阔别22年后，分红型重疾险或重回市场。 近日，金融监管总局印发《关于推动健康保险高质量发展的指导意见》，明确健康保险未来一段时间发 展的总体思路和阶段性目标。其中提到，支持监管评级良好的保险公司开展分红型长期健康保险业务。 事实上，分红型健康险并非一项新鲜事物，其以分红型重疾险产品为主，曾在2003年前后风靡市场，后 被监管部门叫停。 分析人士指出，在预定利率持续下行的背景下，分红型健康险的适时回归，能通过浮动收益机制提升产 品吸引力，为行业增长注入新动力。 "解禁"后重生 北京排排网保险代理有限公司总经理杨帆也认为，监管部门此次引导分红型重疾险回归，核心在于回应 市场深层次需求与推动行业高质量发展。一方面，传统重疾险保额固定，难以抵御长期医疗通胀，而分 红机制有望实现保额的动态增长，是满足客户保障"保值增值"需求的有效工具。 另一方面，当前市场同质化竞争严重，分红险为保险公司开辟了产品创新与差异化竞争的新赛道，引导 行业从单纯的价格战转向保障、服务与投资价值的综合能力比拼。 "时隔二十多年后，分红型重疾险再次开闸具有里程碑意义，潜在影响较大。"华泰证券非银金融首席分 析师李健表示，重疾险在经历5年左右的销售 ...

Core Insights - The return of participating critical illness insurance to the market is supported by regulatory guidance aimed at enhancing the attractiveness of health insurance products through floating income mechanisms [1][3][5] - The historical context shows that participating critical illness insurance was popular before 2003 but was phased out due to regulatory concerns over complexity and mis-selling [2][3] - The current market conditions, including a decline in predetermined interest rates, have created a need for innovative products that can provide dynamic growth in coverage amounts [3][4] Industry Trends - The insurance industry is shifting towards floating income products, with significant growth in participating insurance premiums observed in major companies like China Pacific Insurance and New China Life Insurance [4][5] - The market is experiencing a transformation where participating insurance is becoming a key area for product innovation and differentiation amid intense competition [3][4] Challenges and Recommendations - The design of participating critical illness insurance must balance coverage and dividends, posing challenges for actuarial and risk management capabilities within insurance companies [5][6] - Companies face difficulties in selling participating products due to higher premiums compared to traditional products, necessitating clear communication about dividend uncertainties to avoid consumer disputes [5][6] - Recommendations for companies include enhancing transparency in product design, improving agent training, and leveraging big data for pricing optimization [5][6]

十年前花8000元买的重疾险，保额50万；今天同样的保额，价格已逼近2万元！预定利率下调推高了保费成本，而通胀更让固定保额悄悄缩水。 如今，转机出现了。 华泰证券研报指出，2023年以来，传统险预定利率从3.5%降至2.0%，导致重疾险价格节节攀升，保障杠杆不断降低，让本就低迷的重疾险销售雪 上加霜。与此同时，重疾险新单保费从2019年开始负增长，过去五六年的销售情况较为低迷。而此次放开分红型重疾险正是着眼于解决该问题。 对此，北京大学应用经济学博士后朱俊生教授认为，在长期低利率和利差收窄的大背景下，监管鼓励"浮动收益型"或分红型长期健康险，意在为 合规评级良好的公司提供更多利源工具，改善长期保障类业务的经营可持续性。监管希望通过规范前提下的"回归"，既增加消费者的长期收益选 择，又缓解险企利差压力。 近日，金融监管总局发布《关于推动健康高质量发展的指导意见》，沉寂了22年的分红型重疾险或再度登上市场舞台。意味着未来你买的重疾险 不仅能赔钱，还可能"赚钱"，用浮动收益对抗货币贬值。据分析，分红型重疾险放开后，重疾险隐含的投资回报率有望从当前的2%提升至2.5%至 3%。 与此同时，另一类"轻量化"重疾险悄然走 ...

Core Viewpoint - The article discusses the resurgence of dividend-type critical illness insurance in China, driven by regulatory changes and market demand, which aims to provide better protection against inflation and meet diverse consumer needs [3][4][5]. Group 1: Return of Dividend-Type Critical Illness Insurance - The recent guidance from the National Financial Regulatory Administration allows for the reintroduction of dividend-type critical illness insurance after a 22-year hiatus, aiming to enhance the sustainability of long-term health insurance products [4][5][6]. - The traditional critical illness insurance has faced challenges due to fixed coverage levels being eroded by inflation, leading to a decline in sales since 2019. The introduction of dividend-type insurance is seen as a solution to these issues [5][11]. - Analysts predict that the implicit investment return rate of critical illness insurance could increase from 2% to between 2.5% and 3% following the reintroduction of dividend-type products, making them more attractive to consumers [7][11]. Group 2: Emergence of Lightweight Critical Illness Insurance - Lightweight critical illness insurance is gaining popularity, offering low-cost, short-term coverage that pays out upon diagnosis, catering to young graduates and budget-conscious families [3][9]. - This type of insurance addresses the "need for coverage but unable to afford" dilemma faced by many consumers, providing an entry-level option for those with limited financial resources [9][10]. - The combination of lightweight and dividend-type critical illness insurance products can create a complementary product line, meeting both immediate and long-term protection needs [10][12]. Group 3: Market Demand and Future Development - There is a significant untapped demand for critical illness insurance, with an estimated 400 million new policies expected to be sold from 2021 to 2024, indicating a potential market rebound as conditions improve [11][12]. - The industry is encouraged to develop a "multi-layered and combinable" product system to cater to varying consumer needs across different life stages and risk preferences [12][13]. - Technological advancements in pricing and service delivery, such as online underwriting and dynamic pricing, are anticipated to become standard practices in the future [13].

2025年以来，A股市场整体表现良好，保险公司投资收益预期显著提升，成为推动保险股估值修复的重要催化因素。 东吴证券研报显示，保险股上市以来累计收益显著跑赢市场。自保险股2007年A股上市以来，截至2025年10月10日，保险指数累计上涨165%，超额收益为 55%，其中半数以上年份可以实现超额收益，2014年、2017年、2022年和2024年均实现了20%以上的超额收益。 10月16日，保险板块早盘低开高走，截至午盘收盘，保险指数累计上涨2.04%，再度扛起A股领涨的大旗。 近5个交易日以来，中国人寿（601628.SH）、中国人保（601319.SH）、中国太保（601601.SH）、新华保险（601336.SH）、中国平安（601318.SH）分别 累计上涨了6.99%、7.75%、7.71%、10.78%和5.29%。 自10月9日开盘以来，保险指数已经累计上涨了7.96%，同期沪深300指数累计下跌了0.42%。 Wind（万得）数据显示，8月底，一路缓慢上行的保险指数进入调整状态，直至9月底才开始反弹，进入10月份以来，涨势明显。 10月13日晚间，新华保险发布了保险行业的第一份三季报业绩预告。 ...

分红型重疾险有望回归，建议提前布局优质银行标的 证券研究报告 2025 年 10 月 12 日 核心结论 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨跌幅为+0.50%， 跑赢沪深 300 指数 1.01pct。本周证券Ⅱ（申万）、保险Ⅱ（申万）、多元 金融指数涨跌幅分别为+0.49%、+0.73%、-0.31%。2）本周银行（申万）涨 跌幅为+0.28%，跑赢沪深 300 指数 0.80pct。其中，国有行、股份行、城商 行、农商行本周涨跌幅分别为+0.87%、-0.36%、+0.80%、+0.04%。 投资观点：1）保险：本周保险Ⅱ(申万)涨 0.73%，跑赢沪深 300 指数 1.25pct。 健康险高质量发展指导意见提出开展分红型长期健康险业务，并向医康养延 伸。非车险"报行合一"政策明确 11 月 1 日实施，规范市场竞争。9 月新增 寿险产品中分红险占比超 40%，分红险推动加速。险资加快瘦身步伐，前三 季度险企撤销分支机构 2436 家，同比增加 21.07%。险资举牌动作频频，高 股息配置逻辑凸显。我们认为，保险将是产业结构转型中金融业最具成长性 的方向，10 月份保险板块有望迎来"利 ...

【环球网财经报道 记者 冯超男】日前，国家金融监督管理总局发布了《关于推动健康保险高质量发展的指导意见》（下称《指导意见》）。其中，一项举 措尤为引人关注，即支持监管评级良好的保险公司开展分红型长期健康保险业务。 进一步来讲，分红型长期健康保险业务以分红型重疾险为主流。2003年前后，分红型重疾险曾在市场上掀起销售热潮。但彼时销售乱象频繁，且由于分红管 理难度大，使得险企在风险控制上面临严峻挑战。在此背景下，监管方面出手整顿，分红型重疾险逐步退出市场。 而如今，分红型长期健康险再度被提及，意味着时隔20余年后再度回归大众视野。在此背景下，市场环境发生哪些变化？对传统重疾险有哪些影响？险企又 该如何精准施策？等，这一系列问题亟待深入探讨与解答。 多因素叠加，传统重疾险增长乏力 压力。重疾险在经历5年左右的销售低迷期之后，负面因素逐渐消退，有利因素逐步累积，有望迎来新一轮增长周期。而代理人队伍的质量和效率是决定分 红型重疾险发展的关键因素。 甚至，为适应市场变化，今年9月末，多家险企集中上线短期重疾险产品。与传统重疾险动辄数十年乃至终身的保障期限相比，这类产品保障期通常仅为1 年，同时在价格设定上大幅降低门槛。 ...

每经记者｜涂颖浩每经编辑 廖 丹 日前，金融监管总局印发《关于推动健康保险高质量发展的指导意见》（以下简称《意见》)，针对性 地优化现有政策，打通卡点堵点，明确健康保险未来方向和发展重点，正本清源，推动高质量发展。 《意见》对商业医疗保险、商业长期护理保险、失能收入损失保险和疾病保险等四大类险种的发展重点 进行规划，同时规范各类经办承办服务。《意见》起草的思路之一是明确健康保险不同细分领域相应要 求，丰富健康保险保障内涵，拓宽产品形态和功能，支持浮动收益型健康保险发展，构建新型健康服务 保障体系。 中关村长策产业发展战略研究院健康养老研究中心主任龙格对《每日经济新闻》记者表示，健康险迎政 策利好，如监管支持浮动收益型健康保险发展，意味着分红型重疾险将重出江湖，未来健康险产品可以 有更多的产品形态。 金融监管总局相关司局负责人表示，下一步将重点做好以下工作：一是积极与其他部门沟通协调，持续 为健康保险发展营造良好政策环境。二是加快研究出台浮动收益型健康保险等配套业务细则，督促各保 险公司落实《意见》要求，丰富产品供给，更好地满足人民群众对高质量健康保障的需求，为推动健康 产业可持续发展贡献更多力量。三是强化健康 ...

Core Viewpoint - In the era dominated by participating insurance, the "persona" of insurance companies will become a core competitive advantage that needs to be highly valued [2][5]. Group 1: Regulatory Changes and Market Impact - Starting from September 1, 2025, the preset interest rates for insurance products will be lowered, with the maximum for ordinary life insurance at 2.0%, participating insurance at 1.75%, and universal insurance at 1.0%, representing decreases of 50, 25, and 50 basis points respectively [2]. - This adjustment aligns with the trend of declining interest rates, helping insurance companies mitigate interest rate risk and accelerating industry transformation [2]. Group 2: Shift in Marketing Strategies - Insurance companies are increasingly focusing on marketing participating insurance products, including various types such as participating life insurance and participating critical illness insurance, shifting from merely promoting product returns to emphasizing their operational and investment capabilities [2][4]. - The sales competition for participating insurance is no longer about the highest preset interest rates but rather about future earning capabilities, placing the operational and investment performance of insurance companies under consumer scrutiny [4]. Group 3: Consumer Awareness and Demand Changes - Consumer awareness has increased, leading to a shift in focus from merely comparing product returns to evaluating the reliability of the insurance company, its operational stability, regulatory compliance, and service reputation [4]. - The heightened awareness of risk, especially following the takeover of certain insurance companies, has made consumers more cautious about their wealth planning and the companies they choose to trust [4]. Group 4: Importance of "Persona" in Insurance Companies - The "persona" of an insurance company is not merely self-promotion or branding but a comprehensive representation of its long-term operational capabilities, investment stability, risk management systems, and customer service philosophy [5]. - A trustworthy and stable "persona" serves as a critical competitive advantage for insurance companies in the participating insurance sector, essential for building long-term value contracts with customers [5].