Open Source Securities: It is expected that listed insurance companies will maintain steady growth in new single premium income in the future.

Guoyuan Securities stated that regulatory authorities are continuously standardizing the healthy development of the insurance industry from various aspects such as regulatory mechanisms, channels, products, and services. In terms of channels, individual insurance channels are under pressure in the short term, and the high-quality development of bancassurance is beginning to show results. Leading insurance companies with diversified channel layout are expected to benefit. In terms of products, the transformation of dividend insurance has become an industry consensus, and various insurance companies will further deepen their transformation. In addition, there is strong demand for pension products, and dividend-type savings policies offer both guaranteed and flexible returns, while also having unique advantages in insurance protection, retirement, and medical support services. The market share of leading insurance companies is expected to increase in the future, with listed insurance companies expected to maintain steady growth in new premiums, and the gradual reduction of policy rates is expected to bring down debt costs. The transformation of dividend insurance will continue to increase the allocation of equity assets on the asset side, with a focus on the impact of long-term interest rate changes.