保險行業(yè)信息點評：互聯(lián)網(wǎng)財險業(yè)務(wù)新規(guī)落地準(zhǔn)入門檻明顯提高

l【事件】8月9日金融監(jiān)管總局下發(fā)《關(guān)于加強和改進互聯(lián)網(wǎng)財產(chǎn)保險業(yè)務(wù)監(jiān)管有關(guān)事項的通知》，對互聯(lián)網(wǎng)財險業(yè)務(wù)的準(zhǔn)入門檻、展業(yè)區(qū)域范圍等經(jīng)營要求進行了調(diào)整，并要求已經(jīng)開展業(yè)務(wù)的保險公司于2024年底前完成整改。l提高了互聯(lián)網(wǎng)財險業(yè)務(wù)的機構(gòu)準(zhǔn)入門檻。1）對于互聯(lián)網(wǎng)保險公司之外的財產(chǎn)保險公司開展互聯(lián)網(wǎng)財產(chǎn)保險業(yè)務(wù)，增加了兩項基本要求：①最近連續(xù)四個季度綜合償付能力充足率不低于120%，核心償付能力充足率不低于75%；②最近連續(xù)四個季度風(fēng)險綜合評級為B類及以上。2）互聯(lián)網(wǎng)保險公司開展互聯(lián)網(wǎng)財產(chǎn)保險業(yè)務(wù)，應(yīng)符合《互聯(lián)網(wǎng)保險業(yè)務(wù)監(jiān)管辦法》有關(guān)條件，且上季度末償付能力、風(fēng)險綜合評級滿足前款要求的指標(biāo)。3）財產(chǎn)保險公司不滿足以上經(jīng)營條件的，應(yīng)立即停止開展互聯(lián)網(wǎng)財產(chǎn)保險新業(yè)務(wù)。4）保險中介機構(gòu)開展互聯(lián)網(wǎng)財產(chǎn)保險業(yè)務(wù)相關(guān)中介業(yè)務(wù)，除了應(yīng)為全國性機構(gòu)的要求外，還增加了要具有三年以上財險業(yè)務(wù)經(jīng)營經(jīng)驗的要求。l進一步明確了互聯(lián)網(wǎng)財險業(yè)務(wù)的展業(yè)區(qū)域要求。1）對符合條件的財險公司，原則上可將互聯(lián)網(wǎng)財險業(yè)務(wù)經(jīng)營區(qū)域拓展至未設(shè)立分公司的?。ㄗ灾螀^(qū)、直轄市、計劃單列市）。2）嚴(yán)控財產(chǎn)保險公司通過互聯(lián)網(wǎng)方式將機動車輛保險經(jīng)營區(qū)域拓展至未設(shè)立分公司的省（自治區(qū)、直轄市、計劃單列市）。具備較強的風(fēng)險管理、內(nèi)控管理和綜合服務(wù)能力，匹配相應(yīng)地區(qū)市場環(huán)境、市場容量、商業(yè)需求、競爭程度等，滿足相應(yīng)區(qū)域監(jiān)管要求的，可經(jīng)金融監(jiān)管總局審慎評估后實施。3）財產(chǎn)保險公司經(jīng)營農(nóng)業(yè)保險、船舶保險、特殊風(fēng)險保險等險種，原則上不得通過互聯(lián)網(wǎng)方式拓展經(jīng)營區(qū)域。4）嚴(yán)禁財產(chǎn)保險公司將線下業(yè)務(wù)通過互聯(lián)網(wǎng)方式拓展經(jīng)營區(qū)域，規(guī)避屬地監(jiān)管。l強調(diào)保險公司的落地服務(wù)能力。1）財險公司可以通過本公司分支機構(gòu)、線下合作機構(gòu)，提供互聯(lián)網(wǎng)財險業(yè)務(wù)落地服務(wù)。線下合作機構(gòu)是指其他保險機構(gòu)及其分支機構(gòu)，包括區(qū)域性保險專業(yè)中介機構(gòu)。2）財產(chǎn)保險公司委托線下合作機構(gòu)提供落地服務(wù)的，應(yīng)審慎篩選合作方，線下合作機構(gòu)應(yīng)具有三年及以上財產(chǎn)保險業(yè)務(wù)服務(wù)經(jīng)驗。l我們認(rèn)為新規(guī)有助于互聯(lián)網(wǎng)財險市場規(guī)范發(fā)展，頭部公司或更具優(yōu)勢。我們認(rèn)為，新規(guī)的落地進一步加強了互聯(lián)網(wǎng)財險業(yè)務(wù)的市場規(guī)范，通過提升準(zhǔn)入門檻、明確展業(yè)要求、強化服務(wù)能力，可以更加有效保障消費者權(quán)益、促進市場穩(wěn)健發(fā)展，我們認(rèn)為機構(gòu)覆蓋廣、內(nèi)控管理強的頭部險企在互聯(lián)網(wǎng)業(yè)務(wù)開展上更具l關(guān)注資產(chǎn)端改善機會，低估值+低持倉，攻守兼?zhèn)洹?）我們認(rèn)為市場儲蓄需求依然旺盛，同時監(jiān)管持續(xù)引導(dǎo)險企降低負(fù)債成本，利差壓力預(yù)計逐漸得到緩解。2）近期十年期國債收益率回升至2.2%左右，我們預(yù)計，未來伴隨國內(nèi)經(jīng)濟復(fù)蘇，長端利率若企穩(wěn)或修復(fù)上行，則保險公司新增固收類投資收益率壓力將有所緩解。同時，地產(chǎn)相關(guān)利好政策的持續(xù)落地，也有利于險企投資資產(chǎn)質(zhì)量擔(dān)憂情緒的緩解。3）Q2公募基金對保險股持倉環(huán)比提升，但仍處于低位，板塊估值對負(fù)面因素反映較為充分。2024年8月9日保險板塊估值0.34-0.70倍2024EP/EV，處于歷史低位，建議繼續(xù)關(guān)注行業(yè)相關(guān)投資機會。l風(fēng)險提示：長端利率趨勢性下行；股市持續(xù)低迷；新單保費增長不及預(yù)期。2行業(yè)研究·保險行業(yè)23行業(yè)研究·保險行業(yè)3APPENDIX1SummaryInvestmentHighlights:[Event]OnAugust9,theFinancialRegulatoryAdministrationissuedanoticetostrengthenandimprovethesupervisionofinternetpropertyinsurancebusiness.Itadjustedtheentrythresholdsandbusinessscope,requiringinsurerstocompleterectificationbytheendof2024.Theentrythresholdforinternetpropertyinsurancebusinesswasraised.1)ForP&Cinsurersotherthaninternetinsurancecompanies,twobasicrequirementswereadded:i)acomprehensivesolvencyratioofnolessthan120%andacoresolvencyratioofnolessthan75%forthelastfourconsecutivequarters;ii)ariskcomprehensiveratingofBoraboveforthelastfourconsecutivequarters.2)InternetinsurancecompaniesmustmeettheconditionsoftheMeasuresfortheSupervisionoverInternetInsuranceBusinessandthesolvencyandriskcomprehensiveratingrequirementsofthepreviousclause.3)P&Cinsurersnotmeetingtheseconditionsmuststopnewinternetpropertyinsurancebusinessimmediately.4)Insuranceintermediariesmustbenationalinstitutionswithoverthreeyearsofexperienceinpropertyinsurancebusiness.Thebusinessscopeforinternetpropertyinsurancewasfurtherclarified.1)QualifiedP&Cinsurerscanexpandtheirinternetpropertyinsurancebusinesstoprovinces(autonomousregions,municipalities,plannedcities)withoutbranches.2)Strictcontroloverexpandingmotorvehicleinsurancetoareaswithoutbranchesviatheinternet.Insurerswithstrongriskmanagement,internalcontrol,andcomprehensiveservicecapabilitiesthatmatchthelocalmarketenvironmentandregulatoryrequirementscanimplementaftercarefulevaluationbytheFinancialRegulatoryAdministration.3)P&Cinsurerscannotexpandagricultural,marine,orspecialriskinsuranceviatheinternet.4)Prohibitiononexpandingofflinebusinessviatheinternettoavoidlocalregulation.Emphasisoninsurers’servicecapabilities.1)P&Cinsurerscanprovideinternetpropertyinsuranceservicesthroughtheirbranchesorofflinepartners,whichincludeotherinsuranceinstitutionsandtheirbranches,aswellasregionalinsuranceintermediaries.2)P&Cinsurersmustcarefullyselectofflinepartnerswithoverthreeyearsofpropertyinsuranceserviceexperience.Webelievethenewregulationswillhelpstandardizetheinternetpropertyinsurancemarket,benefitingleadingcompanies.Thenewregulationsenhancemarketnorms,raiseentrythresholds,clarifybusinessrequirements,andstrengthenservicecapabilities,effectivelyprotectingconsumerrightsandpromotingstablemarketdevelopment.Leadinginsurerswithextensivecoverageandstronginternalcontrolswillhaveanadvantageininternetbusiness.Focusonasset-sideimprovementopportunities,lowvaluation+lowholdings,balancedoffenseanddefense.1)Marketdemandforsavingsremainsstrong,andregulatorscontinuetoguideinsurerstolowerliabilitycosts,easinginterestmarginpressure.2)The10-yeartreasuryyieldrecentlyrosetoaround2.2%.Witheconomicrecovery,long-termratesmaystabilizeorrise,easingpressureonnewfixed-incomeinvestmentyieldsforinsurers.Favorablerealestatepoliciesalsohelpalleviateconcernsaboutinsurers’assetquality.3)Publicofferingfunds’holdingsininsurancestocksincreasedinQ2butremainlow.Thesector’svaluationreflectsnegativefactors.AsofAugust9,2024,theinsurancesector’svaluationis0.34-0.70times2024EP/EV,athistoricallows.RiskWarning:Long-terminterestratestrenddownward;prolongedstockmarketslump;newpremiumgrowthweakerthanexpected.1下2下345