在8月31日人身险产品利率切换时点即将来临之际，多位保险业内人士表示，重疾险价格也将迎来一轮 上涨。重疾险价格越来越贵，带来的是保险杠杆率下降，近年来这一现象持续显现，让消费者意兴阑 珊。同时，不少重疾险产品投保门槛颇高，比如一些年轻人因患有甲状腺结节等病症被拒之门外。在险 企一侧，重疾险赔付率走高、业务风险增大，叠加险企对储蓄险的押注，重疾险供给空间也受到挤压。 曾经在健康险领域扛大旗的重疾险，近几年经历了持续萎缩，让健康险整体增长乏力。同时，健康险内 部结构也在发生变化，杠杆率更高的医疗险逐步替代了重疾险的主流地位。 在健康险经历重构期以及政策鼓励健康险发展的背景下，业内人士认为，健康险需走出传统的纯保险保 障模式，同时加快从"保健康人"向"保人健康"转变，一张保单要涵盖专属保障、医疗服务、特色权益等 多个方面，发挥健康管理、支付创新、生态整合等价值，让市场供需更加适配、行业经营能力持续提 升。 ● 本报记者 薛瑾 杠杆率变化加剧内部分化 "前两年我想购买重疾险，因患有甲状腺结节，经纪人告诉我买不了，险企会拒保。最近几天又问了其 他保险中介，给出的答复依然是'不太好买'。中介说，如果切除结节后半年内未复发 ...

"再奋斗最后一周，加油！"周一的早上，保险代理人王明（化名）发了一条朋友圈。他的一天从清晨开 始，奔波于客户拜访和咨询之间，语调急切却充满干劲。 "最近行业经常能见到大单，千万元保费的大单也不少。"王明谈到最近同业的出单，话语中带着羡慕， 在其看来，行业频出大单也在情理之中，毕竟很多客户也没有太多的投资渠道，保险的收益还是略高于 其他一些金融产品。 和他一样，成千上万的保险从业者正经历同一个"冲刺周期"。他们一边积极拜访和接待客户，一边在朋 友圈中更新最新的市场情况，而"最后一周""即将涨价"成了他们宣传的高频词。 7月底，普通型人身保险产品预定利率最新研究值为1.99%，触发人身保险产品预定利率调整。与此同 时，多家保险公司明确，将调整新备案保险产品的预定利率最高值，2025年8月31日24时起，不再接受 超过预定利率最高值的保险产品投保申请。 除却保险代理人，保险机构和保险销售平台的产品负责人、IT部门的员工也同样忙到飞起。他们的忙 碌，都有一个一致的目标：为产品顺利切换做准备。 如今，距离预定利率产品的切换时刻仅剩不到一周的时间，保险机构和保险销售平台在产品储备方面准 备得如何了？产品切换后将重点推送哪 ...

在当今复杂多变的金融市场环境下， 保险公司的市场价值不仅反映了其当下的经营成 果，更是对未来发展潜力的一种映射。 随着经济的持续发展、居民保险意识的逐步提升以及行业监管的日益完善，中国保险行 业正经历着深刻的变革与重塑。 自2014年以来，我们每年推出《中国保险公司市场价值排行榜》，旨在通过客观、全 面、公允、准确的评估，展现国内保险公司的市场地位与价值表现。 1 中国保险公司 2025年市场价值排行榜 | l O | 十円未四 | 011.17 | | --- | --- | --- | | 19 | 阳光集团 | 744.49 | | 20 | 阳光人寿 | 737.53 | | 21 | 国寿财险 | 725.65 | | 22 | 中华财险 | 415.45 | | 23 | 平安养老 | 406.86 | | 24 | 中华保险集团 | 400.02 | | 25 | 中信保诚 障 | 379.38 | | 26 | 大地财险 | 352.16 | | 27 | 中再财再 | 343.41 | | 28 | 中英人寿 將 | 341.35 | | 29 | 华泰集团 | 339.79 | | 30 ...

业内专家支招:三大应对策略助您从容应对 预定利率即将下调至2.0%,对普通人买保险的影响重大。中国保险行业协会近期明确普通型人身保险产 品预定利率研究值为1.99%,已连续两个季度低于现行2.5%上限,正式触发调整机制。中国人保、中国人 寿等多家险企公告,新备案保险产品预定利率上限将降至2.0%,分红型为1.75%,万能型最低保证利率为 1.0%。现行高利率产品预计于8月31日停售,各公司将在两个月内完成新旧产品切换。 预定利率是保险公司在设计产品时预设的投资回报率,直接影响消费者投保后的收益水平与保费成本。 预定利率越高,年金险未来可领取金额越多,重疾险等保障型产品保费越低。此次利率下调旨在应对潜在 利差损风险,匹配市场利率下行趋势,防范行业系统性风险,保障消费者长远利益。 利率下调带来三大影响:普通人的 "钱袋子" 将受这些冲击 储蓄型保险收益显著缩水。业内人士指出,预定利率是计算年金险未来领取金额的重要基础,一旦下调,同 样保费未来领取养老金将明显减少。增额终身寿险等储蓄型产品现金价值增长放缓,长期财富增值效应 减弱,影响养老储备、子女教育金规划家庭的收益预期。 保障型保险保费面临上涨。从过往情况来看, ...

近年来，寿险行业正经历着从"规模扩张"到"质量竞争"的深刻转型。在人口老龄化加速、健康需求升 级、科技重塑服务的多重驱动下，头部机构凭借综合实力持续领跑，市场集中度不断提升。在行业转型 的关键拐点，如何从传统的风险保障提供者转变为客户的健康伙伴，成为诸多资深寿险公司探索的方 向。 近日，友邦保险集团首席市场总监施斌陞（Stuart A.Spencer）与友邦人寿品牌传播部负责人陈文怡，接 受南都湾财社记者采访，介绍友邦保险如何以"健康长久好生活"为理念，通过生态布局、科技赋能、公 益实践，积极应对行业变革，探索转型发展新路径。 行业变局：从单一保障到多元健康需求 "亚洲地区在过去几十年间经历了快速的经济增长，但与此同时，公众健康状况却呈现下滑趋势。"数据 显示，亚洲62%的疾病属于都市病或生活方式引发的非传染病，如心脏病、中风、糖尿病等，这些疾病 与缺乏运动、饮食不均衡、压力过大等因素密切相关。 施斌陞认为，这种"越富裕越不健康"的悖论，动摇了寿险行业的传统逻辑：当疾病诱因从不可抗风险转 向可干预的生活方式，单纯的事后风险补偿已无法满足社会对健康管理的迫切需求。 与此同时，人口结构的深度变革进一步加剧了行业挑 ...

Core Viewpoint - The article emphasizes the vital role of insurance agents in providing not just financial products, but also emotional support and guidance during critical times, showcasing their impact on families facing health crises [2][20]. Group 1: Role of Insurance Agents - Insurance agents are portrayed as more than mere salespeople; they are seen as guardians who help families navigate risks and uncertainties, providing essential support during challenging times [2][20]. - The stories of agents like Wang Nana and Wei Jie illustrate how their professional dedication and personal connections with clients lead to significant positive outcomes in times of need [10][20]. Group 2: Case Studies - The case of Wu Han highlights how Wang Nana's advice prevented a family from canceling their health insurance, which later proved crucial when their child was diagnosed with a serious illness [4][8]. - Wang Nana's proactive assistance in the claims process resulted in a timely payout of 428,900 yuan, which covered treatment costs and provided financial relief during a critical period [8]. - Wei Jie’s long-term relationships with her clients demonstrate the importance of trust and personalized service in the insurance industry, leading to successful claims and client satisfaction [12][15]. Group 3: Professionalism and Commitment - The article underscores the commitment of agents like Xu Lihong, who not only sell insurance but also act as mediators in complex situations, ensuring that clients receive the support they need [16][19]. - The dedication of these agents to their clients is reflected in their willingness to go beyond contractual obligations, providing emotional and logistical support during crises [20][21]. Group 4: Industry Recognition - The recognition of exemplary agents through initiatives like the "Hundred Star Members" program by China Life Insurance highlights the industry's commitment to professionalism and customer service [21]. - The introduction of the "Five Hearts and Five Actions" cultural system by China Life emphasizes the core values of empathy, craftsmanship, teamwork, perseverance, and joy in the insurance profession [21].

Summary of Key Points from Conference Call Records Industry Overview - The insurance industry, particularly life insurance, is characterized as a long-term risk management tool significantly influenced by interest rate risks, contrasting with the short-term risk management of property insurance [1][6][17] - The Chinese critical illness insurance market experienced rapid growth due to inadequate healthcare systems and public health risk concerns, but the emergence of inclusive commercial insurance has led to a decline in market share [1][13] Core Insights and Arguments - Chinese insurance companies are currently facing pressure from interest rate spreads due to a shift in product structure from critical illness insurance to savings-type policies, resulting in increased liability costs and exacerbated issues from declining market interest rates [1][14][15] - To counteract the pressure from interest rate spreads, Chinese insurance companies are compelled to increase their allocation to equity assets to enhance investment returns, which can stabilize operations in a low valuation environment [1][15][17] - The design of life insurance products follows a cost-plus logic, where companies use actuarial techniques to assess mortality rates, expense ratios, and interest rates, incorporating a profit margin into the cost structure [1][7] Market Dynamics - In China, the number of agents is positively correlated with premium growth, especially during the rapid growth of critical illness insurance, indicating a heavy reliance on agents for selling protection products [1][9] - From a fundamental and valuation recovery perspective, Hong Kong stocks are preferred over A-shares, and insurance stocks are favored over brokerage firms due to significant valuation discounts and recovery potential [1][16] Investment Opportunities - Investment opportunities in the non-bank financial sector for 2025 are primarily focused on undervalued debt-like financial stocks, particularly insurance stocks, with a shift in focus from liability growth to investment changes [2][18] - Recommendations for future investments in the Chinese insurance sector include focusing on valuation recovery opportunities in Hong Kong stocks and selecting A-share stocks based on their elasticity [18] Additional Important Insights - The U.S. life insurance industry historically evolved by selling the underlying value concepts rather than just the products, which played a crucial role in its development [4][8] - The rapid growth of China's critical illness insurance market before 2012 was driven by insufficient major illness coverage in the healthcare system and increased public concern over health risks, particularly during periods of severe environmental pollution [12] - The decline in the critical illness insurance market post-2020 is attributed to the introduction of inclusive commercial insurance products that effectively replaced traditional critical illness insurance [13] This summary encapsulates the essential insights and dynamics of the life insurance industry as discussed in the conference call records, highlighting the challenges, market trends, and investment opportunities.

Core Insights - The Chinese insurance market is vibrant and shows significant potential for growth despite being classified as an emerging market based on penetration rates and per capita spending [1] - The long-term outlook for life and health insurance in China is positive, with expected market share in the global market rising to 17% over the next decade [1] Market Potential - The life and health insurance market in China is projected to grow faster than GDP over the next ten years, enhancing its importance in the global insurance landscape [1] - The insurance depth and density in China are still low compared to global standards, indicating substantial growth opportunities in the coming years [4] Demographic Changes - The aging population in China is a significant driver for the life and health insurance market, with projections indicating that by 2035, 30% of the population will be aged 60 and above [3] - The demand for retirement financial products, including coverage for insurance, commercial pension insurance, and long-term care insurance, is expected to increase significantly [3] Health Insurance as a Growth Engine - The health insurance sector is anticipated to become a new growth engine, driven by policy reforms and a shift towards coverage-oriented products [3][4] - The introduction of innovative commercial health insurance products, particularly in the medical insurance sector, is expected to accelerate growth [3] Asset-Liability Management - The insurance industry faces a significant asset-liability duration mismatch, with liabilities averaging over 12 years and assets around 6 years [6] - In a low-interest-rate environment, insurance companies are exploring "light cash value" products to enhance underwriting profits and address reinvestment pressures [5][6] Product Innovation - The industry is focusing on developing "convertible products" that can adapt to different life stages, transitioning from death coverage to income protection and long-term care [2][6] - The ongoing automation and AI advancements are improving underwriting efficiency and accessibility of life and health insurance products [3]

Core Viewpoint - The insurance industry is undergoing significant changes due to the adjustment of the predetermined interest rates for life insurance products, leading to the suspension of various existing insurance products and a shift towards dividend insurance products as the new market focus [1][2][3]. Group 1: Impact of Interest Rate Adjustment - The predetermined interest rate for ordinary life insurance products has been reduced to 1.99%, down from 2.13%, triggering the suspension of multiple insurance products including critical illness insurance and annuities [1][2]. - Major insurance companies, including Taikang Life and Pacific Insurance, have announced the suspension of over 50 products by August 31, 2023, due to the new interest rate limits [2][3]. Group 2: Shift Towards Dividend Insurance - The adjustment has made dividend insurance products more attractive, as their interest rate reduction is less severe compared to other types, positioning them as the main products for insurance companies moving forward [3][4]. - Analysts predict that the demand for dividend insurance will increase, as it offers a combination of guaranteed and floating returns, making it a competitive alternative to traditional savings accounts [3][5]. Group 3: Future Strategies of Insurance Companies - Several insurance companies are focusing on developing dividend insurance products, with strategies aimed at restructuring their product offerings to emphasize floating and guaranteed coverage [4][5]. - The shift towards dividend insurance is expected to alleviate the cost pressures faced by insurance companies, as the relative attractiveness of these products increases in the current market environment [5].

Group 1 - The insurance industry is experiencing a wave of product discontinuations, with multiple companies ceasing sales of various life insurance products by August 31 [1][3][4] - A significant adjustment in the predetermined interest rates for life insurance products is set to take place, with the current research value at 1.99%, triggering a dynamic adjustment mechanism [5] - Major insurance companies, including China Life and Ping An Life, will adjust the maximum predetermined interest rates for new insurance products, impacting traditional and dividend insurance products [5][8] Group 2 - Following the interest rate adjustments, premium prices for insurance products are expected to rise, with estimated increases for various types of insurance, such as 18.9% for annuity insurance and 20.8% for whole life insurance [5] - Dividend insurance products are anticipated to become the main focus for insurance companies, as they offer a combination of guaranteed and floating returns, making them more competitive in the current market [7][8] - Companies are shifting their product strategies towards floating and protection-oriented products, with some already completing the filing of lower predetermined interest rate versions of their main products [8]