近日，由金融界主办的"启航•2025金融年会"暨金智奖颁奖盛典在北京举行。中荷人寿保险有限公司凭 借其卓越的经营管理能力、扎实的企业社会责任实践以及在行业转型中的杰出表现，荣膺"杰出寿险公 司"奖项。这一荣誉不仅代表了业界与媒体对中荷人寿过去一年卓越成就的高度肯定，更是对其长期坚 持高质量发展路径的权威认可。 面对数字经济的蓬勃浪潮，中荷人寿深刻洞察科技与保险融合的大趋势，推动"保险+科技"深度融合， 致力于打造更便捷、智能、个性化且有温度的服务新生态。公司围绕"一个中心、二套体系、三张网 络、四个群体"的整体思路，系统化推进康养服务能力建设。通过搭建"荷护健康"综合服务平台，为客 户提供涵盖健康管理、就医协助、康复照护、旅居养老等40余项服务，累计服务客户已超过15.2万人 次。同时，公司持续优化全流程线上服务，构建覆盖保单全生命周期的数字化服务链，核心业务环节智 能化水平显著提升，核保自动通过率达84.75%，线上保全与理赔使用率分别91.3%和87%，真正实现 了"让数据多跑路，让客户少奔波"。 履行担当，以社会责任回馈时代期许 中荷人寿一直坚信企业的长远价值源于对经济绩效与社会责任的平衡担当。公司坚守 ...

一、顶层设计：政策引领+监管重构 不只是过去5年，即便是在整个中国金融历史进程中，2023年都是至关重要的一年。这一年，银保监会 成为历史，国家金融监督管理总局正式成立，确立了"一行一局一会"金融监管新格局。 这场改革绝非简单的机构撤并与职能划转，而是中国金融监管理念、监管模式的根本性重塑。它彻底打 破了过去以机构属性为边界的监管分割，实现了从"机构监管"向"功能监管"的深刻转型，监管视角穿透 业务表象直抵风险本源，监管力度从"表面合规"向"实质风险管控"全面升级。 这一变革不仅理顺了跨领域、跨市场金融业务的监管权责，更以专业化、权威化的监管架构，清除了行 业发展中的体制性堵点，为保险业乃至整个金融业的规范健康发展筑牢了制度根基。 曾国军｜文 2021-2025年，注定是中国保险业发展史上具有重要意义的五年。 这五年，中国保险业站在"金融强国"战略的历史节点上，完成了从规模扩张到价值重塑的关键跨越。当 前，中国已是全球第二大保险市场，行业面临的不再是"做大"的焦虑，而是"做强"的拷问：如何在利率 下行周期中守住利差损风险底线？如何将保险功能从经济补偿升维至社会稳定器？又如何在科技革命浪 潮中重塑核心竞争力？ ...

冯润桓认为，年轻人很容易出现现时偏差（PresentBias），也就是说比较关注眼前的事情，不愿意做长 远的规划。养老准备问题常被认为"很重要但不紧急"，所以有些人的主动规划意识不足。他认为，养老 规划包含几个方面，一是养老金的规划，有足够的钱可以在退休后保持原来的生活品质；二是健康规 划，有没有足够的资金支付医疗的开支，有没有买百万医疗、重疾等健康险产品等；三是传承规划，随 着年龄的增长、身体机能的衰落，需要很多长期护理的医疗服务，这就涉及未来我们的养老资产如何在 有限的晚年合理地分配和使用。 个人养老金产品如何购买 12月初，工商银行将3年期大额存单起存门槛从行业常规的20万元升至100万元，但年利率与50元起存的 普通定存持平，均为1.55%。11月以来，多家国有大行相继下架5年期大额存单，3年期存款产品利率普 遍降至1.5%至1.75%区间，部分中小银行取消3年期、5年期普通定期存款。在存款利率持续下行的背景 下，"钱袋子"如何保值增值，养老规划该怎么做，成为年轻人关注的焦点问题之一。 年轻群体转向分散理财模式 某社交平台理财达人孙女士向北京青年报记者表示，过去大家认为存够100万元，年利4%至5%， ...

Core Insights - The personal pension system is evolving, with a clear product supply structure emerging, where annuity insurance dominates the market with nearly 60% of the offerings [1][2] - Dividend-type insurance products are gaining popularity due to their dual advantages of risk diversification and flexible returns, becoming a mainstream development direction in the market [1][3] - Insurance institutions are actively developing comprehensive solutions that integrate health management and pension services to enhance the overall attractiveness of personal pension products [1][4] Product Distribution - As of November 24, there are 437 personal pension insurance products launched, with 118 currently available for sale [2] - Annuity insurance leads with 69 products, followed by whole life insurance with 37, and dedicated commercial pension insurance with only 12 products [2] Popularity of Dividend-Type Products - In a declining interest rate environment, dividend-type insurance products are increasingly favored by investors, comprising over 40% of the available products [3] - The landscape of annuity insurance has shifted, with dividend-type annuity products now holding a significant market share [3] - Dividend-type products offer a combination of guaranteed and floating benefits, requiring insurance companies to share a substantial portion of operational profits with policyholders [3] Comprehensive Solutions - The personal pension market is experiencing a phenomenon of "hot account openings but cold deposits," indicating a need to activate actual funding willingness [4] - Expanding the personal pension product system is seen as a key solution to this issue, with regulatory changes allowing for the introduction of personal pension savings bonds starting June 2026 [4] - Insurance institutions are encouraged to innovate by integrating services such as health management and community living benefits into pension products, enhancing their appeal through a "service + finance" model [4]

Core Insights - The personal pension insurance market is evolving with a clear product supply structure, where annuity insurance dominates with nearly 60% of the total products available [1] - Dividend-type insurance products are gaining popularity due to their dual advantages of risk diversification and flexible returns, becoming a mainstream development direction in the market [1][2] - The current personal pension market shows a trend of "hot account openings but cold deposit intentions," indicating a need for a richer product system to activate actual funding willingness [3][4] Product Types - Personal pension insurance products can be categorized into three types: exclusive commercial pension insurance, whole life insurance, and annuity insurance [2] - Annuity insurance leads with 69 products, followed by whole life insurance with 37 products, and exclusive commercial pension insurance with only 12 products [2] Popularity of Dividend-Type Products - In a declining interest rate environment, dividend-type insurance products are increasingly favored by investors, with 50 such products available, accounting for over 40% of the total products [2][3] - The shift in the annuity insurance product landscape shows that dividend-type annuity products now hold a significant market share [2] Customer Benefits of Dividend-Type Products - Dividend-type products offer customers both guaranteed and floating benefits, with insurance companies required to share at least 70% of operational profits with policyholders [3] - Investors are shifting from fixed-income annuity products to dividend-type products due to the potential for higher returns from the floating benefit component [3] Comprehensive Solutions - The industry is encouraged to innovate by integrating health management and pension services into comprehensive solutions, enhancing product attractiveness through a "service + finance" model [4] - Regulatory changes are expected to expand the personal pension product matrix, including the introduction of personal pension savings bonds, to better meet diverse risk preferences [3][4]

Core Viewpoint - The article highlights the recognition of ICBC-AXA Life Insurance for its "Elderly Ecosystem Construction Project," which won the "2025 Insurance Industry Pension Financial Practice Ark Award," emphasizing the company's commitment to innovative pension financial services [1][3]. Group 1: Award and Recognition - The "Ark Award" is one of the most influential and reputable evaluations in the financial media, focusing on high-quality development and service to the real economy [3]. - ICBC-AXA Life's repeated award is a recognition of its deep engagement and innovative breakthroughs in the pension finance sector [3]. Group 2: Product Innovation - ICBC-AXA Life focuses on the elderly insurance market, continuously innovating its product supply to create a diverse product matrix that includes pension annuity insurance, whole life insurance, and exclusive commercial pension insurance [3]. - The company has launched new health insurance products, such as "Filial Piety Insurance" for cancer prevention and "Long-term Care Insurance," complementing its commercial pension products [3]. Group 3: Service Solutions - The company introduced the "Shenghua Year" service, which offers a comprehensive elderly care solution focusing on family and professional medical care, providing 31 services including health consultations and hospitalization assistance [4][5]. - The "Shenghua Year" service has received positive feedback, exemplified by a customer from Guangxi who praised the one-on-one nursing assistance during her father's hospitalization, highlighting the service's professional value and humanistic care [4]. Group 4: Integration of Services - By integrating pension insurance products with the "Shenghua Year" service system, ICBC-AXA Life has achieved a seamless combination of pension protection and real elderly care services, enhancing customer support in the face of an aging population [7].

Core Insights - The personal pension insurance market has evolved significantly over the past three years, with the number of products exceeding 400, and 118 currently available for sale, indicating a shift from scarcity to abundance in product offerings [1][3] - The market is witnessing a transformation from fixed-income products to a diverse range of floating-income products, which now account for over 40% of the available offerings, reflecting changing consumer preferences and market dynamics [1][4] Product Development - Since the pilot program began, the number of personal pension insurance products has expanded to 437, with over 20 insurance companies participating, including major players like China Life and PICC Life [3][4] - The types of products available have diversified, focusing on whole life insurance, annuity insurance, and dedicated commercial pension insurance, with many now offering floating income options [4][5] Market Trends - The introduction of floating income products is seen as a response to the need for more flexible investment options that can better combat inflation, providing a "guaranteed + floating" income model [5][6] - As of 2024, 70% of dedicated commercial pension insurance products maintain a settlement interest rate above 3%, with some exceeding 4%, indicating a competitive market for returns [4][6] Consumer Engagement - Despite the growth in product offerings, actual participation and sustained payment willingness remain low, highlighting a gap between product availability and consumer engagement [7][8] - Key challenges include insufficient product attractiveness, lack of investor education on floating income products, and a mismatch between long-term investment commitments and consumer liquidity preferences [7][8] Future Directions - Industry experts suggest that to enhance product appeal and stimulate ongoing contributions, insurance companies should innovate by integrating health management and retirement services into their offerings [8] - A shift from viewing personal pensions as mere financial investments to comprehensive solutions that enhance quality of life is essential for increasing consumer trust and participation [8][9]

Core Viewpoint - The article highlights the efforts of China Life Insurance's Guangzhou branch in promoting financial insurance knowledge and enhancing the role of marketing agents through a unique party-building initiative, which aims to support high-quality development in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2][3]. Group 1: Marketing Agent Party Building - Guangzhou Life has established a "six-in-one" work system for marketing agent party building, integrating daily volunteer services to benefit the community and ensuring effective implementation of party-building responsibilities [2][3]. - The company has conducted over 20 promotional events within two months of launching the "Red Heart Gathering" marketing agent party building initiative, engaging more than 270 marketing agent party members [2][3]. - The company has organized six specialized training sessions for marketing agent party members over the past three years, incorporating red education into various training programs [2][3]. Group 2: Service to the Community - Guangzhou Life has served over 10.82 million customers as of July 2025, with 670,300 claims processed and a total payout of 966 million yuan from January to July 2025 [3]. - The company has implemented the "Guangzhou Mama Love Plan," providing insurance coverage to over 2.56 million individuals over six years, and has been a key provider of long-term care insurance for 6.5 million people [3][4]. - Guangzhou Life has led the "Sui Sui Kang" commercial supplementary insurance project, providing coverage to over 18.28 million individuals in five years, recognized as an exemplary case in multi-level medical security [3]. Group 3: Focus on Elderly Financial Services - The company has launched the "Silver Age Health Action," focusing on personal pensions and various insurance products to meet diverse retirement and financial planning needs [4]. Group 4: Exemplary Leadership - Guangzhou Life emphasizes the role of marketing agent party members as exemplary leaders in business development, team building, compliance, risk management, customer service, and public image [5][6]. - Notable marketing agents like Zhou Yingcai and Yao Honghuan have been recognized for their contributions to consumer rights education and community service, respectively, showcasing the positive image of the company's party members [6].

Core Insights - The insurance industry is undergoing a significant transformation as the guaranteed interest rate for life insurance products has been reduced from 2.5% to 2% or lower, prompting companies to redesign their product structures and agents to enhance their financial calculation skills [1][4][8] - The upcoming "opening red" period for 2026 is marked by a major shift in product offerings, with a focus on dividend insurance products rather than traditional savings-type products, reflecting a strategic pivot in response to market conditions [3][4][13] Product Evolution - The "opening red" period is not merely a promotional event; it is crucial for insurance companies to achieve their annual premium targets, with a historical reliance on savings-type products [3][13] - For 2026, leading insurance companies are prioritizing dividend insurance products, such as China Life's pension dividend insurance and Ping An's dividend life insurance, indicating a strategic shift towards products with variable returns [3][4] Policy Guidance - The new "National Ten Articles" policy emphasizes the transition towards floating return products, with the current research value for guaranteed interest rates at 1.99%, limiting the return of traditional high-yield products [4][6] - Dividend insurance, with its "guaranteed + floating" structure, is seen as a solution to balance risk and meet customer demand for stable long-term returns in a low-interest environment [4][6] Channel Dynamics - The sales landscape is changing, with major insurance companies leveraging their strong individual insurance channels to promote complex dividend products, while smaller companies are focusing on traditional products due to their reliance on bank insurance channels [5][9] - The bank insurance channel is becoming increasingly important, as banks have a vast customer base and high trust levels, facilitating the promotion of insurance products [11][12] Market Challenges - Insurance agents are facing increased difficulties in selling products, particularly dividend insurance, due to the complexity of explaining the benefits and risks to clients, leading to higher communication costs and lower conversion rates [7][8] - The overall pressure on the insurance industry during the "opening red" period is compounded by economic downturns and reduced consumer willingness to invest in high-premium insurance products [8][9] Strategic Reflections - The core logic of the "opening red" period remains unchanged, as insurance companies must capitalize on this window to meet annual performance goals while addressing the evolving needs of consumers for long-term protection and asset preservation [13][14] - The integration of "products + services" is emerging as a key strategy for enhancing the competitiveness of "opening red" products, particularly in high-demand areas such as health and retirement [14]

Summary of China Life Insurance Conference Call Company Overview - **Company**: China Life Insurance - **Focus**: Insurance products and investment strategies for 2026 Key Points Product Strategy for 2026 - The product strategy will focus on diversified participating insurance, including whole life insurance, participating annuities, and participating retirement annuities [2][4] - The plan is to launch large-scale products first, followed by 10-year premium payment products [2][4] - The individual insurance channel's share of participating insurance is expected to increase due to a decrease in the preset interest rate [2][7] Distribution Channels - The bancassurance channel is projected to maintain high growth rates, becoming a significant driver for business development [2][5][13] - Collaboration with major banks and financial institutions will be deepened to expand business mechanisms [2][13][14] Investment Strategy - The proportion of equity investments increased significantly in the first three quarters, with a potential for further growth, but caution is advised regarding style switching and market rhythm [2][16] - A high dividend portfolio is targeted, with a required dividend yield of 4.5% and an annualized total return of no less than 6% over a three-year rolling period [2][17] Individual Agent Development - The quality of the personal agent team is being enhanced through strict assessments and improved recruitment standards [2][9][10] - The core team has shown stable performance, with increased productivity and income, leading to improved retention rates [2][10][11] Health Insurance Outlook - The insurance product structure is balanced, with approximately one-third in savings insurance, health insurance, and other types [2][11] - Long-term prospects for health insurance are positive, although short-term growth may be limited due to policy constraints [2][11][12] Regulatory and Market Considerations - The company is preparing for the 2026 business landscape by gathering market feedback and training agents [4][5] - The focus will be on risk management and preventing interest rate risks while increasing the share of participating insurance [8][11] Future Projections - The company maintains confidence in the growth of both scale and value for 2026, supported by the performance of individual and bancassurance channels [5][6] - The expected range for domestic interest rates is between 1.6% and 2.1%, influencing fixed-income strategies [3][25] Capital Management - Currently, the company has a sufficient solvency margin and is flexible regarding capital replenishment plans [28] - The dividend strategy aims for stability and growth, rather than direct linkage to net profit fluctuations [28] Conclusion - China Life Insurance is strategically positioning itself for 2026 with a focus on diversified products, strong distribution channels, and a robust investment strategy while maintaining a balanced approach to risk management and regulatory compliance [2][4][5][6][11][28]