"生命表"是保险产品定价的重要基础工具。国家金融监督管理总局日前发文明确，中国人身保险业经验 生命表（2025）（即"第四套生命表"）将自明年1月1日起实施。业界普遍认为，在生命表切换后，更能 真实反映中国人口死亡率下降而预期寿命总体延长的数据变化趋势，有利于提升产品定价精准度，但年 金保险仍面临日益增长的长寿（管理）风险管理压力。 "金融监管总局发布的（中国人身保险）的第四套生命表实施在即。用好生命表，未来无论定期寿险还 是终身寿险的定价风险都不大。但需要关注的是，以养老年金保险为代表的生存风险保障类险种在'长 寿（管理）风险'面前，定价难题可能不降反增。" 原银保监会副主席、全国社保基金理事会原副理事长陈文辉近日在"第二届长寿风险与资本市场解决方 案大会"上表达了上述观点。 "比如，现在一款年金产品按照参保人预期寿命80岁来定价，但再过十年、二十年，随着医疗科技进 步，参保人可能活到了100岁。"陈文辉表示，前述人口实际寿命超过预期寿命所带来的财务风险，也即 所谓的"长寿风险"。随着中国人口预期寿命的延长和人口老龄化程度的快速加深，如何有效识别与管 理"长寿风险"，事关养老保险第三支柱的长期发展。 年金保 ...

冬日的北京，一场关于"钱"的对话温暖呈现。 12月11日，2025年度北京商业品牌大会金融消费专题论坛在北京召开。论坛期间举行了题为"居民财富 迁徙与牛市下财富'前景'"的圆桌对话，工银理财市场营销部总经理宋禹君、 中信建投（601066）证券 财富委副主任李响、嘉实财富副总经理邝霞、北京人寿总精算师邵宁等人围绕存款搬家等热点话题展开 讨论。 邵宁还称，在基础保障配置完善的前提下，家庭可以结合生命周期、资产结构及负债情况等因素进行匹 配长期规划的保险配置。有一定经济实力的中年期家庭，保费比例可提升至12%—15%，配置"保证+浮 动"理财类寿险产品，匹配子女教育、养老规划。进入老年期后，建议侧重配置一些能够提供稳定现金 流的保险产品，如养老年金保险，确保晚年生活有稳定的经济来源。 在圆桌讨论中，来自金融机构的嘉宾还分享了他们在实践中如何应对挑战、引导客户走向理性。中信建 投证券财富委副主任李响介绍，目前中信建投证券有三方面做法。一是重点打造"灵犀平台"，为整个服 务体系构建一个强大的"智能大脑"；二是全面升级"优问系统"，构建"智能+人工"融合的客户服务响应 机制。三是探索建设"普惠中心"，构建长尾客群的集约 ...

"在基础保障配置完善的前提下，可以结合生命周期、资产结构及负债情况等因素进行匹配长期规划的保险配置。有一定经济实力的中年期家庭，保费比例 可提升至12%—15%，配置'保证+浮动'理财类寿险产品，匹配子女教育、养老规划。例如分红型终身寿险，保证部分有固定的保险金给付和现金价值，分红 部分可以分享寿险公司经营成果，具备一定的收益上行空间。进入老年期后，建议侧重配置一些能够提供稳定现金流的保险产品，如养老年金保险，确保晚 年生活有稳定的经济来源。"邵宁表示。 16 25 ■ + - ■ Banne Fina == 北京商报讯（记者 胡永新）12月11日，由中外企业文化、北京商报社主办的2025年度北京商业品牌大会金融消费专题论坛在北京召开。在以居民财富迁徙 与牛市下财富"钱景"为主题的圆桌论坛环节，北京人寿保险股份有限公司总精算师邵宁就家庭保险资产配置给出建议。邵宁表示，家庭所面临的风险大致可 分为损失性风险和财务性风险两类。损失性风险主要包括意外伤害、重疾、身故等基础且亟待转移的风险；财务性风险则包括资产支出风险和资产归属风 险，例如家庭大额开支、养老规划、教育规划等提前安排，家庭保险配置应该以"先保障基础风险 ...

经过多次调整，如今的重疾险保费跟坐火箭一样往上涨。 很多人都在问："重疾险究竟要不要带身故责任？不带身故的重疾险，是不是性价比更高？" 这个问题，是想买重疾险的共性问题，今天就来写一写。 我们以某款重疾险为例，保额50万元， 缴费期30年，保障期限为终身。 一位30岁女性投保： 不含身故责任，年缴保费为6250元； 含身故责任，年缴保费为12060元。 两者相差5810元，附加身故后保费几乎翻倍了。 那么，是否值得为身故保障多付这笔费用呢？ 我们可以从以下两种情形进行分析： 1、若发生重疾理赔 无论是否含身故保障，两款产品均赔付50万元。赔付后，合同终止，身故保障也不再生效。 在这种情况下，选择含身故责任每年多支付5810元，若缴满30年，累计多缴17万多，显然并不划算。 2、若未发生重疾理赔，直接身故 含身故重疾险，直接赔付50万元； 不含身故重疾险，到受益人身故的时候，大多数现金价值已经归零，就当给保险公司"做贡献"了。 在购买重疾险之前，我们必须清楚购买的目的到底是什么？ 就是担心将来万一出现大病，可以有一笔救命钱。带身故责任的重疾险，主险已经变成了终身寿险。 有这钱，完全可以单独购买一份重疾险，然后单 ...

Core Insights - The release of the "China Life Insurance Experience Life Table (2025)" marks the introduction of the fourth life table in China's life insurance industry, with a significant average mortality rate decrease of approximately 20% compared to the previous table, reflecting an accelerated trend towards longevity in society [1][2] - The implementation of the new life table is expected to lead to dual price changes in the market, with life insurance prices potentially decreasing while prices for pension annuity products may face upward pressure due to increased longevity [1][4] - The industry must promote cross-sector collaboration between health and pension services to address the challenges posed by longevity risk, emphasizing product innovation and policy incentives to create a resilient risk protection system [1][7] Industry Changes - The fourth life table includes four tables: pension business table, non-pension business table one, non-pension business table two, and a new single life table, with mortality rates decreasing by 15%-27% across different demographics [2] - The average life expectancy has increased, with males reaching 85 years (up 2 years) and females 89 years (up 1 year) in the pension business table [2] - The life table update is the first major revision in nearly a decade, directly impacting insurance product pricing, reserve assessments, and risk management [1][3] Product Pricing Dynamics - The decrease in mortality rates and increase in life expectancy will lead to opposite price movements for protection-type and savings-type insurance products [3] - Prices for term life insurance and whole life insurance may decrease due to lower mortality rates, while pension annuity prices may rise as insurance companies face longer payout periods [4][5] - The current market response has been cautious, with no significant increase in consultation or sales activity observed following the announcement of the new life table [5] Market Trends and Consumer Behavior - The insurance industry is expected to shift from a product-selling approach to offering long-term solutions and managing long-term liabilities, driven by the new life table [7] - There is a growing need for insurance companies to integrate health management and pension services, creating comprehensive solutions that enhance product value [7][8] - The consumer decision-making process is becoming more diversified, influenced by social media and market promotions, although large-scale impulsive buying is not anticipated [5][6] Regulatory and Structural Implications - The new life table requires insurance companies to establish a retrospective mechanism to address deviations in mortality rates, prompting increased investment in actuarial models and data systems [8] - The industry is encouraged to develop market-based longevity risk tools and integrate financial products with health and pension services to enhance competitiveness [11] - The update of the life table is seen as an opportunity for the industry to transition towards high-quality development, moving from homogeneous price competition to differentiated service competition [8][10]

Core Insights - The release of the new life table marks a significant update in China's life insurance industry, reflecting a trend towards increased life expectancy and lower mortality rates, which will impact insurance product pricing and risk management [2][3][4] Industry Overview - The new life table, effective from January 1, 2026, shows an average mortality rate decrease of approximately 20% compared to the previous table, with life expectancy for males increasing to 85 years and for females to 89 years [1][3] - The life table is updated approximately every ten years, with the last updates occurring in 2005 and 2016 [3] Product Pricing Implications - The decline in mortality rates is expected to lead to a decrease in prices for risk-based insurance products like term life insurance, while prices for longevity products such as annuities may rise due to increased payout durations [4][5] - The insurance pricing mechanism is influenced by mortality rates, survival rates, and discount rates, with the new life table expected to reduce the "death difference" space for life insurance companies [4][5] Market Reaction - Despite the significant changes, the immediate market response has been cautious, with no notable increase in consultation or sales activity observed [7][8] - Sales strategies are adapting to leverage the upcoming changes, with a focus on promoting products during peak sales periods [7] Long-term Industry Trends - The implementation of the new life table highlights the need for a collaborative approach between health and pension sectors, emphasizing the importance of integrated solutions for long-term risk management [9][10] - The insurance industry is encouraged to innovate and develop products that combine financial services with health management and elder care [10][12] Recommendations for Future Development - Experts suggest that the industry should focus on developing market-based tools for longevity risk management, integrating financial products with health services, and enhancing consumer education regarding annuity pricing mechanisms [15]

Core Viewpoint - The company reported significant growth in total premiums and investment income for the third quarter of 2025, indicating a strong operational performance and market position. Financial Data - Total premiums reached RMB 669.645 billion, a year-on-year increase of 10.1%, with renewal premiums at RMB 451.611 billion (up 10.0%) and new premiums at RMB 218.034 billion (up 10.4%) [6][7] - Total investment income was RMB 368.551 billion, reflecting a 41.0% increase year-on-year, with an investment return rate of 6.42%, up 104 basis points [6][7] Operational Analysis - The company achieved a net profit attributable to shareholders of RMB 167.804 billion, a substantial increase of 60.5% compared to the previous year [7] - The company maintained a low surrender rate of 0.74%, indicating stable customer retention [6] - The sales force comprised 657,000 personnel, with a focus on professional development and quality improvement [6] Shareholder Information - The total number of ordinary shareholders and the top ten shareholders' holdings were reported, with no significant pledges or freezes noted for the majority of shareholders [5] Investment Strategy - The company plans to invest RMB 20 billion in a joint equity investment plan with related parties, focusing on sectors such as semiconductors, digital energy, and smart electric vehicles [14][21][28] - The investment aims to enhance returns and support the real economy, aligning with national strategic goals [27][28] Governance and Compliance - The board of directors and supervisory board confirmed the accuracy and completeness of the quarterly report, ensuring compliance with relevant regulations [2][3][11]

Core Insights - The release of the "2025 Experience Life Table" marks a significant milestone for the life insurance industry in China, transitioning from price competition to a focus on data accumulation, risk identification, and actuarial capabilities [1][2][3] Industry Overview - The new life table is based on nearly a decade of comprehensive policy data, making it the largest sample size in the global insurance market, and aims to reflect the current and future survival and mortality probabilities of the insured population [2][3] - The life table indicates a continuous increase in life expectancy, with an approximate rise of 10 years compared to the first life table, and shows significant improvements in child mortality rates and reductions in mortality rates in economically underdeveloped regions [3][4] Regulatory Framework - The Financial Regulatory Bureau has issued guidelines for the application of the new life table, emphasizing the need for insurance companies to scientifically and accurately set insurance liabilities and offer diverse, high-quality insurance products [4][5] Pricing Impact - The new life table introduces a dual-track pricing model that combines industry benchmarks with company-specific experience, allowing for differentiated and scientific management of insurance products [7][8] - The expected decrease in mortality rates for term life insurance products may lead to lower premiums, while products like annuities and pensions may see an increase in rates due to longer life expectancies [7][8] Risk Management Enhancements - The introduction of a "mortality deviation assessment mechanism" requires insurance companies to evaluate the potential deviations in mortality rates and implement a retrospective mechanism to optimize actuarial models [8][9] - This dynamic risk management process will necessitate increased investment in actuarial models, data systems, and professional talent to enhance decision-making capabilities [8][9]

Core Insights - The release of the "2025 Experience Life Table" marks a significant milestone for the life insurance industry in China, transitioning from price competition to a focus on data accumulation, risk identification, and actuarial capabilities [1][3][4] Industry Developments - The new life table will be implemented starting January 1, 2026, and is expected to enhance risk management and operational stability within the industry, leading to a more mature and sustainable market ecosystem [1][3] - The fourth life table reflects changes in mortality rates and life expectancy, with a notable increase of approximately 10 years in life expectancy compared to the first life table [4][5] Data and Methodology - The fourth life table is based on nearly a decade's worth of comprehensive policy data, making it the largest sample size in the global insurance market [3] - It includes four categories of tables: pension-related, non-pension type one, non-pension type two, and a single life table, which is a first in using individual identification numbers for mortality research [7][8] Pricing and Risk Management - The introduction of the new life table is expected to lead to more precise pricing and risk management, reducing the risk of "death loss" and improving the financial foundation of insurance companies [4][9] - The notification mandates that insurance companies must consider both the new life table and their own experience data when determining product rates, leading to differentiated pricing strategies [9][11] Regulatory Framework - The notification introduces a "mortality deviation assessment mechanism," requiring companies to evaluate potential deviations in mortality rates and establish a retrievable mechanism for regular assessments [11][12] - The regulatory body emphasizes the importance of enhancing data governance and protecting consumer rights while ensuring the effective application of the new life table [12]

Core Insights - The fourth set of life tables, released by the China Actuarial Association, indicates an increase in life expectancy, a decrease in child mortality rates, and a reduction in mortality rates in underdeveloped regions, which will directly impact insurance product pricing [2][5]. Group 1: Life Table Overview - The fourth set of life tables is a significant update since the third set was published in 2016, reflecting nearly a decade of data collection from the insurance industry [2][5]. - The new life tables will be officially implemented starting January 1, 2026, and are based on comprehensive historical policy data, making them a crucial tool for pricing, reserve assessment, and risk management in the insurance sector [4][5]. Group 2: Key Characteristics of the New Life Table - The fourth life table shows three notable trends: an increase in life expectancy by approximately 10 years compared to the first life table, significant improvement in child mortality rates across all age groups, and a marked decrease in mortality rates in economically underdeveloped areas [5]. - The changes in the life table reflect the advancements in China's economic and social development, as well as improvements in healthcare [5]. Group 3: Impact on Insurance Pricing - The updated life tables will enable insurance companies to set more precise insurance product pricing and risk management strategies, thereby reducing the "death difference loss" risk and better managing longevity risk [8][10]. - Different types of insurance products will be affected variably by the new life tables; for instance, term life and whole life insurance products may see a decrease in pricing due to lower mortality rates, while annuity products may face price increases due to longer expected payout periods [10]. Group 4: Product Innovation and Market Dynamics - The release of the new life tables is expected to drive product innovation in the insurance industry, particularly in response to the aging population and the need for diverse retirement financial solutions [8][10]. - The transition period before the implementation of the new life tables may lead to a surge in sales of certain insurance products, such as whole life and annuity products, as companies adjust to the new pricing structures [10].