今年的7月8日是第13个全国保险公众宣传日，由国家金融监督管理总局指导、中国保险行业协会主办、保险行业共同开展。本年度主题为："爱和责任 保 险让生活更美好"。 为展现济宁保险业精神风貌，让社会公众更加充分关注保险、认识保险，2025年7月8日盛夏时节，中意人寿济宁中支积极参与济宁行业协会举办的新世纪 广场绿色"健步走"暨保险科普宣传活动。旨在通过轻松有趣的健步走形式，传递保险理念，普及保险知识，倡导绿色健康生活方式，吸引了数百名市民热 情参与。 起点处热闹非凡，济宁辖内的财、寿险公司齐聚一堂。飘扬的旗帜、充满活力的宣传展板，点燃了参与者的热情，健步走途中专业的保险从业者热情地为 参与市民讲解保险知识，从家庭财产保障到人身健康险，从车险理赔流程到养老保险规划，深入浅出的讲解让保险知识变得通俗易懂。市民们一边欣赏沿 途美景，一边学习保险知识，在轻松愉快的氛围中，加深了对保险的认知。新世纪广场绿茵地带，设置了保险科普宣传点，开展了丰富多彩的保险科普宣 传活动。在咨询台前，我司宣传小组成员耐心细致地解答市民提出的各类保险问题，结合真实案例，分析保险在应对生活风险中的重要性。发放防范电信 网络诈骗宣传等折页，提醒市民 ...

南方财经.21世纪经济报道记者围绕今年医保目录新政，深入分析政策设计思路，解读此次释放的政策 信号对市场的影响。商保创新药侧重协商定价 相关文件甫一发布，最受市场关注的当数新增商保创新药目录。对此，一位医保业内核心专家对记者分 析，医保部门相当于首次给了市场一份创新药支持清单，可能会有二三十种药。将弥补基本医保目录的 空白，整体提高现有保障水平。 21世纪经济报道记者贺佳雯北京报道 7月10日晚，国家医保局正式发布《2025年国家基本医疗保险、生育保险和工伤保险药品目录及商业健 康保险创新药品目录调整工作方案》《2025年国家基本医疗保险、生育保险和工伤保险药品目录及商业 健康保险创新药品目录调整申报指南》《谈判药品续约规则》以及《非独家药品竞价规则》。 有别于基本医保目录谈判机制，值得注意的是，商保创新药目录更侧重协商机制。从政策设计层面考 虑，体现了强度上的差异。 事实上，此前商保公司鲜少有机会和能力，与医药企业"砍价"。"此次医保搭台，以商保公司为主。"该 专家说，具体价格怎么谈，还是看商保公司和药企协商。通过医保、保险公司和医药企业三方协商，对 创新药评估一个价格，这个价格肯定比原有市场价低。这对商保 ...

Core Viewpoint - Compliance management is essential for the stable development of insurance companies and is a key factor in promoting product innovation and service upgrades in the financial industry [1][5]. Group 1: Compliance Culture and Training - The company is committed to normalizing compliance culture by continuously promoting the "Long Compliance, Sail Thousands of Miles" campaign, enhancing risk awareness among all employees [2]. - In the first half of the year, the company conducted four sessions of legal education, with approximately 59,000 participants, and over 4,000 specialized compliance training sessions across branches, totaling 230,000 participants [2]. - Innovative compliance education methods have been developed, such as the "Compliance Directory" electronic magazine and scenario-based training, to improve sales personnel's risk identification and compliance response skills [2]. Group 2: Consumer Rights Protection - The company strictly implements the "Three Appropriateness" principle, ensuring that appropriate products are recommended through suitable channels to the right customers, thereby enhancing consumer rights protection [3]. - A case study involving a customer illustrates the company's commitment to the "Three Appropriateness" principle, where the sales personnel provided tailored recommendations based on the customer's needs and financial capacity [3]. Group 3: Financial Education and Public Awareness - The company has intensified its financial education efforts, organizing 2,762 promotional activities during the "Prevent Illegal Financial Activities Promotion Month," reaching over 280,000 participants [4]. - Various initiatives, such as community outreach and educational programs, have been implemented to enhance the financial literacy and risk prevention capabilities of consumers [4]. Group 4: Commitment to People-Centric Development - The company adheres to a people-centered development philosophy, aiming to build a professional team and a solid compliance foundation while providing better services to meet public needs [5][6].

近日，中国人民银行等6部门联合印发《关于金融支持提振和扩大消费的指导意见》（以下简称《意 见》），其中明确提出"支持优化保障体系，提升消费意愿。" 从养老、医疗、护理到旅游等多个领域，通过建立多层次、可持续的保障体系，减少消费者"怕花 钱""不敢用"的顾虑，描绘出一张以金融保障服务支撑消费升级的路径图。 增强居民长期消费信心 养老问题关乎千家万户的切身利益，也是影响中长期消费释放的关键因素。《意见》明确提出，鼓励金 融机构研发符合参加人养老需求、具有长期限特征且具有一定收益率的个人养老金专属产品，促进养老 财富稳健增值。加快推进商业保险年金产品创新。 当前，伴随个人养老金制度全面落地与税收递延政策持续推进，我国商业养老金融供给体系不断完善。 2024年12月，多部门联合印发《关于全面实施个人养老金制度的通知》，明确自12月15日起，个人养老 金制度由36个试点城市扩展至全国范围。 多家上市银行年报数据显示，养老金融服务已呈现出庞大的客户基础和快速增长态势。截至2024年底， 邮储银行服务55岁及以上中老年客户超过2.8亿人，工商银行同类客户规模突破2亿人。同期，个人养老 金制度全面实施带动账户数量快速上升，工 ...

保险行业 2025 年信用风险展望 作者：金融评级一部 谢冰姝 谷金钟 保险行业 2025 年信用风险展望 联合资信 金融评级一部 |谢冰姝 谷金钟 www.lhratings.com 研究报告 1 2024 年，人身险公司保费收入保持增长，保费收入增长主要靠寿险业务拉动；车 险仍为财产险公司最主要险种，同时多元化产品策略为财产险公司业务拓展开辟新的 发展空间；保险业资金运用余额保持增长，投资资产结构基本稳定，债券资产为主要 配置品种，受资本市场波动以及会计准则切换综合影响，行业综合投资收益率水平同 比显著提升；盈利方面，受新准则实施、资本市场回暖等综合因素影响，2024 年人身 险及财产险公司净利润同比均实现良好增长，但行业的主要利润实现仍集中于头部大 型保险公司；得益于内源性资本补充能力的增强以及外源性资本补充工具的合理运用， 2024 年行业偿付能力有所提升并保持充足水平。2025 年一季度，受预定利率的持续 下调及分红型产品市场接受度有待提升等因素的影响，人身险公司原保险保费收入较 去年同期略有下滑；财产险公司原保险保费收入稳步增长，产品结构相对稳定。 另一方面，2024 年以来，人身险公司逐步集中进 ...

Core Viewpoint - The insurance sector in A-shares has shown significant growth since April, with companies like New China Life Insurance nearing historical highs and China People's Insurance Group reaching a six-year peak, indicating a bullish market trend for insurance stocks [1] Group 1: Market Dynamics - The recent rise in insurance stocks is attributed to both funding and fundamental factors. Institutional investors have increased their allocation to insurance stocks due to their potential to outperform indices and higher elasticity in a low-interest-rate environment [2] - Insurance companies are expected to enhance their equity allocation, positioning themselves as a "second flag bearer" in the bull market due to the expansion of equity risk appetite among various institutions [2] Group 2: Fundamental Factors - The insurance sector is benefiting from macroeconomic improvements and a favorable capital market environment, with expectations of enhanced performance for insurance companies as the economy recovers [3] - The cost of liabilities for life insurance is expected to improve, with a projected decrease in the preset interest rate for insurance products, which could lower the rigid liability costs [3] - The growing emphasis on commercial health insurance is creating new growth opportunities, supported by national policies that promote a multi-tiered medical security system [3] Group 3: Future Outlook - Analysts emphasize the importance of asset-liability matching for insurance stocks, which is crucial for determining their "real value" in a low-interest-rate environment [4] - The ongoing policy guidance aimed at reducing liability costs and expense ratios is expected to enhance profit levels in the life insurance sector, with projections indicating a potential turning point in effective business value returns by 2025 [4]

Core Viewpoint - The A-share insurance stocks have shown significant gains since April, with New China Life Insurance nearing historical highs and China People's Insurance Group reaching a six-year high, indicating a bullish market trend for insurance stocks [1] Group 1: Market Performance - A-share insurance sector rose by 0.74% recently, with intraday gains exceeding 1%, attracting market attention [1] - In the H-share market, both New China Life and China People's Insurance have seen approximately 200% growth over the past year, reaching historical highs [1] Group 2: Funding and Investment Logic - Analysts attribute the rise in insurance stocks to both funding and fundamental logic, with a focus on market fund allocation behavior [2] - Insurance stocks are favored by active equity funds due to their potential to outperform indices and higher elasticity in a low-interest, low-credit spread environment [2] - Institutional investors previously had lower allocations to the insurance sector compared to index weights, indicating room for increased equity allocation [2] Group 3: Fundamental Factors - The insurance sector is expected to benefit from macroeconomic recovery and improved capital market conditions, with a positive outlook for company performance [3] - The insurance industry's operating characteristics are significantly pro-cyclical, suggesting that both liability and investment sides will improve with economic recovery [3] - Recent data indicates a marginal improvement in the interest spread that previously suppressed insurance stock valuations, with expected decreases in life insurance liability costs [3] Group 4: Long-term Growth Drivers - The emphasis on commercial health insurance is creating new growth opportunities, supported by national policies promoting a multi-tiered medical security system [3] - Companies like China People's Insurance have highlighted the potential for closer integration between basic medical insurance and commercial health insurance, indicating substantial growth potential in this area [3] Group 5: Future Outlook - Analysts emphasize the importance of asset-liability matching for insurance stocks' true value, particularly in a low-interest environment [4] - The improvement in liability costs and the stable returns from asset allocation are expected to enhance profitability stability for insurance companies [4] - Predictions suggest that the effective business value yield may reach a turning point by 2025, with a potential upward trend in interest spreads starting in 2026 [4]

证券研究报告 | 行业点评报告 2025 年 07 月 04 日 寿险高增驱动行业保费回暖，财险延续稳定 保险行业 2025 年 5 月保费收入点评 总量研究/非银行金融 近日，国家金融监督管理总局公布 2025 年 1-5 月保险业经营情况，人身险公 司的寿险保费增速进一步走阔，健康险和意外险短期承压；财产险公司的车险 保费增速稳中向好，非车险经营效益有望提升；行业整体延续稳健表现。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 91 | 1.8 | | 总市值（十亿元） | 6080.2 | 6.8 | | 流通市值（十亿元） | 5806.8 | 7.1 | 行业指数 % 1m 6m 12m 绝对表现 9.3 10.0 51.4 相对表现 6.3 4.8 36.8 资料来源：公司数据、招商证券 -20 0 20 40 60 80 Jul/24 Oct/24 Feb/25 Jun/25 (%) 非银行金融 沪深300 相关报告 1、《低估值、高弹性的攻守兼备之选 ——保险行业 2025 年中期投资策略》 2025-06-28 2、《陆家嘴金 ...

Core Viewpoint - The company emphasizes its commitment to enhancing the insurance industry's image and fulfilling its role as an economic stabilizer and social safety net, aligning with the theme of the "7.8 National Insurance Publicity Day" which focuses on love and responsibility [1][8] Group 1: Product and Service Development - The company is focusing on supply-side structural reforms to enhance insurance product offerings, particularly in the fields of pension and health insurance, launching new annuity and life insurance products that cater to wealth management and asset inheritance needs [2] - In 2024, the company paid out insurance claims totaling 181 million RMB, an increase of 11.04% compared to 2023, with a claims settlement rate of 99.95% and an average settlement time of 1.54 days, which is 18.95% faster than the previous year [2] Group 2: Disaster Response and Emergency Management - The company integrates disaster prevention and emergency management into its operational framework, implementing a tiered management system for significant events and enhancing its emergency financial service capabilities [3] - The company has initiated a green claims channel during major disasters, simplifying claims processes and removing restrictions on designated hospitals and self-paid medications [3] Group 3: Technological Innovation and Service Quality - The company is advancing its digital customer service capabilities through the "Six Hearts Project," which focuses on providing high-quality, warm financial services [4] - In 2024, the company established a multi-channel interactive service platform, significantly improving service efficiency and winning awards for outstanding customer service [4] Group 4: Consumer Protection and Financial Education - The company is enhancing its consumer protection framework by improving internal control management and conducting extensive training programs, achieving a 100% participation rate in consumer protection training [6][7] - In 2024, the company reached nearly 26.7 million consumers through various financial education initiatives, promoting financial literacy and risk awareness [7]

Group 1 - The core viewpoint of the report indicates that the global insurance industry is expected to experience strong growth in 2024, with a projected growth rate of approximately 8.6%, surpassing the previous year's rate of 8.2% [1] - The Chinese insurance market is anticipated to achieve a remarkable growth rate of 11.2% in 2024, with total premium income reaching €754 billion, accounting for over half of the total premium income in the Asia region [1][2] - China's life insurance market is projected to grow by 15.4% in 2024, significantly exceeding the average growth rate of 7.8% in Asia, highlighting the strong demand for life insurance products among Chinese households [1] Group 2 - In the property insurance sector, China is the largest market in the Asia-Pacific region, contributing nearly half of the total premium income, with a growth rate of 4.9% in 2024, higher than the regional average of 4.0% [2] - The average per capita expenditure on property insurance in China is over double that of Asia, reaching €142, solidifying its leading position in the Asia-Pacific region [2] - The Allianz Economic Research Center forecasts an overall growth rate of 7.5% for the Chinese insurance market over the next decade, with life insurance expected to grow at 7.8% and property insurance at 6.4% [2]