《办法》拟从界定人身险销售行为、圈定销售主体、规范销售过程、制定销售行为负面清单等方 面，多维度、多层次地规范与重塑人身险销售活动，以期让消费者未来购买保险时"买得安心""买得放 心"。 在业内人士看来，《办法》的出炉，有助于整肃市场风气、净化销售环境，推动保险业逐渐步入风 清气正、有序健康的良性发展态势。 "三管齐下"减少销售误导 《办法》共八章八十五条，对保险公司、保险中介机构保险销售人员的人身险销售前行为、销售中 行为和销售后行为进行全流程规范。 由于需要掌握大量的保险知识和其他多学科的复合知识，"保险销售"对专业性的要求相对较高。中 国精算师协会创始会员、资深精算师徐昱琛解释道，尤其是与投保与理赔频率相对较高的车险相比，人 身险产品的复杂性更强，消费者更难掌握和理解，更容易滋生误导行为。 所以，解决好销售误导问题是规范人身险销售行为的核心。《办法》通过首提产品分级、人员分 级、诚信管理等"三管齐下"的方式，力求减少销售误导隐患。 《办法》明确，保险公司应根据人身险产品的不同类型、复杂程度和风险水平，对人身险产品进行 分级分类管理。保险公司、保险中介机构应按照中国保险行业协会发布的保险销售人员销售能力资 ...

Core Viewpoint - The life insurance product guaranteed interest rate will be comprehensively lowered, leading to the suspension of many insurance products in the market [1][2]. Group 1: Product Suspension and Market Response - Many insurance products have been suspended recently, with some experiencing "lightning" suspensions, such as a dividend-type increasing endowment insurance with a guaranteed interest rate of 2.0% [2]. - Several insurance companies have announced the suspension of multiple products and adjusted the maximum guaranteed interest rates for new registered insurance products, with ordinary insurance products set at 2.0%, dividend products at 1.75%, and universal insurance products at 1.0% [2]. - The recent suspension of products has occurred with less market speculation compared to previous instances, indicating a more stable market environment [1][3]. Group 2: Impact on Insurance Companies - The reduction in guaranteed interest rates is expected to optimize the liability costs for insurance companies, which is beneficial for their long-term stable operations and provides more investment space for insurance funds [1]. - Insurance companies are proactively suspending high guaranteed interest rate products to avoid interest rate risk and to prevent misleading sales practices [3]. - The insurance product guaranteed interest rate is a key assumption for future investment returns, and its reduction typically leads to higher product prices or lower returns [3]. Group 3: Shift Towards Dividend Insurance Products - Insurance companies are pushing for a transformation towards dividend insurance products, with a focus on maintaining a competitive edge by lowering the guaranteed interest rates of these products less than other types [4]. - The current environment favors dividend insurance products, which can potentially offer higher returns compared to traditional fixed-rate products, especially if investment returns exceed 2.11% [4]. - The risk-sharing mechanism of dividend insurance products helps reduce the rigid costs for insurance companies and alleviates interest rate risk pressures [5]. Group 4: Need for Product Diversification - While dividend insurance is currently a mainstream product, there is a need to avoid product homogeneity and excessive competition in a single market segment [5]. - Insurance companies are encouraged to explore diversification in three areas: health insurance products that meet aging needs, integration with the pension industry, and developing specialized insurance products in collaboration with public resources [5].

智通财经3月26日讯（记者 王宏）2025年1月监管正式实施人身险产品预定利率动态调节机制，并公布 了首期预定利率研究值为2.34%。按照调节机制要求，当预定利率最高值连续两个季度高于研究值25个 基点以上，有可能触发人身险预定利率调整和产品调整。 4月即将公布的预定利率研究值将如何变化？智通财经记者独家获悉，预定利率研究值的方式存在具体 参考公式，参照5年期LPR、5年期定期存款利率和10年期国债收益率等综合确定。按照当前的市场利率 情况，业内人士预计预定利率四季度有可能下调。也有业内人士对智通财经记者表示，三四季度保险产 品出现规模下架存在一定可能。 预定利率研究值是如何产生的？ 对人身险产品预定利率的引导，监管一直十分重视。 2024年8月，金融监管总局发布《关于健全人身保险产品定价机制的通知》中提出，对人身险产品预定 利率上限进行调整，建立预定利率与市场利率挂钩及动态调整机制。2024年9月，新版"国十条"—— 《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》提出，支持浮动收益型保险发展。 2025年1月10日，智通财经记者曾独家报道，金融监管总局发布了《关于建立预定利率与市场利率挂钩 及动态调 ...

Core Viewpoint - The insurance intermediary market is experiencing a dichotomy with a surge in IPO activities while the number of institutions is declining, indicating a significant transformation in the industry driven by regulatory pressures and competitive challenges [1][5][6]. Group 1: IPO Activities - Shouhui Group successfully listed on the Hong Kong Stock Exchange on May 30, 2024, but its stock price fell below the issue price, closing at 6.61 HKD per share, down over 18% from the issue price of 8.08 HKD [2]. - Other insurance intermediaries such as Lighter Health Group, White Dove Online, and Qingmin Digital Science are also seeking to go public, indicating a trend among intermediaries to pursue IPOs [1][3]. - Yuanbao Group listed on NASDAQ in April 2024, reporting a revenue of 9.70 billion CNY in Q1 2025, a 43.8% increase year-on-year, and a net profit of 2.95 billion CNY, up 122.1% [3]. Group 2: Industry Challenges - The number of insurance intermediaries in China has decreased, with 2,539 institutions reported by the end of 2024, down 27 from the previous year, and over 20 institutions have been deregistered in 2025 [5][6]. - The market for equity transactions among insurance intermediaries is sluggish, with declining transfer prices and instances of unsold shares [5][6]. - Regulatory pressures and increased competition are leading to a "Matthew Effect," where larger firms gain market share while smaller firms struggle to survive [6]. Group 3: Revenue and Profitability - Shouhui Group's revenue from 2022 to 2024 was 806 million CNY, 1.634 billion CNY, and 1.387 billion CNY, with net profits of 131 million CNY in 2022, a loss of 356 million CNY in 2023, and a loss of 136 million CNY in 2024 [2]. - The average first-year commission rate for long-term life insurance products dropped from 31.7% in 2023 to 21.5% in 2024, indicating pressure on revenue due to regulatory changes [7]. Group 4: Future Directions - Insurance intermediaries are encouraged to enhance service capabilities, leverage technology, and collaborate within ecosystems to create differentiated competitive advantages [8][9]. - Experts suggest that intermediaries should focus on niche markets and provide specialized services rather than merely pursuing scale [9]. - The ongoing digital transformation necessitates that intermediaries adopt technology to improve efficiency and customer experience [9][10].

Group 1 - China Pacific Insurance and New China Life Insurance announced their 2024 annual A-share dividend distribution, with a total payout exceeding 10 billion yuan, scheduled for August 8 [1][2] - The cumulative dividend for the five major listed insurance companies in 2024 is 90.789 billion yuan, representing a year-on-year increase of over 20% [2][3] - The life insurance product interest rate will be lowered in September, which is expected to reduce the cost of liabilities for insurance companies and alleviate pressure from interest margin losses, potentially driving a recovery in insurance stock valuations [1][3] Group 2 - The insurance industry reported total assets of 39.22 trillion yuan in the first half of 2025, a year-on-year increase of 16.05%, with original insurance premium income reaching 3.74 trillion yuan, up 5.31% [3][4] - The life insurance sector saw original premium income of 2.96 trillion yuan, growing by 5.64%, while the property insurance sector reported 774.4 billion yuan, an increase of 4.06% [3][4] - Several insurance companies reported positive operating results for the first half of 2025, with significant growth in total assets and premium income [4] Group 3 - The insurance index has risen over 11% year-to-date as of August 6, with New China Life Insurance leading the gains at 36.82% [5] - Analysts believe that the upcoming reduction in life insurance product interest rates will help insurance companies lower their liability costs, alleviating pressure from interest margin losses and providing upward potential for stock valuations [5][6] - The maximum interest rate for ordinary life insurance products will be adjusted to 2.0%, while the maximum for participating insurance products will be set at 1.75% [6]

Core Viewpoint - The Guangdong Insurance Industry Association has officially released a self-discipline convention aimed at resisting "involution" competition, promoting high-quality development, and reshaping the competitive order within the insurance industry [1][2] Group 1: Industry Challenges - Involution in the insurance industry manifests through irrational competition, product homogenization, and misleading sales practices, leading to increased sales costs and declining service quality [1][2] - The recent self-discipline conventions from various regional insurance associations reflect a growing consensus across the industry to combat harmful competition and adhere to regulatory requirements [2] Group 2: Regulatory Environment - Regulatory bodies have implemented a series of policies to mitigate excessive competition, including multiple rounds of reductions in the guaranteed interest rates for life insurance products and a significant decrease in commission rates by 30% to 50% [2] - The shift in regulatory focus aims to eliminate the "high yield" marketing gimmicks that have previously dominated the market [2] Group 3: Strategic Shifts - Leading insurance companies are transitioning from volume-driven strategies to a focus on customer engagement and long-term protection products, such as retirement and health insurance [3] - Digital operations and enhanced customer management are becoming core competitive advantages for insurance firms seeking sustainable growth [3] Group 4: Future Directions - The industry must embrace a long-term perspective, moving away from short-term volume gains and imitation strategies to establish differentiated competitive advantages and build consumer trust [3] - The essence of insurance as a protective service must be restored, emphasizing value, service standards, and professionalism to escape the pitfalls of involution and achieve high-quality development [3]

来源：中新经纬 李自曼 近日，广东省保险行业协会组织召开保险公司综合整治"内卷式"竞争工作座谈会。此前，河北省廊坊 市、福建省、安徽省等多地保险行业协会发布公约或行业倡议抵制内卷。保险业如何"反内卷"？将会为 市场带来哪些变化？ 保险行业"反内卷"重点有哪些？ 整体来看，保险行业"反内卷"的倡议聚焦于费用管理、虚列费用违规套利等层面。 据广东省保险行业协会发布的《广东保险业防止"内卷式"竞争自律公约》(下称公约)提出的"反内卷"方 向，主要包括严格费用管理、严守业务规范、科学考核管理、建立差异化优势等。 公约不仅提出抵制恶性价格战、不滥用渠道手续费、不虚列费用违规套利，还提出不制定不合理考核标 准，不以"1元保""首月1元"等低价噱头吸引流量、诱导营销。不使用"100%赔付""有灾赔灾、无灾返 本"等绝对化用语进行宣传，不向客户承诺"特殊理赔通道"等无法兑现的服务。 某国内大型寿险公司的从业人员告诉中新经纬，目前，银保渠道佣金费率较之前平均水平下降了30%左 右，经代渠道部分产品首年佣金费率下调超30%，超过50%的也不在少数。 除"报行合一"外，近年来，国家金融监督管理总局多次调降人身险产品预定利率以及万能 ...

Core Viewpoint - The adjustment of the predetermined interest rates for life insurance products is a response to the ongoing decline in market interest rates and aims to stabilize the insurance industry while addressing asset-liability matching pressures faced by insurance companies [1][2]. Group 1: Predetermined Interest Rate Adjustments - The current research value for the predetermined interest rate of ordinary life insurance products is set at 1.99%, which is 25 basis points lower than the existing rate [1]. - The maximum predetermined interest rates for new insurance products have been adjusted: ordinary life insurance to 2.0%, participating insurance to 1.75%, and universal insurance to a maximum guaranteed rate of 1.0% [1]. - The adjustment mechanism was triggered by a notification from the National Financial Regulatory Administration, which established a link between predetermined rates and market rates [1]. Group 2: Market Impact and Product Development - Frequent adjustments to predetermined interest rates can lead to increased costs for insurance companies in product development and switching, potentially affecting market expectations [2]. - The current adjustment reflects a balance between the current market environment and the future development of the life insurance market, particularly encouraging the growth of participating insurance products [2]. - The life insurance industry has gained experience in product development and system switching over the past five years, allowing for a more mature response mechanism to these changes [2]. Group 3: Industry Challenges and Opportunities - The decline in market interest rates, coupled with an aging population, presents both challenges and opportunities for the life insurance industry [3]. - Insurance companies are encouraged to enhance their market sensitivity and judgment, focusing on cost reduction, efficiency improvement, and product innovation to elevate operational capabilities and service levels [3].

Group 1: Insurance Industry Overview - The insurance industry achieved original premium income of approximately 3.74 trillion yuan in the first half of the year, representing a year-on-year growth of 5.3% [1] - Life insurance companies generated premium income of 2.77 trillion yuan, with a year-on-year increase of 5.4%, while property insurance companies reported premium income of 964.5 billion yuan, growing by 5.1% [1] - The growth trajectory for premiums in the second half of the year is expected to be influenced significantly by the reduction in the preset interest rates for insurance products [1][2] Group 2: Life Insurance Sector Insights - In June, life insurance companies experienced a substantial premium income increase, with a year-on-year growth rate of 16.3%, significantly higher than the overall growth rate for the first half of the year [2] - The adjustment of preset interest rates has led to changes in market strategies, impacting premium income significantly during different periods [2][3] - The upcoming reduction in preset interest rates is anticipated to create a peak in premium income before the adjustment, a trend observed in previous years [2][3] Group 3: Property Insurance Sector Insights - Property insurance companies reported premium income of 964.5 billion yuan in the first half of the year, with a year-on-year growth of 5.1%, and auto insurance premiums accounted for 46.7% of total property insurance premiums [4] - The premium income from new energy vehicle insurance reached approximately 66.17 billion yuan, showing a year-on-year growth of 41.44%, significantly outpacing the overall growth rate of the auto insurance sector [4] - Health insurance premiums from property insurance companies reached 160.9 billion yuan, with a year-on-year growth of 9.08%, indicating a strong demand for non-auto insurance products [5]

Investment Rating - The report maintains a positive long-term investment outlook for the banking sector despite short-term fluctuations in stock performance [2][4]. Core Insights - The insurance sector is experiencing a shift with the adjustment of the guaranteed interest rates for life insurance products, which is expected to enhance the investment capabilities of leading insurance companies [2][13][17]. - The brokerage sector shows strong performance with a notable increase in stock prices, driven by favorable market conditions and increased trading activity [3][18][19]. - The banking sector is currently facing a downturn, but long-term growth potential remains intact, with a focus on selecting banks with strong fundamentals and high dividend yields [4][20][21]. Summary by Sections Insurance Sector - The insurance index increased by 1.83%, outperforming the CSI 300 index by 0.14 percentage points [2][12]. - The standard interest rate for ordinary life insurance products has been adjusted to 1.99%, down from 2.13%, prompting several insurance companies to lower their rates [13][14]. - The trend towards dividend insurance products is expected to grow, as they can effectively reduce liability costs and enhance competitiveness [14][17]. Brokerage Sector - The brokerage index rose by 4.82%, outperforming the CSI 300 index by 3.13 percentage points, indicating strong market sentiment [3][18]. - The average daily trading volume increased by 20% to 18,487 billion yuan, reflecting sustained market activity [18][40]. - The report highlights the potential for significant gains in the brokerage sector due to favorable macroeconomic conditions and ongoing financial technology advancements [19][20]. Banking Sector - The banking index fell by 2.87%, underperforming the CSI 300 index by 4.56 percentage points, indicating short-term challenges [4][20]. - Despite recent declines, the long-term outlook for the banking sector remains positive, with a focus on banks that exhibit strong earnings stability and high dividend yields [21][22]. - Investment strategies should prioritize banks with high asset quality and low non-performing loan ratios, as well as those benefiting from favorable market conditions [24][25].