意健险正在被“边缘化”

经济观察报04-02

人身险总保费规模达2.3万亿元，占人身险行业总保费的52.8%；合计归母净利润达4586.6亿元，同比增长26.6%——这是七家在A股、港股上市保险公司交出的2025年成绩单。　　负债端银保渠道拉动以及投资端投资收益大增成为上市险企业绩增长的双轮驱动力。　　当险企高管在业绩发布会上高谈银保渠道发展与分红险保费占比提升的同时，一些“失速”的数据被忽略：意健险（人身意外伤害保险和健康保险的组合简称...

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\"marginalized\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82318":0.6,"03145":0.6,"PNGAY":0.6,"HPAD.SI":0.6,"02318":0.69},"content_text":"人身险总保费规模达2.3万亿元，占人身险行业总保费的52.8%；合计归母净利润达4586.6亿元，同比增长26.6%——这是七家在A股、港股上市保险公司交出的2025年成绩单。\n　　负债端银保渠道拉动以及投资端投资收益大增成为上市险企业绩增长的双轮驱动力。\n　　当险企高管在业绩发布会上高谈银保渠道发展与分红险保费占比提升的同时，一些“失速”的数据被忽略：意健险（人身意外伤害保险和健康保险的组合简称，以下分别简称“意外险”和“健康险”）的保费正在经历负增长。这两个险种，更能体现保险公司的保障功能。\n　　记者统计发现，在披露意健险数据的六家上市险企（太保寿险未单独披露健康险与意外险数据，故未做比较）中，仅人保寿险的健康险业务和意外险业务出现正增长。\n　　中国人寿健康险业务在实现保费0.9%的增长的同时，意外险业务保费同比下降了13.5%；将寿险业务和健康险业务合并披露的中国平安同样如此，其长期健康险业务和短期健康险意外险业务保费分别同比下降1.7%、11.3%；太平人寿长期健康险业务和短期健康险意外险业务分别同比下降3%、4.5%；阳光保险健康险和意外险保费分别同比下降2.3%、9.9%，而其银保渠道新单业务在2025年增长七成；新华保险的健康险和意外险保费在2025年分别下降3.4%、2%，但公司在银保渠道销售的理财型产品新单却实现了五成以上的增长。\n　　随着保障性业务的增长乏力，几家大公司的意健险保费在总保费中的占比也处于低位。例如，新华保险意健险保费占比最高，为26.3%，太平人寿排在第二位，为21.8%；中国平安排在第三位，其意健险保费合计占比21.2%；中国人寿、太保寿险的意健险保费占比则不足20%，分别为18.1%、13.3%；阳光人寿意健险保费占比仅为10.4%。\n　　不仅头部上市险企如此，人身险行业整体也面临着保障型业务的增长乏力。以规模更大的健康险为例，2025年保险行业实现健康险保费达9973亿元，仅比2024年增长近200亿元，且增长多为财产险公司贡献。数据显示，2025年，人身险公司和财产险公司的健康险保费收入增幅分别为-0.41%、11.31%。\n　　作为金融机构，保险公司在满足客户财富管理以及养老规划需求方面有着独特的优势，但其本质是风险管理者，核心功能是通过大数法则和风险分散机制，将个体面临的风险在群体中分散，当风险发生时提供经济补偿，防止个人或家庭因意外、疾病、死亡等冲击陷入财务困境。\n　　长期以来，我国人身险公司保费来源中，分红险、万能险等理财型产品一直占比较高，几家大型险企保费收入最高的产品也多为两全保险、终身寿险、年金保险等储蓄型产品。这种严重依赖利差的经营模式，极易受市场波动和利率变动影响。中国太保董事长傅帆在业绩发布会上表示，我国已进入低利率时代，传统依赖利差的盈利模式亟待转变。\n　　在业绩报告中，多家险企的全年归母净利润实现了双位数增长。不过值得注意的是，由于市场原因，中国人寿和中国人保在2025年第四季度出现亏损，中国平安和新华保险也出现单季度归母净利润下滑。中国人寿方面表示，公司第四季度亏损的主要原因是资本市场发生结构性调整，公司持有的部分股票、基金在2025年第四季度出现回调。\n　　在中国再保险副总裁、总精算师、中再寿险董事长田美攀看来，面对市场波动，险企能否保持韧性，关键看是否有足够的承保利润。田美攀在业绩会上表示，无论是分红险还是非分红险，无论是终身医疗险还是终身年金险，都是以储蓄为主，这类产品真正的承保利润是非常小的，多元化的利润来源非常重要。\n　　随着人口老龄化程度的加剧，居民健康保障需求增长以及医保基金支付压力的增加，健康险市场前景广阔。这正是保险公司值得加大投入力度的新增长点。\n　　以医疗险为例，数据显示，目前医疗险赔付率中位数41%，对于保险公司来说有着不小的盈利空间。田美攀认为，医疗险未来也会有合理的承保利润，此外，健康管理、药品服务等业务也会为医疗险创造其他利润来源。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：曹睿潼","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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