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降息及取消利息税对于保险行业主要是寿险行业而言是弊大于利,其主要影响就是降低了利差水平,而正面影响则是可以改善产品结构,以提高利润率水平。在这样的背景下,个人营销渠道销售能力较强的公司和固定收益资产存量较大的公司将能够获得相对的优势。从三家上市公司对比来看,中国平安的个人营销渠道具有非常突出的优势。对比中国太保和中国人寿而言,产品结构较和投资资产结构较为类似,但中国太保目前的估值水平具有优势。
Interest rate cuts and the abolition of interest tax are more harm than good to the insurance industry, which is mainly the life insurance industry. The main effect is to lower the interest spread level. The positive impact is to improve the product structure so as to raise the profit margin. In this context, companies with strong sales channels in their individual marketing channels and those with larger fixed-income assets will be able to gain relative advantage. Comparison of the three listed companies, China Ping An personal marketing channels have a very prominent advantage. Compared with China Life Insurance and China Life Insurance, the product mix is similar to the investment asset structure, but the current valuation of China Pacific Insurance has the advantage.