[Weekly Preview] Life Insurance's Start-of-Year Surge Sees Mixed Fortunes as Key January Faces Multiple Challenges (AI Translation)
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- Chinese life insurance companies experience their highest premium income on January 1st, with the first month often indicating the business trend for the year.
- Despite regulatory efforts to downplay the 'Open Door Red' campaign, insurers still strive for a strong start in 2024, facing challenges like lower interest rates and stricter regulations.
- The 'Open Door Red' in 2024 sees favored savings-type insurance products amidst challenges such as reduced bank-insurance channel commissions and ongoing adjustments to agent channels.
文｜财新周刊 丁锋 吴雨俭
By Caixin Weekly's Ding Feng and Wu Yujian
2024年1月1日，各家寿险公司开始有几十亿、几百亿元的保费入账。与往年一样，每年的第一天，一般是所有保险公司一年当中保费收入最高的一天；每年的第一个月，也在很大程度上决定了险企全年的业务走向。
On January 1, 2024, various life insurance companies began to record billions or even tens of billions of yuan in premium income. As with previous years, the first day of every year is generally the day with the highest premium income for all insurance companies; and the first month largely determines the business direction for insurers for the entire year.
近年来，尽管监管及行业都在淡化险企“开门红”的概念，但各家保险公司还是铆足了劲，希望让真正摆脱疫情影响之后的首个年份，能有个好开始。
In recent years, despite regulators and the industry downplaying the concept of insurers' "strong start" to the year, various insurance companies are still making concerted efforts, hoping to get off to a good start in the first year truly free from the impact of the pandemic.
“保险公司‘开门红’，叫法年年变，策略年年变，但万变不离其宗，市场压力下，各家还是得备战。”一家保险公司高管告诉财新。
"Insurance companies' 'opening success' changes in name and strategy every year, but the essence remains the same. Under market pressure, each company still has to prepare for battle," a senior executive from an insurance company told Caixin.
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