As the five major listed insurers released their first-half results, a clearer picture of the latest distribution channel performance has emerged. The bancassurance channel has continued to elevate its strategic standing within life insurers' distribution frameworks, demonstrating robust momentum in value contribution. However, an analysis of the data reveals notable divergence in premium growth across listed insurers during the first half of 2026, with some institutions recording negative growth, largely attributable to the elevated comparison base from the same period last year.

Behind the contraction in scale lies a fundamental restructuring of the development logic for insurer bancassurance operations. In March of this year, regulators issued the "Notice on Further Strengthening Fee Management for Bank Agency Channels" (referred to as Document No. 65), which was subsequently implemented, reinforcing the "fee-parity reporting" requirements. This regulatory measure institutionally curbs space for irrational fee competition, redirecting market competition away from the previous fee-driven rivalry toward comprehensive capability contests encompassing product supply, customer service, and professional expertise.

Premium Divergence Among Listed Insurers: China Life and Ping An Post Growth

Influenced by the high baseline from the prior year period and strategic adjustments by certain insurers, the overall growth rate for bancassurance channels among the five major listed insurers moderated during the first half of this year. Notably, PICC Life, New China Life Insurance, and CPIC Life experienced slight declines in channel premiums, indicating ongoing deep adjustments. Data shows that China Life Insurance recorded total bancassurance premiums of RMB 81.458 billion in the first half, representing a 12.4% year-on-year increase. Ping An Life and Health Insurance achieved bancassurance scale premiums of RMB 66.495 billion, surging 59.86% year-on-year. Meanwhile, PICC Life reported bancassurance premiums of RMB 46.159 billion, down 13.1%, while CPIC Life saw scale premiums reach RMB 37.935 billion, a decline of 8.9%. New China Life Insurance recorded bancassurance premium income totaling RMB 44.554 billion, down 3.5% year-on-year.

Despite these variations, the industry's head-effect remains pronounced. According to a research report from Sinolink Securities, the "old seven" life insurers achieved combined bancassurance regular premiums of RMB 108.8 billion in the first half, up 31% year-on-year, significantly outpacing the industry average growth rate of 10%. Their market share concurrently increased by 6.6 percentage points to 40.4%.

Zhu Junsheng, a professor at Peking University with expertise in applied economics, noted in an interview that the growth disparities among companies do not reflect fundamental shifts in market demand but rather differences in strategic positioning, business structures, and transformation pacing across different insurers. He characterized this as "the manifestation of differences in strategic execution and operational capabilities as the industry transitions from scale competition to value competition."

From a strategic and tactical perspective, the listed insurers have adopted distinct approaches. China Life Insurance's bancassurance channel has focused on advancing the development of "value-oriented, professional, and symbiotic bancassurance," deepening strategic coordination with banking partners and expanding channel operations both in breadth and quality. Management revealed during the results briefing that "the company collaborates with over 110 banks, with core channel regular premium contributions exceeding 70%. In the first half, new business issuing outlets at partner banks approached 70,000, up 10.4% year-on-year, with star-rated outlets experiencing substantial growth, driving business expansion through enhanced outlet productivity."

Ping An's bancassurance channel derives its core competitive advantages from three pillars: a high-caliber sales force, high business productivity, and high employee compensation. During the first half, the channel generated new business value of RMB 7.05 billion, reflecting an 18% year-on-year increase. PICC Life has deepened cooperation with major state-owned banks and key joint-stock banks, strengthening rigid controls through improved systems and processes while strictly complying with regulatory "fee-parity reporting" requirements. The bancassurance channel achieved half-year new business value of RMB 2.633 billion.

CPIC Life has focused on restructuring its bancassurance channel mix to accelerate regular premium business development. Although scale premiums declined, new business regular premiums reached RMB 11.720 billion, up 32.6% year-on-year. The monthly average number of regular premium-generating outlets reached 4,956, up 4.9%, while monthly average productivity per such outlet stood at RMB 289,000, an improvement of 4.1%. New China Life Insurance's bancassurance regular premium business also achieved substantial growth, with first-year regular premiums on long-term policies reaching RMB 14.652 billion, up 32.0% year-on-year. Renewal premiums amounted to RMB 24.643 billion, increasing 16.0%. The monthly average number of regular premium-generating outlets grew 20.1%, and the corresponding sales force expanded 19.8%.

Chen Hui, director of the China Actuarial Science and Technology Laboratory at the Central University of Finance and Economics, observed that premium growth divergence does not necessarily equate to operational quality divergence. He noted that Ping An and China Life achieved high scale growth by leveraging bank channel resource advantages, enhanced outlet networks, improved customer manager productivity, and concurrent expansion of regular premium business. The scale premium declines at CPIC, New China, and PICC Life primarily reflect proactive reductions in low-value single-premium business in alignment with regulatory guidance. While scale faced pressure, these insurers still achieved relatively high growth rates in regular premium business with improved channel value rates. Additionally, differences in strategic pacing contribute to the divergence: New China Life has upgraded bancassurance to become one of its dual-core channels, while PICC prioritized compliance transformation under Document No. 65. Combined with competition for bank outlet resources and variations in prior-period business bases, these factors collectively explain the growth disparities. Chen emphasized that channel performance assessment should focus more on regular premium ratios and New Business Value indicators.

Moving Beyond Scale Competition Toward Value Anchoring

In recent years, the bancassurance channel has leveraged its advantages in customer demographics and application scenarios, with industry value continuously being unlocked and strategic standing progressively elevated. According to a research report from Soochow Securities, full-year 2025 industry-wide bancassurance new business scale premiums totaled approximately RMB 844.6 billion, up 15.2% year-on-year. The proportion of new business premiums climbed above 60%, officially surpassing the individual agent channel to reclaim its position as the largest new business channel in the life insurance industry.

However, the adjustment phase for the bancassurance channel is far from complete. In March of this year, regulators issued Document No. 65, which deepens comprehensive fee governance across the bancassurance channel, extending fee management from "commission control" to "fee structure oversight." Xiao Jianyou, Vice President of PICC Group and President of PICC Life, pointed out during the results briefing that implementation of Document No. 65 has continuously reinforced the "fee-parity reporting" regulatory requirements for the bancassurance channel. This institutionally curbs irrational fee competition, redirecting market competition from internal fee competition toward comprehensive capability contests encompassing product supply, customer service, and professional expertise. Looking at development trends, the industry ecosystem of bancassurance is expected to undergo sustained purification, with cooperation order between banks and insurers further standardized, and comprehensive channel costs gradually returning to reasonable and controllable ranges.

"Since the new regulations took effect in July, the industry has been in an adaptation and adjustment period overall; however, over the long term, the introduction of these regulations will further promote high-quality industry development, and the bancassurance channel still possesses very considerable growth space," acknowledged Wu Jian, Vice President of China Life Insurance. Wang Lianwen, Vice President of New China Life Insurance, added that Document No. 65 represents a landmark document in the deepening of the "fee-parity reporting" policy. It employs refined fee management as a lever, consolidating operational responsibilities at each stage, scrutinizing the authenticity and compliance of bancassurance channel fee expenditures, and aiming to promote more standardized and orderly competition in the bank-insurance market. The new regulations impose higher demands on insurers' fee control capabilities, compliance operations, and professional service standards.

Overall, Document No. 65 delineates the operational baseline defined by regulators, which helps propel China's bancassurance market toward high-quality development. In the short term, Document No. 65 closes off "off-book accounts" in the bancassurance channel, compelling insurers to rebuild their fee structures. The industry has entered an adaptation and adjustment phase that demands enhanced financial, compliance, and actuarial capabilities. Zhu Junsheng projects that over the next three to five years, the bancassurance channel will remain one of the most critical growth engines for the life insurance industry, with competitive dynamics determined by which players can consistently generate higher new business value, superior customer experiences, and stronger long-term operational capabilities.

"The bancassurance channel's return to becoming the largest new business channel is merely a new starting point; its true development trajectory lies in becoming an integrated comprehensive financial platform connecting insurance, retirement, and wealth management," Chen Hui remarked. In his view, the rise of the bancassurance channel is not simply an industry scale recovery but represents deep structural upgrading. The core drivers include increasing household wealth management demand, banks' pursuit of intermediary business income, optimization of bancassurance product value, and the elevated strategic positioning of the channel itself.