Observations on Product Mix Adjustments in the Bancassurance Channel

Insurance-Banking Channel Transformation: From Scale-Driven Growth to Value-Centric Deep Dive

In recent years, driven by regulatory guidance and declining market interest rates, the bancassurance channel has undergone a profound product restructuring. The traditional single model centered on savings products is gradually fading as insurers prioritize business quality and long-term value, steering the channel toward diversification and protection-oriented offerings.

This shift aims to optimize the liability structure, reduce interest rate spread risk, and enhance our ability to serve customers across their entire lifecycle. By expanding our product lineup and strengthening risk management, we strive to achieve sustainable growth in compliance with regulations and adapt to the evolving market environment.

• Adjustment to the proportion of long-term savings products, including increasing whole life insurance
• Refined Operations for Annuity and Universal Life Insurance Combinations
• Introduction of non-savings products such as health insurance and accidental injury insurance

In the future, bancassurance partnerships will focus more on aligning with customers' genuine needs and enhancing service experiences. Specific product features and returns depend on individual circumstances and are subject to insurance contract terms; this does not constitute any underwriting advice.