保险Ⅱ行业点评研究：个险渠道改革深化头部险企更为受益

国联证券2025-04-21

行业事件2025 年4 月18 日，国家金融监督管理总局印发《关于推动深化人身保险行业个人营销体制改革的通知》（以下简称《通知》），通过改革完善人身保险行业营销体制，推动人身保险行业高质量发展转型。佣金薪酬激励机制优化利于高质量代理人的长期留存《通知》提出引导保险销售人员职业化发展。保险公司应逐步构建支持保险销售人员长期服务的组织架构、晋升体系和佣金薪酬激励制度，推动销售利益向直接保险销售顾问倾斜...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250421183641a460ddf6&s=b><strong>国联证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>行业事件2025 年4 月18 日，国家金融监督管理总局印发《关于推动深化人身保险行业个人营销体制改革的通知》（以下简称《通知》），通过改革完善人身保险行业营销体制，推动人身保险行业高质量发展转型。佣金薪酬激励机制优化利于高质量代理人的长期留存《通知》提出引导保险销售人员职业化发展。保险公司应逐步构建支持保险销售人员长期服务的组织架构、晋升体系和佣金薪酬激励制度，推动销售利益向直接保险销售顾问倾斜...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250421183641a460ddf6&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0405327148.USD","symbol_name":"ALLSPRING CHINA A FOCUS \"A\" (USD) 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日，国家金融监督管理总局印发《关于推动深化人身保险行业个人营销体制改革的通知》（以下简称《通知》），通过改革完善人身保险行业营销体制，推动人身保险行业高质量发展转型。佣金薪酬激励机制优化利于高质量代理人的长期留存《通知》提出引导保险销售人员职业化发展。保险公司应逐步构建支持保险销售人员长期服务的组织架构、晋升体系和佣金薪酬激励制度，推动销售利益向直接保险销售顾问倾斜。同时《通知》提出要增强保险销售人员的长期服务能力。保险公司应建立以业务品质、服务质量为导向的佣金激励设计和递延发放机制，对于缴费期在5-10 年、10 年及以上的保单，佣金发放时间分别不得少于3 年、5 年。同时对于不同类型销售人员，保险公司应建立平衡合理的激励分配机制。后续随着销售利益向直接销售倾斜，代理人收入有望提升，进而利好优质代理人的留存；而佣金递延预计会加速部分低产能代理人的脱落，代理人队伍有望进一步夯实。“报行合一”持续深化利于改善行业费差损问题《通知》提出深化执行“报行合一”。保险公司应结合产品类型、销售难易程度等审慎、合理、差异化地确定个险渠道产品的费用假设；强化预算执行考核刚性约束，加强费用假设回溯分析，实现精算假设费用、预算费用和考核费用相统一。2023 年8 月，金融监管总局颁布的《关于规范银行代理渠道保险产品的通知》提出在银保渠道执行“报行合一”。银保渠道“报行合一”实施以来，银保渠道的NBVMargin 显著提升。2024 年各上市保险公司银保渠道的NBV Margin 分别为：平安人寿（24.6%，同比+8.2PCT）、中国人寿（16.2%，同比+10.7PCT）、太保寿险（15.5%，同比+9.9PCT）、人保寿险（13.6%，同比+10.4PCT）、新华保险（10.1%，同比+8.7PCT）。后续随着个险渠道“报行合一”持续深化，保险公司将更加注重费用的精细化管理，进而能推动个险渠道NBV Margin 提升、改善行业面临的“费差损”问题。但考虑到近年来头部保险公司已在个险渠道提前启动压降成本费用、优化精算假设等工作，我们预计个险渠道“报行合一”落地对新单销售的影响较为可控。投资建议：维持保险行业“强于大市”评级近年来，监管通过下调保险产品预定利率、建立预定利率动态调节机制、推进全渠道执行“报行合一”等举措来助力人身保险行业压降负债成本。在监管的持续引导和保险公司的积极调整下，人身保险行业面临的“利差损”、“费差损”等问题有望得以缓解，而费用假设更为审慎合理、渠道转型更为坚定的头部险企将更为受益。个股推荐转型更为坚定、负债端更为稳健的中国太保，转型更早的中国平安、中国人寿，NBV Margin 改善复苏有望更大的新华保险、中国人保。风险提示：经济复苏不及预期，长端利率下行，资本市场波动加剧。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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保险Ⅱ行业点评研究：个险渠道改革深化 头部险企更为受益

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保险Ⅱ行业点评研究：个险渠道改革深化头部险企更为受益