南开大学金融发展研究院院长田利辉对时代周报记者表示，中国邮政重启保险代理业务，恰逢保险中介行业处于深度洗牌期，其意义在于填补渠道空白与 挖掘下沉市场潜力。近年来保险中介数量大幅缩减，邮政依托覆盖城乡的超5万个网点网络，可承接传统中介退出后的市场需求，尤其在县域及农村地区 形成差异化竞争优势。此外，其品牌信任度与客群基础亦为保险业务提供天然流量入口。 针对保险代理业务等相关问题，时代周报记者联系中国邮政，截至发稿未获回复。 上半年来自邮储银行代销收入超41亿元 中国邮政早在1987年左右就开始代理销售保险。邮储银行成立后，为了避免与邮储银行同业竞争，中国邮政曾出具《避免同业竞争的承诺函》，不再从事 保险兼业代理业务，但可以代理邮储银行的保险代理业务并收取手续费。 作为"保险代理商"，中国邮政近年来通过旗下代理网点为邮储银行及旗下中邮人寿代销保险。 中国邮政集团有限公司（下称"中国邮政"）"重返"保险中介市场。 11月24日，国家金融监管总局批复中国邮政经营保险代理业务。从批复的代理险种范围来看，覆盖了常见的财产险和人身险，代理保险业务的营业网点范 围为代理营业机构。 时代周报记者注意到，这是继2023年11月宝 ...

2018年6月，车险领域作为行业改革的"试验田"率先启动试点。《通知》的出台，标志着"报行合 一"正式延伸至非车险领域，实现财险业务的全覆盖；在人身险领域，自2023年8月起，监管部门相继发 布《关于规范银行代理渠道保险产品的通知》《关于银保产品管理有关事宜的通知》等系列文件，逐步 在银保渠道、经代渠道落地"报行合一"要求。 如果说早期的"报行合一"重在"令行禁止"，以刚性约束遏制市场乱象。那么当前的政策"组合拳"， 则标志着行业进入"精耕细作"的深化阶段。 所谓"报行合一"，核心是要求保险公司严格执行经备案的保险条款和费率，确保备案内容与实际经 营行为完全一致。推行这一制度，本质是为了遏制保险公司通过"小账""返点"等隐性违规操作。但长期 以来，如何科学核算成本、让"报"有坚实依据、"行"有明确准绳，始终是制约政策落地效果的关键难 题。 此次《指引》的出台，为解决这一根本问题提供了"方法论"：从源头入手厘清人身险产品定价中费 用分摊的科学性与合理性。这看似是一个技术性的精算指引，实则是一场深刻的管理革命，倒逼保险公 司一方面向内看，夯实精细化管理，建立清晰、透明、可追溯的成本核算体系，从战略、财务到业务一 ...

（文章来源：上海证券报） 养老金融产品创新稳步推进，截至10月末，深圳个人养老金开户数599.3万户，累计缴存资金77.2亿元， 位居全国前列；四家商业养老金试点公司在深圳均有业务，前三个季度累计开立商业养老金12.75万 户，销售规模208.85亿元。 新华财经上海11月25日电（记者徐潇潇）11月25日，记者在深圳金融监管局组织召开2025年"凝聚改革 共识提振发展信心"第四场新闻发布会上了解到，2025年1-10月，深圳辖内保险业积累人身险及长期健 康险责任准备金余额7580.97亿元，累计赔付支出616.64亿元。深圳保险业全力应对多轮台风暴雨灾害， 前10个月累计接到相关报案超5700件，估损金额超1.1亿元，有效发挥经济减震器和社会稳定器作用。 ...

Core Viewpoint - Minsheng Securities maintains a "recommended" rating for Sunshine Insurance (06963), projecting total operating revenue and net profit growth from 2025 to 2027, with a focus on stable growth in life insurance and optimization in property insurance [1] Group 1: Life Insurance - Sunshine Life achieved total operating revenue of 33.05 billion yuan in the first three quarters of 2025, a year-on-year increase of 14.0%, with net profit at 5.25 billion yuan, up 3.4% [1] - Insurance service revenue was 12.91 billion yuan, growing by 4.3%, while investment income reached approximately 18.23 billion yuan, a significant increase of 24.7% [1] - The company reported an investment return rate of 1.41% and maintained a core solvency ratio of 133.5% and a comprehensive solvency ratio of 194.0% as of the end of September [1] Group 2: Property Insurance - Sunshine Property achieved total operating revenue of 38.89 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 2.5%, with net profit soaring by 81.9% to 1.66 billion yuan [2] - Insurance service revenue was 36.09 billion yuan, a slight increase of 0.4%, while investment income was approximately 2.54 billion yuan, up 45.0% [2] - The significant rise in net profit was attributed to improved investment returns and a decrease in natural disasters compared to the previous year, leading to a reduction in the comprehensive cost ratio [2] Group 3: Investment Performance - The combined investment income from Sunshine Life and Property for the first three quarters of 2025 reached 20.76 billion yuan, an increase of 26.8% year-on-year [3] - As of the first half of 2025, the proportion of FVTPL stocks in Sunshine Insurance's stock assets was 29.1%, while FVOCI stocks accounted for 70.9%, significantly higher than peers [3] - The company’s strategy of classifying a large portion of stocks as FVOCI resulted in unrealized gains not fully reflected in net profit, as only dividends are counted as current investment income [3]

Core Insights - The release of the "2025 Experience Life Table" marks a significant update in the actuarial foundation of the life insurance industry in China, set to be implemented from January 1, 2026, which will lead to more scientific pricing, fairer protection, and diverse products in the life insurance sector [1][3][4] Data Iteration - The new life table is based on nearly a decade of comprehensive policy data, creating four core tables that cover various insurance risks, reflecting the survival and mortality probabilities of the insured population [2][3] Key Features of the New Life Table - Compared to the first life table released in 1996, the new table shows a 10-year increase in life expectancy, significant improvements in child mortality rates, and a notable decrease in mortality rates in economically underdeveloped regions [3] - The introduction of a single life table allows for cross-company and cross-insurance type analysis, enhancing comparability with population mortality rates [3] Value of the New Life Table - The new life table enables more precise risk pricing, enhances transparency in actuarial regulation, and improves the alignment of insurance products with actual life expectancy and health conditions, thereby supporting sustainable long-term insurance supply [4] Impact on Pricing and Risk Management - The implementation of the new life table will lead to a more refined pricing structure based on risk categories, potentially lowering rates for healthier demographics while increasing rates for long-term and pension products due to extended life expectancy [6] - Insurance companies are expected to enhance their risk management and product pricing accuracy, reducing operational risks associated with mortality discrepancies [6][7] Industry Transformation - The new life table will drive the insurance industry towards a more data-driven approach, requiring companies to improve their data collection, research, and product pricing capabilities [7][8] - Companies must establish high-quality mortality monitoring databases and ensure transparency in their pricing assumptions and adjustments, necessitating a collaborative governance mechanism across departments [8]

Core Viewpoint - The essence of implementing "reporting and operation integration" and "payment upon issuance" is to guide the non-auto insurance industry out of irrational competition and shift from extensive development to value development [1][9]. Group 1: Regulatory Changes - The Financial Regulatory Bureau has issued a notice focusing on the non-auto insurance sector, addressing issues of irregular operations and irrational competition, and promoting high-quality development [1][2]. - The notice will be implemented starting November 1, 2025, and requires insurance companies to adopt "reporting and operation integration" and "payment upon issuance" [1][2]. - "Reporting and operation integration" mandates that insurance companies strictly adhere to approved insurance terms and rates, ensuring consistency between recorded content and actual operations [2][3]. Group 2: Industry Performance - In the first eight months of 2025, total premium income for property insurance companies reached 1.22 trillion yuan, with non-auto insurance accounting for 619.5 billion yuan, representing 50.77% of total premiums [2]. - Non-auto insurance has shown faster growth compared to auto insurance, increasing its share from 26%-27% in 2013-2016 to over 50% currently [4]. - Despite this growth, non-auto insurance profitability remains weaker than auto insurance, with a comprehensive cost ratio of 97.0% for non-auto insurance compared to 94.2% for auto insurance [4][5]. Group 3: Implementation and Industry Response - Major insurance companies like China Life and Ping An Property Insurance have established task forces to implement the requirements of the notice [1][7][10]. - The notice also emphasizes the need for insurance companies to manage premium income more effectively and avoid practices like issuing policies before receiving full payment, which can lead to bad debt risks [6][10]. - Companies are expected to lower the assessment weight on premium scale and market share while increasing the focus on compliance, quality, and consumer rights protection [9][10].

Core Insights - The insurance industry in China reported a premium income of approximately 4.8 trillion yuan for the first eight months of the year, reflecting a year-on-year growth of 9.6% [1] - In August alone, premium income reached 591.4 billion yuan, showing a significant year-on-year increase of 35.6% [1] - The growth in August is attributed to the switch in the predetermined interest rates for life insurance products, which is expected to lead to a temporary decline in premiums in the short term but stable long-term growth [1][3] Premium Income Breakdown - For the first eight months, life insurance premium income was about 3.8 trillion yuan, up 11.3% year-on-year, while property insurance premium income was around 1 trillion yuan, increasing by 3.6% [2] - The life insurance sector's growth rate significantly outpaced that of property insurance, with life insurance premiums recovering from negative growth earlier in the year [2] August Performance - In August, life insurance premium income was approximately 479.6 billion yuan, marking a year-on-year increase of 47.3% and a month-on-month increase of 34% [3] - The strong performance in August is driven by expectations of lower predetermined interest rates for life insurance products, leading to a "rush to buy" effect [3] Claims and Payouts - For the first eight months, life insurance claims amounted to about 1.07 trillion yuan, up 13.6%, while property insurance claims were 607.8 billion yuan, showing a slight decline of 0.23% [4] - The decrease in property insurance claims is attributed to several factors, including fewer major disasters, decreasing costs in new energy vehicle insurance, and improved pricing and claims management by insurers [4] Future Outlook - Life insurance companies are expected to focus on dividend insurance products, while property insurance companies will emphasize refined pricing and claims management [5] - Leading property insurers are likely to strengthen their pricing and claims management to stabilize their comprehensive cost ratios, with an overall expectation of steady growth in premium income for the industry [5]

Core Insights - The insurance industry in China achieved original insurance premium income of 4.8 trillion yuan in the first eight months of the year, representing a year-on-year growth of 9.63% [1][2] - Property insurance premium income reached 1 trillion yuan, growing by 3.65%, while life insurance premium income was 3.8 trillion yuan, with a growth rate of 11.32% [1][2] - In August, the insurance industry saw a significant increase in original premium income, totaling 591.4 billion yuan, which is a year-on-year increase of 35.61% [3][4] Insurance Premium Growth - The surge in life insurance premiums in August was particularly notable, with original premium income reaching 479.6 billion yuan, marking a year-on-year increase of 47.25% [3][4] - The growth in August was attributed to strong market demand for insurance and the anticipation of a decrease in the predetermined interest rate in September, which led to a rush in life insurance purchases [1][3] Product Trends - The life insurance sector, particularly traditional life insurance, played a crucial role in the premium growth, with August's life insurance premium income reaching 398.5 billion yuan, a 61.5% increase year-on-year [3][4] - The decline in predetermined interest rates has made participating insurance products more attractive, as they offer a combination of protection and returns, leading to increased sales activity among insurance agents [4][5] Future Outlook - Industry analysts expect that the high growth rate of premiums may gradually decline after September, as the adjustment in predetermined interest rates could shift the focus towards participating insurance products [5][6] - The transition towards participating insurance is seen as inevitable in a low-interest-rate environment, with companies preparing for future product launches that emphasize the benefits of these products [5][6]

Group 1 - The core viewpoint of the news is that Ping An Life Insurance Beijing Branch has significantly enhanced its insurance offerings and claims processing capabilities through technology and rapid response mechanisms [1][2] Group 2 - As of August 2025, Ping An Life Insurance Beijing Branch has underwritten a total of 116,000 new contracts, providing life insurance coverage of 13.49 billion yuan and critical illness insurance coverage of 5.46 billion yuan [1] - The maximum coverage for individual life insurance is 100 million yuan, while the highest critical illness insurance coverage for adults is 2.446 million yuan and for children is 2.261 million yuan [1] - The company has processed 138,000 claims, with medical claims accounting for the highest proportion at 93%, totaling 1.22 billion yuan in claims payments [1] - The company has utilized AI technology to enhance its business processes, achieving an average claims processing time of just 10 minutes, with 93% of automated claims being accurately assessed within 60 seconds [1] Group 3 - In response to the extreme rainfall disaster in July, Ping An Life Insurance Beijing Branch activated its emergency claims response plan, completing the first claim payment of 30,548.18 yuan within 7 hours [2] - This rapid response highlights the role of insurance as a stabilizing force in society during major events [2]

Core Insights - The "China Insurance Intermediary Market Ecological White Paper" was officially released on September 16, highlighting the theme of "Long-termism, Forge Ahead" [1][3] - The report indicates a high-quality development trend in China's insurance industry, with a projected increase in total insurance premium income for 2024 [4] Industry Overview - The total insurance premium income in mainland China is expected to reach 5.7 trillion yuan in 2024, with a year-on-year growth rate increasing from 9.1% in 2023 to 11.2% in 2024 [4] - The life insurance premium growth rate is projected to rise from 9.9% in 2023 to 13.3% in 2024, indicating a stable upward trend in both scale and growth rate [4] Workforce Dynamics - The number of insurance marketing agents in life insurance companies has decreased for five consecutive years, dropping to 2.64 million by the end of 2024, a reduction of over 70% from the peak of 9.12 million in 2019 [4] - The decline in the number of agents has shown signs of stabilization, with a smaller decrease compared to the previous year [4] Gender and Age Distribution - The insurance marketing workforce remains predominantly female, with women accounting for 76.94% and men 23.06%, marking the third consecutive year of increasing male representation [6] - The age group of 35-54 years constitutes approximately 68.56% of the workforce, while younger (25-34 years) and older (55 years and above) age groups have seen an increase in representation [8] Educational and Income Trends - The proportion of insurance agents with a bachelor's degree or higher has surpassed 30%, reflecting a year-on-year increase of approximately 3.38 percentage points [8] - The most common monthly income brackets for insurance marketing agents are 3,000-6,000 yuan and 6,000-10,000 yuan, each accounting for around 26% of the workforce, while higher income brackets have seen a decline [8] Regional Concentration - The proportion of insurance marketing agents working in major cities has significantly increased, reaching 59%, a rise of 13.4 percentage points from the previous year [10][11] Challenges and Attrition - A significant 71.8% of insurance marketing agents report increased difficulty and pressure in their work, an increase of about 3.6 percentage points from the previous year [14] - The primary reason for leaving the industry, cited by 66.3% of agents, is "customer resource depletion," which has risen by approximately 6 percentage points compared to last year [20] New Entrants - Despite the attrition of experienced agents, new entrants continue to join the industry, with those in the field for less than 13 months making up 20.23% of the workforce, reflecting a consistent annual growth of 4% in new agent representation [20] - New agents face significant challenges, with nearly 80% completing fewer than 12 policies annually, and 62% earning below 6,000 yuan per month [21]