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 premiums¹ that fuelled the industry’s aggressive acquisition spree in recent years is set to slow.

迫于监管压力，中国保险公司及其银行合作伙伴近日已停售颇受欢迎的高收益投资产品，这表明推动最近几年中国保险业激进收购浪潮的保费收入的爆炸性增长将放缓。

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 corporate² raiding by Baoneng.

2016年头11个月，中国寿险保费收入增长39%，而2015年增长25%。最大的推动力是“万能险”保单的销售，它们实际上属于理财产品，而非保障性保险。保险理财产品的销售所得进而为安邦保险(Anbang Insurance)的海外收购和宝能(Baoneng)的公司突袭提供了资金。

Regulators and analysts³ have warned that this strategy carries risks, since many insurance WMPs carry short maturities⁴ of one or two years, while proceeds are invested long-term in illiquid assets such as foreign real estate⁵ 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.

监管机构和分析人士警告称，这种战略存在风险，因为很多保险理财产品期限较短，为一至两年，而销售所得被用来作长期投资，投入境外房地产或上市公司大笔股权等流动性较差资产。去年12月，中国保监会(CIRC)表示，对于那些中短存续期产品季度规模保费收入占当季总规模保费收入比例高于50%的保险公司，将禁止其申报新产品。

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, exhausted⁶ their quota⁷ 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.

这种监管打击开始显出效果。在1月1日至5日的短暂销售后，中国最大的两家银行中国工商银行(ICBC)和中国建设银行(CCB)分行的客户经理已用完“安邦共赢3号投资型综合保险产品”（下称“安邦共赢3号”）这一受欢迎的3年期产品的销售额度；这类产品的销售期一般为3个月。

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”.

备受尊敬的财经新闻杂志财新(Caixin)报道称，中国第七大银行招商银行(CMB)曾在1月2日短信通知客户，“受保监会新规影响”，将停止销售“安邦共赢3号”。

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 component⁸.

“安邦共赢3号”之所以受到欢迎，是因为它保证3年后给付5.1%——CN Benefit的数据显示，这一收益率高于2.75%的3年期银行存款基准利率，也高于去年12月银行直接发行的理财产品3.99%的平均收益率。该产品由安邦财产保险公司发售，也包含一个财产保险成分。

While many insurance products can be bought through insurers’ own websites, distribution through bancassurance is the dominant⁹ channel. For banks, sales commissions have become a significant source of fee income.

尽管许多保险产品可以通过保险公司自己的网站购买，但通过银行保险业务销售还是主要渠道。对银行来说，销售佣金已经成为手续费收入的一大来源。

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.

中国民生银行(China Minsheng Bank)在上周提交的一份监管申报文件中表示，它通过销售一系列安邦产品，获得的服务费收入高达600亿元人民币（合87亿美元）。安邦持有民生银行18%的股权。

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 banking¹⁰ regulator informally instructed multiple banks late last year to ensure that the insurance WMPs they distribute did not violate relevant regulations.

财新援引另一家中等规模银行的一位匿名高管的话称，该行在2016年因代售安邦产品获得了80亿元人民币的手续费收入。但该杂志报道称，中国银行业监管机构去年末对数家银行开展了非正式指导，以确保它们代销的保险理财产品没有违反相关监管规定。

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.

财新报道称，除了安邦以外，包括建信人寿(CCB Life)和富德生命人寿(Funde Sino Life Insurance)在内的保险公司也在最近几周减少了通过银行代售的短期产品。

Anbang declined to comment. CCB Life and Funde Sino did not answer calls seeking comment.

安邦拒绝置评。建信人寿和富德生命人寿没有回应记者的置评请求。