阳光保险 20251212 摘要 阳光保险 2026 年主推"紫金一号"分红型终身寿险，该产品设计更注 重客户利益，如三年缴费第四年即可返本，五年缴费当年返本，并针对 银发客群推出即交即领的分红型和传统型养老年金产品。 阳光保险认为当前银保渠道演示利率走高是行业趋势，但监管未明确限 制，公司可根据自身投资实力决定。 "紫金一号"限时销售，定价 1.75%，演示利率 3.75%，较以往产品更具吸引力。 阳光保险 2025 年策略调整，三季度推行百亿趸交业务以获取低成本资 金，缩短负债端久期，新单保费和银保渠道总保费均实现两位数增长。 但因 2024 年期交保费基数高，2025 年期交保费增速压力大，预计与 去年持平。 阳光保险计划 2026 年期交保费增速达两位数，驱动因素包括低基数效 应、代理人队伍能力提升和销售逻辑转变。代理人通过 357 张保单逻辑 提升全生命周期保障服务和多元产品销售能力。 阳光保险银保渠道优势显著，2025 年未单纯依赖扩展网点，注重内外 勤配比和服务质量，提升运营效率。计划加大与银行合作资源投放，增 加内外勤队伍数量，支撑网点扩展和产能提升。 Q&A 阳光保险在 2025 年开门红期 ...

Summary of China Life Insurance Conference Call Company Overview - **Company**: China Life Insurance - **Date**: October 15, 2025 Key Points Industry and Company Strategy - China Life Insurance is focusing on a transformation strategy towards participating insurance, with new single premium income maintaining a stable and higher-than-expected proportion in the first three quarters of 2025, indicating strong customer acceptance [2][4] - The regulatory push for high-quality development in health insurance allows for the design of participating critical illness insurance, which is expected to foster innovation in the industry [2][6] - The company plans to launch related products to meet customer demand for critical illness protection, positively impacting its health insurance business [2][6] Financial Performance - New single premiums have achieved positive growth, aligning with expectations, and the company aims to maintain this growth without pursuing high-speed growth, focusing instead on sustainable development [2][3][6] - The proportion of new single premiums from participating insurance remained stable, exceeding last year's expectations due to smooth transformation and high customer acceptance [4] - The company has effectively managed its overall liability costs through a balanced and diversified investment strategy, achieving good investment returns [5][9] Product Strategy - Participating insurance will continue to be the main strategic direction, with product types like participating pension annuities being retained and adjusted to meet diverse customer needs [2][7] - The company is adapting payment terms and insurance periods to enhance product competitiveness [2][7] Channel Performance - The impact of the integration of sales and reporting on individual insurance channels is manageable, with stable activity and issuance rates [2][7] - Agent income may be temporarily affected, but overall it remains controllable, and the company will continue to enhance channel quality to adapt to market demands [2][7][8] Investment Strategy - China Life has increased equity asset allocation across various sectors, including Hong Kong stocks and high-dividend sectors, achieving significant results in the third quarter [5][17] - The company maintains a neutral and flexible allocation strategy in response to rising long-term interest rates, ensuring stability in natural duration [14][15] Regulatory Environment - Recent regulatory guidance aims to promote high-quality development in health insurance, which is expected to benefit the industry and lead to new product designs [6][22] - The company is preparing to gradually introduce new products in response to regulatory changes [6][24] Future Outlook - Despite challenges in the first half of 2025, the company anticipates maintaining positive growth in new single premiums and plans to set reasonable performance targets for the upcoming year [6][24] - The company is committed to enhancing shareholder returns and maintaining stable dividend levels, with a focus on long-term growth [20][21] Miscellaneous - The effective duration gap of the company's assets and liabilities is approximately 1.5 years, with ongoing adjustments based on market conditions [11] - The average dividend yield of high-dividend stocks in the company's portfolio is around 5% [20] This summary encapsulates the key insights from the conference call, highlighting the strategic direction, financial performance, product strategies, and future outlook of China Life Insurance.