当前，中国即将迈入"十五五"发展时期。近期党的二十届四中全会审议通过的《中共中央关于制定国民 经济和社会发展第十五个五年规划的建议》（以下简称《建议》）擘画了未来五年我国发展的宏伟蓝 图，是指导国民经济和社会发展的纲领性文件。在《"十五五"规划建议》中，"民生"一词被提及了15 次，包括加大保障和改善民生力度，扎实推进全体人民共同富裕。 作为与百姓"钱袋子"息息相关的金融机构，商业银行是百姓"稳稳幸福"的守护者，其服务水平更是发展 的核心竞争力之一。光大银行北京分行深入学习贯彻全会精神，认真落实《建议》要求，优化体制机 制，不断提升自身服务能力和水平，将"以客户为中心"的服务理念贯彻始终。 据悉，光大银行北京分行近年来持续推动金融服务与民生需求深度融合，在养老金融、金融消费者权益 保护、特殊场景服务等领域持续深耕，以专业、高效、温暖的金融服务，为保障和改善首都居民民生福 祉贡献"光大力量"。 【】让"银发族"老有所依 立足区域构建全维度养老金融服务生态 随着我国人口老龄化进程加快，养老需求日益旺盛，养老服务需求日益多元化、多样化、多层次，养老 产业已成为新时代经济社会发展的新蓝海。 据了解，光大银行北京分行依 ...

（原标题：21专访｜北大汇丰马琳琳：深圳应强化"创新试验田"角色） 21世纪经济报道记者 雷若馨 深圳报道 2025年，诺贝尔经济学奖回归对"创新驱动增长"的本源问题、"十五五"规划建议落子"提高资本市场制 度包容性"。如今的金融钥匙，究竟要打开怎样的一把锁？ 而解开这道题的关键，在于读懂金融如何从服务"已知"转向发现"未知"。 "深圳最大的创新，在于构建了一个'把不确定性资本化'的制度生态。"近日，在接受21世纪经济报道记 者采访时，北京大学汇丰金融研究院副院长马琳琳指出。 她长期从事机构投资者行为研究，主要方向包括共同基金、对冲基金运作机制及行为金融学理论。同 时，其研究团队持续关注养老金融领域，为应对人口老龄化提供理论支持。 在马琳琳看来，"提高资本市场制度包容性"的核心是引导资本从"短期博弈"的投机游戏中离开，转 向"长期发现"价值的新赛场。她从机构投资者行为调整的三大趋势谈起，系统阐释了如何通过制度之渠 将流动性引向"五篇大文章"的广阔领域。 此外，她还一语道破了"五篇大文章"中养老金融本质：它既是居民未来的"每月可领"，也是国家未来 的"长期耐心资本"。 马琳琳：引导的话，其实国家已经在做。修渠引 ...

Core Insights - The release of the "China Life Insurance Industry Experience Life Table (2025)" marks a significant shift in the life insurance sector, reflecting profound changes in population structure and longevity trends, which directly impact industry development logic [1][2][3] Group 1: Life Table Updates - The new life table will be implemented starting January 1, 2026, and represents a comprehensive coverage of industry data, significantly improving data processing efficiency [1] - The introduction of artificial intelligence and machine learning technologies allows for a more scientific and precise depiction of mortality rates and life expectancy [1] - The updated life table indicates a transition to a longevity era in China, with a general decline in mortality rates and an increase in life expectancy, highlighting improvements in healthcare and living standards [1] Group 2: Industry Transformation - The update of the life table is a crucial milestone for the transformation of the life insurance industry, as it shifts focus from sales-driven competition to actuarial capabilities, risk management, and product quality [2] - The new life table will influence product pricing structures, with declining mortality rates allowing for potential price reductions in death benefit products, while increased longevity may raise costs for annuities and pension products [2] - The life table's release necessitates a rethinking of product development logic, emphasizing the growing demand for chronic disease management, rehabilitation care, and long-term care solutions [2] Group 3: Regulatory and Governance Implications - Accompanying regulatory notifications outline the requirements for using the life table in rate determination, reserve assessments, and dividend distribution, establishing a strict retrospective mechanism [3] - These institutional arrangements aim to enhance industry governance, mitigate long-term risks, and improve the sustainability of product guarantees [3] - The life table's update encourages the industry to redefine its responsibilities, focusing on comprehensive risk management throughout the life cycle and supporting national efforts to address aging populations [3]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated EUR 340 million of operating capital generation, a 1% increase year-on-year [3][10] - Free cash flow amounted to EUR 76 million, primarily reflecting the share of ASR's 2025 interim dividend [10] - Cash capital at holding remained strong at EUR 1.9 billion, despite returning over EUR 800 million to shareholders during the period [4][15] - Operating capital generation (OCG) from the Americas increased by 6%, or 12% on a constant currency basis [10][11] - The U.S. RBC ratio increased by five percentage points to 425% [13] Business Line Data and Key Metrics Changes - In the U.S., life sales at World Financial Group (WFG) increased by 15%, and annuity sales rose by 9% [7] - The Protection Solutions segment saw a 39% increase in new life sales, driven by higher index universal life sales [7] - In the U.K., net deposits in the workplace platform were negative for the first time in two years due to the departure of two large low-margin schemes [8] - The international segment experienced growth in Brazil, particularly in credit and group life products, although new life sales in China decreased [9] Market Data and Key Metrics Changes - The U.S. strategic assets showed commercial momentum, resulting in higher life and annuity sales [3] - The U.K. market faced outflows due to low-margin workplace schemes, but asset management and international businesses continued to grow [4][8] - The retirement plan business in the U.S. had negative net deposits, but total account balances increased by 10% due to favorable market conditions [7][8] Company Strategy and Development Direction - The company aims to transform Transamerica into America's leading middle-market life insurance and retirement company [5] - Plans to improve the advisor platform and return it to growth by 2028 were discussed, with ongoing investments to enhance customer experience [8][56] - The company is reviewing a potential relocation of its legal domicile and head office to the United States, with updates expected at the Capital Markets Day [4][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving all financial targets for 2025 despite the weakening of the US dollar [4][16] - The company is monitoring mortality and morbidity trends closely, with recent quarters showing favorable outcomes [46][48] - Management highlighted the importance of maintaining predictable cash flows from business units to support future growth [36] Other Important Information - The company executed over half of its ongoing EUR 400 million share buyback program and expects to complete it by December 15th [4][15] - The cash capital target is to reach around EUR 1 billion by the end of 2026 [16] Q&A Session Summary Question: Long-term care book assumptions and cash conversion - Management confirmed that the actual-to-expected claims ratio for long-term care is 97%, and they are satisfied with their assumptions [21][22] - Cash conversion from the U.S. is targeted for mid-single-digit growth, with investments impacting total capital generation [24] Question: Strategic assets and capital employed in financial assets - Management noted a reduction in capital employed in financial assets due to favorable equity markets and the implementation of a base fee hedge [29][61] - Earnings on in-force for various segments were down due to margin pressure and mortality movements [32] Question: Stranded costs and payout ratio - Management indicated that stranded costs are a consideration in financial asset management, with further guidance expected at the Capital Markets Day [37] - The payout ratio is expected to improve over time as the quality of businesses enhances [36] Question: Variable annuities and retirement plans - Management is monitoring the flooring sensitivity in variable annuities and has not taken action yet, but will explore options if necessary [46] - The U.S. retirement plans business is showing strong written sales and a solid pipeline, despite volatility in net flows [44][45] Question: Cash movement and mortality exposure - Management outlined three broad buckets for achieving the cash capital target of $1 billion by 2026, including deleveraging and funding initiatives [74] - Mortality exposure is being managed through strategic purchases and reinsurance transactions, with current assumptions trending as expected [75][76]

Financial Data and Key Metrics Changes - Operating capital generation for Q3 2025 was EUR 340 million, a 1% increase year-on-year [10][11] - Free cash flow amounted to EUR 76 million, primarily reflecting the share of ASR's 2025 interim dividend [10][14] - Cash capital at holding remained strong at EUR 1.9 billion, despite returning over EUR 800 million to shareholders [4][14] Business Line Data and Key Metrics Changes - In the Americas, operating capital generation increased by 6%, or 12% on a constant currency basis, driven by strategic assets [11] - Life sales at World Financial Group (WFG) increased by 15%, and annuity sales rose by 9% due to solid consumer demand [6] - In the U.K., net deposits in the workplace platform were negative for the first time in two years due to the departure of two large low-margin schemes [8] Market Data and Key Metrics Changes - The U.S. retirement plans business reached $251 billion in assets under administration (AUA), with mid-sized plans increasing to $62 billion [43] - New life sales in Brazil continued to grow, particularly in credit and group life products, although offset by currency movements [9] - The U.K. solvency ratio for Scottish Equitable increased to 188%, primarily from operating capital generation [12] Company Strategy and Development Direction - The company aims to transform Transamerica into America's leading middle-market life insurance and retirement company [5] - Plans to return the advisor platform to growth by 2028, with a target to grow the overall platform by £5 billion by the same year [56] - A review regarding a potential relocation of the legal domicile and head office to the United States is ongoing [4][15] Management's Comments on Operating Environment and Future Outlook - Management remains confident in achieving all financial targets for 2025 despite the weakening of the US dollar [4][15] - The company is making good progress in transforming its businesses and expects to provide updates on strategy at the Capital Markets Day on December 10th [4][15] - Management noted that the underlying business in U.S. retirement plans is strengthening, with strong written sales indicating solid future deposits [43] Other Important Information - The company executed over half of its ongoing EUR 400 million share buyback program by the end of September [4] - The total new business strain in Q3 2025 was $10 million below the guidance of around $200 million per quarter [11] - The company is targeting a cash capital at holding of around EUR 1 billion by the end of 2026 [15] Q&A Session Summary Question: Long-term care book assumptions and cash conversion - Management confirmed that the actual to expected claims ratio for long-term care is 97%, and they are satisfied with their assumptions [20] - Cash conversion from the U.S. is expected to remain around 70%, with a focus on stable remittances [22] Question: Strategic assets and capital employed in financial assets - Management noted that capital employed in financial assets has decreased due to favorable equity markets and the implementation of a base fee hedge [28] - Earnings on in-force for distribution and protection solutions have decreased due to margin pressure and mortality movements [30] Question: Stranded costs and payout ratio - Management indicated that stranded costs are a consideration in financial asset management, with further guidance expected at the Capital Markets Day [36] - The payout ratio is expected to improve over time as the quality of earnings increases [35] Question: Variable annuities and mortality trends - Management is monitoring the flooring sensitivity and has not taken action yet, but will explore options if it becomes a constraint [45] - Mortality assumptions have been trending as expected, providing comfort regarding the company's mortality exposure [46] Question: Developments in the U.K. and RBC ratio - The U.K. business is on track to meet its targets, with a focus on improving the advisor platform [56] - The U.S. RBC ratio is currently at a satisfactory level, with no immediate need for capital injection [57] Question: Capital employed reduction and management actions - Management has made reasonable progress in reducing capital employed through various management actions, but further actions may be needed to meet targets [68]

Core Viewpoint - JD.com is entering the Hong Kong insurance market by obtaining an insurance brokerage license and starting recruitment for its subsidiary, JD Insurance Consultants (Hong Kong) Limited, with a focus on serving its mainland customers [2][3][4]. Group 1: Company Developments - JD Insurance Hong Kong has received its insurance brokerage license from the Hong Kong Insurance Authority, allowing it to operate from October 14, 2025, to October 13, 2028, and to offer various insurance products including life insurance and travel insurance [4][5]. - The company is primarily targeting JD Finance's mainland customers for its initial client base, aiming to redirect those interested in Hong Kong insurance to its services [8][9]. - JD Insurance Hong Kong is actively recruiting for various positions, with salaries ranging from 20,000 to 65,000 HKD per month, and is looking for candidates with relevant qualifications and experience in the Hong Kong insurance market [5][6]. Group 2: Market Context - The value of insurance licenses in Hong Kong is increasing, with more mainland visitors purchasing insurance in the region. JD.com joins Tencent and Alibaba in competing for market share in this sector [3][9]. - In 2024, Hong Kong's new insurance premium total reached 219.755 billion HKD, a 22% increase from 2023, with mainland visitors contributing 62.798 billion HKD, representing 29% of the total new premiums [9]. - The trend shows that 41% of high-net-worth individuals from mainland China consider Hong Kong their preferred destination for overseas investment in the next three years, indicating a growing interest in insurance products [9][10]. Group 3: Competitive Landscape - The entry of JD.com into the Hong Kong insurance market marks the beginning of intensified competition among the three major mainland players: JD.com, Tencent, and Alibaba [11][13]. - Tencent has previously established a digital insurance business in Hong Kong through its investment in a local insurance company, while Alibaba has made significant moves by acquiring a life insurance company [11][12].

Core Viewpoint - JD.com is entering the Hong Kong insurance market by obtaining an insurance brokerage license and starting recruitment for its subsidiary, JD Insurance Consultants (Hong Kong) Limited, indicating a strategic expansion into financial services [2][3]. Group 1: Company Overview - JD Insurance Hong Kong has been authorized by the Hong Kong Insurance Authority to operate as an insurance brokerage, with a license valid from October 14, 2025, to October 13, 2028, allowing it to sell various insurance products including life insurance and travel insurance [3]. - The company is led by Lin Zhiquan, who has prior experience in insurance brokerage firms [4]. - JD Insurance Hong Kong is actively recruiting for various positions, with salaries ranging from HKD 20,000 to HKD 65,000 per month, and is looking for candidates with relevant qualifications and experience in the Hong Kong insurance market [5][6]. Group 2: Market Context - The value of insurance licenses in Hong Kong is increasing as more mainland visitors seek insurance products, with JD.com joining Tencent and Alibaba in the competitive landscape of the Hong Kong insurance market [2][8]. - According to the Hurun Research Institute, 41% of high-net-worth individuals from mainland China consider Hong Kong a preferred destination for overseas investment in the next three years, highlighting the growing interest in insurance products [8]. - In 2024, the total new insurance premium in Hong Kong reached HKD 219.755 billion, a 22% increase from 2023, with mainland visitors contributing HKD 62.798 billion, accounting for 29% of the total new premiums [8]. Group 3: Competitive Landscape - JD.com’s entry into the Hong Kong insurance market marks the beginning of intensified competition among the three major mainland players: JD.com, Tencent, and Alibaba [12]. - Tencent has previously entered the market by investing in a local insurance company and launching a digital insurance brand, while Alibaba has made significant acquisitions to establish its presence in the insurance sector [10][11].

Core Viewpoint - MetLife Inc. is expected to report strong quarterly earnings with significant year-over-year growth in EPS and revenue, despite facing some challenges in specific segments [1][2][3]. Financial Performance Expectations - Analysts estimate an EPS of $2.31 for the upcoming quarterly earnings, with a projected revenue of $18.64 billion [1][6]. - The Zacks Consensus Estimate predicts an EPS of $2.33, reflecting a 20.7% increase from the previous year, driven by higher premiums and strong international operations [2][6]. - Revenue is expected to reach $18.8 billion, indicating a 7% year-over-year growth [2]. Challenges and Analyst Sentiment - MetLife faces challenges such as rising costs and weaker results in its Retirement and Income Solutions segment, which may temper profit gains [3]. - Despite these challenges, the earnings estimate has improved over the past month, indicating positive sentiment among analysts [3][6]. Valuation Metrics - The company has a price-to-earnings (P/E) ratio of approximately 12.43, suggesting the price investors are willing to pay for each dollar of earnings [4]. - The price-to-sales ratio is about 0.72, indicating that investors pay 72 cents for every dollar of sales [4]. - The enterprise value to sales ratio is around 0.69, reflecting MetLife's valuation compared to its sales [5]. - The enterprise value to operating cash flow ratio is approximately 3.21, indicating how well the company can cover its enterprise value with its operating cash flow [5]. - The earnings yield is about 8.04%, providing insight into the return on investment for shareholders [5].

Core Viewpoint - The China Actuarial Society has released the "Experience Life Table of China's Life Insurance Industry (2025)", which reflects the latest mortality trends and provides a scientific basis for life insurance product pricing and risk management [1][2]. Group 1: Background of Life Table Compilation - The previous life table, published in December 2016, was outdated due to changes in mortality rates and life expectancy in China, necessitating a new table to enhance risk management and service levels in the life insurance industry [2]. Group 2: Main Achievements of the Life Table Compilation - A new experience life table has been created, reflecting the latest mortality rates and providing a scientific reference for life insurance product pricing [3]. - The first single life table has been compiled, allowing for cross-company and cross-insurance type mortality research, enhancing comparability with population mortality rates [3]. - A comprehensive report and educational materials on population aging will be produced to present the findings to various audiences [3]. Group 3: Highlights of the Life Table Compilation - The data collection for this life table achieved full industry coverage, incorporating all life insurance policies with death or survival benefits [4]. - Data processing efficiency improved, with a 40% reduction in processing time compared to the previous table, and the use of AI and machine learning minimized manual data entry errors [4]. - Innovative methods were employed to address missing death status data, ensuring a more accurate mortality rate without discarding valuable data [4]. - Trend factors were established based on historical insurance industry data, providing significant insights for understanding mortality trends [5]. - A two-step method for high-age extrapolation was introduced, ensuring that mortality rates reflect natural life patterns while maintaining risk characteristics [5]. - A multi-dimensional analysis of mortality rates was conducted, examining various factors such as age, gender, and region, and comparing the new table with previous versions and external data [5]. Group 4: Future Work - The Actuarial Society plans to conduct promotional and training activities to disseminate the findings of the new life table, along with completing the related reports [6][7].

Financial Data and Key Metrics Changes - Operating earnings per diluted share increased by 16% to $1.29, benefiting from favorable insurance product margins and solid investment results [5][14] - Total new annualized premiums reached a record $125 million, up 26%, marking the 13th consecutive quarter of strong insurance sales [4][5] - Book value per diluted share, excluding AOCI, rose by 6% to $38.10 [5] Business Line Data and Key Metrics Changes - Consumer division reported a 27% growth in Life and Health NAP, with total life insurance up 33% and direct-to-consumer life insurance sales up 56% [6][8] - Worksite division achieved record insurance sales with life and health NAP up 20%, marking the 14th consecutive quarter of overall NAP growth [12][13] - Annuity collected premiums increased by 2%, totaling nearly $475 million, with in-force account values exceeding $13 billion for the first time [8][9] Market Data and Key Metrics Changes - Medicare Supplement policies sold increased by 33%, while Medicare Advantage policies sold decreased by 24%, indicating a shift in consumer preferences [8][9] - Client assets in brokerage and advisory grew by 28%, surpassing $5 billion, with total accounts and average account size each up 13% [9] Company Strategy and Development Direction - The company plans to exit the worksite fee services business to focus on core insurance products, expecting this decision to improve earnings and return on equity [11][16] - A second Bermuda treaty was executed to seed approximately $1.8 billion of supplemental health U.S. statutory reserves, enhancing the company's ability to serve middle-income consumers [14][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth across both divisions, despite tougher comparisons in the consumer segment [75] - The exit from the fee services business is expected to lead to a favorable impact on earnings and return on equity starting in Q4 2025 [16][20] Other Important Information - The company returned $76 million to shareholders in the quarter and $310 million year-to-date [5] - The average yield on allocated investments was 4.91%, up 10 basis points year-over-year, contributing to a 7% increase in net investment income [18] Q&A Session Summary Question: Strong D2C sales contribution from new partnerships - Management noted selective partnerships are contributing to growth, particularly in the Hispanic market, and expects continued growth despite a pull forward in advertising expenses [24][25] Question: Impact of exiting the fee services business - The annual earnings loss from the fee services business will improve the fee income segment by about $20 million [26] Question: Opportunities for additional transactions with Bermuda - Management is exploring opportunities to seed additional business, particularly in life insurance, to enhance diversification [30] Question: Claims trends in Medicare supplement business - Management confirmed that the annual assumption update incorporated current trends, with expectations for a 10% average rate increase in filings for the upcoming year [68][69] Question: Future cash benefits from exiting fee services - Management indicated that the $20 million freed up from the fee services business will have a cash impact, aligning with GAAP accruals [51]