total premiums of 669.645 billion yuan, a year-on-year increase of 10.1%, marking a historical high for the same period; Taiping Life reported 263.863 billion yuan, up 14.2%; New China Life reached 172.705 billion yuan, up 18.6%; and PICC Life reported 116.963 billion yuan, up 21.1% [2]. - China Ping An did not disclose premium income data but reported a new business value of 35.724 billion yuan for its life and health insurance, a significant increase of 46.2% [2]. New Business Value - The new business value growth is attributed to the switch in the preset interest rate for life insurance products, with the industry entering a "2.0% era" starting September 1, 2025 [3]. - The quarterly data shows a divergence in premium growth rates among listed insurance companies, with China Life, PICC Life, and China Ping An showing rapid growth rates of 52%, 46%, and 21% respectively, while New China Life and Taiping Life reported declines of -4% and 2% [3]. Product Strategy Transformation - Listed insurance companies are actively transforming their product strategies, with a significant increase in the sales proportion of dividend insurance products. For instance, China Life reported that the proportion of floating income-type business in first-year premiums increased by over 45 percentage points compared to the previous year [4]. - Taiping Life disclosed that the proportion of dividend insurance in new premium income from agents further increased to 58.6% [4]. Performance of Bancassurance Channel - The bancassurance channel has shown remarkable performance, contributing significantly to premium income and business value growth. Taiping Life's bancassurance channel achieved scale premiums of 58.31 billion yuan, a year-on-year increase of 63.3% [5]. - New China Life's bancassurance channel reported premium income of 66.941 billion yuan, up 47.7%, with first-year premiums for long-term insurance increasing by 66.7% [5]. - China Ping An reported a 170.9% year-on-year growth in new business value from its bancassurance channel, contributing 35.1% to its overall new business value [5]. Agent Workforce and Productivity - The overall number of agents remains stable, with slight declines in the number of individual insurance sales agents for major companies. China Life has 607,000 agents, Ping An has 354,000, and Taiping Life has 181,000 [6]. - Despite the slight decline, the quality of the workforce is improving, with New China Life reporting a 50% year-on-year increase in per capita productivity [6].

Core Insights - The non-listed life insurance companies in China reported a dual growth in premium income and net profit for the first three quarters of 2025, with total insurance business income exceeding 1 trillion yuan and net profit surpassing 60 billion yuan [1][3]. Premium Income - In the first three quarters of 2025, 57 non-listed life insurance companies achieved a total insurance business income of 1.07 trillion yuan, marking an approximate 11% increase [3]. - Two companies, Taikang Life and China Post Life, reported insurance business incomes of 196.87 billion yuan and 151.31 billion yuan respectively, significantly outpacing the third-ranked Xintai Life, which had an income of 47.23 billion yuan [3]. - Some companies, such as Huahui Life and Changsheng Life, experienced substantial declines in insurance business income, with decreases of 60.59% and 36.11% respectively [3][4]. Net Profit - The 56 non-listed life insurance companies reported a total net profit of 619.63 billion yuan, reflecting a remarkable growth rate of 183% [6]. - Taikang Life led the net profit rankings with 24.77 billion yuan, a 169% increase from the previous year, while China Post Life followed with 9.13 billion yuan [6]. - The top five companies in net profit included four bank-affiliated insurers, highlighting the significant value of bancassurance channels [6]. Investment Performance - Investment income played a crucial role in the positive profit performance, with many companies reporting investment yields above 5% [8]. - The favorable performance of the capital market, with the Shanghai Composite Index rising by 15.84%, contributed to the growth in investment income [8]. - The allocation of insurance funds to equity assets increased, with the balance of stock investments exceeding 3 trillion yuan, up by 8.92% from the previous quarter [8]. Future Outlook - The investment landscape for life insurance companies may face challenges due to declining long-term interest rates, which could lower net investment yields [9]. - However, structural market conditions and high dividend strategies may provide opportunities for insurers to secure returns [9].

Core Viewpoint - The insurance industry is undergoing significant changes, particularly in the bancassurance channel, as companies adapt to market pressures and competition, with AIA Life re-entering this space after nearly a decade [4][5]. Group 1: Market Dynamics - The competitive landscape in the bancassurance channel has fundamentally changed over the past year, with leading insurers increasing their efforts, thereby squeezing the survival space for bank-affiliated insurers and smaller companies [5]. - AIA Life's re-entry into bancassurance signals a broader trend where no company can afford to remain outside this channel during market downturns [5]. - The shift in AIA's strategy reflects a structural adjustment in response to pressures in the Chinese market, moving away from its previous focus on high-end agents [4][5]. Group 2: AIA's Strategic Moves - AIA Life has increased its stake in China Post Life Insurance to 24.99% after a significant loss of 12 billion yuan, indicating an attempt to secure distribution support from Postal Savings Bank [6][7]. - The close relationship between China Post Life and Postal Savings Bank allows AIA to access a vast retail financial distribution network, including approximately 40,000 financial outlets and over 600 million retail customers [8]. Group 3: Product Strategy and Challenges - AIA is shifting its product focus from critical illness insurance to savings-oriented products that align better with the bancassurance sales logic, despite this being at odds with its previous emphasis on high-value growth [8][9]. - The company aims to increase the proportion of new business value from bancassurance to over 30% in the coming year, with a target new business value rate of above 45% [9]. - The inherent contradiction of "high scale, low value" in bancassurance poses challenges for AIA in achieving its high-value rate goals, as the bank tends to favor products that can quickly generate volume [9]. Group 4: Future Outlook - The next one to two years will be critical for AIA to validate its new strategy and positioning within the evolving insurance landscape [10].