中国保险理财产品增长可能将放缓-K8凯发·国际官方网站

Chinese insurers and their bank partners have halted sales of popular high-yielding investment products in recent days under pressure from regulators, signalling that the explosive growth in premiums that fuelled the industry’s aggressive acquisition spree in recent years is set to slow.迫使监管压力，中国保险公司及其银行合作伙伴近日已停产颇受欢迎的高收益投资产品，这指出推展最近几年中国保险业保守并购浪潮的保险费收益的爆炸性快速增长将上升。Chinese life insurance premiums rose 39 per cent through the first 11 months of 2016 following 25 per cent growth in 2015. The biggest driver has been the sale of “universal insurance” policies that are effectively wealth management products rather than protection-style insurance. Proceeds from insurance WMPs have, in turn, financed foreign acquisitions by Anbang Insurance and corporate raiding by Baoneng.2016年头11个月，中国寿险保险费收益快速增长39%，而2015年快速增长25%。

仅次于的推动力是“万能险”保单的销售，它们实质上归属于理财产品，而非保障性保险。保险理财产品的销售扣除进而为安邦保险(Anbang Insurance)的海外并购和宝能(Baoneng)的公司突袭获取了资金。

Regulators and analysts have warned that this strategy carries risks, since many insurance WMPs carry short maturities of one or two years, while proceeds are invested long-term in illiquid assets such as foreign real estate or large stakes in listed companies. In December, the China Insurance Regulatory Commission said it would suspend new product approvals by insurers for which medium- and short-term products comprised more than half of total premiums in a given quarter.监管机构和分析人士警告称之为，这种战略不存在风险，因为很多保险理财产品期限较短，为一至两年，而销售扣除被用来不作长期投资，投放境外房地产或上市公司大笔股权等流动性较好资产。去年12月，中国保监会(CIRC)回应，对于那些中较短存续期产品季度规模保险费收益占到当季总规模保险费收益比例低于50%的保险公司，将禁令其申报新产品。This regulatory clampdown is beginning to bite. Client managers at branches of Industrial and Commercial Bank of China and China Construction Bank, the country’s two largest lenders, exhausted their quota to sell a popular three-year product called “Anbang Win-Win #3” after a brief sales period from January 1 to 5. Sales periods for such products typically last three months.这种监管压制开始展现出效果。

在1月1日至5日的一段时间销售后，中国仅次于的两家银行中国工商银行(ICBC)和中国建设银行(CCB)支行的客户经理可用完了“安邦共赢3号投资型综合保险产品”（下称“安邦共赢3号”）这一热门的3年期产品的销售额度；这类产品的销售期一般为3个月。Caixin, a respected financial news magazine, reported that China Merchants Bank, the country’s seventh-largest lender, notified clients by text message on January 2 that it would halt sales of Win-Win #3 “under the influence of new regulations from the CIRC”.倍受敬重的财经新闻杂志财新(Caixin)报导称之为，中国第七大银行招商银行(CMB)曾在1月2日短信通报客户，“不受保监会新规影响”，将暂停销售“安邦共赢3号”。

The popularity of Win-Win #3 is due to its guaranteed payout of 5.1 per cent after three years — higher than the benchmark three-year bank deposit rate of 2.75 per cent and the average 3.99 per cent yield on WMPs issued directly by banks in December, according to data from CN Benefit. Issued by Anbang’s property insurance unit, the product also includes a property insurance component.“安邦共赢3号”之所以受到青睐，是因为它确保3年后保险费5.1%——CN Benefit的数据表明，这一收益率低于2.75%的3年期银行存款基准利率，也低于去年12月银行必要发售的理财产品3.99%的平均值收益率。该产品由安邦财产保险公司发售，也包括一个财产保险成分。

While many insurance products can be bought through insurers’ own websites, distribution through bancassurance is the dominant channel. For banks, sales commissions have become a significant source of fee income.尽管许多保险产品可以通过保险公司自己的网站出售，但通过银行保险业务销售还是主要渠道。对银行来说，销售佣金早已沦为手续费收益的众多来源。

China Minsheng Bank, in which Anbang owns an 18 per cent stake, said in a filing last week that it may earn up to Rmb60bn ($8.7bn) in service fees by distributing a range of Anbang products.中国民生银行(China Minsheng Bank)在上周递交的一份监管申报文件中回应，它通过销售一系列安邦产品，取得的服务费收益高达600亿元人民币（合87亿美元）。安邦持有人民生银行18%的股权。

Caixin quoted an unnamed executive at another midsized lender saying that it had earned Rmb8bn from commissions on Anbang products in 2016. But the magazine reported that China’s banking regulator informally instructed multiple banks late last year to ensure that the insurance WMPs they distribute did not violate relevant regulations.财新援引另一家中等规模银行的一位电子邮件高管的话称之为，该行在2016年因代售安邦产品取得了80亿元人民币的手续费收益。但该杂志报导称之为，中国银行业监管机构去年末对数家银行积极开展了非正式指导，以保证它们自营的保险理财产品没违背涉及监管规定。

Beyond Anbang, insurers including CCB Life and Funde Sino Life have also reduced their sales of short-term products through banks in recent weeks, Caixin reported.财新报导称之为，除了安邦以外，还包括辟信人寿(CCB Life)和富德生命人寿(Funde Sino Life Insurance)在内的保险公司也在最近几周增加了通过银行代售的短期产品。Anbang declined to comment. CCB Life and Funde Sino did not answer calls seeking comment.安邦拒绝接受置评。

辟信人寿和富德生命人寿没对此记者的置评催促。

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