Summary of Xinhua Insurance Conference Call Company Overview - **Company**: Xinhua Insurance - **Focus**: Life insurance, particularly dividend insurance products Key Points Industry and Market Dynamics - **Focus on Dividend Insurance**: In 2026, Xinhua Insurance will prioritize the sale of dividend insurance products, while 2025 will focus on traditional products [2][3] - **Bank Insurance Channel Preparation**: The bank insurance channel is actively preparing for growth, including channel expansion and product development to address high growth challenges [2][3] - **Impact of Regulatory Changes**: The shift to a unified reporting system (报行合一) has a significant impact on the bank insurance channel, while the individual insurance channel is less affected [2][8] Sales and Product Strategy - **Sales Performance**: The company has initiated pre-sales for the individual insurance channel, with initial data meeting expectations [3][5] - **Product Strategy Shift**: The individual insurance channel will shift focus to dividend insurance in 2026, while traditional products dominate in 2025 [3][5] - **Dividend Insurance Transition**: As of the latest reports, dividend insurance accounted for approximately 12% of new policies, with over 70% in the marketing channel by Q3 [2][11] Financial Performance and Investment Strategy - **Investment Returns**: Strong investment returns over the past two years have laid a foundation for the dividend realization rate, aiding acceptance of dividend products by banks and clients [2][6] - **Core Equity Asset Allocation**: The company maintains a high level of core equity asset allocation, with plans to consider further increases based on market conditions, though space for significant increases is limited [4][15] Competitive Landscape - **Increased Competition**: The removal of the 1+3 outlet restriction has intensified competition in the bank insurance sector, but it is seen as beneficial for larger companies like Xinhua Insurance [2][10] - **Expansion Plans**: The company plans to increase the number of outlets and enhance internal team capabilities to drive growth in 2026 [11] Regulatory and Policy Considerations - **Expense Management**: The company is optimizing back-office expenses to support front-end sales and agent commissions, ensuring stable overall value contribution [8][9] - **Future Profitability**: The individual insurance channel is expected to adapt well to the unified reporting policy, with limited impact on profitability compared to the bank insurance channel [9] Health Insurance Product Development - **New Product Research**: The company is exploring dividend-based critical illness insurance to enhance the attractiveness of health insurance products [4][12] Short-term Payment Strategy - **Short-term Payment Focus**: Short-term payment strategies have been a significant resource investment, with plans to maintain stable investment levels in 2026 [13] Long-term Investment Outlook - **Investment Yield Expectations**: The company anticipates a long-term investment yield of around 4%, with current market conditions exerting downward pressure on net investment income [22][23] Dividend Policy Considerations - **Dividend Policy Framework**: The specific dividend policy will be determined post-annual report, typically based on net profit ratios and other financial considerations [25] Tax and Accounting Standards - **Tax Treatment**: The company applies new accounting standards for tax calculations, which may differ from actual tax payments based on old standards [27] This summary encapsulates the key insights from the conference call, highlighting the strategic direction, market challenges, and financial outlook of Xinhua Insurance.

原标题：分红型重疾险"杀"了个回马枪？！平安、太保、新华表示跟进！某些机构恐难以融入… 来源：险企高参 11月13日，中国平安通过互动平台发布公告，宣布该司已启动分红型重疾险产品的研发工作，预计在相 关细则出台后即可开发有关产品，力争尽早上市销售，以把握市场机遇。 平安人寿总精算师孙汉杰对此予以确认并表示，该司已启动分红重疾产品的相关研究，后续将尽快推进 产品研发与推出，进一步拓宽分红型产品的覆盖场景。 产品战略调整的背后，是政策的指引。2025年9月30日国家金融监督管理总局发布的《关于推动健康保 险高质量发展的指导意见》，其中明确支持监管评级良好的保险公司自2025年10月起开展分红型长期健 康保险业务，意味着被叫停22年的分红型重疾险正式"解禁"。 在2003年，监管机构出于多重原因叫停分红型重疾险。当时部分保险公司将分红型重疾险包装成纯粹的 理财工具，背离了健康保险的保障初衷。加之健康险产品本身结构复杂，精算定价缺乏足够的经验数据 支撑，引入分红机制后，进一步增加了风险控制的难度，使得产品运营面临更大挑战。此外，国际市场 中也缺乏分红型健康险的先例。 随着时间的推移，中国保险业持续向高质量发展转型，监 ...

Core Insights - The belief in critical illness insurance as a necessity for most families is wavering due to changes in medical conditions, social environment, and the insurance market [1] - New single premium for critical illness insurance has seen a continuous decline for five consecutive years since peaking at over 100 billion yuan in 2018 [1][2] Group 1: Declining Premiums - Sales personnel report that critical illness insurance is becoming increasingly difficult to sell, with many consumers noting rising premiums [2] - From 2020 to 2024, the proportion of critical illness insurance premiums within health insurance has decreased from 64% to 43% [2] - The decline in new single premiums is attributed to market saturation in first- and second-tier cities, the rise of affordable insurance products, and increased premium costs affecting product competitiveness [2] Group 2: High Claim Rates - Critical illness insurance has the highest claim amounts among personal insurance products, with significant proportions of total claims [3] - The age group of 41 to 50 years shows the highest claim rates, leading to increased pressure on insurance companies due to rising claim rates and stagnant premium income [3] - The rising detection and cure rates of severe illnesses have led to concerns about long-term losses for insurance companies [3] Group 3: Breaking the Deadlock - Despite challenges, critical illness insurance remains a core product that provides essential coverage that cannot be replaced by reimbursement-based products [4] - The introduction of dividend-based long-term health insurance products is seen as a way to enhance the attractiveness of critical illness insurance [4] - Recommendations include accelerating product innovation, modularizing insurance coverage, and integrating health management with critical illness insurance [4] Group 4: Consumer Education - Strengthening consumer education is deemed essential for helping consumers understand the value of critical illness insurance and expanding market opportunities [5]

Core Viewpoint - The resurgence of dividend-type critical illness insurance is anticipated in the market, driven by recent policy support from the National Financial Regulatory Administration [1][3][4] Policy Support - The National Financial Regulatory Administration's guidance encourages insurance companies with good regulatory ratings to develop dividend-type long-term health insurance products [3][4] - Major insurers like China Ping An and Xinhua Insurance have expressed their commitment to research and develop dividend-type critical illness insurance products in response to the new policy [5][6] Market Dynamics - The traditional critical illness insurance market has faced challenges, leading to a renewed interest in dividend-type products as a potential solution [4][7] - The introduction of dividend mechanisms is seen as a way to enhance the attractiveness of long-term health insurance products and innovate their offerings [5][6] Product Concerns - There is a distinction between genuine dividend-type critical illness insurance and products that are merely labeled as such, with the latter often being criticized as "pseudo-dividend critical illness insurance" [6] - True dividend-type critical illness insurance should link dividends directly to the performance of the critical illness insurance itself, rather than relying on the performance of a separate dividend insurance component [6] Industry Challenges - The insurance industry faces significant hurdles in reintroducing dividend-type critical illness insurance, including the need for accurate pricing, stable investment returns, and strict underwriting practices [8] - Insurers must navigate complex financial considerations, including capital requirements and customer expectations, to successfully launch these products [8][9] Consumer Acceptance - Gaining consumer trust and acceptance of dividend-type critical illness insurance will be crucial for its long-term success in the market [9]

在产品同质化、预定利率下调的背景下，市场渴望健康险创新产品的出现。一则来自头部险企的表态， 为健康险市场的发展带来新的可能。11月17日，北京商报记者了解到，近日，中国平安公开表示，公司 已开展分红型重疾险的产品研究与开发。这一动向，预示着"保障+投资"双重属性的分红型重疾险，在 告别市场多年后，回归的脚步声已渐行渐近。记者从业内了解到，虽然部分公司暂未公开表示有产品探 索计划，但很多公司已经开始做起了准备工作。 分红型重疾险在内的分红型健康险具备哪些特点？从"允许开展"到"普遍上市"，这类保险还有多长的路 要走？ 产品迎来落地"计划表" 中国平安近日公开表示，公司已开展分红型重疾险的产品研究与开发，预计在相关细则出台后即可开发 有关产品，力争尽早上市销售，以把握市场机遇。 "据了解，很多公司早已经在准备，新的分红型重疾险应该不久就会上市。"精算视觉创始人牟剑群在接 受北京商报记者采访时表示。 市场的热情回应有其原因。今年9月底发布的《关于推动健康保险高质量发展的指导意见》(以下简称 《意见》)明确指出，允许开展分红型长期健康险业务。这一政策开口，为产品的"复出"扫清了障碍。 在业内人士看来，头部险企的此番表 ...

分红型重疾险在内的分红型健康险具备哪些特点？从"允许开展"到"普遍上市"，这类保险还有多长的路 要走？ 产品迎来落地"计划表" 中国平安近日公开表示，公司已开展分红型重疾险的产品研究与开发，预计在相关细则出台后即可开发 有关产品，力争尽早上市销售，以把握市场机遇。 市场的热情回应有其原因。今年9月底发布的《关于推动健康保险高质量发展的指导意见》（以下简称 《意见》）明确指出，允许开展分红型长期健康险业务。这一政策开口，为产品的"复出"扫清了障碍。 在业内人士看来，头部险企的此番表态，正是基于对这一政策的积极响应。 中国平安也表示，通过"保障+投资"双重属性，可提升产品竞争力，重疾险或将迎来新的发展机会。 在产品同质化、预定利率下调的背景下，市场渴望健康险创新产品的出现。一则来自头部险企的表态， 为健康险市场的发展带来新的可能。11月17日，北京商报记者了解到，近日，中国平安公开表示，公司 已开展分红型重疾险的产品研究与开发。这一动向，预示着"保障+投资"双重属性的分红型重疾险，在 告别市场多年后，回归的脚步声已渐行渐近。记者从业内了解到，虽然部分公司暂未公开表示有产品探 索计划，但很多公司已经开始做起了准备工 ...

Monetary Policy and Market Operations - The People's Bank of China conducted a 190 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, maintaining the previous rate; with 92.8 billion yuan of 7-day reverse repos maturing, the net injection into the open market was 97.2 billion yuan [1] - The overnight Shanghai Interbank Offered Rate (Shibor) fell by 10 basis points to 1.3150%, while the 7-day and 14-day Shibor rates remained unchanged at 1.4740% and 1.5000%, respectively [1][2] Interbank Market Rates - In the interbank pledged repo market, overnight funding rates continued to decline, with DR001 and R001 weighted average rates falling by 9.9 basis points and 7.7 basis points to 1.3199% and 1.3887%, respectively; transaction volumes increased by 68.5 billion yuan and 370.7 billion yuan [5] - The weighted average rates for DR007 and R007 decreased by 1.2 basis points and 0.4 basis points to 1.4782% and 1.5005%, with transaction volumes rising by 2.7 billion yuan and 89.4 billion yuan [5] Financial Instruments and Issuance - On November 13, 72 interbank certificates of deposit were issued, with a total issuance amount of 114.48 billion yuan; demand for 9-month and 1-year AAA-rated rural commercial bank products was strong, while other maturities showed average sentiment [10] - The secondary market for certificates of deposit was active, with yields for various maturities showing slight fluctuations; the 1-month national bank large enterprise ended at approximately 1.49%, up about 1 basis point from the previous day [10] Monetary Supply and Financing - As of the end of October, the broad money supply (M2) stood at 335.13 trillion yuan, growing by 8.2% year-on-year; the narrow money supply (M1) was 112 trillion yuan, up by 6.2% [12] - The total social financing scale for the first ten months of 2025 reached 30.9 trillion yuan, an increase of 3.83 trillion yuan compared to the same period last year, with a year-on-year growth of 8.5% [12]

Core Viewpoint - China Ping An (601318) is poised to capitalize on new opportunities in the health insurance sector following the release of guidelines that allow for the development of participating long-term health insurance products, enhancing product competitiveness through a dual focus on protection and investment [1] Group 1 - The new guidelines, titled "Guiding Opinions on Promoting High-Quality Development of Health Insurance," permit the launch of participating long-term health insurance products [1] - The introduction of these products is expected to create new growth opportunities for critical illness insurance [1] - China Ping An has already initiated research and development for participating critical illness insurance products and aims to launch them as soon as the relevant details are finalized [1]

Core Insights - The health insurance sector in China is experiencing a significant growth opportunity, with premium income expected to exceed 1 trillion yuan in 2025, driven by regulatory support and evolving health demands [1][2][3] - The market is projected to reach approximately 1.6 trillion yuan by 2035 under normal growth conditions, and potentially 2.6 trillion yuan if latent demand is fully realized, necessitating profound changes in product structure and operational logic [2][3] Industry Trends - Health insurance is becoming a bright spot in the insurance industry amidst low interest rates, with steady growth and profitability [2] - The integration of health insurance with health management services is essential for future development, moving beyond traditional financial products to create a comprehensive health ecosystem [5][6] Strategic Directions - The industry must focus on deep restructuring, including better alignment with basic medical insurance and the development of independent insurance products that can overcome medication restrictions [3][4] - Innovation is crucial, with a need for differentiated product offerings such as long-term medical insurance and customized solutions for specific demographics like the elderly and those with chronic conditions [3][4] Regulatory Support - Recent regulatory guidelines emphasize the importance of integrating health management into health insurance, highlighting its strategic role in reducing health risks and improving public health [6][7] - The introduction of dividend-based critical illness insurance is seen as a potential growth area, as it can enhance coverage and leverage customer resources more effectively [4] User Engagement Challenges - Despite the recognized importance of health management, low user awareness remains a significant barrier to industry growth, necessitating efforts to improve service precision, convenience, and transparency [7]

Core Insights - The health insurance sector is experiencing significant growth, with an annual growth rate of 12.75%, and projected original premium income expected to exceed 1 trillion yuan by Q2 2025 [2] - In contrast, the pension insurance protection index remains low at 0.4706, indicating that pension insurance is the weakest link in China's multi-tiered protection system [2][5] - The report emphasizes the need for integration between health and pension insurance to improve resource efficiency and address the challenges posed by an aging population [5][7] Health Insurance Trends - The commercial health insurance penetration rate has reached 77.51%, with medical insurance and critical illness insurance coverage at 45.38% and 41.24%, respectively [3] - High-end medical insurance is experiencing explosive growth, transitioning from a high-net-worth exclusive product to a choice for urban middle-class consumers [3] - Conversely, critical illness insurance has seen single-digit growth for four consecutive years, indicating a saturation point in the market [3][4] Policy and Market Dynamics - Recent policy changes are directing resources towards innovative drugs and medical insurance data settlement, creating growth opportunities for medical insurance and inclusive commercial insurance [3][7] - The establishment of a commercial health insurance directory and the "three exclusions" policy are expected to enhance the provision of quality medical services covered by commercial insurance [7] Pension Insurance Challenges - The current pension system heavily relies on the first pillar of basic pension insurance, with a coverage rate of 74.38%, while the second and third pillars are underdeveloped [5] - The structural imbalance in the pension system poses significant challenges amid an aging population and rising dependency ratios [5] Industry Innovations - Companies are exploring innovative models, such as the "insurance product + ecosystem + service" approach, to provide comprehensive solutions for health and pension needs [6][8] - The "City Center Pension" model focuses on integrating insurance products with community services, achieving high occupancy rates in related facilities [6] Future Outlook - The future development of health and pension insurance will focus on inclusivity, requiring government investment and targeted product design to benefit vulnerable groups [8] - Technological advancements are expected to transform service models and efficiency in the insurance sector, particularly in health management and wealth management [9]