来源：今日保 与"个险银保的C位渠道之争"的火热相比，曾经持续数年在话题度与关注度上风头无两，被寄予大量期 待的互联网保险，在衬托下显得沉寂，甚至似乎已经淡出了主流关注。 的确，2021年前后，随着互联网财险、互联网人身险等新规相继落地，互联网保险市场进入整顿与调整 阶段，而之前持续高企的增速也随之放缓。虽然以"百万医疗险"为代表的互联网健康险仍保持着一定的 成长势头与创新成果，但就互联网渠道而言，其声量已着实低微。 声量归声量，事实上，与其说互联网保险悄无声息，不如说它正在平静中悄悄蜕变。 一方面，作为最适合互联网场景的医疗险产品依然在包括2025年在内的这几年中持续创新，在医保制度 改革中探索着新的责任与产品形态，并且一些长期险销售与"线上+线下"经营都在陆续涌现； 另一方面，则是在AI技术的加速发展下，不但线上运营、在线理赔等互联网化服务已日趋普遍，在线 下营销前端与管理后端，互联网也作为一种更加普遍的工具、平台与基础建设，渗透到保险这个传统金 融行业的方方面面。 这令越来越多的机构，特别长期专注于这一领域的保险公司与科技平台，深刻认识到互联网已不只是一 个保费渠道，更是一种效率赋能手段乃至模式，其独有 ...

百万医疗险已进入全面升级阶段。 国家金融监管总局数据显示，2025年前11个月，健康险保费总额已达9439亿元，距离万亿元大关仅一步 之遥，但行业增速已明显放缓。 昔日增长引擎重疾险动力减弱，凭借"低保费、高保额"创新模式横空出世的百万医疗险扛起了健康险增 长的大旗。 然而，在经历爆发式增长后，这款"国民级"医疗险产品也步入了瓶颈期，面临同质化竞争、惠民保挤压 与消费者需求升级等多重挑战。在政策持续鼓励商业健康险高质量发展的大背景下，占据医疗险"半壁 江山"的百万医疗险，究竟应如何突破瓶颈，实现从"流量产品"到"价值基石"的跃迁？ 第一财经发现，2025年末，多款市场主流百万医疗险进入了新一轮迭代期。从它们的迭代方向来看，百 万医疗险的核心竞争力正加速向差异化竞争、服务化转型的价值深耕方向转变。 从"增量竞争"到"存量博弈" 当前，百万医疗险市场呈现出典型的"增量竞争"向"存量博弈"过渡的特征。 金融监管总局数据已显露端倪：2025年前11个月，商业健康险保费总额已达9439亿元，结合前几个月的 增长幅度测算，全年健康险保费规模有望突破万亿元大关，但其同比增长仅为2.39%，显著低于产寿险 公司整体保费7.5 ...

专题：2025中国保险创新论坛 2025年12月17日，以"融创共生"为主题的第20届中国保险创新论坛暨第20届中国保险创新大奖颁奖盛典 在常州举行。财信吉祥人寿保险股份有限公司原总经理唐玉明发表了主题演讲。 唐玉明指出，回顾保险行业四十年发展历程，我们正步入一个全新的历史发展阶段。新时代呼唤新引 擎，而我们面临着政策与制度红利、人口结构与需求变迁红利、科技与数字化红利、市场与生态深化红 利；遇到生态陷阱、科技陷阱、价值陷阱；面临盈利模式的根本性挑战、人才与组织能力的挑战、数据 安全与隐私保护的挑战、日益复杂的监管与合规挑战。同时，他提出从战略层面、产品与服务层面、渠 道与营销层面、科技与数据层面的四大应对之策。 唐玉明 财信吉祥人寿保 险股份有限公司原总经理 以下是唐玉明的演讲全文： 尊敬的魏主席，各位领导： 大家好！ 今天非常荣幸能借此机会向大家做一个简短的汇报。在接到张总给予的这个题目时，我在思考，应从何 种角度来呈现这份报告？特别是在聆听了魏主席开幕时的致辞，深感他已将保险业未来的挑战与方向阐 述得清晰明了。魏主席曾是中国保监会人身保险监管部首任主任，是中国寿险业的顶层设计者。今天参 加会议的，还有我 ...

与同日发布的2025年《国家基本医疗保险、生育保险和工伤保险药品目录》不同，商保目录里的药品不 能使用医保报销，需要消费者购买覆盖目录药品的商业健康险后享受商保理赔。广东药科大学医药商学 院副教授吴庆艳解释，商保目录相当于官方"菜单"，保险公司可免去筛选环节,直接把这19种药部分或 全部打包进健康险产品。 纳入商保目录虽不等于直接纳入医保，却能显著降低创新药进院门槛。国家医保局在发布商保目录的同 时向医疗机构发放了"三除外"护身符：不计基本医保自费率考核、不纳入集采可替代品种监测、不列入 按病种付费清算口径。南方医科大学珠江医院医疗保险事务部负责人李超解释，这意味着政策落地后， 医院敢进药、医生敢开药，患者无需再辗转院外购买。 "广州牌"保险可覆盖目录药品 新华社发表评论："首次发布医保商保'双目录'，标志着多层次医疗保障体系建设迈出关键一步，民生 药箱在保好基本的同时，还向更多元发展。"这或可理解为官方释放的一种信号：未来，基本医保仍负 责"保基本"，街坊想在看好病、用好药的同时少花钱，可给自己配置一份适合的商保。 眼下，首版商保目录还只是份"英雄帖"，尚待保险公司推出相应产品、将药品纳入保障范围。不过，老 ...

Core Viewpoint - The insurance sector is experiencing a valuation recovery, driven by policy support and increasing consumer demand for health and wealth protection, with major companies like China Pacific Insurance, New China Life, and China Life seeing significant stock price increases, and China Ping An reaching a four-year high [1][2]. Policy Support - The strong rebound in the insurance sector is initiated by policy support, specifically the recent adjustment of risk factors for insurance companies' investment in stocks, which reduces capital occupation and enhances solvency ratios [2]. - The policy encourages insurance funds to invest in a stable and long-term manner, with a focus on holding positions for over three years, which is seen as a timely boost for the market [2]. - If insurance capital reallocates to equity assets, it could potentially unlock 550 billion to 600 billion yuan in long-term funds by 2026 [2]. Consumer Demand Shift - A report by Accenture indicates a structural shift in consumer focus towards health and wealth, with health concern rising from 78% in 2021 to 87% in 2025, and wealth concern increasing from 47% to 61% [4]. - This shift translates into a rigid demand for insurance products, with a notable preference for protection-oriented products such as dividend insurance, health insurance, and million medical insurance [4]. - Companies like China Ping An and China Pacific Insurance are adapting to these changes, with significant growth in their health insurance segments and overall profitability [4][5]. Valuation Recovery Logic - The insurance sector is expected to enter a golden development period, with investment logic shifting from "valuation repair of existing business" to "growth capability valuation premium," highlighting the advantages of leading companies [7]. - By 2026, the total assets of the insurance industry are projected to exceed 45 trillion yuan, with equity investment scale reaching 6 trillion yuan, making it a significant source of long-term capital in the A-share market [7]. - China Ping An is anticipated to lead the market due to its comprehensive industry chain layout, product innovation, and technological empowerment, with target prices being raised by multiple institutions [7].

Group 1 - The insurance sector is experiencing a valuation recovery, with stocks like China Pacific Insurance, New China Life Insurance, and China Life Insurance seeing significant increases, while China Ping An's stock price has reached a four-year high [1] - The release of substantial new capital and the growing consumer demand for health and wealth protection are expected to optimize the assets and liabilities of leading insurance companies, indicating a shift into a value reassessment cycle for insurance stocks [1] Group 2 - The strong rebound in the insurance sector is driven by policy support, including a recent adjustment by the Financial Regulatory Administration that lowers the risk factors for insurance companies investing in stocks, thereby enhancing their solvency ratios and expanding investment limits [3] - The policy encourages insurance funds to adopt a long-term investment strategy, with a potential influx of 550 billion to 600 billion yuan in long-term capital into the market by 2026 if insurance capital is fully allocated to equity assets [3][4] Group 3 - A recent report by Accenture indicates a structural shift in consumer focus towards health and wealth, with health concern levels rising from 78% in 2021 to 87% in 2025, and wealth concern levels increasing from 47% to 61%, driving demand for insurance products [6] - The preference for protection-oriented products has surged, with significant growth in dividend insurance, health insurance, and million medical insurance, contributing to a robust increase in new business value for companies like China Ping An [6] Group 4 - The investment logic for insurance stocks is shifting from "valuation repair of existing business" to "growth capability valuation premium," with leading companies expected to see their valuation advantages further highlighted [8] - By 2026, the total assets of the insurance industry are projected to exceed 45 trillion yuan, with equity investment scale reaching 6 trillion yuan, positioning the insurance sector as a significant source of long-term capital in the A-share market [8]

金融监管总局近日发布的三季度保险业主要监管指标数据显示，前三季度，保险公司原保险保费收入 5.2万亿元，同比增长8.5%；赔款与给付支出1.9万亿元，同比增长7.6%；新增保单件数846亿件，同比 增长7.9%。 随着行业整体运行态势向好，保险业务的结构性变化日益显现，互联网保险正加快融入行业运行体系。 规模持续扩大 近年来，互联网保险进入稳步增长区间。元保集团和清华大学五道口金融学院中国保险与养老金融研究 中心联合发布的《中国互联网保险发展报告（2024）》（以下简称《报告》）显示，2013年至2023年 间，我国互联网保险保费规模由290亿元增长至约4949亿元，年均复合增长率超过30%。未来5年，互联 网保险年均增速将稳定在15%到20%之间。 对此，中央财经大学中国精算科技实验室主任陈辉表示，从长期趋势看，互联网保险确实推动了保险业 规模扩张和结构变化，但其发展并非简单的线性上行。回顾过去，互联网保险增速呈现出一定波动性， 与监管政策和业务合规要求的调整高度相关。这也说明，互联网保险仍处在创新与稳健发展不断磨合的 阶段，其增长质量和制度适配性同样值得关注。 从公司主体看，目前开展互联网业务的人身险公司 ...

Core Viewpoint - The performance trends of leading insurance companies are becoming clearer as the year-end approaches, with ZhongAn Online reporting record premium income and significant profit growth, indicating potential for continued success in 2025 [1][2]. Group 1: Premium Income and Profitability - ZhongAn Online recorded premium income of RMB 32.904 billion for the first 11 months of the year, representing a year-on-year increase of 5.63%, marking the highest historical performance close to the projected full-year premium of RMB 33.418 billion for 2024 [1]. - The company reported a net profit of RMB 668 million for the first half of the year, surpassing the total net profit of RMB 608 million for the entire previous year, suggesting a strong potential for exceeding both premium and profit targets in 2025 [2]. Group 2: Segment Performance - The contribution rates of various segments to premium income for the first half of the year were as follows: Health (37.7%), Digital Life (37.3%), Consumer Finance (16.2%), and Automotive (8.8%), with significant growth observed in the Health and Automotive segments [3][4]. - The health insurance segment saw a 3.1% increase in premium scale, with ZhongAn focusing on a diverse product matrix including critical illness and high-end medical insurance, leading to an enhanced market share [5]. Group 3: Business Operations and Management - ZhongAn has transitioned its automotive insurance business from a joint operation with Ping An to independent management, achieving a breakthrough in compulsory traffic accident insurance in Shanghai and Zhejiang [5]. - The company has recently confirmed the continuation of its leadership under Chairman Yin Hai for the next three years, which is expected to provide stability and continuity in strategic direction [5]. Group 4: Financial Trends and Challenges - Despite the positive trends, ZhongAn has faced significant fluctuations in performance over the past five years, with profit growth rates showing extreme variability, including a 1103.54% increase in the first half of 2025 [5]. - Revenue growth has shown a declining trend, with a slight contraction of 0.4% in the first half of 2025, indicating ongoing challenges in sustaining performance [5].

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 ...

Core Viewpoint - The release of the first edition of the Commercial Health Insurance Innovative Drug Directory marks an important starting point for multi-party win-win scenarios in the healthcare sector, aiming to facilitate the integration of innovative drugs into commercial health insurance products [3][5]. Group 1: Directory Release and Impact - The first edition of the Commercial Health Insurance Innovative Drug Directory includes 19 drugs, focusing on high-innovation, clinically valuable drugs that are not yet included in basic medical insurance [5]. - The directory's release is expected to positively impact patients, pharmaceutical companies, and insurance companies by providing a standardized entry point for commercial health insurance to cover innovative drugs [6]. - The directory aims to address the payment challenges associated with high-priced innovative drugs, allowing eligible patients to access necessary medications through commercial insurance [6][11]. Group 2: Market Response and Product Integration - Several insurance products, such as the "Hui Min Bao" (惠民保), have already announced their integration with the directory, with some regions enhancing reimbursement rates for drugs listed in the directory [7]. - Insurance companies are currently assessing how to incorporate the directory's drugs into existing medical insurance products, with some planning to include all 19 drugs in their offerings [7][10]. - The directory serves as a recommendation tool rather than a mandatory requirement, leading to potential variations in adoption rates and integration methods among different insurance companies [8]. Group 3: Challenges in Implementation - The successful implementation of the directory relies on overcoming several hurdles, including pricing management and risk control within commercial health insurance [10]. - The directory includes high-priced innovative drugs, which may pose challenges for insurance companies in terms of claims management and pricing due to the lack of extensive real-world data [10][11]. - The "last mile" challenge involves ensuring that patients can access the drugs, and that discounts are effectively passed on to insurance companies and patients [13][14]. Group 4: Future Considerations - The long-term impact of the directory on insurance premiums may be influenced by demographic trends, such as an aging population and increasing prevalence of diseases like Alzheimer's [11]. - The integration of rare disease medications into commercial health insurance products will require balancing sustainability and coverage expansion [11]. - Continuous collaboration among various stakeholders, including insurance companies and healthcare providers, is essential to enhance the directory's effectiveness and ensure patient access to innovative drugs [14].