近日，由金融界主办的"启航•2025金融年会"暨金智奖颁奖盛典在北京举行。中荷人寿保险有限公司凭 借其卓越的经营管理能力、扎实的企业社会责任实践以及在行业转型中的杰出表现，荣膺"杰出寿险公 司"奖项。这一荣誉不仅代表了业界与媒体对中荷人寿过去一年卓越成就的高度肯定，更是对其长期坚 持高质量发展路径的权威认可。 面对数字经济的蓬勃浪潮，中荷人寿深刻洞察科技与保险融合的大趋势，推动"保险+科技"深度融合， 致力于打造更便捷、智能、个性化且有温度的服务新生态。公司围绕"一个中心、二套体系、三张网 络、四个群体"的整体思路，系统化推进康养服务能力建设。通过搭建"荷护健康"综合服务平台，为客 户提供涵盖健康管理、就医协助、康复照护、旅居养老等40余项服务，累计服务客户已超过15.2万人 次。同时，公司持续优化全流程线上服务，构建覆盖保单全生命周期的数字化服务链，核心业务环节智 能化水平显著提升，核保自动通过率达84.75%，线上保全与理赔使用率分别91.3%和87%，真正实现 了"让数据多跑路，让客户少奔波"。 履行担当，以社会责任回馈时代期许 中荷人寿一直坚信企业的长远价值源于对经济绩效与社会责任的平衡担当。公司坚守 ...

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]

专题：第20届中国保险创新论坛 12月17日金融一线消息，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 奖盛典今日在常州举行。论坛主席、保险文化杂志社社长张迎宾为论坛致辞。 张迎宾指出，未来的赢家，将不再是销售最多保单的公司，而是最懂得客户、最能管理风险、最能整合 生态的"生命服务伙伴"。保险业破局的关键，在于我们能否有勇气用熊彼特的魄力去自我颠覆，用德鲁 克的智慧去系统布局，并用克里斯坦森的警醒去双轨前行。 张迎宾 论坛主席、保险 文化杂志社社长 以下是张迎宾的致辞全文： 一方面，是汹涌而来的浪潮：人工智能、大数据、物联网，这些技术不再是遥远的名词，而是正在重塑 我们业务逻辑的现实力量。我们的客户也变了，他们不再满足于一张标准化的、冷冰冰的保单，他们需 要的是个性化、场景化、甚至即时的保障服务。更不用说，那些手握数据和流量的科技巨头、新兴平 台，正虎视眈眈地准备跨界进入我们的赛道。腾讯、蚂蚁金服、比亚迪已经进来了。 而另一方面，是我们保险业数百年沉淀下来的"稳健基因"。我们崇尚审慎、注重风控、流程严谨。这种 基因让我们穿越了无数经济周期，但也让我们在面对颠覆性创新时，显得有些步 ...

12月9日金融一线消息，深圳金融监管局今日发布关于正确认识保单贷款功能的消费提示。深圳金融监 管局指出，近期，多名保险消费者反映在办理保单贷款业务后因利息负担、退保金额等与保险公司发生 纠纷。在此，深圳金融监管局提示广大金融消费者：正确认识保单贷款功能，理性作出选择判断。 一、什么是保单贷款 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融资服务。通常一年期以上的储蓄型人身保险产品（例如终身寿险、重疾险 等）可以提供保单贷款服务，具体通过保险合同进行约定。 二、保单贷款如何影响消费者 （一）保单贷款需要支付利息。消费者申请保单贷款，需要按约定偿还本金和利息。保单贷款期限一般 为6个月（具体贷款期限取决于保单类型和贷款金额等），到期需要一并归还本息，如果未能按时足额 偿还，欠款将作为新的贷款本金计息。当欠款本息超过保单现金价值时，可能导致保单超贷停效，影响 保单的风险保障功能。 （二）退保理赔将扣除保单贷款本息。由于保单贷款通过保单现金价值质押的方式获得资金，若消费者 在贷款清偿完成前退保，退保金额一般将在合同载明的现金价值基础上减少欠款本息 ...

深圳金融监管局指出，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融资服务。通常一年期以上的储蓄型人身保险产品 （例如终身寿险、重疾险等）可以提供保单贷款服务，具体通过保险合同进行约定。 保单贷款需要支付利息，消费者申请保单贷款，需要按约定偿还本金和利息。保单贷款期限一般为6个 月（具体贷款期限取决于保单类型和贷款金额等），到期需要一并归还本息，如果未能按时足额偿还， 欠款将作为新的贷款本金计息。当欠款本息超过保单现金价值时，可能导致保单超贷停效，影响保单的 风险保障功能。退保理赔将扣除保单贷款本息，由于保单贷款通过保单现金价值质押的方式获得资金， 若消费者在贷款清偿完成前退保，退保金额一般将在合同载明的现金价值基础上减少欠款本息；若发生 理赔给付情形，保险公司通常会按照约定，在理赔给付款中扣减欠款本息后再予支付。 北京商报讯（记者 李秀梅）12月9日，深圳金融监管局发文表示，近期，多名保险消费者反映在办理保 单贷款业务后因利息负担、退保金额等与保险公司发生纠纷。在此，深圳金融监管局提示广大金融消费 者：正确认识保单贷款功能，理性作出选择判 ...

Core Insights - The release of the "China Life Insurance Experience Life Table (2025)" marks the introduction of the fourth life table in China's life insurance industry, with a significant average mortality rate decrease of approximately 20% compared to the previous table, reflecting an accelerated trend towards longevity in society [1][2] - The implementation of the new life table is expected to lead to dual price changes in the market, with life insurance prices potentially decreasing while prices for pension annuity products may face upward pressure due to increased longevity [1][4] - The industry must promote cross-sector collaboration between health and pension services to address the challenges posed by longevity risk, emphasizing product innovation and policy incentives to create a resilient risk protection system [1][7] Industry Changes - The fourth life table includes four tables: pension business table, non-pension business table one, non-pension business table two, and a new single life table, with mortality rates decreasing by 15%-27% across different demographics [2] - The average life expectancy has increased, with males reaching 85 years (up 2 years) and females 89 years (up 1 year) in the pension business table [2] - The life table update is the first major revision in nearly a decade, directly impacting insurance product pricing, reserve assessments, and risk management [1][3] Product Pricing Dynamics - The decrease in mortality rates and increase in life expectancy will lead to opposite price movements for protection-type and savings-type insurance products [3] - Prices for term life insurance and whole life insurance may decrease due to lower mortality rates, while pension annuity prices may rise as insurance companies face longer payout periods [4][5] - The current market response has been cautious, with no significant increase in consultation or sales activity observed following the announcement of the new life table [5] Market Trends and Consumer Behavior - The insurance industry is expected to shift from a product-selling approach to offering long-term solutions and managing long-term liabilities, driven by the new life table [7] - There is a growing need for insurance companies to integrate health management and pension services, creating comprehensive solutions that enhance product value [7][8] - The consumer decision-making process is becoming more diversified, influenced by social media and market promotions, although large-scale impulsive buying is not anticipated [5][6] Regulatory and Structural Implications - The new life table requires insurance companies to establish a retrospective mechanism to address deviations in mortality rates, prompting increased investment in actuarial models and data systems [8] - The industry is encouraged to develop market-based longevity risk tools and integrate financial products with health and pension services to enhance competitiveness [11] - The update of the life table is seen as an opportunity for the industry to transition towards high-quality development, moving from homogeneous price competition to differentiated service competition [8][10]

Group 1 - The "2025 Forbes China Most Influential Chinese Elites TOP 100" list was officially announced, with Qi Xue, a founding team member of Waterdrop Inc. (WDH.US) and chairman of the Waterdrop Charity Foundation, being selected [1][3] - The selection process involved several months of rigorous evaluation, receiving hundreds of applications and conducting online interviews to assess the candidates' influence [1] - This year's list features a more diversified and international group of entrants compared to previous years, reflecting broader cross-industry dimensions [1] Group 2 - Qi Xue's inclusion in the Forbes list recognizes both her personal achievements and the accomplishments of Waterdrop Inc. in the insurance sector [3] - Waterdrop Inc. has established itself as a leading technology platform for insurance and health services in China, aiming to enhance public access to medical insurance and support for families [3] - The company pioneered a new model combining major illness crowdfunding with personal insurance, significantly advancing the digitalization of insurance and medical assistance [3] Group 3 - Waterdrop Inc. is actively exploring overseas markets, having established a licensed insurance brokerage in Hong Kong in 2023 to provide professional insurance brokerage and wealth planning services [3] - The services offered include life insurance, critical illness insurance, medical insurance, universal life insurance, MPF, and investment-linked plans [3] - To support talent development, Waterdrop Inc. launched a comprehensive service platform for Hong Kong, Macau, and overseas, providing services such as identity planning, business expansion, children's education, and medical services [3] - Since its establishment, the platform has opened five regional service centers in mainland China, Hong Kong, and Macau, serving thousands of middle-class families [3]

Core Viewpoint - The company reported significant growth in total premiums and investment income for the third quarter of 2025, indicating a strong operational performance and market position. Financial Data - Total premiums reached RMB 669.645 billion, a year-on-year increase of 10.1%, with renewal premiums at RMB 451.611 billion (up 10.0%) and new premiums at RMB 218.034 billion (up 10.4%) [6][7] - Total investment income was RMB 368.551 billion, reflecting a 41.0% increase year-on-year, with an investment return rate of 6.42%, up 104 basis points [6][7] Operational Analysis - The company achieved a net profit attributable to shareholders of RMB 167.804 billion, a substantial increase of 60.5% compared to the previous year [7] - The company maintained a low surrender rate of 0.74%, indicating stable customer retention [6] - The sales force comprised 657,000 personnel, with a focus on professional development and quality improvement [6] Shareholder Information - The total number of ordinary shareholders and the top ten shareholders' holdings were reported, with no significant pledges or freezes noted for the majority of shareholders [5] Investment Strategy - The company plans to invest RMB 20 billion in a joint equity investment plan with related parties, focusing on sectors such as semiconductors, digital energy, and smart electric vehicles [14][21][28] - The investment aims to enhance returns and support the real economy, aligning with national strategic goals [27][28] Governance and Compliance - The board of directors and supervisory board confirmed the accuracy and completeness of the quarterly report, ensuring compliance with relevant regulations [2][3][11]

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][3][4] Industry Developments - The new life table will be implemented starting January 1, 2026, and is expected to enhance risk management and operational stability within the industry, leading to a more mature and sustainable market ecosystem [1][3] - The fourth life table reflects changes in mortality rates and life expectancy, with a notable increase of approximately 10 years in life expectancy compared to the first life table [4][5] Data and Methodology - The fourth life table is based on nearly a decade's worth of comprehensive policy data, making it the largest sample size in the global insurance market [3] - It includes four categories of tables: pension-related, non-pension type one, non-pension type two, and a single life table, which is a first in using individual identification numbers for mortality research [7][8] Pricing and Risk Management - The introduction of the new life table is expected to lead to more precise pricing and risk management, reducing the risk of "death loss" and improving the financial foundation of insurance companies [4][9] - The notification mandates that insurance companies must consider both the new life table and their own experience data when determining product rates, leading to differentiated pricing strategies [9][11] Regulatory Framework - The notification introduces a "mortality deviation assessment mechanism," requiring companies to evaluate potential deviations in mortality rates and establish a retrievable mechanism for regular assessments [11][12] - The regulatory body emphasizes the importance of enhancing data governance and protecting consumer rights while ensuring the effective application of the new life table [12]

Core Insights - The fourth set of life tables, released by the China Actuarial Association, indicates an increase in life expectancy, a decrease in child mortality rates, and a reduction in mortality rates in underdeveloped regions, which will directly impact insurance product pricing [2][5]. Group 1: Life Table Overview - The fourth set of life tables is a significant update since the third set was published in 2016, reflecting nearly a decade of data collection from the insurance industry [2][5]. - The new life tables will be officially implemented starting January 1, 2026, and are based on comprehensive historical policy data, making them a crucial tool for pricing, reserve assessment, and risk management in the insurance sector [4][5]. Group 2: Key Characteristics of the New Life Table - The fourth life table shows three notable trends: an increase in life expectancy by approximately 10 years compared to the first life table, significant improvement in child mortality rates across all age groups, and a marked decrease in mortality rates in economically underdeveloped areas [5]. - The changes in the life table reflect the advancements in China's economic and social development, as well as improvements in healthcare [5]. Group 3: Impact on Insurance Pricing - The updated life tables will enable insurance companies to set more precise insurance product pricing and risk management strategies, thereby reducing the "death difference loss" risk and better managing longevity risk [8][10]. - Different types of insurance products will be affected variably by the new life tables; for instance, term life and whole life insurance products may see a decrease in pricing due to lower mortality rates, while annuity products may face price increases due to longer expected payout periods [10]. Group 4: Product Innovation and Market Dynamics - The release of the new life tables is expected to drive product innovation in the insurance industry, particularly in response to the aging population and the need for diverse retirement financial solutions [8][10]. - The transition period before the implementation of the new life tables may lead to a surge in sales of certain insurance products, such as whole life and annuity products, as companies adjust to the new pricing structures [10].