Core Viewpoint - The insurance sector in A-shares has emerged as the standout performer of 2025, with the insurance index surging by 31.31%, significantly outperforming the Shanghai Composite Index's 18.41% increase and other financial sectors [1][11]. Performance Summary - All five major listed insurance companies experienced stock price increases, breaking free from previous sluggishness. New China Life Insurance led with a 46.03% rise, followed by Ping An Insurance with over 35%, and both China Pacific Insurance and China People's Insurance achieving over 20% gains. Even China Life Insurance, which performed relatively weaker, recorded a 10.39% return [1][11]. - The insurance sector's performance has improved significantly over the past two years, transitioning from being overlooked to becoming a market favorite. The sector faced unprecedented challenges from 2020 to 2023, including declining investment returns due to low interest rates and weak consumer demand for insurance products. However, a turnaround began in 2024, with major companies seeing stock price increases of over 30% [3][13]. Market Dynamics - In December 2025, the insurance sector experienced a notable rally, with a monthly increase of 14.77%, surpassing overall market performance. Key companies reached new highs, indicating a peak in market interest for the sector [3][13]. - The surge in insurance stocks is attributed to multiple favorable factors, including supportive regulatory policies introduced in the second half of 2025, which encouraged investment in equities and promoted the development of health and annuity insurance products [5][15]. Financial Performance - The overall stock market's positive trend in 2025 led to a significant increase in insurance companies' investment income, with net profits exceeding 420 billion yuan, a year-on-year increase of 33% [6][16]. - Insurance companies are actively transforming their product offerings, focusing on dividend insurance products to reduce liability costs while meeting consumer savings needs in a low-interest-rate environment [6][16]. Future Outlook - Industry experts are optimistic about the insurance sector's prospects for 2026, anticipating a dual recovery in both asset and liability sides. Increased consumer demand for savings and protection insurance is expected as the economy recovers, alongside improved profitability from new business lines [7][18]. - The growing proportion of equity assets held by insurance companies is likely to enhance profit margins, especially if the equity market continues to perform well in 2026, potentially driving stock prices and valuations higher [7][18].

文｜阿尔法工场金融家 距离部分中小险企的合规"存亡线"，还有约半年时间。 这一制度设计，既是对过往保险业资产负债管理"两张皮"、政策程序碎片化、风控标准不统一等行业沉 疴的集中纠偏与规范；更是在2026年全行业全面落地新会计准则之前，为提前防范会计准则切换后险企 净资产的剧烈波动，筑牢了一道强制性的风险"减震阀"。 同时，国家金融监督管理总局在《保险公司资产负债管理办法（征求意见稿）》答记者问中明确指出， 新规将成本收益指标评价周期拉长至3-5年，引导保险公司长期经营，培育耐心资本。 尽管新规为行业预留了约7个月的整改缓冲期，但保险业从"规模导向"的粗放发展模式，向"资产负债联 动导向"的精细化经营模式的硬性切换，已然没有退路。 新规对行业的影响，呈现出极致且剧烈的"二元分化"特征。这种分化不仅体现在显性的合规整改成本 上，更将直接重塑未来保险业的市场竞争格局与生存规则。 以中国人寿(601628.SH)、中国平安(601318.SH)、中国太保(02601.HK)为代表的头部大型险企，凭借多 年的战略超前布局，早已搭建起相对完善的资产负债联动管理机制。 国家金融监督管理总局发布《保险公司资产负债管理办法（征 ...

南方财经全媒体记者 林汉垚 "6个月，1500余起案件，涉案金额近300亿元。" 近日，公安部与国家金融监管总局在2025年岁末联合交出金融领域"打黑"成绩单，两部门召开发布会， 通报了今年下半年开展的金融领域"黑灰产"违法犯罪集群打击行动成果。 今年6月至11月，为期6个月的金融领域"黑灰产"违法犯罪集群打击中，全国公安经侦部门先后组织发起 集群打击近60次，共立案查处金融领域"黑灰产"犯罪案件1500余起，打掉职业化犯罪团伙200余个，涉 案金额累计近300亿元。 在公布的十大典型案例中，保险领域的欺诈案件尤为引人注目。不同于传统的个人偶发性骗保，此次曝 光的案件呈现出极高的组织化、专业化特征——从利用"基本法"漏洞套取佣金的"恶意退保"，到勾结鉴 定机构买断理赔权的"人伤黄牛"，保险黑灰产已异化为一个分工严密的庞大生意。 保险"黑灰产"逐步产业化 长期以来，保险行业的黑灰产治理面临着"入罪难、定性难"的困境。以往，对于利用投诉漏洞进行 的"恶意退保"或"代理维权"，往往止步于行政调解或民事纠纷层面，难以触及刑法红线。然而，随着黑 产规模的指数级增长及其运作模式的异化，保险黑灰产治理也步入了"行刑衔接"深 ...

参与这样的黑产链条， 要付出怎样的代价？ 近日，上海市静安区人民法院审理了一起涉保险"高返佣"合同诈骗案件。 来源：上海高院 保险从业者牵线搭桥， "熟人"投保人默契配合， 高额"返佣"到手就退保。 案情回顾 图片源自网络 2020年4月，A保险公司与B保险经纪公司签订协议，约定由B保险经纪公司代理销售A保险公司的重疾 险、年金险等产品，并收取相应佣金；若出现保单短期大量退保情形，B保险经纪公司需向A保险公司 支付补偿金。 同年7月，宋某承包B保险经纪公司C市分公司（已于2023年1月注销）业务并自负盈亏，每年向B保险经 纪公司缴纳固定管理费。期间，宋某发现有两款保险产品的佣金或佣金+退保保单现金价值远超首期保 费，短期退保可赚取可观差价。此后，宋某便利用承包经营便利，以"高额返佣""保本付息"等为诱饵， 直接发展熟人投保，还招募仇某、季某等6人担任"经销商"，拓展更多投保人。 宋某等人明知投保人无真实投保意愿、无长期续保能力，却仍诱导多人投保上述保险产品：他们或让投 保人自筹资金，或推荐其办理保单贷款，以此垫付首期保费。待投保一个月至一年内保单生效，B保险 经纪公司收到A保险公司支付的佣金后，宋某按约定向投 ...

日前，中国太保举办的投资者开放日上，中国太保集团副总裁苏罡指出，中国十年期国债收益率已降至1.7%至1.9%区间，这不仅是历史性的低位，更可能 预示着一个缓慢下行的趋势。 当低利率环境已从一道周期性考题演变为一场时代大考，深刻改变人身险公司经营土壤。低利率环境直接加剧了存量高预定利率保单的利差损风险。这一状 况促使着险企寿险产品策略从传统的"固定收益"向"保证收益+浮动分红"转型，同时对险企的财务报表管理和净资产稳定性带来持续压力。 进一步剖析，保险资金构成中，绝大部分来自保单负债，负债期限长，对资产端的长期化配置提出了必然要求。同时，负债端具有现金流刚性、成本黏性高 等特点。倘若资产端收益长期处于下行通道，将侵蚀资本、加大偿付能力波动。 面对该趋势，今年以来，在政策层面持续发力之下，各大险企纷纷加快权益投资布局节奏。根据国家金融监督管理总局公布的数据，2024年二季度末至2025 年二季度末，人身险公司投资于股票和证券投资基金的余额占资金运用总余额的比例，维持在12.4%至13.4%的区间。到了2025年三季度末，该占比出现显 著跃升，一举攀升至15.38%。 险企过往依赖高保证收益的粗放式模式，如今难以适 ...

Core Insights - The article highlights that over 80% of insurance companies have a surrender rate below 2%, indicating a positive trend in policy retention [7][12][20] - The total surrender scale exceeds 1.3 trillion, with lifetime insurance accounting for over 670 billion, reflecting significant market activity [11][9] - The average surrender rate has seen a continuous decline, with the median surrender rate for Q3 2025 recorded at 1.27% [12][14] Summary by Sections Surrender Rates and Trends - In Q3 2025, 71 life insurance companies reported a surrender rate, with 2 companies exceeding 8% and 3 exceeding 4% [7][22] - The average surrender rate for these companies is 1.73%, a decrease of 1.48 percentage points compared to three years ago [14][16] - A total of 58 companies have a surrender rate below 2%, which is approximately 82% of the surveyed companies, marking an increase of about 1.6 percentage points from the previous year [20][22] Surrender Scale and Product Types - The cumulative surrender scale for over 740 products reached more than 1.3 trillion, with 4 companies reporting over 100 billion in surrenders [11][9] - The increase in surrender scale is primarily attributed to lifetime insurance, which has surpassed 670 billion, while the share of annuity insurance in surrenders has significantly decreased [11][30] - The surrender rates for investment-linked and universal life products are notably high, indicating a shift in consumer preferences [26][28] Company Performance and Market Outlook - The article notes that the life insurance sector is expected to enter a golden development period by 2026, driven by improved liability quality and investment returns [7][8] - The net profit for 72 life insurance companies in the first three quarters of 2025 reached 461.96 billion, surpassing the total for the entire year of 2024 and setting a historical high for the industry [7][8] - The decline in surrender rates is attributed to the maturation of previously popular products and a shift towards more stable lifetime insurance offerings [16][31]

Core Viewpoint - The article discusses the rising trend of policy loans in the insurance industry, highlighting their benefits for liquidity and flexibility while also addressing the associated risks and the importance of careful management [1][4]. Group 1: Policy Loan Features - Policy loans allow policyholders to borrow against the cash value of their insurance policies, typically up to 80% of the cash value, with interest rates ranging from 4% to 6%, which is lower than average online loan rates [1][2][3]. - The process for obtaining a policy loan is streamlined through digital channels, allowing for online applications and instant disbursements, which has contributed to an increase in policy loan usage [2][3]. - Policy loans do not affect the validity of the insurance contract, allowing policyholders to maintain their coverage while accessing funds [3]. Group 2: Risks and Considerations - There are risks associated with policy loans, including the potential for policy lapse if the total loan amount exceeds the cash value, which can jeopardize insurance benefits [4][6]. - Consumers are advised to avoid third-party intermediaries and to be cautious of exaggerated claims made by loan brokers, as these can lead to financial pitfalls [5][6]. - It is essential for policyholders to assess their financial situation and repayment capabilities before taking out a policy loan, ensuring that they do not overextend themselves [6][7]. Group 3: Recommendations for Policyholders - Insurance companies recommend that policyholders treat policy loans as short-term financing tools and establish clear repayment plans to avoid financial strain [7]. - Regular monitoring of the cash value and loan balance is advised to maintain a safe margin and ensure the policy remains effective [7]. - Consumers should prioritize understanding the terms of the loan, including interest rates and repayment schedules, to prevent adverse financial consequences [7][8].

近日，中国证券报记者发现，一些新上市的增额终身寿险在卖点中常提及"保单贷款、减额交清"等功 能，并以此突出保障与流动性的平衡。记者从多家险企了解到，实际上，很多保险公司都推出了保单贷 款服务，特别是约定了现金价值的增额终身寿险、年金险、重疾险长期保单，投保人可提取保单现金价 值的一部分作为额度，激活"沉睡"保单，灵活实现资金周转。 "保险公司给的额度，一般是保单当期现金价值的80%左右，期限多是六个月，可以循环贷。目前我们 公司这项业务的年化利率是4.65%。"北京一家中小型险企人士对记者表示，"利率各家公司差距不算 大，会根据市场利率和公司成本等因素综合确定，目前利率为4%-6%，低于网贷的平均水平。" 申请灵活高效、不计入征信、利率不算高、短期不影响保障功能……这是否意味着保单贷款是一种不错 的融资方式？业内人士提醒，保单贷款存在一定的风险，消费者应衡量贷款本息和现金价值的关系，防 止因不当借贷影响保单效力，防止因期限错配陷入"短贷长用"的风险漩涡。 ● 本报记者 薛瑾 灵活的资金周转途径 保单贷款是指投保人将所持有保单的现金价值质押给保险公司，保险公司按照现金价值的一定比例向投 保人出借资金并收取利息的 ...

近日，中国证券报记者发现，一些新上市的增额终身寿险在卖点中常提及"保单贷款、减额交清"等功 能，并以此突出保障与流动性的平衡。记者从多家险企了解到，实际上，很多保险公司都推出了保单贷 款服务，特别是约定了现金价值的增额终身寿险、年金险、重疾险长期保单，投保人可提取保单现金价 值的一部分作为额度，激活"沉睡"保单，灵活实现资金周转。 "保险公司给的额度，一般是保单当期现金价值的80%左右，期限多是六个月，可以循环贷。目前我们 公司这项业务的年化利率是4.65%。"北京一家中小型险企人士对记者表示，"利率各家公司差距不算 大，会根据市场利率和公司成本等因素综合确定，目前利率为4%-6%，低于网贷的平均水平。" 申请灵活高效、不计入征信、利率不算高、短期不影响保障功能……这是否意味着保单贷款是一种不错 的融资方式？业内人士提醒，保单贷款存在一定的风险，消费者应衡量贷款本息和现金价值的关系，防 止因不当借贷影响保单效力，防止因期限错配陷入"短贷长用"的风险漩涡。 ● 本报记者 薛瑾 灵活的资金周转途径 保单贷款是指投保人将所持有保单的现金价值质押给保险公司，保险公司按照现金价值的一定比例向投 保人出借资金并收取利息的 ...

最近，商务部、央行、金融监管总局联合发布了一份重磅文件：《关于加强商务和金融协同，更大力度 提振消费的通知》。 一句话概括这份文件的核心思路就是：金融，要更直接、更主动地为"多花钱"这件事服务。这对金融市 场，尤其是A股，意味着什么？我们慢慢拆。 这份《通知》里，一共提出了3个方面、11条措施，内容很多，但如果从金融视角来看，其实逻辑非常 清楚：想尽一切办法，把消费信心、消费能力和消费场景重新激活。 而金融系统，是这次发力的"关键工具人"。 第一条主线：商品消费，要花得动钱，这次文件里，对商品消费的支持给得非常细、也非常直接。比 如：大宗耐用品、数码产品，汽车以旧换新等等，核心就一件事：让消费者买东西时，金融跟得上、撑 得住、成本更低。 政策明确要求：消费贷款额度更灵活，期限可以拉长，利率要更差异化，甚至连提前还车贷的违约金， 都可以适当减免。 政策明确提出，要让金融产品更贴近消费场景，而不是只停留在给贷款。 比如：服务消费专项贷款，养老再贷款，知识产权、科技成果等"无形资产"也能融资，商业保险、健康 险、年金险配套跟上。 这其实是在为服务业修复、就业稳定打基础。而这，对整个经济和资本市场都是正反馈。 第三条 ...