事件 9 月 30 日，为贯彻落实《国务院关于加强监管防范风险推动保险业高质量发展的若干意见》精神，金融监管总局发布 《关于推动健康保险高质量发展的指导意见》，提出到 2030 年，健康保险在国家健康保障体系中的重要作用进一步发 挥的总体目标。 核心内容 明确健康保险不同细分领域相应要求。1）商业医疗险：表态为"积极发展"，预计是未来健康险的核心增量。①积极 将医疗新技术、新药品、新器械纳入保险保障范围。②鼓励长期医疗保险根据风险类别定价，健全费率调整机制。③ 支持开展个人账户式长期医疗保险业务。④严格按照商业保险的基本原则和客观规律，平稳有序开展城市商业医疗保 险（惠民保）。⑤鼓励开发惠及带病群体、罕见病群体的产品。2）疾病险：表态为"稳步发展"，亮点为支持监管评 级良好的保险公司开展分红型长期健康保险业务。3）此外，①加快发展商业长期护理保险和失能收入损失保险；② 支持与药械企业建立联动合作机制，探索按照市场化原则自主协商谈判、按疗效付费等创新药械多元化支付方式。 推进健康保险公司特色化、专业化经营，增强核心竞争力。①探索符合健康保险特点的发展战略和经营模式，深耕健 康管理，促进医养康养相结合。②支持监管 ...

保险Ⅱ 2025 年 10 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -22% -14% -7% 0% 7% 14% 2024-10 2025-02 2025-06 保险Ⅱ 沪深300 相关研究报告 《财险和权益投资拉动业绩，分红险 转型驱动投资端增配权益—保险行业 深度报告》-2025.9.22 《固收兼顾配置和交易，高股息+长股 投 为 破 局 之 道 — 行 业 深 度 报 告 》 -2025.4.10 《资负两端驱动业绩与分红，假设调 整提升 EV 可信度—行业深度报告》 -2025.4.7 拓宽产品形态和功能，健康险有望迎来增长新机遇 ——"健康险高质量发展意见"点评 高超（分析师） gaochao1@kysec.cn 证书编号：S0790520050001 顶层设计打通堵点，指明方向，全方位助推健康险高质量发展 2025 年 9 月 30 日，金监总局发布《关于推动健康保险高质量发展的指导意见》 (以下简称《意见》)，为关乎国计民生的重要险种健康险的发展提出明确要求。 主要内容包括：(1)总体要求：到 2030 年，健康保险在国家健康保障体系中的重 要作用进一步发 ...

Group 1 - Ping An Life is relocating part of its employees from Shanghai to Shenzhen to align its main office location with its registered address, enhancing management and team collaboration efficiency [2][4] - The company is optimizing its product and channel strategies, with some health insurance products being withdrawn from Ping An Life's sales channels, marking the beginning of a self-operated medical insurance era [3][4] - Ping An Life will now recommend its own "e Sheng Bao" series of medical insurance products, previously sold under Ping An Health Insurance [3] Group 2 - Ping An Health Insurance's individual pension business will be transferred to Ping An Life, ceasing sales of certain short-term combination products by July 1, 2025, while existing policyholders' rights will remain unaffected [4][6] - The adjustments are in response to new regulations from the National Financial Regulatory Administration, which mandates the cessation of short-term health insurance products [6]

Core Insights - China Pacific Insurance reported a net profit of 26.53 billion yuan for the first half of the year, representing a year-on-year increase of 16.9% [1] - The company achieved premium income of 454.6 billion yuan, up 6.4% year-on-year, with property insurance premiums at 323.3 billion yuan (up 3.6%) and life insurance premiums at 131.2 billion yuan (up 13.8%) [1] - The company’s first-year premium income for life insurance reached a historical high for the same period [1] Investment Strategy - China Pacific Insurance has been approved for a 10 billion yuan quota to establish a private fund management company, focusing primarily on A-shares with an emphasis on long-term investment value and stable dividend returns [2] - As of the end of June, the company's A-share investment assets grew by 26.1% compared to the beginning of the year, increasing its proportion in total investment assets by 1.2 percentage points [2] Equity Investment Performance - The company has increased its investment in high-dividend stocks under OCI, with the investment scale growing by 60.7% year-to-date, outperforming the CSI 300 Dividend Index by 7.8 percentage points [3] - The company aims to optimize its TPL asset structure and has achieved a return ranking in the top 30% among comparable public funds [3] Response to Market Trends - The management noted that recent increases in high-dividend stock investments by insurance peers reflect a broader investment strategy, with a focus on stable returns amid declining traditional fixed-income asset yields [4] - The company plans to enhance its investment in high-dividend stocks to stabilize overall investment returns [4] Future Investment Plans - The company intends to diversify its equity investment strategies and strengthen research on quality targets, with plans to increase investment through methods such as private placements and strategic investments [5] - Different investment return assumptions have been set for life and health insurance segments, with life insurance at 4% and health insurance at 3.5% [6] Performance Highlights - The company has led in fulfilling national strategic responsibilities, with a compound growth rate of over 20% in insurance liability amounts during the 14th Five-Year Plan period [7] - The company has innovated in risk reduction services and established a digital service platform, providing risk reduction services 4.5 million times in the first half of the year [7] - The company has maintained a high level of asset management, with an annualized total investment return of 5.1% [7] Health Insurance Market Outlook - The health insurance sector is expected to grow rapidly, driven by aging population needs and the development of a multi-tiered medical security system [9] - New growth opportunities in health insurance are anticipated, particularly in long-term care and disability insurance, as the demand for such products increases [9]

Core Viewpoint - The safety of health insurance companies is comparable to that of life insurance companies, with both types of insurance being regulated under the Insurance Law, ensuring that policies typically remain valid even if the company goes bankrupt [1][3][6] Group 1: Coverage and Product Differences - Health insurance companies focus on personal health-related products such as medical insurance, critical illness insurance, disability income loss insurance, and nursing insurance, while life insurance companies offer a broader range of products including life insurance, annuities, savings insurance, critical illness insurance, and accident insurance [1][2] - There is some overlap in the products offered by both types of companies, as life insurance companies in China are permitted to sell certain health-related insurance products, subject to regulatory requirements [1][2] Group 2: Underwriting Conditions - Health insurance companies impose stricter underwriting conditions, often requiring detailed health assessments and having lower age limits for applicants, while life insurance companies generally have more lenient health requirements and higher age limits [2][3] Group 3: Bankruptcy Mechanisms - In the event of bankruptcy, life insurance contracts and reserves must be transferred to other life insurance companies, ensuring continuity of coverage for policyholders [3][4] - For health insurance companies, the treatment of policies depends on whether they are classified as long-term or short-term products; long-term health insurance policies typically remain valid even after bankruptcy, while short-term policies may enter liquidation [4][5] Group 4: Regulatory Protections - Both life and health insurance companies are required to contribute to an insurance guarantee fund, which provides relief to policyholders in the event of company bankruptcy [3][4] - The guarantee fund covers personal losses, with full compensation for amounts below 50,000 yuan and 90% compensation for amounts above that threshold in the case of short-term health insurance policies [4][5] Group 5: Overall Safety and Confidence - The probability of bankruptcy for both life and health insurance companies is low, and regulatory bodies are in place to ensure that policyholders' rights are protected, reinforcing confidence in the insurance system [6]

Core Insights - The insurance industry is adjusting its product structure in anticipation of a decrease in the third-quarter insurance premium interest rates, focusing on two main areas: dividend insurance with interest rate flexibility and health insurance emphasizing protection functions [1][2] - Health insurance is experiencing faster growth compared to other insurance types, becoming a new growth curve for both life and property insurance companies [1][3] - The traditional savings-type insurance model is becoming unsustainable, prompting the industry to seek new growth drivers through deep transformation [2][4] Health Insurance Market Dynamics - Health insurance is a key intersection for life and property insurance companies, with life insurers focusing on long-term health insurance and property insurers on short-term medical insurance [3][4] - The demand for health insurance is increasing due to rising health awareness and medical costs, providing a broad market space for both life and property insurers [3][4] - Recent healthcare reforms have facilitated the rapid development of health insurance, particularly in the medical insurance sector [2][4] Financial Performance and Growth Potential - Health insurance premium income has shown steady growth, with a reported income of 4,557 billion yuan in the first four months of this year, a year-on-year increase of over 4% [4][5] - Despite the growth, the health insurance market has not yet reached the target of 1 trillion yuan in premium income by 2025, indicating a significant gap [5][6] - The market is characterized by notable disparities, with some companies experiencing rapid growth while others face declines in net profit and insurance revenue [5][6] Challenges and Shortcomings - The health insurance market faces challenges such as severe product homogeneity, insufficient collaboration with the medical system, and weak data foundations [6][7] - There is a mismatch between supply and demand, with high premiums and low coverage for essential groups, leading to a lack of effective product offerings for those in need [6][7] - The industry struggles with high claim thresholds and inadequate long-term coverage options, highlighting the need for improved service systems [6][7] Recommendations for Improvement - Data sharing and collaboration among insurance companies, healthcare providers, and regulatory bodies are crucial for accurate pricing and risk assessment in health insurance [7][8] - Establishing a health data platform and promoting cooperation between commercial insurance and basic medical insurance can enhance the development of health insurance [8][9] - Companies should focus on developing differentiated products for various demographics and enhancing their health management service systems to meet diverse market needs [9]