新华保险 20251126 摘要 新华保险 2025 年一季度个险和银贷实现翻倍增长，导致 2026 年开门 红面临较高基数压力，但公司仍期望实现稳健的保费增长，包括期交、 价值规模保费等不同口径都有不同程度的增长。 银保渠道三季度新单保费转负，受趸交投放策略及业务节奏影响，但居 民储蓄搬家和大公司市场份额集中趋势持续，预计 2026 年银行端仍具 增长潜力。个险渠道前三季度维持较高增速，各项指标好于序时进度。 分红险息差收窄至 25BP，竞争加剧，但多家主体聚焦有助于市场教育。 新华保险通过代理人培训、投资管理和多渠道宣传提升分红险竞争力， 并积极筹备试水市场。 固收类资产仍是新华保险配置核心，占比 7-8 成，将积极配置利率债， 增加 REITs、可转债等多元化投资。权益端股票配置比例约 20%，未来 将视市场情况调整内部结构，降低风险类资产占比。 新华保险参与国寿合作的私募基金投资收益符合预期，将继续关注权益 市场长期投资和价值投资，根据市场机会和节奏积极把握后续投资机会。 Q&A 新华保险目前的整体业务情况如何，特别是开门红的进展？ 截至目前，新华保险整体业务进展符合预期。个险和银代多个指标已完成全年 ...

南方财经全媒体记者 孙诗卉 实习生 徐若萱 上海报道 11.39万亿元的资产管理信托市场，正在向保险机构敞开大门。 近日，国家金融监督管理总局发布《资产管理信托管理办法（征求意见稿）》，明确保险公司可代销资 产管理信托。这一政策不仅打破了保险机构代销信托的资格限制，更推动了保险业从传统产品销售向综 合财富管理转型。 "这意味着保险行业财富管理业务的一次战略性升级。"对外经济贸易大学创新与风险管理研究中心副主 任龙格接受21世纪经济报道记者采访时指出。 保险代销信托开闸 2025年10月31日，国家金融监督管理总局发布《资产管理信托管理办法（征求意见稿）》（下称"《办 法》"），其第35条明确规定，允许商业银行、理财公司、保险公司、保险资产管理公司等机构代理销 售信托产品。 这一规定是对今年初政策的延续与完善。 2025年1月27日，国务院办公厅转发金融监管总局《关于加强监管防范风险推动信托业高质量发展的若 干意见》的通知，第五条要求"规范（信托）销售行为，严格代销管理，严禁非金融机构代销信托产 品。" 此次《办法》则进一步明确了金融机构代销资产管理信托的细则，放开了保险机构代销信托产品的资格 限制。 中国信托 ...

Core Insights - The article discusses the aging population in China, highlighting that 19 provinces have entered a moderately aging society, raising concerns about the "aging before becoming rich" and "aging without preparation" issues [2][3] - It emphasizes the need for a balanced development of the three-pillar pension system, which includes basic pension insurance, enterprise annuities, and personal pensions [3][5] Pension System Overview - As of the end of 2024, the participation rate in basic pension insurance is projected to reach 95%, while only 3% of employees participate in enterprise annuities and 7% in personal pensions [3] - The pension replacement rate for urban workers is estimated to be around 45%, significantly below the international warning line of 55% [5] Policy Recommendations - The "14th Five-Year Plan" suggests a dual-driven approach to building a quality pension ecosystem, focusing on both "guarantee + industry" and addressing the imbalance between supply and demand in the pension sector [4] - The plan aims to upgrade the pension system from a safety net to a quality-oriented model, transforming the elderly from passive beneficiaries to active participants in the silver economy [4] Financial Product Innovations - The article highlights the need for a robust three-pillar pension system, with a focus on enhancing the second and third pillars, which are currently underdeveloped [5][7] - Innovative financial products such as reverse mortgages, long-term care insurance, and real estate investment trusts are suggested to meet the diverse needs of retirees [5][8] Structural Goals for Pension System - A proposed short-term structural goal for the pension system is to achieve a "631" or "622" ratio, gradually moving towards a more balanced "523" or "443" ratio in the long term [6] Challenges and Solutions - The main challenge in increasing participation in the second and third pillars is the lack of enthusiasm from enterprises and individuals [7] - Recommendations include government intervention to incentivize personal savings for pensions and ensuring equitable policy measures to encourage broader participation [7] Silver Economy Growth Potential - The silver economy is expected to grow significantly, with potential areas including elderly care services, social engagement activities, and health management technologies [10] - The article identifies the need for financial products that support the silver economy as a critical growth area [10]

Core Insights - Lujiazui Guotai Life Insurance has completed the acquisition of a whole office building in Shanghai's Pudong New Area for a total price of 895 million RMB, which will serve as the company's headquarters [1][2] Company Overview - Lujiazui Guotai Life Insurance was established in 2004 and is the first cross-strait joint venture life insurance company in mainland China, headquartered in Shanghai with a registered capital of 3 billion RMB [5] - The company has established 11 branches and nearly 50 marketing outlets nationwide, offering over a hundred types of insurance products [5] - As of the end of 2024, the company's total assets are projected to reach 35 billion RMB [5] Transaction Details - The acquired property includes floors 3 to 9 of the Qiantan Hui N5 office building, a storage room on the third floor, and 50 parking spaces in the underground garage [2] - The total transaction price is 895 million RMB, including VAT, with a net price of approximately 821 million RMB [2] Market Context - This acquisition is part of a broader trend where insurance companies are actively investing in the Shanghai office market, with other notable transactions including a 10.8 billion RMB acquisition by China Post Insurance for a property in Jing'an District [6][7] - Major insurance companies have disclosed significant real estate investments in 2023, with a total of over 4.8 billion RMB in new investments reported by several firms [7]

Summary of Insurance Industry Conference Call Industry Overview - The insurance industry is experiencing significant profit growth, with overall profit growth exceeding 30% in the first three quarters of 2025, and quarterly growth approaching 70% [1][5] - The industry is shifting focus from premium income to investment returns, emphasizing the importance of positive returns from premiums rather than just the total premium volume [1][10] Key Financial Metrics - Insurance companies' return on equity (ROE) has surpassed 30% for some A-share listed companies, significantly higher than the approximately 10% ROE of leading brokerage firms [5] - The non-annualized comprehensive investment return rate for the first three quarters of 2025 is approximately 5.4%, a year-on-year increase of 1 percentage point [4][14] Premium Income and Growth - Premium income is expected to continue double-digit growth, projected to reach between 4.45 trillion to 4.6 trillion yuan in 2025, up from around 4 trillion yuan the previous year [1][7] - New business value (NBV) is also showing high growth, with some companies like China Life and Ping An seeing significant increases in new single premium income [7] Investment Strategies - As of mid-2025, the insurance industry's investment asset scale is approximately 36 trillion yuan, reflecting a growth of about 9% since the beginning of the year [11] - The proportion of bond investments has risen to over 50%, while equity assets remain stable at around 12% to 13% [12] Dividend Policies - Companies are expected to announce significant increases in dividends for the 2025 fiscal year, reflecting strong profit performance despite previous volatility in profit due to new accounting standards [6][21] Channel Development - The bank insurance channel is gaining prominence, with its new business value share increasing significantly, while the number of individual insurance agents is declining [9][20] - The bank insurance channel's premium share is expected to surpass that of individual insurance channels soon [20] Future Outlook - The outlook for the insurance industry in 2026 is optimistic, with expectations of continued growth in premium income, particularly from the bank insurance channel [22] - The market is advised to focus on profit growth rather than just valuation levels when selecting investment targets [22][27] Regulatory Changes - The transition to new accounting standards from 2023 to 2025 is a significant factor, with full implementation expected in 2026, which poses challenges for companies, especially smaller ones [13] Investment Opportunities - The insurance sector remains an attractive investment option, with a recommendation to focus on companies with strong profit growth and stable dividend policies [27] Miscellaneous Insights - The demand for savings-type products remains strong despite declining household incomes, as these products are more closely related to household wealth rather than income levels [8] - The insurance industry is increasingly viewed as a potential asset management company, focusing on improving asset management capabilities in a low-interest-rate environment [19]

Core Insights - The insurance industry is undergoing significant changes as the guaranteed interest rate for life insurance products has been reduced from 2.5% to 2% or lower, prompting companies to redesign product structures and agents to enhance their financial calculation skills [1][3] - The traditional "New Year promotion" period, known as "开门红," is shifting from a focus on fixed-income products to floating-income products, particularly dividend insurance, which is now taking center stage for major insurers [2][3] - The new regulatory guidelines emphasize the transition towards floating-income products, making dividend insurance a preferred choice to balance risk and meet customer expectations in a low-interest environment [3][4] Product Evolution - The 2026 "开门红" will see a major shift in product offerings, with a focus on dividend insurance rather than traditional savings-type products like annuities and whole life insurance [2][3] - Major insurers such as China Life and Ping An are prioritizing dividend insurance products, indicating a strategic pivot in product development [2][3] Channel Dynamics - The sales channels for insurance products are evolving, with major insurers leveraging their strong individual agent channels to promote complex dividend insurance products, while smaller insurers are focusing on traditional products due to their reliance on bank insurance channels [4][6] - The bank insurance channel is expected to become a key driver for the 2026 "开门红," as banks have a vast customer base and high trust levels among clients, facilitating the promotion of insurance products [7][8] Market Challenges - Insurance agents are facing increased challenges in selling the more complex dividend insurance products, as they require more detailed explanations to clients, leading to higher communication costs and lower conversion rates [6][8] - The overall pressure on the insurance industry during the "开门红" period is attributed to economic downturns and changing consumer preferences, which have reduced the willingness to invest in high-premium insurance products [6][8] Strategic Transformation - The insurance industry is recognizing the need to redefine "开门红" by integrating products with services, particularly in high-demand areas like health and retirement, to enhance customer loyalty and product value [9][10] - A shift from traditional marketing strategies to a more customer-centric approach is necessary for the future success of "开门红," focusing on deep customer needs rather than short-term incentives [9][10]

Core Insights - The current deposit interest rates in China are at historically low levels, with most banks offering rates below 2% [3][6] - Major banks are concerned about the potential for large-scale withdrawals by depositors, leading to slightly higher rates than the benchmark [4][5] - A potential new round of interest rate cuts is anticipated, which could further lower deposit rates and mortgage rates [6][7] Deposit Rates Overview - The benchmark deposit rates for various terms are as follows: - 1-year: 0.95% - 2-year: 1.05% - 3-year: 1.25% - 5-year: 1.30% [4][7] - Some banks, such as Agricultural Bank and Industrial and Commercial Bank, offer slightly higher rates, with 2-year and 3-year rates reaching up to 1.60% [5][7] Future Projections - If the Federal Reserve continues to cut rates, it is expected that domestic deposit rates could drop to as low as 0.75% to 0.85% for 1-year deposits and 1% to 1.1% for 3-year deposits [6][7] - The anticipated decline in mortgage rates could see them fall below 3% in various cities [6] Market Sentiment - There is a general sentiment among banks that low deposit rates are beneficial for their profitability, as they reduce the interest expenses on deposits [3][4] - However, the current environment has led to a reluctance among banks to aggressively pursue new deposits, as evidenced by their marketing strategies [3][4]

Core Insights - China Life Insurance Company reported a strong growth in new business value by 41.8% for the first three quarters of 2025, with net profit exceeding 167.8 billion yuan, marking a 60.5% increase year-on-year [1][2] Group 1: Financial Performance - The company achieved a daily profit of 614 million yuan during the first three quarters [2] - Total premium income reached 669.645 billion yuan, reflecting a year-on-year growth of 10.1%, with renewal premiums at 451.611 billion yuan and new single premiums at 218.034 billion yuan, both showing positive growth [4][5] - Total investment income for the first three quarters was 368.551 billion yuan, an increase of 40% compared to the same period in 2024, with an investment yield of 6.42% [6] Group 2: Business Strategy - The significant increase in net profit is attributed to the diversification of liability-side business and enhanced investment income from the asset side [3] - The company has focused on floating income products, which have increased their share in first-year premiums by over 45 percentage points compared to the previous year, helping to lower liability costs [6] - The company has actively invested in the equity market, which has contributed to the overall increase in investment income, coinciding with a 15.84% rise in the Shanghai Composite Index [6]

Core Insights - China Life Insurance reported strong performance for 9M25, with net profit reaching 167.8 billion yuan, a year-on-year increase of 60.5% [1][2] - The company's net assets at the end of 9M25 were 625.8 billion yuan, reflecting a 22.8% increase from the beginning of the year [1][2] - New Business Value (NBV) grew by 41.8% year-on-year, driven by a significant increase in new premium sales [2] Financial Performance - The net profit for 3Q25 was 126.87 billion yuan, marking a 91.5% year-on-year increase, attributed to market gains and effective investment strategies [1] - Total investment income for 9M25 was 137.1 billion yuan, a substantial increase of 454% year-on-year, with an overall investment return rate of 6.42%, up by 1.04 percentage points [1][2] - Total premiums reached 669.65 billion yuan, a 10.1% year-on-year increase, with new premiums at 218 billion yuan, up 10.4% [1][2] Business Development - The company’s product structure is diversifying, with the proportion of new premiums from life, annuity, and health insurance being 31.95%, 32.47%, and 31.15% respectively [2] - The share of flexible premium products in first-year premiums increased by over 45 percentage points year-on-year, indicating a shift towards more balanced business operations [2] Capital Position - The net assets increased by 22.8% year-to-date and 19.5% quarter-on-quarter, supported by rising interest rates that released insurance contract liabilities [2] - The core and comprehensive solvency ratios were 137.5% and 183.94% respectively, showing stability despite slight declines [2] Investment Outlook - The company maintains a strong buy recommendation, with projected net profits for 2025-2027 of 178.7 billion yuan, 181.5 billion yuan, and 184.7 billion yuan, reflecting growth rates of 67.1%, 1.5%, and 1.8% respectively [3] - Expected NBV for the same period is 46.9 billion yuan, 51.2 billion yuan, and 54.4 billion yuan, with growth rates of 39.3%, 9.1%, and 6.3% [3] - The current closing price corresponds to dynamic P/EV ratios of 0.75, 0.67, and 0.60 for 2025-2027 [3]

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]