来源：国际金融报 保险公司分支机构持续"瘦身"。 2026年伊始，金融监管总局官网发布多则批复，同意撤销中国人寿、太平人寿、英大泰和人寿、人保财 险、大地财险等保险公司的40余家分支机构。 而这只是当前保险业"瘦身潮"的冰山一角。《国际金融报》记者据金融监管总局保险许可证查询信息统 计，2025年共有3156家保险公司分支机构退出，创下近六年新高。 面向2026年，业内人士指出，在降本增效的核心诉求和"报行合一"等政策持续作用下，这一优化调整趋 势预计仍将延续，但步伐可能从集中清理过渡为更常态化的精细调整。 据记者统计，2020年，有971家保险公司分支机构退出历史舞台；2021年，这一数字陡然攀升至2197 家；2022年进一步增至2966家；2023年略有回落，关停的分支机构数量降至2065家；2024年，共有2013 家分支机构退出市场，仍保持在相对高位。 步入2025年，这股"瘦身潮"仍在保险业内席卷，全年共有3156家分支机构离场，创下近年新高。其中， 人身险公司分支机构2297家，占比72.78%；财产险公司分支机构859家，占比27.22%。 谈及保险公司分支机构持续清退的原因，北京排排网保险代 ...

Core Insights - The launch of the "2026 Full-Cycle Wealth Retirement Plan" by Shouhui Group and its subsidiaries aims to address the public's demand for certainty in wealth planning amid an aging population and low-interest environment [1][2] - The core challenge in retirement planning has shifted from insufficient wealth accumulation to ensuring that accumulated wealth can be safely and steadily converted into sustainable lifelong income [2][5] Product Offerings - Three jointly customized products were introduced: "Furui Future (Immediate Version) Retirement Annuity," "Fuxiang Nian Nian (Starry Version) Annuity Insurance," and "Zengduoduo No. 9 Increasing Whole Life Insurance," which together form a comprehensive wealth retirement solution [1][2] - "Zengduoduo No. 9 Increasing Whole Life Insurance" focuses on long-term, stable, and certain growth of wealth, with cash value increasing at a fixed compound interest rate, unaffected by market fluctuations [2][3] - "Fuxiang Nian Nian (Starry Version) Annuity Insurance" is designed for quick returns, providing stable cash flow for education, lifestyle enhancement, or pre-retirement income [3] - "Furui Future (Immediate Version) Retirement Annuity" allows investments up to age 70 and offers immediate income post-payment period, ensuring lifelong retirement income [3] Industry Trends - The relationship between insurance intermediaries and insurance companies is evolving from simple channel cooperation to a deep symbiotic ecosystem involving joint insights, development, and services [3][5] - The aging population in China is leading to a significant increase in the elderly demographic, with 297 million people aged 60 and above by the end of 2023, representing 21.1% of the total population [1][2] Company Strategy - Shouhui Group emphasizes a customer-centric approach, aiming to be a reliable company that transcends economic cycles [4] - The focus is on comprehensive planning based on individual family structures, income, and life goals, rather than merely stacking products [4][5] - The collaboration has resulted in the launch of seven exclusive customized products since 2023, with total premiums exceeding 700 million yuan [3]

Core Viewpoint - Ping An Life has significantly increased its stake in China Merchants Bank (CMB), reaching 20.07% of CMB's H-shares by December 31, 2025, triggering regulatory disclosure requirements. This move is driven by the potential for long-term equity investment accounting benefits and high dividend yields from CMB [1][3][9]. Investment Activity - Ping An Life has made four separate acquisitions of CMB H-shares throughout 2025, starting with an initial purchase of 1.89 million shares for approximately 72.54 million HKD, reaching a 5% stake by January 10, 2025. Subsequent purchases increased its stake to 10%, 15%, and finally 20% by the end of the year [3][4]. - As of the end of 2025, Ping An Life holds approximately 922 million shares of CMB H-shares, with a book value of 43.96 billion CNY, up from 8.09 billion CNY at the time of the first acquisition [4]. Financial Implications - The net asset value of Ping An Life's holdings in CMB is approximately 50.75 billion CNY, exceeding its book value by 4.19 billion CNY. If Ping An Life appoints a director to CMB, it could recognize around 6.79 billion CNY in non-operating income [2][10]. - The trend of insurance capital appointing directors to banks has been increasing, with several insurance companies, including Dajia Life and Xinhua Life, making similar moves to enhance their influence and financial reporting [2][10]. Market Context - CMB has been experiencing declining performance metrics, with revenue growth slowing significantly since 2022. The bank's revenue growth fell from 14.04% in 2021 to 4.08% in 2022, and further into negative territory in 2023 and 2024 [5][6]. - The retail banking sector, which is crucial for CMB, has seen a decrease in profitability due to lower net interest margins and a decline in retail loan demand. The average cost of retail deposits has risen, while the average yield on retail loans has decreased, leading to a higher cost-to-income ratio [5][6]. Accounting Considerations - The new accounting standards allow insurance companies to classify equity investments at fair value, which can stabilize reported earnings. This has led to a preference for high-dividend stocks like CMB, as dividends can be recognized as investment income without affecting profit and loss statements [7][8]. - The potential for recognizing significant non-operating income through equity method accounting is a key driver for insurance companies like Ping An Life to increase their stakes in banks, especially those trading below book value [9][10].

Core Insights - The insurance industry in China has shown a significant increase in claims payments for 2025, indicating a shift in the role of commercial insurance towards becoming a more integral part of daily healthcare payments [1][3][4] Group 1: Claims Payment Trends - The total claims amount for China Life Insurance exceeded 100.4 billion yuan, a year-on-year increase of 10% [1] - New China Life Insurance reported a total claims amount of 14.7 billion yuan, averaging 40.29 million yuan per day [1] - The number of medical claims has surged, with Fude Life Insurance reporting 319,700 medical claims out of a total of 351,100 claims, representing 91.06% of their total claims [3] Group 2: Health Risks and Demographics - Malignant tumors remain the leading health risk, accounting for 69.84% of critical illness claims, with a higher incidence in women [3][4] - The age group of 45 to 59 years represents 55.48% of critical illness claims, highlighting a significant protection gap for this demographic [4] Group 3: Technological Advancements in Claims Processing - The adoption of AI and big data technologies has led to significant improvements in claims processing efficiency, with some companies achieving claims processing times in minutes or even seconds [5][6] - Fude Life Insurance reported an average claims processing time of 1.17 days, with a review time of only 0.36 days [6] Group 4: Support for National Strategies and Social Welfare - The insurance sector is increasingly involved in supporting national strategies, such as rural revitalization and disaster reduction, with China Life Insurance serving over 4.54 million rural residents and paying out over 15.8 billion yuan [7][8] - Insurance companies are also focusing on aging populations, with China Life Insurance providing services to over 15.17 million elderly clients and paying out over 11.3 billion yuan [8] Group 5: Emergency Response and Risk Management - The insurance industry has demonstrated its role as a "social stabilizer" by activating emergency claims services in response to natural disasters and accidents, with Fude Life Insurance initiating emergency claims services 31 times in 2025 [9] - China Pacific Insurance responded to 244 natural disasters and accidents, paying out over 13 billion yuan in disaster claims [9]

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and financing conditions [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies saw a 9.1% increase in premium income, while property insurance companies grew by 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices changed by -0.87%, +0.91%, and +1.95% respectively, while the CSI 300 index increased by +2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st in performance [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector is 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank have the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate is 2.0%, with LPR rates at 3.0% for one year and 3.50% for five years. The average interbank borrowing rates for one day, seven days, and fourteen days are 1.33%, 1.50%, and 1.60% respectively [29][30]. Industry News - The China Banking and Insurance Regulatory Commission has released guidelines for data classification and grading in the insurance asset management industry, effective January 1, 2026, aimed at enhancing data security management standards [39][40].

Core Viewpoint - The Hong Kong Hang Seng Index increased by 82.48 points, or 0.32%, closing at 26,231.79 points, with a total turnover of HKD 245.13 billion [1] Group 1: Index Performance - The Hang Seng Index rose by 82.48 points, closing at 26,231.79 points, reflecting a 0.32% increase [1] - The National Enterprises Index increased by 9.19 points, closing at 9,048.53 points, with a 0.1% rise [1] - The Hang Seng Technology Index gained 8.8 points, closing at 5,687.14 points, marking a 0.15% increase [1] Group 2: Blue-Chip Stocks - Tencent Holdings decreased by 0.81%, closing at HKD 611 [1] - Hong Kong Exchanges and Clearing rose by 0.38%, closing at HKD 426.8 [1] - China Mobile remained unchanged at HKD 80.95 [1] - HSBC Holdings increased by 0.4%, closing at HKD 124.8 [1] Group 3: Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.33%, closing at HKD 42.1 [1] - Sun Hung Kai Properties rose by 1.36%, closing at HKD 104.2 [1] - Henderson Land Development increased by 0.89%, closing at HKD 29.62 [1] Group 4: Chinese Financial Stocks - Bank of China decreased by 0.68%, closing at HKD 4.39 [1] - China Construction Bank fell by 0.26%, closing at HKD 7.59 [1] - Industrial and Commercial Bank of China rose by 0.49%, closing at HKD 6.13 [1] - Ping An Insurance decreased by 0.28%, closing at HKD 70 [1] - China Life Insurance increased by 1.09%, closing at HKD 31.48 [1] Group 5: Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 0.43%, closing at HKD 4.69 [1] - PetroChina increased by 1.63%, closing at HKD 8.1 [1] - CNOOC gained 1.26%, closing at HKD 20.94 [1]

北京商报讯（记者 胡永新）1月9日，国家金融监督管理总局宁波监管局发布的行政处罚信息显示，国 任财产保险股份有限公司宁波分公司（以下简称"国任保险宁波分公司"）及相关责任人因报告、报表、 文件和资料不真实被罚。国家金融监督管理总局宁波监管局对国任保险宁波分公司罚款20万元，对舒艳 给予警告并罚款1万元。 ...

北京商报讯（记者 胡永新）1月9日，国家金融监督管理总局宿州监管分局发布的行政处罚信息显示， 华安财产保险股份有限公司宿州中心支公司（以下简称"华安财险宿州中支"）及相关责任人因存在财务 业务数据不真实的违法违规行为被罚，国家金融监督管理总局宿州监管分局对华安财险宿州中支罚款17 万元，对岳斌、王功臣警告并罚款合计3.4万元。 ...

Group 1 - The Shanghai Municipal Government has issued a three-year action plan (2026-2028) to support the transformation and upgrading of advanced manufacturing [1] - The plan aims to guide insurance institutions to provide customized insurance services for major technological equipment and new materials [1]

责任编辑：曹睿潼 来源：中国再保险 来源：中国再保险 1月9日，中国再保党委书记、董事长庄乾志，党委副书记、副董事长、拟任总裁朱晓云会见中国银行党 委副书记、副董事长、行长张辉，党委委员、副行长刘承钢一行。 中国再保与中国银行战略合作基础深厚，双方围绕金融体系绿色转型和气候风险治理能力提升、银保共 同服务科技金融、携手为"一带一路"中国海外利益提供金融支持等方面开展深入交流。下一步，双方将 聚焦银保主责主业，牢牢把握金融工作的政治性、人民性，共同做好金融"五篇大文章"。 集团公司相关部门、相关子公司参加会谈交流。 中国再保与中国银行战略合作基础深厚，双方围绕金融体系绿色转型和气候风险治理能力提升、银保共 同服务科技金融、携手为"一带一路"中国海外利益提供金融支持等方面开展深入交流。下一步，双方将 聚焦银保主责主业，牢牢把握金融工作的政治性、人民性，共同做好金融"五篇大文章"。 集团公司相关部门、相关子公司参加会谈交流。 责任编辑：曹睿潼 1月9日，中国再保党委书记、董事长庄乾志，党委副书记、副董事长、拟任总裁朱晓云会见中国银行党 委副书记、副董事长、行长张辉，党委委员、副行长刘承钢一行。 ...