在政策组合拳推动下，银保渠道已从"规模竞争"全面转向"价值竞争"。数据显示，2025年上半年行业银 保渠道新业务价值普遍实现增长，多家头部机构该指标增幅超100%。开源证券在研报中指出，报行合 一执行、产品结构优化对险企价值带来支撑，银保渠道新单高增，成总负债端增长主要驱动力。 日前，中华联合人寿保险股份有限公司（下称"中华人寿"）获"2025年度金牌银保渠道品牌力奖"。这既 是监管政策引导下银保渠道价值重塑趋势中企业实力的体现，也是中华人寿深耕银保领域、践行"中华 保险服务中华"文化口号与高质量发展理念的具体实践。 政策东风吹暖银保转型赛道，文化使命锚定发展方向 近年来，银保行业正处于监管政策密集优化的关键期。国家金融监督管理总局2024年5月印发的《关于 商业银行代理保险业务有关事项的通知》，明确取消银行网点与保险公司合作的数量限制，为险企拓展 合作广度扫清制度障碍；国务院《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》（国发 〔2024〕21号）将"提升保险业服务民生保障水平""提升保险业服务实体经济质效"列为重要任务，这与 中华人寿"服务国家、服务三农、服务民生"的企业使命高度契合，为其银保渠道 ...

Core Insights - The white paper titled "White Paper on the Risk Protection System for Chinese Families under the Background of High-Quality Development of the Insurance Industry" was officially released, providing guidance for the scientific allocation of insurance for Chinese families in the new era [1][2] - The research emphasizes the evolving risk perceptions of families, highlighting a significant increase in awareness of wealth-related risks compared to traditional survival risks [3][4] Group 1: Family Risk Perception and Management - Chinese families are facing multiple challenges such as slowing income growth, increasing employment and debt risks, currency depreciation, and declining investment returns [3] - The study indicates a shift in focus from traditional risks like health and accidents to wealth management and security, with a notable rise in concern over unemployment and wealth depreciation risks [4][6] - The white paper identifies six major impacts of macroeconomic changes on family risks, including income and debt risks, purchasing power risks, and the effects of an aging population [3][4] Group 2: Consumer Preferences and Risk Management Solutions - Modern families are increasingly seeking comprehensive risk management solutions that combine products and services, moving beyond traditional insurance compensation [10][11] - The primary concerns of families include health issues, retirement planning, children's education, wealth security, and wealth inheritance, reflecting a strong demand for certainty and sustainability [10][11] - High-net-worth families show a growing interest in specialized services such as tax consultation and wealth inheritance planning, indicating a shift towards personalized insurance solutions [12][13] Group 3: Recommendations for Insurance Allocation - The white paper proposes a framework for analyzing income, assets, and liabilities to guide insurance allocation based on family lifecycle stages and wealth levels [17] - It suggests that families should adjust their insurance products according to their lifecycle stage, with specific recommendations for different income levels [17][18] - The introduction of the "Family Risk Defense Index Model" aims to assist families in optimizing their insurance strategies and improving financial security [14][15] Group 4: Strategic Opportunities for the Insurance Industry - The insurance industry is positioned at a critical strategic opportunity, with companies like Great Wall Life Insurance aiming to transition from serving individuals to serving families [18] - The company emphasizes the importance of understanding changing family needs and has developed various intelligent tools to help consumers identify risks and allocate insurance effectively [18][19] - Great Wall Life Insurance is committed to providing comprehensive risk protection services, enhancing customer trust through a focus on both product and service quality [18][19]

Core Insights - Increasing numbers of young people are becoming addicted to saving money, viewing their savings as a source of satisfaction and motivation for future financial goals [3][5] - The concept of compound interest is gaining traction among young savers, who are shifting from traditional savings accounts to savings insurance products that offer better returns [3][5] - Asset allocation is becoming a crucial strategy for young individuals to maximize their savings and achieve financial security [5][6] Group 1: Saving Behavior - Young individuals are segmenting their savings into different categories such as emergency funds, investment funds, and long-term savings, ensuring each has a specific purpose [3][5] - The trend of using savings insurance products is on the rise, as they provide compound interest benefits that traditional savings accounts do not [3][5][11] - The psychological aspect of saving, where seeing increasing numbers in savings accounts provides a sense of accomplishment, is driving more young people to adopt saving habits [5][15] Group 2: Financial Planning - Young professionals are increasingly using platforms like Alipay to manage their savings and investments, opting for products that offer compound interest [5][8] - Individuals like Lu Yingying are adopting structured saving plans, allocating a portion of their salary to savings insurance, which yields higher returns compared to traditional fixed deposits [8][11] - The importance of financial security is emphasized, with many young people recognizing the need for insurance products to safeguard against future uncertainties [15][19] Group 3: Long-term Financial Security - The trend of purchasing insurance products for long-term savings, such as education funds for children, is becoming common among young families [19][17] - Individuals are increasingly aware of the need to plan for retirement early, with many starting to invest in pension plans to ensure financial stability in later years [21][23] - The concept of leveraging time and compound interest for personal growth and financial security is being embraced, with young people viewing savings as a means to achieve future freedom [25][26]

Group 1 - The insurance industry is currently one of the most important forces in China's elderly care market, with a shift from "family self-sufficiency" to "social supply" in elderly services [1][2] - The aging population and changing family structures in China present dual challenges, leading to a growing contradiction between high demand for family care and weak family capabilities [1] - Three characteristics of current family elderly care are identified: the desire for individual independence alongside intergenerational closeness, a trend towards diverse needs among the elderly, and a burgeoning demand for external services [1][2] Group 2 - Elderly care services cannot rely solely on families; there is a need to integrate family, commercial, and public resources for comprehensive supply across various sectors and life stages [2] - Multiple government departments have introduced a series of elderly care policies to address population aging and develop the elderly care industry, with elderly finance included in key financial strategies [2] - The insurance sector is well-positioned to meet the needs of elderly care, with products like pension insurance and health insurance providing financial security and investment opportunities in the aging industry [2][3] Group 3 - The insurance industry has deep financial reserves and strategic depth, actively engaging in institutional, home-based, and community elderly care [3] - Leading insurance companies are exploring various business models in institutional elderly care, aiming to ensure high-quality services while establishing a sustainable commercial path for elderly care [3]

Core Viewpoint - The insurance industry is entering a new phase of "interest rate cuts," with the first move made by Tongfang Global Life Insurance, which has reduced the preset interest rate of its new dividend insurance products from 2% to 1.5% [2][6]. Group 1: Market Trends and Regulatory Changes - The downward trend in interest rates has been significant, with the 10-year government bond yield dropping to 1.64% as of June 23, 2024, which is below the preset interest rate cap for ordinary life insurance products [6][9]. - The Financial Regulatory Bureau has implemented a mechanism to link preset interest rates with market rates, requiring timely adjustments when preset rates exceed a certain threshold [9][5]. - This marks the third reduction in preset interest rates for insurance products in two years, with ordinary life insurance rates decreasing from 4.025% to 2.5% [6][5]. Group 2: Risks and Challenges - The long-term inversion of interest rates poses significant risks for insurance companies, as the declining investment returns pressure the income side while the liability side remains rigid [7][8]. - Companies face challenges in investment decision-making, as investing heavily in long-term bonds may not cover liability costs, while a lack of stable returns could lead to systemic risks [8][11]. Group 3: Product Strategy and Development - Tongfang Global Life has adopted a balanced multi-product strategy, offering both dividend and non-dividend products, as well as savings and pension products to meet diverse customer needs [13][12]. - The company is focusing on risk-sharing products, including dividend and universal insurance, as well as protection products like term life and high-end medical insurance [13][14]. - There is a push for innovation in product offerings, particularly in risk-sharing products, to better align with market demands and mitigate interest rate risks [16][17]. Group 4: Future Outlook - The insurance industry is expected to continue adjusting preset interest rates downward, with predictions of further reductions around August [9]. - The development of new product types, such as index-linked universal insurance and guaranteed investment-linked insurance, is recommended to enhance market acceptance and provide minimum guarantees [17][18].

Investment Rating - The report maintains a "Recommended" rating for the insurance sector, indicating a positive outlook for the industry in the coming months [7]. Core Insights - The insurance industry has shown signs of recovery, with total premium income reaching 30,602 billion yuan from January to May 2025, reflecting a year-on-year increase of 3.8%. The premium income for May alone was 4,647 billion yuan, up 13.2% year-on-year [4]. - Life insurance continues to recover, with premium income of 18,735 billion yuan from January to May 2025, a 3.9% increase year-on-year. The premium income for May was particularly strong at 2,674 billion yuan, marking a 24.1% increase year-on-year [4]. - The health insurance sector experienced a slight decline in premium income, totaling 3,879 billion yuan from January to May 2025, a 0.9% increase year-on-year, with May showing a decrease of 6.3% [5]. - The property insurance sector saw premium income of 7,805 billion yuan from January to May 2025, a 5.2% increase year-on-year, with May's income at 1,319 billion yuan, up 5.3% [4]. - The report highlights the potential for life insurance products, particularly participating insurance, to gain market share due to their dual benefits of protection and investment returns, especially in a low-interest-rate environment [4][9]. - The automotive insurance segment benefited from increased vehicle sales, with premium income reaching 3,720 billion yuan, a 4.4% increase year-on-year, while non-auto insurance premiums were 4,085 billion yuan, up 6.0% [8]. Summary by Sections Life Insurance - Life insurance premium income from January to May 2025 was 18,735 billion yuan, up 3.9% year-on-year, with a significant increase in May of 24.1% [4]. - The demand for life insurance products is expected to recover due to the declining bank deposit rates, enhancing the attractiveness of long-term insurance products [4]. Health Insurance - Health insurance premium income was 3,879 billion yuan from January to May 2025, reflecting a modest growth of 0.9% year-on-year, with a notable decline in May [5]. - The report suggests that the health insurance sector is undergoing a transformation, with potential for growth in mid-to-high-end medical insurance products [5]. Property Insurance - Property insurance premium income reached 7,805 billion yuan from January to May 2025, a 5.2% increase year-on-year, with steady growth in both auto and non-auto segments [4][8]. - The report anticipates a continued focus on professionalization and refinement in the property insurance sector, particularly among leading companies [9]. Investment Opportunities - The report suggests that the insurance sector is poised for growth, with a focus on improving product structures and increasing the share of participating insurance products [9]. - The macroeconomic recovery is expected to support long-term interest rates, which could positively impact the insurance sector's performance [9].

Group 1 - The core viewpoint emphasizes the shift in insurance from "post-loss compensation" to "lifecycle risk management," focusing on risk prevention and health management to reduce uncertainty in future expenditures [1] - Insurance companies are collaborating with medical institutions and health management firms to create a "prevention-diagnosis-rehabilitation" closed loop, which helps consumers lower expected medical expenses and redirect savings towards education and tourism consumption [1] - From a retirement planning perspective, insurance companies are developing a "guarantee-industry-consumption" ecosystem through building retirement communities and collaborating with elderly care institutions, enhancing related industries such as healthcare and tourism [1] Group 2 - National policies are providing significant support to consumers, such as urban inclusive insurance products and personal pension plans, which alleviate potential expenditure pressures and enhance current consumption capabilities [2]

Core Viewpoint - The recent reduction in deposit rates by major state-owned banks has sparked discussions about the attractiveness of savings-type insurance products, highlighting a potential shift in consumer behavior towards these products due to their relatively higher returns compared to bank deposits [2][5]. Group 1: Impact of Deposit Rate Cuts - On May 20, major state-owned banks lowered their deposit rates, with the one-year deposit rate falling below 1%, leading to increased promotion of savings-type insurance products by insurance sales personnel [3][4]. - The new deposit rates are as follows: 0.05% for demand deposits, 0.65% for 3-month deposits, 0.85% for 6-month deposits, 0.95% for 1-year deposits, 1.05% for 2-year deposits, 1.25% for 3-year deposits, and 1.3% for 5-year deposits [3]. - The maximum pricing rates for various insurance products are: 2.5% for ordinary life insurance, 2.0% for participating insurance, and 1.5% for universal insurance [3]. Group 2: Market Reactions and Sales Dynamics - Some insurance sales representatives believe that the current low deposit rates will drive more conservative investors, particularly older clients, towards savings-type insurance products, especially those with guaranteed returns [4][5]. - However, there are differing opinions within the industry, with some experts cautioning that savings-type insurance products are not a direct substitute for bank deposits due to differences in liquidity and investment horizons [5][6]. Group 3: Long-term Considerations for Insurance Companies - The decline in interest rates compresses the yield space for fixed-income assets, posing challenges for insurance companies that rely on investment income to cover liabilities [6][7]. - Insurance companies may need to adjust their product strategies by lowering the guaranteed rates on new products to align with market interest rates, thereby mitigating future margin pressures [8]. - A diversified investment strategy that includes a higher proportion of equity and alternative investments is recommended to enhance overall portfolio returns [8]. Group 4: Strategic Recommendations - To adapt to the low-interest-rate environment, insurance companies should focus on developing protection-oriented and service-oriented insurance products, reducing reliance on interest rate spreads [8]. - Building an "insurance + health and elderly care" ecosystem is suggested to enhance customer loyalty and product value, which can help mitigate the impacts of interest rate fluctuations [8].

Core Viewpoint - The personal marketing system reform in the life insurance industry has become a focal point, driven by the recent notice from the National Financial Regulatory Administration, indicating a significant transformation in the industry [1][2]. Group 1: Industry Changes - The traditional individual insurance marketing model is no longer suitable for today's Chinese life insurance market, which is transitioning from acquiring new customers to deepening engagement with existing customers [1][2]. - The individual insurance channel, once a backbone of growth, is facing unprecedented challenges due to economic cycles, structural issues, and tightening regulations [1][2]. - The shift from a quantity-focused approach to a quality-focused approach is evident, with regulatory changes emphasizing the need for professionalization and compliance in the insurance sales process [2][3]. Group 2: Product and Sales Dynamics - The decline in the guaranteed interest rate for traditional life insurance products has diminished their attractiveness, leading to a shift towards more complex products like annuities and dividend policies, which are harder to sell [3][4]. - The introduction of the "reporting and operation integration" mechanism aims to align product pricing assumptions with actual costs, reducing short-term arbitrage opportunities and increasing compliance requirements for sales agents [3][4]. - The insurance sales landscape is evolving from merely selling policies to providing comprehensive solutions that cover the entire lifecycle of clients, necessitating a more professional sales force [4][5]. Group 3: Marketing Model Transformation - The regulatory notice calls for a transformation of insurance sales personnel from traditional sales roles to professional insurance consultants, focusing on long-term client relationships and needs [5][6]. - Leading companies like China Life and Taikang Life are actively promoting initiatives to cultivate high-performing, professional agents capable of wealth management and risk assessment [5][6]. - Taikang's HWP model integrates insurance consulting, medical care, and financial planning, addressing the needs of high-net-worth clients and moving away from traditional sales methods [6][7]. Group 4: Channel Competition and Growth - The reform of the individual insurance channel is reshaping the competitive landscape, with banks and intermediaries also undergoing regulatory changes [8][9]. - The bank insurance channel is experiencing rapid growth, with significant increases in premium income, indicating a shift towards a more sustainable and value-driven approach [9][10]. - Smaller insurance companies and intermediaries are expected to gain market share as they leverage their competitive advantages in providing personalized and differentiated services [10][11]. Group 5: Future Outlook - The ongoing reform in the individual insurance marketing system is expected to optimize the industry ecosystem in the long term, despite short-term challenges [11][12]. - Companies that successfully implement professionalization and provide high-quality services are likely to emerge as winners in the evolving market landscape [11][12].