保险行业年度策略:分红险的复兴

华泰证券
Nov 03

2026 负债增长有韧性展望2026 年,保险行业在低利率之下或将全面转向分红险。分红险今年的销售情况好于早前预期,有望在明年推动负债端保持有韧性的增长。个险渠道有望回新单保费正增长,银保渠道高增长势头或将持续。分红型重疾险更有望再次提振保障型产品销售,优化产品结构,推动利源多样化。资产端挑战依然存在,利率在低位徘徊对保险业的现金投资收益率带来持续压力,覆盖寿险刚性成本的空间受到挤压。过去两年出色...

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