中國保險理財產品增長可能將放緩
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.
迫於監管壓力，中國保險公司及其銀行合作伙伴近日已停售頗受歡迎的高收益投資產品，這表明推動最近幾年中國保險業激進收購浪潮的保費收入的爆炸性增長將放緩。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年頭11個月，中國壽險保費收入增長39%，而2015年增長25%。最大的推動力是“萬能險”保單的銷售，它們實際上屬於理財產品，而非保障性保險。保險理財產品的銷售所得進而爲安邦保險(Anbang Insurance)的海外收購和寶能(Baoneng)的公司突襲提供了資金。
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.
監管機構和分析人士警告稱，這種戰略存在風險，因爲很多保險理財產品期限較短，爲一至兩年，而銷售所得被用來作長期投資，投入境外房地產或上市公司大筆股權等流動性較差資產。去年12月，中國保監會(CIRC)表示，對於那些中短存續期產品季度規模保費收入佔當季總規模保費收入比例高於50%的保險公司，將禁止其申報新產品。
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.
這種監管打擊開始顯出效果。在1月1日至5日的短暫銷售後，中國最大的兩家銀行中國工商銀行(ICBC)和中國建設銀行(CCB)分行的客戶經理已用完“安邦共贏3號投資型綜合保險產品”（下稱“安邦共贏3號”）這一受歡迎的3年期產品的銷售額度；這類產品的銷售期一般爲3個月。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”.
備受尊敬的財經新聞雜誌財新(Caixin)報道稱，中國第七大銀行招商銀行(CMB)曾在1月2日短信通知客戶，“受保監會新規影響”，將停止銷售“安邦共贏3號”。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.
“安邦共贏3號”之所以受到歡迎，是因爲它保證3年後給付5.1%——CN Benefit的數據顯示，這一收益率高於2.75%的3年期銀行存款基準利率，也高於去年12月銀行直接發行的理財產品3.99%的平均收益率。該產品由安邦財產保險公司發售，也包含一個財產保險成分。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.
儘管許多保險產品可以通過保險公司自己的網站購買，但通過銀行保險業務銷售還是主要渠道。對銀行來說，銷售佣金已經成爲手續費收入的一大來源。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.
中國民生銀行(China Minsheng Bank)在上週提交的一份監管申報文件中表示，它通過銷售一系列安邦產品，獲得的服務費收入高達600億元人民幣（合87億美元）。安邦持有民生銀行18%的股權。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.
財新援引另一家中等規模銀行的一位匿名高管的話稱，該行在2016年因代售安邦產品獲得了80億元人民幣的手續費收入。但該雜誌報道稱，中國銀行業監管機構去年末對數家銀行開展了非正式指導，以確保它們代銷的保險理財產品沒有違反相關監管規定。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.
財新報道稱，除了安邦以外，包括建信人壽(CCB Life)和富德生命人壽(Funde Sino Life Insurance)在內的保險公司也在最近幾周減少了通過銀行代售的短期產品。Anbang declined to comment. CCB Life and Funde Sino did not answer calls seeking comment.
安邦拒絕置評。建信人壽和富德生命人壽沒有迴應記者的置評請求。
