中信建投 | “报行合一”促银保渠道互利共赢-保险行业2025半年报综述

中信建投证券研究
Sep 12, 2025

文|赵然沃昕宇回顾寿险板块上半年业绩,NBV整体实现较快增长,银保渠道为主要驱动。银保渠道上半年强劲增长背后的核心逻辑一方面在于,在“报行合一”带动价值率大幅改善背景下上市险企积极加大银保渠道布局力度,而另一方面我们认为这也并非头部险企的单向发力,而是“报行合一”和1+3限制取消后银行与头部险企双向奔赴的结果。本文以此为出发点,深入分析了“报行合一”和1+3限制取消后银保生态的核心变化,帮助读者...

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