据伯恩斯坦（Bernstein）保险分析师马纳斯·阿加瓦尔（Manas Agarwal）表示，随着印度保险监管与发展局（IRDAI）拟议的监管改革重塑竞争格局，印度国家银行人寿保险公司（SBI Life Insurance Company）正成为首选的私营人寿保险公司。尽管SBI人寿在很大程度上不受拟议变更的影响，但HDFC人寿保险公司和Max人寿可能会因拟议的管理费用（EOM）限制而面临更大的压力。
SBI Life Insurance Company emerges as the preferred private life insurer as the proposed changes by the Insurance Regulatory and Development Authority of India reshape the competitive landscape, according to Manas Agarwal, Insurance Analyst at Bernstein. While SBI Life is largely insulated from the proposed changes, HDFC Life Insurance Company and Max Life could face greater pressure from the proposed expenses of management limits.“SBI Life has no EOM pressures, no growth disruption or commission disruption,” Agarwal said, adding that the company is largely unaffected by the proposed changes.
阿加瓦尔指出：“SBI人寿没有管理费用压力，也没有增长或佣金方面的中断。”他补充说，该公司基本不受拟议变更的影响。他表示，HDFC人寿和Max人寿将不得不寻找方法来应对拟议的管理费用区间，尽管其估值仍可能使其对投资者具有吸引力。
He said HDFC Life and Max Life will have to find ways to work around the proposed EOM bands, although their valuations could still make them attractive to investors.
预计拟议的监管变更将对分销商造成的冲击大于保险公司。阿加瓦尔表示，如果提案以当前形式通过，保险公司的担忧可能较少，而分销商则可能更强烈地表示反对。随着变更可能对较小玩家和分销商施加更大压力，大型保险公司也可能因此变得更加强大。
The proposed regulatory changes are expected to hurt distributors more than insurers. Agarwal said insurers are likely to have fewer concerns if the proposals go through in their current form, while distributors are likely to push back more strongly. Larger insurers could also emerge stronger as the changes may put greater pressure on smaller players and distributors.
在人寿保险领域，银行主导的销售可能不会受到重大干扰。拟议变更并未实质性影响单位连结保险（ULIP）和非分红保单等产品的佣金，而这些产品构成了通过银行销售的人寿保险业务的大部分。然而，团体信用人寿保险业务可能会下降，部分汽车和健康保险销售也可能受到影响。
On the life insurance side, bank-led sales may not see a major disruption. The proposed changes do not materially affect commissions on products such as ULIPs and non-par policies, which make up a large part of the life insurance business sold through banks. However, group credit-life business could decline, while some motor and health insurance sales could also be affected.ICICI Prudential Life Insurance Company and, to a smaller extent, HDFC Life have exposure to credit-life business and could see a significant reduction in volumes from 2027-28 .
ICICI普信人寿保险公司以及较小程度的HDFC人寿在信用人寿保险业务方面存在敞口，其业务量在2027-28财年可能会显著减少。阿加瓦尔预计该业务将萎缩，但不会完全消失。
Agarwal expects the business to decline rather than disappear completely.
更大的增长担忧在于财产保险领域，拟议的佣金削减幅度可能使分销商更难维持销售势头。
The bigger growth concern is on the general insurance side, where the size of the proposed commission cuts could make it harder for distributors to maintain sales momentum.
阿加瓦尔表示：“方向是好的，但一般保险方面的削减规模带来了增长挑战。”对于PB Fintech，阿加瓦尔表示，他的预测已经假设不会出现监管回滚，并且拟议的缓解措施不会实质性改变影响。因此，IRDAI董事长的最新言论并没有导致伯恩斯坦改变对该公司的数字或估计。Policy bazaar多元化发展为管理总代理业务或成为保险公司的计划也仍然不确定。
“The direction is fine, but the size of the cuts on the general insurance side creates a growth challenge,” Agarwal said. For PB Fintech, , Agarwal said his forecasts already assume that there will be no regulatory rollback and that proposed mitigation measures will not materially change the impact. Therefore, the latest comments from the IRDAI chairman have not led Bernstein to change its numbers or estimates for the company. Policybazaar’s plans to diversify into a managing general agent business or become an insurer also remain uncertain.
阿加瓦尔表示，伯恩斯坦尚未将这些可能性纳入其预测中，因为目前尚不清楚这些可能性是否会被允许以及PB Fintech可以获得多少价值。在这里观看完整的对话对于Policy bazaar来说，更广泛的问题是，如果分销商接受利率下降，它如何继续从更好的承保和持久性中受益。阿加瓦尔表示，该公司可能需要找到其他方法来获取这一价值，特别是如果较低的接受率降低了其推动更好承保和持续性的动力。
Agarwal said Bernstein has not built these possibilities into its forecasts because it is unclear whether they will be permitted and how much value PB Fintech could capture. Watch the full conversation hereThe broader question for Policybazaar is how it can continue to benefit from better underwriting and persistency if distributor take rates come down. Agarwal said the company may need to find other ways to capture that value, particularly if lower take rates reduce its incentive to drive better underwriting and persistency.
另一个重要澄清涉及大型商业保险单佣金的披露。该提案仅要求披露50亿美元以上的商业政策。阿加瓦尔表示，这对代理渠道来说是积极的一步，因为将金额记在纸面上可能会使代理商更难保护其净收入或毛收入。
Another important clarification relates to disclosure of commissions on large commercial insurance policies. The proposal requires disclosure only for commercial policies above ₹50 crore. Agarwal said this is a positive step for the agency channel because putting the amount on paper could make it harder for agents to protect their net or gross revenue.