【6月19日中信称分红险转型或使险企估值体系转变】6月19日，中信指出，低利率环境确立后，居民财富经银保渠道，正从储蓄存款向分红险转移，耐心资本支持链条渐成。 分红险转型开启保险公司商业模式质变，盈利对投资收益率敏感性大降，估值体系有望从PB转向PEV体系，保险上市公司配置价值凸显。 受益于供给侧出清和严监管，当前周期上市险企处右侧配置窗口。中信认为，从港A股角度，可重点关注中国太保等。
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