生活中，您是否也遇到过代理退保机构？其实，打着代理退保旗号，声称"专业保险维权"并不专业，实 际上是"假维权、真侵权"。消费者不仅丧失保险保障，还将产生"押金、劳务费"等额外经济损失，甚至 产生人身及财产安全侵害风险。今天，中国人寿寿险天津市分公司就带您了解，代理退保的危害都有哪 些。 1·虚假承诺、伪造证据等不法手段阻碍消费者正常维权。不法分子为了谋取利益冒充监管部门、法律工 作者或金融机构工作人员骗取信任，谎称可办理全额退保、逃废债务、修复征信等事宜，诱导消费者委 托其"代理维权"后，用编造事实、伪造证据、提供虚假信息等手段进行恶意投诉，违背诚信甚至突破法 律底线，不仅侵占消费者正当的投诉维权渠道和资源，阻碍消费者与金融机构、监管部门有效沟通，扰 乱金融市场正常秩序，还可能涉嫌违法犯罪。 2·危害消费者财产安全，暗藏集资诈骗风险。"代理维权"以"维权"之名行"牟利"之实，如鼓动保险消费 者退保正常的保险合同，并收取高额"代理维权"手续费，退保后还会诱导消费者"退旧买新"，购买所 谓"高收益"理财产品，甚至截留侵占消费者退保资金，暗藏集资诈骗风险。此外，消费者如受蒙骗退保 正常的保险合同，不仅丧失风险保障， ...

不久前，交银人寿刚刚完成董事长更替。1月14日，该司发布公告，李亚正式出任交银人寿董事、董事长。与此同时，王 庆艳不再担任该公司董事、董事长职务。 原标题：继董事长换届之后，这家银行系险企新增一名副总经理 来源：险企高参 这家银行系保司新晋一名副总经理。 1月29日，《险企高参》获悉，沈明智出任交银人寿副总经理。 资料显示，沈明智1972年5月出生，研究生学历，硕士学位，高级经济师。沈于1997年4月加入交通银行，历任交通银行 办公室（党委办公室）主任，金融服务中心党委委员、副总经理，发展研究部副总经理等职务，2025年10月起担任交银 人寿党委委员，2026年1月起担任交银人寿副总经理。 来源：险企高参 这家银行系保司新晋一名副总经理。 1月29日，《险企高参》获悉，沈明智出任交银人寿副总经理。 资料显示，沈明智1972年5月出生，研究生学历，硕士学位，高级经济师。沈于1997年4月加入交通银行，历任交通银行 办公室（党委办公室）主任，金融服务中心党委委员、副总经理，发展研究部副总经理等职务，2025年10月起担任交银 人寿党委委员，2026年1月起担任交银人寿副总经理。 李亚1970年7月出生，本科（硕士 ...

来源 | 独角金融 作者 | 刘银平编辑 | 付影 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在完成成立以来最大一笔增资后，横琴人寿保险有限公司（简称"横琴人寿"）董事长钱仲华在朋友圈留 下这样一句话：我的任务基本完成了。这或许意味着，这位曾临危受命、执掌公司不到两年的老将，在 带领公司完成新一轮增资后，或将退位。 钱仲华是一名27年太保老将，2023年，他在退休后被聘为横琴人寿独立董事，在首任董事长兰亚东退休 后，2024年4月，62岁的钱仲华随即被推选为公司第二任董事长。然而在其任内，横琴人寿营业收入持 续下滑，亏损局面未能扭转。直至近日，他主导完成了18.52亿元的增资，被视为其在职期间的重要收 官。 横琴人寿成立九年来，资产规模曾快速扩张，但盈利始终未能站稳。公司仅在2020年和2021年实现盈 利，自2022年起陷入连续亏损，累计亏损额已超22亿元。与此同时，高管团队近两年频繁变动。 随着增资落地与董事长可能更迭，横琴人寿再次站在转折点上。在新股东的支持下，稳定的管理层能否 形成？战略能否持续落实？这家年轻的保险公司，能否走向稳步盈利之路？ 1 63岁董事长"任务"完 ...

SHS为PAMB的控股公司，而PAMB为保诚在马来西亚的传统寿险业务。 预计订立购股协议及完成本次交易，将使保诚能够从SHS获得更大的经济利益，同时在资本支出及因持 股比例上升而增加的风险的商业考量之间取得平衡。 根据保诚集团截至2025年6月30日止6个月的未经审核财务业绩，本次交易应对保诚集团的按《国际财务 报告准则》计算的每股盈利(按调整后经营溢利计算)、传统内含价值及按《国际财务报告准则》计算的 每股股东权益具有增益作用。 保诚(02378)发布公告，于2026年1月22日，PCHL(为保诚的间接全资附属公司)(作为买方)与Detik Ria(作 为卖方)就买卖SHS已发行股本的19%订立购股协议，总代价为15.2亿马币(约3.75亿美元)。购股协议完 成后，预计PCHL(连同PCAIPS，其为PCHL的全资附属公司，并持有SHS0.001%的股权)及Detik Ria将分 别持有SHS70%及30%的股权。 董事(包括独立非执行董事)已确认，购股协议及其项下拟进行的本次交易乃按正常商业条款或更佳条款 订立，且属保诚集团一般及日常业务范畴，协议条款属公平合理，并符合保诚及其股东的整体利益。 于本公告日 ...

Group 1 - The core viewpoint is that the current trend of Chinese residents shifting asset allocation towards the stock market is still in its early stages, with gradual progress primarily through indirect channels such as insurance, private equity funds, and ETFs [1] - Most residents' risk appetite has not significantly increased, and while there are signs of funds moving from deposits to capital markets, the pace is slow. Investors have not yet made large-scale redemptions from bonds or money markets to invest in stocks [1] - In a declining interest rate environment, more investors are seeking ways to enhance returns. Sales of insurance products like participating insurance and traditional life insurance have been strong at the beginning of the year, indicating that insurance funds are indirectly flowing into the A-share market by increasing equity asset allocation [1] Group 2 - There is no one-size-fits-all asset allocation strategy for investors, as each individual's risk preference and capacity differ. A diversified investment approach is recommended [2] - Investors are encouraged to diversify their portfolios across ETFs, public funds, and insurance assets to enhance their ability to respond to market volatility [2]

Core Viewpoint - The article discusses the valuation of insurance liabilities in the life insurance industry, emphasizing the lack of consensus on fair value assessment methods and proposing a flexible and practical solution based on a fundamental theorem of insurance liability valuation. Group 1: Fundamental Theorem of Insurance Liability Valuation - The fundamental theorem reveals the direct relationship between the valuation of life insurance companies and reserves, functioning as an algebraic identity applicable to any reserve system and discount rate curve [1][3][6]. - Under reasonable assumptions, the theorem demonstrates that the Modified Value Added (MVA) equals the initial accounting reserves, leading to a derived formula for assessing the fair value of insurance liabilities [1][2][3]. - The concept of Modified Embedded Value (MDEV) is introduced, with the current Chinese solvency II internal value and the European Market Consistent Embedded Value (MCEV) being special cases of MDEV [1][2][25]. Group 2: Valuation Methods and Examples - The article compares MDEV results under different assumptions with MCEV results through specific insurance liability examples, ultimately presenting four methods for overall valuation of life insurance companies [2][12]. - An example using a ten-year annuity product illustrates the application of the fundamental theorem, demonstrating the relationship between cash flows and reserves over the product's lifespan [12][19]. - The fair value of insurance liabilities is defined based on the present value of future cash flows, with key assumptions regarding the independence of asset and liability cash flows [15][23][24]. Group 3: MDEV Concept and Applications - MDEV is defined as a modified version of Embedded Value, differing from traditional EV models by using future one-year forward rates for investment returns and market value for initial asset values [25][26]. - The article highlights that MDEV can be applied in scenarios where capital return rates and surplus asset return rates are not constant, establishing a connection to MCEV as a special case of MDEV [27][29]. - The implications of MDEV in the context of insurance products with options and guarantees are discussed, emphasizing the need for stochastic interest rate models to evaluate liabilities accurately [29][30].

Summary of Key Points from the Conference Call on Dividend Insurance in China Industry Overview - The focus of the conference call is on the **dividend insurance** sector in China, which is experiencing a resurgence in a low-interest-rate environment. This product type is characterized by a combination of guaranteed and floating returns, allowing insurance companies to manage liabilities effectively while sharing risks with clients [1][2]. Core Insights and Arguments - **Dividend Insurance Mechanism**: It operates on a model of profit sharing and risk sharing between policyholders and insurance companies, featuring guaranteed returns and floating returns. The effective duration of dividend insurance is shorter (9-10 years) compared to traditional insurance (19-20 years), facilitating better asset-liability matching [3][15]. - **Regulatory Framework**: The regulatory environment encourages the development of floating return products to balance the profitability of insurance companies with customer interests. Specific regulations limit the special reserves for dividends to 15% of account reserves [5][15]. - **Performance Metrics**: Key indicators for assessing the profitability of dividend insurance policies include guaranteed returns (1.75% for dividend insurance), demonstration rates (capped at 4.5%), actual yield (3.1% for large companies), and dividend realization rates [10][11]. - **Market Trends**: The dividend insurance market in China is shifting towards more diversified products, with a significant increase in new business premiums attributed to dividend insurance, which now accounts for 40-50% of new premiums as of mid-2025 [16][24]. Additional Important Content - **Comparison with Traditional Insurance**: Dividend insurance has a lower fixed cost structure and a portion of floating costs, making it more attractive in a low-interest environment. The guaranteed return of 1.75% is higher than bank deposit rates, driving customer interest [4][17]. - **International Context**: The development of dividend insurance in China is informed by international practices, with markets like the US and Europe having established various flexible insurance products that cater to different investment needs [8][20]. - **Future Outlook**: The dividend insurance sector is expected to continue evolving, with a focus on innovative models to meet diverse customer demands and enhance overall competitiveness in the market [8][24]. Conclusion - The dividend insurance market in China is poised for growth, driven by regulatory support, changing consumer preferences, and the need for insurance companies to adapt to a low-interest-rate environment. The emphasis on floating return products is likely to shape the future landscape of the insurance industry in China [15][26].

来源：险企观察 2025年11月5日，幸福人寿迎来了成立18周年的纪念日。这家以"幸福"为名的寿险企业，从2007年在北 京远洋大厦起步，总资产从零增长到超1300亿元。 2025年上半年，公司实现净利润4.13亿元，已超2024年全年水平。然而亮眼的业绩背后，偿付能力充足 率却在行业垫底徘徊，核心偿付能力充足率一度低至86.98%，位列行业倒数第四。 经营业绩：表面增长下的结构隐忧 2025年上半年，幸福人寿的财务数据呈现出矛盾的图景。官方数据显示，公司实现保险业务收入139.25 亿元，净利润达4.13亿元。特别是2025年第二季度，单季净利润达到4.68亿元。 然而，这种增长背后隐藏着结构性问题。2025年第一季度，公司曾净亏损0.56亿元，业绩波动剧烈。 从产品结构看，幸福人寿的保费收入呈现出明显的"一强多弱"格局。传统寿险保费规模达118.17亿元， 占2025年上半年总保费的84.9%。被视为行业转型方向的分红险仅实现13.49亿元保费，占比9.7%，且同 比降幅达13.58%。 这并非孤立事件。2025年以来，幸福人寿在多地分支机构接连收到监管罚单： 这表明公司产品结构调整困难，过度依赖增额终身 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance sector [2] Core Insights - The insurance sector has seen improvements on both asset and liability sides, with valuations and public fund holdings still at low levels. The asset side has been the main driver of the sector's performance in 2024, significantly influenced by the stock market. The fundamentals of the sector are improving, with expectations for steady profit growth in Q3 due to a strong stock market and stable long-term interest rates. The sector's valuation remains attractive compared to historical levels, and the overall new business value (NBV) is expected to maintain a rapid growth rate [2][5][11]. Summary by Sections Historical Performance - Since the listing of insurance stocks in 2007, the insurance index has increased by 165%, outperforming the market by 55%. Notably, in years like 2014, 2017, 2022, and 2024, the sector achieved over 20% excess returns [5][11][12]. Catalysts for Insurance Stock Performance - The three main factors influencing insurance stock performance are stock market trends, long-term interest rates, and liability performance. The correlation between the insurance index and the stock market is strong, with bull markets acting as key catalysts for insurance stock performance. Long-term interest rates significantly impact the insurance companies' profit margins and product sales, while liability performance is assessed through new business premiums and NBV [5][16][19]. Historical Market Trends - The report identifies five significant market trends for the insurance sector since 2014, highlighting the importance of stock market performance, interest rate movements, and liability improvements in driving excess returns. For instance, the 2014-2015 period was characterized by a bull market and high growth in the liability side, while the 2017 period saw a combination of rising interest rates and value transformation leading to significant excess returns [5][42][45]. Current Investment Value - The report indicates that insurance stocks have shown significant excess returns since 2024, with a notable narrowing of the A-H share price gap. Future catalysts for upward price movement in the insurance sector are anticipated [5][11].

Investment Rating - The investment rating for the insurance industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The insurance industry has seen a cumulative premium income of CNY 47,999 billion as of the end of August 2025, representing a year-on-year growth of 9.63%, with the growth rate expanding for five consecutive months [2] - The growth in premium income is driven by savings-type insurance products, particularly dividend insurance, which has led to a continuous recovery in the industry's premium growth [2][17] - The adjustment of the predetermined interest rates for traditional, dividend, and universal insurance products to 2.0%, 1.75%, and 1.0% respectively has catalyzed a short-term increase in premium income due to "buying before suspension" behavior [2][17] - The attractiveness of traditional insurance products is expected to decline as predetermined interest rates decrease, making dividend insurance a core product in a low-interest-rate environment [2][17] Summary by Sections Premium Income Overview - As of August 2025, the life insurance sector achieved a cumulative premium income of CNY 37,999 billion, with a year-on-year growth of 11.32%, and a monthly growth rate of 47.24% [3] - The breakdown of premium income shows that life insurance, health insurance, and personal accident insurance generated CNY 29,746 billion, CNY 5,784 billion, and CNY 268 billion respectively, with year-on-year changes of +14.05%, -22.07%, and -57.57% [3] Predetermined Interest Rate Adjustments - The predetermined interest rates for various insurance products have been adjusted, with the current rates being 2.0% for ordinary products, 1.75% for dividend insurance, and 1.0% for universal insurance, reflecting a reduction of 50 basis points, 25 basis points, and 50 basis points respectively [6][7] - The downward adjustment of predetermined interest rates is expected to support the expansion of premium income in the short term and improve the liability side of insurance companies [7] Product Dynamics - Dividend insurance is characterized by a "low guaranteed return + high floating return" structure, which allows insurance companies to share investment risks with policyholders, thereby reducing rigid repayment costs [12] - The demand for dividend insurance is anticipated to grow, especially in the context of declining returns from wealth management tools, making it a core choice for yield-driven clients [12] Property Insurance Performance - As of August 2025, property insurance companies reported a total premium income of CNY 12,201 billion, with a year-on-year growth of 4.67%, and the non-auto insurance segment showing a growth rate of 5.0% [14]