Core Viewpoint - The release of the "Guidelines for Expense Allocation of Life Insurance Products" aims to enhance the scientific and rational allocation of expenses in life insurance product pricing, aligning with the "reporting and operation integration" policy [1][2]. Group 1: Background of the Guidelines - The guidelines were introduced in response to increasing demands for expense allocation in life insurance pricing, evaluation, and management, particularly since the implementation of the "reporting and operation integration" policy in 2023 [1]. - The guidelines are designed to improve the scientific and rational nature of expense allocation, thereby enhancing market order in the life insurance sector [1]. Group 2: Main Content of the Guidelines - The guidelines define and categorize expenses into variable and fixed expenses, with variable expenses further divided into those paid to intermediaries or sales personnel and other variable expenses [1]. - The guidelines specify the scope of expense allocation based on the nature and cause of expenses [1]. - The guidelines outline methods for expense collection, recognition, and allocation, emphasizing a principle of "recognition first, allocation later" to ensure a scientific and rational approach [1]. Group 3: Impact on the Industry - The guidelines provide scientific guidance for expense allocation in the life insurance industry, enhancing the rationality of pricing and promoting better implementation of the "reporting and operation integration" policy [2]. - The guidelines are expected to improve expense management levels within insurance companies, leading to refined management practices, increased operational efficiency, and optimized resource allocation [2]. Group 4: Future Work Arrangements - The China Actuarial Association plans to conduct industry training to raise awareness of the importance of refined expense management and improve expense management levels among insurance companies [3]. - The association will continue to monitor and research expense allocation and management practices within the industry to promote fair competition and high-quality development [3].

来源：中国银行保险报 朱艳霞 为贯彻落实《国务院关于加强监管防范风险推动保险业高质量发展的若干意见》精神，进一步提升人身 保险产品定价中费用分摊的科学性与合理性，更好地落实"报行合一"相关要求，11月21日，中国精算师 协会(以下简称"精算师协会")发布了《人身保险产品费用分摊指引》(以下简称《指引》)。 立足实务 细化"报行合一"落地路径 《指引》立足行业人身保险产品费用分摊工作实际，并结合"报行合一"要求进一步细化，涵盖了费用定 义与范围、费用分摊的原则与方法、费用认定与分摊、费用基础管理等内容。 明确费用边界 划定"四类不纳入"情形 《指引》适用于一年以上个人长期人身保险产品的费用分摊工作。 《指引》所称产品费用，是指保险公司经营人身保险业务发生的相关费用(不涉及税金及附加)，包括变 动费用与分摊的固定费用。 其中，变动费用是指保险公司因销售保单而产生、与销售直接相关的费用，主要包括向中介机构或保险 销售人员支付的变动费用(含支付给中介机构的手续费，支付给保险销售人员的直接佣金、附加佣金 等)，以及其他变动费用(业务推动费以及与销售直接相关的培训费、宣传费、招待费等)。分摊的固定费 用是指除变动费用以外 ...

本报记者 杨笑寒 近日，国家金融监督管理总局（以下简称"金融监管总局"）发布行政批复，同意太平养老保险股份有限 公司（以下简称"太平养老"）增加注册资本约3.3亿元，同时同意比利时富杰保险国际股份有限公司 （以下简称"比利时富杰"）认购该公司10%股权。增资后，太平养老的注册资本由30亿元变更为约33.33 亿元。 据《证券日报》记者统计，今年以来截至11月25日，已有国民养老保险股份有限公司（以下简称"国民 养老"）、中邮人寿保险股份有限公司、中华联合人寿保险股份有限公司等15家险企获批增资，合计增 资166.91亿元。 盘古智库（北京）信息咨询有限公司高级研究员江瀚表示，对保险行业而言，外资的深度参与将带来以 下三方面影响：一是加剧市场竞争，促使本土险企在产品创新、服务体验和科技应用等方面加速升级， 推动行业从规模驱动向价值驱动转型。二是外资带来的先进风控理念、精算技术以及ESG（环境、社会 和公司治理）投资实践，有助于提升整个行业的专业化和国际化水平，并促进保险资金运用效率的整体 优化。三是外资通过"合转外"或独资运营，可能重塑股权结构和治理模式，推动行业治理标准与国际接 轨；同时，其服务高净值客户的经 ...

在新能源汽车渗透率不断提升、车险需求多样化的背景下，越来越多的车企加速布局保险领域，将车险业务深度融入自身全产业链。11月24日， 北京商报记者注意到，北京法巴天星财产保险股份有限公司（以下简称"法巴天星财险"）已于10月17日正式获批开业，标志着这家融合了国际保 险巨头、中国造车新势力与欧洲汽车金融巨头的跨界险企，正式登陆中国车险市场。 由于小米集团的深度参与和生态赋能，该公司被业界视作"小米车险"的真正落地，也成为继深圳比亚迪财产保险有限公司（以下简称"比亚迪财 险"）之后，搅动新能源车险市场的第二条"鲶鱼"。在新能源车加速普及、车主对车险高保费吐槽持续发酵的当下，这场带着科技与产业基因的跨 界布局，能否打破现有定价桎梏、破解行业发展痛点，成为市场关注的核心焦点。 三方巨头加持 回溯法巴天星财险筹建历程，2024年10月，监管部门正式发文同意筹建，历经一年时间的筹备打磨，这家备受瞩目的合资财险公司终于如愿拿到 开业批文，并将接受北京金融监管局的属地监督管理。 法巴天星财险的开业，是新能源车企扎堆入局保险业的一个缩影。 近些年，多家新能源车企通过收购或成立保险经纪公司、保险公司尝试进军保险行业。例如，202 ...

转自：新华财经 新华财经北京11月25日电（刘润榕）人民银行25日开展3021亿元7天期逆回购操作，操作利率1.40%，与前次持平；鉴于当日有9000亿元1年期中期借贷便 利（MLF）和4075亿元7天期逆回购到期，公开市场实现净回笼10054亿元。 上海银行间同业拆放利率（Shibor）延续窄幅震荡。具体来看，隔夜Shibor与前日持平，报1.3160%；7天Shibor下跌1.40BP，报1.4330%；14天Shibor下跌 0.20BP，报1.5400%。 上海银行间同业拆放利率（11月25日） 银行间质押式回购市场方面，短期资金价格整体小幅回落，R007成交额占比高位徘徊。具体看，DR001、R001加权平均利率分别下行0.1BP、0.5BP，报 1.318%、1.3843%，成交额分别减少1529亿元、409亿元；DR007、R007加权平均利率分别下行1.6BP、3.3P，报1.4541%、1.5238%，成交额分别增加347 亿元、122亿元；DR014、R014加权平均利率分别下行1.1BP、1.2BP，报1.5317%、1.533%，成交额分别减少66亿元、64亿元。 货币市场利率（11月 ...

Core Viewpoint - The "reporting and operation integration" policy is showing positive effects, but its benefits are not one-time and will have a long-tail effect in the insurance industry [1][4]. Group 1: Policy Implementation - The China Actuarial Society has released guidelines for expense allocation in life insurance products, categorizing expenses into variable and fixed costs, with specific exclusions for four types of expenses [2][3]. - The "reporting and operation integration" aims to curb internal competition among insurance companies that leads to underwriting losses through practices like "small accounts" and "rebates" [2][3]. Group 2: Expense Management - The guidelines enhance the scientific and rational management of expense allocation, which is crucial for implementing the "reporting and operation integration" policy effectively [3][4]. - Fixed costs that need to be allocated exclude expenses not directly related to insurance operations, such as investment-related costs and one-time expenses, which helps in more accurate product pricing [3][4]. Group 3: Market Impact - The implementation of the "reporting and operation integration" in the life insurance sector has led to a significant reduction in commission rates, averaging a 30% decrease [4]. - The long-term effects of the policy are expected to improve the operational quality of the life insurance industry and potentially restore sector valuations [4].

每经记者|涂颖浩 潘婷 每经编辑|董兴生 近年来，随着人工智能的飞速进步，找到相应的智能化载体似乎成了全世界最紧迫的任务。而人形机器 人似乎仅凭其小露一手的"能跑善舞"等技能，就已占据了C位。 随着具身智能迅猛发展，人形机器人已从实验室演示迈向商业化应用，产业发展迈向新阶段。中国信通 院发布的《人形机器人产业发展研究报告2024》指出，人形机器人作为人工智能与机械工程的集大成 者，在生产制造、社会服务、特种作业等领域有广阔的应用前景。预计到2035年，我国整机市场规模有 望达到千亿元人民币。 然而，技术越先进，应用场景越复杂，也意味着潜在风险越多元化，与之相应的保险需求也就越紧迫。 在政策引导与市场需求双重催化之下，保险业正在迅速切入这一新兴赛道。 《每日经济新闻》记者注意到，今年9月份以来，平安财险、太保财险、人保财险等头部机构密集推出 具身智能专属保险产品，覆盖机器人本体损失、第三者责任、网络安全、数据泄露等多个维度。与此同 时，行业内外对风险管理机制、伦理边界、数据共享等深层次问题的探讨也日益深入。 在这片千亿元级蓝海中，保险不仅是风险兜底工具，更被赋予了推动产业生态健康发展的战略使命。 探索破局：从" ...

Core Viewpoint - The implementation of the personal pension system has reached its third anniversary, and the product pool is expanding with the inclusion of electronic savings bonds, which is expected to enhance the attractiveness of personal pension investments [3][4]. Group 1: Expansion of Personal Pension Products - The Ministry of Finance and the People's Bank of China announced that starting from June 2026, electronic savings bonds will be included in the personal pension product range, creating a diversified product structure that combines insurance, wealth management, funds, savings, and bonds [3][4]. - The personal pension system has evolved from pilot programs in 36 cities to a nationwide rollout, with a well-established framework and an increasingly rich product system [3][4]. Group 2: Characteristics and Appeal of Savings Bonds - Electronic savings bonds are characterized by their ultra-low risk and high safety, backed by national credit, with interest rates higher than those of regular deposits, making them attractive to conservative investors [4][5]. - The current interest rates for 3-year and 5-year savings bonds are stable at 1.63% and 1.7%, respectively, with certain issues being quickly sold out due to high demand [4]. Group 3: Impact on Personal Pension Contributions - The introduction of savings bonds is expected to encourage higher contribution levels in personal pension accounts, particularly among conservative investors who may be hesitant to invest in riskier products [5]. - The effectiveness of this initiative will depend on various factors, including investor risk preferences, the diversity of market products, and the level of investor education [5]. Group 4: Issuance and Allocation of Savings Bonds - The issuance of electronic savings bonds will have a dedicated quota for pension investors, with the allocation adjusted quarterly based on the proportion of uninvested amounts in pension accounts [6][7]. - This mechanism is anticipated to intensify competition among institutions, as they will need to optimize product offerings and enhance customer experiences to secure a larger share of the pension market [7].

11月22日，《2025中国保险业竞争力研究报告》（以下简称《报告》）在由南方财经全媒体集团指 导、21世纪经济报道主办的"第二十届21世纪金融年会"正式发布。 行业呈现"马太效应"，2025 年上半年，参与排名的 58 家寿险公司在 2025 年上半年共盈利 1763.08 亿元，其中前十名寿险公司合计盈利1667.46 亿元，前十名公司合计净利润占参与排名公司总利润的 94.6%。 行业整体稳健增长，全球地位持续巩固 《报告》显示，2025年上半年，中国保险业保费收入达3.74万亿元，同比增长5.04%，延续了"十四 五"期间的稳健增长势头。截至2025年6月，保险资金运用余额达36.23万亿元，较2020年底增长67%。 中国保费收入占全球市场份额达10.2%，稳居全球第二大保险市场，领先优势进一步扩大。 与此同时，行业偿付能力持续增强，2025 年 6 月，综合偿付能力充足率达204.5%，核心偿付能力 充足率达147.8%，较2022年末分别提升8.5和19.4个百分点，显示出行业整体风险抵御能力的显著提 升。 寿险业：价值修复与集中度提升并行 《报告》对75家寿险公司进行评估，其中58家参与排名。 ...

Core Insights - Shenzhen's financial regulatory bureau reported significant progress in supporting foreign trade and consumer spending through targeted financial policies and initiatives [1][3][6] Group 1: Foreign Trade Support - In the first ten months of the year, Shenzhen's domestic banks issued new loans to foreign trade enterprises amounting to 763.66 billion yuan, a year-on-year increase of 9.83% [3][4] - The financing balance for cross-border e-commerce grew by 39.92%, while loans to small and micro foreign trade enterprises increased by 20.58% [3] - Insurance institutions provided export credit insurance coverage of 93.69 billion USD to 31,000 foreign trade enterprises, marking a 13.80% increase [3] - Innovative financial products like "Micro Trade Loan" have been launched, benefiting 1,700 small foreign trade enterprises with credit of 1.82 billion yuan, reducing financing costs by over 15% [3] - A "Foreign Trade Financial Supermarket" was established, integrating 63 banking and insurance institutions, offering 229 financial products for foreign trade enterprises [3] Group 2: Consumer Spending Promotion - As of the end of October, the balance of personal consumption loans in Shenzhen reached 835.29 billion yuan, reflecting a year-on-year growth of 4.95% [5] - Loans in the accommodation, catering, and cultural entertainment sectors totaled 207.99 billion yuan, with a growth of 2.04% [5] - Financial institutions have introduced various consumer incentives, including a program that provided 7.79 million yuan in discounts, stimulating nearly 300 million yuan in related consumption [5] - The "Deep Military Loan" initiative has disbursed nearly 60 million yuan to support veterans in entrepreneurship and enhance their consumption capacity [5] Group 3: Innovation and Policy Synergy - Financial technology and policy collaboration have improved efficiency in both foreign trade and consumer finance sectors [6] - The implementation of a personal consumption loan interest subsidy policy has benefited over 32,100 clients, with a total subsidy amount of 60.14 million yuan [6] - The Shenzhen financial regulatory bureau aims to continue leveraging financial resources to support foreign trade enterprises and upgrade consumer finance, contributing to the establishment of a globally influential consumer finance center [6]