作者:舒思勤、黄佳慧摘要■核心观点:一、负债端Margin驱动NBV增长,资产端Q3基数抬升面临较大压力。负债端:25Q1代理人渠道新单销售整体低迷,受益于报行合一下低基数与“1+3”网点合作限制放开后头部险企加大资源投入与战略合作,银保渠道大幅增长,预定利率切换以及个别公司缴别拉长(平安、人保寿险)带来Margin 提升,新业务价值实现较高增长。展望后续,预计10月预定利率将再次下调,传统险销售...
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