保险业态观察（一）：深化个险渠道改革，落实“报行合一”和长期激励

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1]. Core Insights - The report highlights that the reform of the individual insurance marketing system is expected to gradually improve the quality of the sales force, with the "reporting and operation integration" in bancassurance channels showing signs of recovery [5]. - The report emphasizes the importance of establishing a dual sales consultant system to enhance the welfare and professional identity of insurance sales personnel, which is anticipated to improve customer service and satisfaction [4]. - The commission incentive mechanism is being optimized to encourage long-term service and professional development among sales personnel, which is expected to reduce misleading sales practices and enhance customer retention [4]. - The report notes that the regulatory framework is being strengthened to ensure effective implementation of the marketing system reforms, promoting a collaborative approach among industry stakeholders [5]. Summary by Sections Industry Overview - The report discusses the recent notification from the China Insurance Regulatory Commission aimed at deepening the reform of the personal marketing system in the insurance industry, which includes establishing a dual sales consultant system [4]. - It mentions the decline in the number of insurance agents in recent years, with a noted stabilization in some major listed insurance companies in 2024 [6][9]. Market Trends - The report indicates a significant drop in the insurance agent numbers, with a year-on-year decline observed [6]. - It highlights the performance of the non-bank financial sector, with a notable recovery in market confidence driven by long-term capital inflows [3]. Investment Recommendations - The report suggests focusing on large listed insurance companies with a clear competitive advantage, as the current valuation levels are at historical lows, presenting a good opportunity for sector allocation [5].