来源：险企高参 非车险市场将逐步告别内卷，迈入高质量发展的新阶段。 2025年末《非车险综合治理有关问答（一）》（以下简称：《问答》）下发，为11月1日起实施的非车 险"报行合一"政策提供详细补充。作为继车险、寿险之后"报行合一"监管的第三大战场，非车险综合治 理细则落地，标志着财险全业务线费用管控将得到进一步完善。 从内容上看，《问答》对"见费出单""分期缴费"等关键条款给出明确标准。 《问答》明确，保险公司须在收取保费后签发保单并开具发票，保险中介机构代收保费不视为"见费出 单"。针对地方财政吃紧背景下的政策性业务难题，《问答》允许党政机关等使用财政资金投保的业 务，凭政府签章文件灵活签发保单。但明确企事业单位及个人投保、政府仅提供补贴的业务仍须严格执 行"见费出单"。 在分期缴费方面，《问答》禁止"前低后高"的缴费结构，要求首次缴费后，其余各期金额原则上保持一 致或递减，最后一期缴费金额不超过总保费除以缴费次数的金额，扭转部分险企将缴费条件异化为竞争 砝码的乱象。 针对专项业务，《问答》也明确了差异化规则：财政补贴性农险附加费率不得超过25%，且不列支手续 费，须确认收到农民或农业生产经营组织自缴保费后 ...

主业,不断深化保障功能,主动融入发展大局,不断筑 牢经济安全网、民生保障网、灾害防控网,重点围绕科 技保险、普惠保险、养老保险、巨灾保险等领域,积极 服务国家战略,充分发挥保险经济减震器和社会稳定器 功能,扎实做好金融"五篇大文章"。 6 核心数据总监 全年累计处理案件 支付保险赔款 超2300万件笔 超310亿元 惠及团体客户 惠及个人客户 t32400万人次 超17 家 最快赔案从客户报案到收到赔款用时2分20秒 最大单笔赔案赔付超6500万元 服务客户:超350万次 E IN 【客为尊 以礼得 中国大地保险2025年3月15分报 2025年,中国大地保险始终坚持金融工作的政治性、人 民性,持续推动"价值大地"新蓝图建设,聚焦保险主责 支付赔款:超180亿元 服务客户:超66万次 意外险 支付赔款:超16亿元 服务客户:超638万次 财产 险 支付赔款: 超45亿元 服务客户: 超1360万次 ler r 支付赔款:超59亿元 服务客户:超18万次 衣 陶 支付赔款:超16亿元 器国家战略 HEF 服务国家战略,赋能发展大局 实体经济守护者 绿色金融践行者 ·服务法人客户超17万家,支付赔款超95亿元 真 ...

来源：蓝鲸新闻 国） 蓝鲸新闻记者从业内获悉，金融监管总局近日下发《关于印发<非车险综合治理有关问答（一）>的通 知》（下称《问答》），针对非车险"报行合一"实施过程中出现的各类现实问题，进一步厘清政策内涵 与边界，统一行业执行标准。 从行业情况来看，非车险业务种类丰富、情况复杂，非车险综合治理工作正按照"依法合规、实事求 是、先立后破、稳步推进"的原则有序开展。2025年，监管先后下发《关于加强非车险业务监管有关事 项的通知》（下称《通知》）和《加强非车险业务监管有关工作指引》（下称《指引》）两份文件，进 一步明确非车险"报行合一"相关工作。 有业内人士向记者表示，不同于标准化的车险业务，非车险业务场景更复杂、涉及的产品类型和行业类 型也更多，在业务开展过程中，对相关政策有不同的理解，比较典型就包括部分领域并不具备"见费出 单"的条件。 此次《问答》明确，财险公司应在收取保费后向客户签发保单并开具保费发票，保险中介机构代收保费 不视为"见费出单"；对于人民币业务，保险公司收到银行承兑汇票后签发保单可视为"见费出单"；对于 共保业务，主承保公司或保交所等行业基础设施收取保费后签发保单和开具发票，可视为"见费出 ...

Core Viewpoint - The company is initiating a capital increase of 1.5 billion yuan, marking its first capital expansion since establishment, which is seen as a clear endorsement of its transformation path in the property and casualty insurance sector [1][8]. Group 1: Capital Increase - The capital increase will raise the registered capital from 4 billion yuan to 5.5 billion yuan, an increase of 37.5% [1]. - The capital injection aims to optimize asset quality and enhance liquidity by addressing the high proportion of illiquid assets in the company's structure [2]. Group 2: Financial Performance - The company achieved a net profit of 25 million yuan in 2024, turning a profit for the first time, which further increased to 76 million yuan in the first three quarters of 2025 [3]. - The comprehensive cost ratio improved from 105.04% in 2023 to 100.79% in the first three quarters of 2025, indicating effective cost management [5]. Group 3: Business Transformation - Insurance business revenue reached 8.095 billion yuan in the first three quarters of 2025, a year-on-year increase of 16.6%, with the proportion of auto insurance premiums decreasing by 6.3 percentage points to 62.1% [7]. - The company is shifting its focus from auto insurance to non-auto insurance segments, seeking new growth areas with higher underwriting profit margins [8].

保险行业 2026 年预计延续复苏，利差损担忧缓解，监管下调预定利率， 万能险结算回报降低。受益于资本市场政策呵护和国债收益率稳定，保 险股投资收益率达 5%以上，超过内涵价值假设，利差损拐点显现。 居民存款搬家逻辑下，分红险竞争力增强，收益率高于定存。险企增加 高股息标的配置，每年新增保费 30%投入 A 股，头部险企新增资金规模 约 3,000-4,000 亿，推动资本市场上涨，提升投资收益。 财产险方面，头部三家公司市占率稳固，车险为核心增长领域，新能源 车渗透率提升推动车均保费增长。中国人保预计 2026 年车险业务增速 可达 4%以上，与 GDP 增速相契合。 非车险业务受益于健康险覆盖率提升，保费增速稳健。预计 2026 年， 随着责任保险和农险回升，非车险增长有望接近 10%。头部保险公司综 合成本率预计稳定在 97%左右。 券商板块受益于居民存款搬家、市场活跃度、大财富管理及监管政策放 松，预计 2025-2026 年券商 ROE 进入上升周期。大财富管理、大投行 及国际化衍生品等将对券商业绩形成正向贡献。 Q&A 2026 年金融板块的年度策略是什么？非银板块和银行板块的表现如何？ 2026 ...

Summary of China Pacific Insurance Conference Call Company Overview - **Company**: China Pacific Insurance (中国人保) - **Industry**: Insurance Key Points Non-Motor Insurance Performance - Personal non-motor insurance maintains double-digit growth with good profitability, and the combined cost ratio is below 90% [2][3] - Corporate non-motor insurance is significantly affected by natural disasters, leading to structural adjustments to reduce losses [2][3] - Agricultural insurance shows good profitability, while social insurance business incurs losses, with efforts to minimize these losses [2][3] Impact of Regulatory Changes - The "reporting and operation integration" policy, effective from November 1, 2023, is expected to exert short-term pressure on premium growth but will optimize the combined cost ratio and promote industry standardization in the long term [2][3][5] - Personal non-motor insurance is less affected due to its strong profitability and growth rate, while corporate non-motor insurance, particularly commercial property and liability insurance, will see more significant improvements [3][5] New Energy Vehicle Insurance - New energy vehicle insurance accounts for 20% of total motor insurance premium income, with new business premiums making up 50% [2][6] - The company expects to achieve overall profitability in new energy vehicle insurance by 2025, with a 4 percentage point decrease in the claim rate year-on-year [2][6] Overseas Market Expansion - In the first nine months of 2025, the company generated approximately 1.6 billion RMB in overseas premium income, achieving over double-digit growth and profitability [2][7] - The goal is to reach 20 billion RMB in annual overseas premium income by 2030, with an average annual growth rate exceeding 20% [2][7] Asset Management Strategy - The company focuses on absolute returns and investment income targets rather than specific allocations between growth and value stocks [2][8] - The current duration gap for life insurance business is 6 years, which is narrowing, and the company plans to increase long-duration government bond allocations [2][4][13] Investment Returns and Strategies - The company aims to maintain a stable net investment return rate around 3%, with the mid-year net investment return rate reported at 3.3% [2][14] - The strategy includes enhancing the proportion of FVOCI (Financial Assets at Fair Value through Other Comprehensive Income) stocks to ensure stable cost profitability [2][10] Dividend Policy and Shareholder Returns - The dividend policy considers net profit fluctuations, subsidiary capital strength, solvency, and business stability [2][23] - The company aims to provide sustainable, stable, and predictable returns to shareholders while enhancing profitability [2][23] Sales and Distribution Channels - The bancassurance channel has seen a 68% increase in new single premiums in the first nine months of 2025, driven by strong cooperation with major banks and growing resident financial needs [2][20] - The company is expanding its bank branch network to further support new single premium growth [2][20] Regulatory Compliance and Future Outlook - The company is actively working on compliance with the new expense-sharing guidelines, which are expected to reduce channel costs and promote new business value growth [2][18][19] - The integration of reporting and operation is ongoing, with plans to enhance internal systems to meet regulatory requirements [2][19] Conclusion - China Pacific Insurance is strategically positioned to navigate regulatory changes, expand into new markets, and enhance profitability through effective asset management and a focus on sustainable growth in both domestic and international markets [2][7][8][23]

| 序 | 当事人名 | 行政处罚决定 | 主要违法违规行为 | 行政处罚 | 作出决定 | | --- | --- | --- | --- | --- | --- | | 릉 | 称 | 书文号 | | 内容 | 机关 | | 1 | 阳光农业 相互保险 公司双鸭 山中心支 公司 | 双金监罚决字 〔2025〕 10 를 | 虚列费用、农险业务 数据不真实 | 罚款 25 万元 | | | 2 | 阳光农业 相互保险 公司双鸭 山中心支 公司饶河 | 双金监罚决字 〔2025〕 11 를 | 农险业务数据不真实 | 罚 款 15 万元 | | | | 保险社 陈刚(时 任阳光农 业相互保 | 双金监罚决字 | 虑列费用、农险业务 | 警告并罚 | 双鸭山 金融监管 分局 | | 3 | 险公司双 聘山中心 支公司总 经理) | 〔2025〕 12 름 | 数据不真实 | 款3万元 | | | র্য | 刘滨(时 任阳光农 业相互保 险公司双 鸭山中心 | 双金监罚决字 〔2025〕 13 를 | 农险业务数据不真实 | 警告并罚 款2万元 | | | | 支公司饶 河保险社 主任) | | | | 图片来 ...

| 序 | 当事人名 | 行政处罚决定 | 主要违法违规行为 | 行政处罚 | 作出决定 | | --- | --- | --- | --- | --- | --- | | 릉 | 称 阳光农业 | 书文号 | | 内容 | 机关 | | 1 | 相互保险 公司双鸭 山中心支 公司 | 双金监罚决字 [2025] 10 를 | 虚列费用、农险业务 数据不真实 | 罚 款 25 万元 | | | 2 | 阳光农业 相互保险 公司双鸭 山中心支 公司饶河 | 双金监罚决字 [2025] 11 를 | 农险业务数据不真实 | 罚 款 15 万元 | | | | 保险社 陈刚(时 任阳光农 | | | | 双鸭山 金融监管 | | 3 | 业相互保 险公司双 聘山中心 | 双金监罚决字 [2025] 12 름 | 虚列费用、农险业务 数据不真实 | 警告并罚 款3万元 | 分局 | | | 支公司总 经理) | | | | | | র্ণ | 刘滨(时 任阳光农 业相互保 险公司双 聘山中心 支公司饶 | 双金监罚决字 [2025] 13 를 | 农险业务数据不真实 | 警告并罚 款2万元 | | | | 河保险社 ...

Group 1 - The core viewpoint of the report indicates a decline in the premium scale of life insurance companies in October, with a year-on-year decrease of 4.6%, attributed to a shift in focus towards preparations for the 2026 "opening red" campaign [1][2] - For the period from January to October 2025, the original premium of life insurance reached 42,519 billion yuan, showing a year-on-year increase of 9.6%, while the total premium was 48,010 billion yuan, up 8.8% year-on-year [1] - The report highlights that the market demand remains strong, with the expected growth in new single premiums due to the attractiveness of insurance products compared to bank deposits [2][5] Group 2 - In October, the health insurance premium showed a slight year-on-year increase of 0.5%, although the growth rate decreased by 2.8 percentage points compared to September [3] - The health insurance sector's share reached 21% by the end of October, up 0.4 percentage points from the end of September, indicating a positive trend in the market [3] - The China Banking and Insurance Regulatory Commission's recent guidelines are expected to stimulate growth in the health insurance market by supporting various product developments [3] Group 3 - The property insurance sector experienced a year-on-year decline of 5.5% in October, with both auto and non-auto insurance premiums decreasing [4] - The auto insurance premium growth turned negative in October, with a year-on-year decrease of 6.6%, influenced by a high base from the previous year [4] - Non-auto insurance premiums also saw a decline, with a year-on-year drop of 3.4% in October, reflecting pressures from regulatory changes and market conditions [4] Group 4 - The report notes improvements in both the liability and asset sides of the insurance companies, with significant upward potential in valuations [5] - The anticipated optimization of liability costs due to a shift in product offerings and a potential recovery in long-term interest rates could alleviate pressure on investment returns [5] - The insurance sector is currently undervalued, with estimated valuations for 2025 ranging from 0.55 to 0.94 times PEV and 1.07 to 2.00 times PB, indicating a historical low [5]

Summary of Sunshine Insurance Conference Call Company Overview - **Company**: Sunshine Insurance - **Date**: November 27, 2025 Key Points Industry Insights - The life insurance industry is facing challenges with the predetermined interest rate dropping to historical lows, with traditional products at only 2.0% [2][3] - Concerns exist regarding the growth rate and competitiveness of life insurance products, particularly due to a sales slump attributed to product switching and annual task adjustments by insurance companies [2][3] Sales and Growth Expectations - The bank insurance business is expected to benefit from banks' net interest margin pressures and strong demand for middle-income products, with an anticipated premium growth in the coming year [2][3] - Individual insurance business is under significant transformation pressure due to regulatory changes and intense competition for new customers [2][3][4] Agent Workforce and Productivity - Sunshine Insurance is focusing on high-quality transformation of its agent workforce, with approximately 49,000 agents currently, maintaining a per capita productivity of about 28,000 yuan [2][5] - The company is reducing management layers to enhance personal development among agents, although the number of active agents has slightly decreased [5] Product Strategy - Dividend insurance has become mainstream, with a significant increase in its share of new policies, expected to reach 70%-80% [6][7] - The company plans to diversify its product offerings by increasing the proportion of individual insurance channels for protection products and mid-term savings products [7] Asset Allocation Strategy - Fixed income assets constitute 75% of the company's portfolio, with over 75% in long-term bonds and approximately 200 billion yuan in ultra-long bonds [8] - The company aims to maintain a stable asset duration and will selectively overweight certain assets, with equity investments making up 15% of the portfolio [8] Regulatory Impact - The implementation of the unified reporting policy for non-auto insurance is expected to cause short-term premium fluctuations but may lead to improved profitability in the long run [10] - The company has established a special task force to develop differentiated strategies in response to regulatory changes [10] Health Insurance Development - The guidance for promoting high-quality development in health insurance provides opportunities for traditional and potential dividend health insurance products [11][12] - The company plans to focus on health insurance once regulatory details are clarified [12] Financial Management - Sunshine Insurance has developed a cost management approach aligned with regulatory directions, allowing for more precise management of various costs [13] - The company is also exploring opportunities in inclusive finance, particularly in agricultural insurance and health insurance, despite current high costs [14] Future Investments - Sunshine Insurance has recently invested 20 billion yuan in a private equity fund and plans to continue allocating funds in line with its investment strategy [18] Industry Trends - The insurance industry is adopting measures to combat "involution," focusing on product strength, risk management, and customer service rather than competing on commissions [17] This summary encapsulates the key insights and strategic directions of Sunshine Insurance as discussed in the conference call, highlighting the challenges and opportunities within the life insurance sector.