Core Viewpoint - The wealth management division of China Merchants Bank (CMB) has reached a significant milestone, with its retail insurance distribution premium surpassing 1 trillion yuan, showcasing its strong position in wealth management and asset selection capabilities [1][7]. Group 1: Wealth Management Strategy - CMB's insurance distribution business has seen substantial growth, with a 40% year-on-year increase in insurance distribution revenue in 2021, making it one of the fastest-growing categories for the bank [3]. - The bank's retail assets under management (AUM) have exceeded 16 trillion yuan, positioning it as a leader among joint-stock banks in China [9]. - CMB has integrated insurance distribution into its core strategy, alongside funds, wealth management, and trusts, creating a diversified asset allocation tool [3][4]. Group 2: Market Trends and Customer Needs - The current economic landscape has shifted residents' asset allocation decisions from yield-focused to value preservation, with insurance emerging as a preferred option due to its long-term benefits and risk coverage [4]. - There is a growing trend among residents for diversified, customized, and digital insurance solutions, moving away from single product offerings to comprehensive risk planning [5]. - The demand for family-oriented insurance solutions is increasing, with households evaluating their protection gaps through a family asset-liability perspective [5]. Group 3: Competitive Landscape - The insurance industry faces challenges in meeting the diverse and digital expectations of consumers, with smaller firms struggling to provide a comprehensive product range and larger firms lacking agility in innovation [6]. - CMB's approach to insurance distribution, characterized by a rigorous selection process and a focus on customer needs, sets a new benchmark in the industry [6][12]. - The bank's strategy emphasizes the importance of value creation over mere sales, aiming to enhance customer experience through tailored products and services [10][12]. Group 4: Future Outlook - CMB's ability to adapt to evolving customer needs and market dynamics will determine its future success in the wealth management sector [8]. - The bank's innovative digital capabilities and proactive customer engagement strategies are expected to further strengthen its position in the insurance distribution market [11]. - CMB's practices in insurance distribution may serve as a model for the industry, promoting a shift from zero-sum competition to collaborative value creation among banks and insurance companies [12].

"零售之王"的财富管理版图，又迎来了新的里程碑。 不久前的 2025财富合作伙伴论坛 上，招商银行 宣布其 零售 代销保险存量保费规模已成功突破 1 万亿元大关 。 对于招行在财富管理上的优势，客户关注点往往更集中于其 权益投资领域 的 标杆 地位 —— 无论是 量化对冲 FOF在震荡市中的 " 画线能力 " ， 或 是红利策略连续三年逆市上涨的稳健表现，均印证 了 招行 严选资产 与 深度认知的硬核实力。 事实上 ， 这种 选品与认知上的优势 不仅在权益投资领域得到发挥，也被 招行 运用于其他各大类资 产当中 ，保险代销业务的新高便是最好的注脚。 2014年左右，银 保 代销曾热极一时， 后经历监管趋严、疫情承压等波折，各行代销保险的思路也 开始由初期的规模至上向 保障 类、 长期 类 业务 转向 。 这期间，招行于 2020年打造 " 大财富管理价值循环链 " ，首次将保险代销纳入核心战略 ，与基 金、理财、信托并列作为多元化资产配置的关键工具；次年保险代销收入同比增长 4成以上，成为该 行增速最快的代销品类之一。 2024年，招行的代理保险收入已超50亿元，对零售财富管理中收的贡献率已接近三成。 可以观 ...