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In 2014, journalists from Japan’s NHK documented the phenomenon of A Society Without Bonds, portraying how the elderly in an atomized society—devoid of social, familial, or community ties—gradually become isolated and ultimately pass away alone.
本文来自华尔街见闻
A decade later, the Japanese drama Two in the Neighborhood (Douban rating 9.3) offers a starkly different narrative. Its two 55-year-old female protagonists no longer treat aging with tragic solemnity; instead, they put on face masks, lift weights casually, and remark with ease: "Humans simply can’t give up hope."
2014年，来自日本NHK电视台记者们曾书写《无缘社会》，描述了原子化社会下无社缘、无血缘、无地缘的老年人如何一点一点与社会脱轨、失联，最终孤独逝去；
Japan, China’s neighboring country, provides a vivid window into how attitudes toward aging have shifted from fear to composure amid profound, gradual demographic changes.
十年之后，豆瓣评分9.3的日剧《住宅区的两人》中，两位55岁的女主角已不再赋予衰老悲壮之意，而是敷着面膜，举重若轻地说“人类可不能放弃希望”。
Young people are often captivated by youth, seldom envisioning their own twilight years. Yet the reality is that in twenty years, the silver-haired generation—now less visible in shopping malls and cinemas—will constitute a critical one-third of society.
与中国比邻的日本完整展现了在人口结构经年累月的改变之下，个体对老去的态度是如何从恐惧走向从容。
According to the latest data from China’s Ministry of Civil Affairs, by the end of 2024, the population aged 60 and above had reached 310 million, accounting for 22.0% of the total populace. This figure is projected to rise to around 30% by 2035.
年轻的人们总是沉醉于青春，却很少想象垂垂老矣的暮年。但现实是二十年后，曾渐渐淡出商场、影院的银发一族，将成为社会中关键的三分之一。
While the morning sun has set, the evening glow still shines bright.
民政部最新数据显示，截至2024年底，我国60周岁及以上老年人口达3.1亿人，占总人口的22.0%；至2035年，将升至30%左右。
China’s average life expectancy neared 79 years in 2024, continuing to increase by 2-3 years per decade. Concurrently, the older generation is moving beyond mindsets of self-denial and sacrifice, embracing their later years with positivity and savoring the depth and richness that time brings. Time, therefore, should be seen as a gift, not a burden.
东隅虽逝，桑榆非晚。
From an industry perspective, the vast opportunities arising from the desire to "enjoy aging" in this longevity era are well-documented in developed nations. The U.S. Bureau of Labor Statistics, for instance, identified healthcare as one of the most promising sectors for 2017-2027.
2024年我国人均预期寿命已接近79岁，具体数字仍以每10年2-3岁的速度持续增长；老年群体也逐渐从克己、奉献的思维定势里走出，以积极的姿态拥抱岁月沉淀后的生命。
A similar story is unfolding in China.
时间从来都是馈赠，而非负累。
To address the industrial demands of a shifting demographic structure, China has established a personal pension system and piloted various commercial pension products, aiming to build a diversified payment framework for the senior care industry. Sectors like healthcare and wellness have emerged as new "blue oceans," attracting a steady stream of entrants.
从产业视角出发，长寿时代下“享受老年”需求孕育出的庞大机遇，在发达国家并不罕见——美国劳工统计局甚至将医疗保健行业，视为2017-2027年最具前景的行业之一。
The most notable pioneers are insurance companies—entities with substantial capital and the unique capability to integrate healthcare and wellness resources. We observe that the life insurance industry has entered a new round of competition for the senior care market. Among these players, forward-thinking leaders have been cultivating the senior care track for over a decade, building supply chain networks spanning wellness, medical care, and real estate. Their efforts have yielded a distinctly Chinese model, different from those in the U.S. or Japan.
相似的故事可能正在中国市场上演。
For example, since 2007, Taikang Insurance Group has been exploring ways to extend insurance into tangible healthcare, senior living, and wellness services.
面对人口结构带来的产业需求，我国已建立个人养老金制度、试点各类商业养老金产品，用于构建养老产业多元支付体系；医疗、康养等赛道的养老分支亦成为新晋“蓝海”，入局者络绎不绝。
In the latest Fortune Global 500 ranking, Taikang Insurance Group climbed to 334th place, up 47 spots from the previous year. In his new book Strategy Determines Everything, Chen Dongsheng—founder, chairman, and CEO of Taikang—articulates an innovation that integrates physical services into the traditional two-dimensional framework of liabilities and investments, creating a "three-pronged synergy." He terms this model "New Life Insurance."
最具代表性的先行者，是沉淀了庞大资金、有实力整合康养医疗资源的保险公司。
1. How to Plan for Old Age?
我们观察到，如今人身险行业已开启对养老市场的新一轮竞逐，其中更有视野前瞻的头部机构“埋种”养老赛道十余年，建立出遍及康养、医疗、不动产各方的供应链网络，贡献出不同于美日市场的中国特色样本。
The UN’s World Population Prospects 2024 reports that life expectancy has surpassed 75 years in half of all countries globally. By the late 2070s, the global population aged 65 and above is projected to exceed 2.2 billion.
例如自2007年起，泰康保险集团开始探索将保险延伸至实体医养康宁领域。
Chen Dongsheng noted in his research for The Longevity Era that increased lifespans bring intense demands for funding and healthcare. Thus, the age of longevity is also an age of wealth and health. Following this logic, constructing a robust pension system is the most immediate challenge of this era. As life expectancy grows and the social dependency ratio tightens, the accumulated surplus of the basic pension fund for enterprise employees continues to decline, intensifying pressure on the system’s sustainability.
在最新《财富》世界500强榜单中，泰康保险集团排名跃升至334位，较上年上升47位。在公司创始人、董事长兼首席执行官陈东升的新作《战略决定一切》中，他将在负债、投资二维结构中嵌入实体服务形成三端协同的创新，提炼为“新寿险”。
Moshe A. Milevsky, a Canadian retirement research expert, emphasized in his book Pensionize Your Nest Egg that the foundation of personal retirement planning lies in income sustainability. Individuals must ensure they accumulate sufficient financial resources during their working years to support themselves throughout retirement.
01 何以养老？
This sustainability does not rely solely on frugal savings during one’s prime.
联合国发布的《2024年世界人口展望》指出，全球半数国家预期寿命已突破75岁；至本世纪70年代末，全球65岁及以上人口预计突破22亿。
Milevsky illustrates the point with an analogy: accumulating wealth is like filling a pool—its capacity depends on length, width, and depth. Similarly, one’s ability to build wealth hinges on the term, principal, and rate of return of financial products. Given these "three core factors," long-term, compound-interest pension products have gained widespread popularity.
陈东升曾在《长寿时代》中调研指出，伴随寿命增长的，还有强烈的筹资与健康需求，因而长寿时代也是财富时代与健康时代。
In the 1970s, the U.S. government incentivized employer and individual participation in the pension system through two key measures: first, adding Section 401(k) to the tax code, which offered tax advantages for employer-sponsored retirement plans (sparking the development of corporate pensions); second, establishing Individual Retirement Accounts (IRAs), laying the groundwork for the commercial third pillar of the pension system.
遵循这一思路，养老金体系的建设，是长寿时代最直观的挑战。
Among developed economies, the U.S. pension system is dominated by its second and third pillars, which account for over 90% of total assets. Japan’s system, meanwhile, relies primarily on its first and second pillars, achieving "universal insurance and universal pensions for all citizens."
伴随人均寿命增长、社会抚养比压缩，企业职工基本养老保险基金累计结余不断下降，社会的养老金可持续压力持续加大。
To address its own challenges of insufficient total pension assets and structural imbalance, China has also established a personal pension system. Pilot programs for innovative insurance products—such as exclusive commercial pension insurance and commercial pension plans—have delivered tangible results.
加拿大养老研究专家摩西·A.米列夫斯基曾在其所著的《老有所养》一书中指出，个人养老规划的根本在于收入可持续性，每个人都应确保工作期间已储备充足财务资源，供剩余年度进行分摊或平滑。
The Weighty Issue of Health
这种可持续性的规划，依靠不是青壮年时期节衣缩食的储蓄。
We cherish the richness and depth that time confers upon life, yet we cannot escape the afflictions of disease, loneliness, and frailty.
米列夫斯基指出，积累财富就像往水池里蓄水——蓄水量离不开水池的长、宽、高，财富积累能力则取决于理财产品的期限、本金与收益率。
This is undeniably linked to individual constitution and the advancement of modern medicine. However, by stepping beyond traditional perspectives to redefine "health," we may uncover broader, more insightful answers.
在对“三要素”的考量下，长期、复利的养老金融产品受到欢迎。
Before the mid-20th century, the "biomedical model" dominated medicine, reducing illness to abnormal physiological indicators and focusing on correction through drugs or surgery.
上世纪70年代，美国政府曾引导企业与个人参与养老保障体系，一是税收法新增第401条K项条款，以优惠政策鼓励雇主设立退休金计划，延伸出企业年金计划；二是建立IRA（个人退休账户），发展出商业第三支柱。
While invaluable for combating infectious and organic diseases, this model’s limitations became increasingly apparent as society developed: it overlooked psychological and social factors, failing to recognize that many chronic conditions are closely tied to emotional stress, cognitive patterns, and lifestyle choices.
目前的发达国家中，美国养老金第二、三支柱占总资产比重超9成；日本则以第一、二支柱为主，实现“国民皆保险，国民皆年金”。
In response, George Engel proposed the "biopsychosocial medical model" in 1977, advocating for understanding health and illness through the interplay of biological, psychological, and social factors. This model integrates prevention, healthcare, treatment, and rehabilitation into a holistic framework.
针对养老金体系总资产不足、结构失衡问题，我国同样已建立个人养老金制度；保险业对专属商业养老险、商业养老金等创新业务的试点同样取得可见成效。
Long confined to theory due to technological constraints and systemic inertia, this approach is now being revitalized in today’s longevity era, as the needs of the silver-haired generation shift from mere "survival" to "development and enjoyment."
另一个沉重的议题是健康。
As the demands of the elderly evolve, the senior care industry chain in many countries has matured, encompassing upstream players (investment, finance, and insurance with large capital pools), midstream entities (real estate and healthcare), and downstream support sectors (senior-specific products, tourism, and education).
我们感念时间赋予生命的丰富与纵深，却也无法避免疾病、孤独、衰弱的诅咒。
Together, these elements form the systemic support for elderly health envisioned by Engel.
这固然与个人的体质、现代医疗的发展水平密不可分；但若跳出传统视角，重新审视“健康”的定义，我们或许能看见更开阔的答案。
Today, the broader health industry is one of the largest globally. Medical and care services for the elderly and disabled are expanding rapidly, and community-based integrated senior care services are thriving.
20世纪中期以前，“生物医学模式”主导着医学界，它将疾病简化为生理指标的异常，治疗的核心是通过药物、手术予以修正。
2.The Rise of Institutions
这种模式在应对传染病、器质性疾病等方面功不可没，但随着社会发展，其局限性逐渐凸显——例如，忽视心理、社会因素，无法意识到许多慢性疾病与情绪压力、认知模式乃至生活方式密切相连。
It is evident that as the scope of demand widens, the elderly are shedding the stereotypical image of being self-sacrificing, restrained, and conservative. Instead, they are demonstrating diverse, individualized, and proactive needs.
据此，乔治·恩格尔在1977年提出“生物—心理—社会医学模式”，从生物、心理、社会的交互系统中理解健康与疾病，并将社会医学的预防、保健、治疗、康复纳入治疗范围。
Preferences regarding senior living arrangements offer a telling glimpse of this shift.
尽管这一理论曾因技术限制与体系惯性长期滞于纸面，却在今天的长寿时代，随着银发群体需求从“生存”转向“发展与享受”，悄然焕发新生。
According to the Guide to a New Lifestyle for Aging Well—jointly released by Taikang Insurance and research firm AgeClub—a survey of 1,500 seniors showed a 17% year-on-year increase in visits to senior care communities in 2022. A growing number of older adults are actively abandoning traditional, solitary aging in favor of a high-quality, vibrant new life.
随着银发族的需求由生存型向发展型、享受型升级，不少国家的养老产业链持续完善；其中既有上游资金体量大的投资、金融、保险构成，中游的地产、医疗等实体，亦有下游则是老年用品、旅游、教育等支撑产业。
As hubs integrating pensions, real estate, and wellness, senior care institutions are a vital window into the longevity economy. Such assets have been common features in the aging trajectories of developed nations like the U.S. and Japan, with several distinct segments based on location, services, and profit models:
以上种种，构成了恩格尔主张下，对于老年人健康问题的系统性支撑。
• Active Adult Communities (AACs): Originating from the real estate sector, these are typically located in scenic suburbs or resort areas. Their primary profit model involves selling property ownership, and they do not provide medical care. Essentially, they are real estate projects with specialized senior-friendly amenities—such as golf courses and swimming pools—catering to independent seniors. The renowned Sun City is a prime example.
• Nursing Communities (NCs): Catering to the physically or cognitively frail, or those with chronic illnesses, these communities are situated in areas with high elderly populations. They charge short-term rents, employ professional medical staff, and are equipped with advanced facilities to provide 24-hour care.
目前，大健康已成为全球最大的产业之一。面向老年与失能群体的医疗、照护服务壮大，以社区机构为单位的整合型养老服务欣欣向荣。
• Continuing Care Retirement Communities (CCRCs): Striking a balance between AACs and NCs, these communities offer independent living, assisted living, and skilled nursing care. Residents can receive continuous care within the same community even if their health declines. Revenue comes from entry fees and monthly rents, which vary significantly based on housing type and service level.
02 机构兴起
Japan also features a distinctive community-based model centered around "convenience stores."
可以明确观察到的是，随着需求边界的拓宽，银发族已从奉献、克己、保守的刻板形象中走出，呈现多元、个性、主动的需求。
Pioneered by retail giant Lawson, this approach leverages convenience stores to extend community care and health management services. Stores host consultation and product sales counters, providing professional advice and care support.
对于养老方式的偏好，可以管窥出变化的一角。
Unlike the U.S. and Japan, a significant number of China’s high-quality senior care institutions are founded by life insurance companies.
泰康保险与研究机构AgeClub联合发布的《享老新生活方式指南》中，1500名受访老年人，2022年养老社区机构考察率同比增长17%——越来越多的银发族，正主动抛弃孤独的传统养老，拥抱高品质、高能量的灿烂新生活。
This strategic choice is logically sound from an investment perspective: insurers naturally hold substantial cash reserves and are among the few players with the capital strength to integrate real estate, healthcare, and wellness resources. Furthermore, the long-term, stable returns of well-run senior care communities align perfectly with the long-dated liability profile of insurance capital.
作为养老金、房地产、康养产业的汇聚地，养老机构是观察长寿经济的重要窗口。
Notably, top-performing CCRCs often yield returns superior to bonds while offering greater stability than stocks or commodities. U.S. commercial real estate firm CBRE reported that from 2004 to 2018, facility-based senior housing communities delivered an average annualized investment return of 14.6%, with asset appreciation and operational income contributing 7.6% and 7% annually, respectively—outperforming commercial real estate sectors like apartments, offices, and hotels.
这一类型的资产曾广泛出现在美、日等发达国家的老龄化进程中，从选址、服务内容、盈利模式看，各国养老机构有多个细分赛道：
3.Lessons from Abroad
脱胎于房地产的活力养老社区（AAC），选址普遍在风景优美的郊区、景区，盈利模式以出售产权为主，不提供医疗护理服务；
Thanks to their inherent long-term, compound-interest nature—a natural fit for retirement planning—life insurers have the potential to lead in both the pension and senior care markets.
此类机构可理解为养老配套设施更专业的房地产项目，主要为具备自理能力的银发族提供高尔夫球场、游泳池等“活力养老”基础设施，著名的太阳城（SunCity）就是代表。
However, in the fiercely competitive U.S. market, the life insurance industry—once a dominant force—has long since lost its leading position.
专业护理社区（NC）主要针对身心衰弱或有慢性疾病的老人，分布在老年人口密集的地区，收取短期租金，配备专业医护与先进设施，提供24小时。
During the critical period of rising life expectancy, U.S. life insurers failed to adequately prioritize the middle class, mistakenly believing that demand for annuity products from affluent individuals was the key to growth.
持续护理社区（CCRC）则致力于寻求前二者的平衡点，提供独立生活、辅助生活、专业护理等服务，即便居民健康状况不幸恶化，亦可在社区内得到照护；该模式主要通过收取入门费、租金盈利，不同的房型与服务内容下收费差异较大。
This misjudgment led the industry to largely miss out on the health insurance market. For instance, in 1995, MetLife sold its health insurance business for $1.5 billion, later finding itself unable to compete effectively in that sector. Meanwhile, the booming asset management and mutual fund industries further captured the savings needs of the middle class.
日本以“便利店”为依托的社区养老亦颇有特色。
After setbacks in these two key markets, U.S. life insurers faltered in the pension arena.
此类模式由日本便利店巨头罗森（LAWSON）发起，依托便利店延伸社区照料、健康管理服务，在店铺中设置咨询与售卖服务窗口，提供专业解答与照护。
Today, traditional life insurance premiums account for less than 30% of the pension system, down from a peak of nearly 80% in 1950.
不同于美、日两国的是，中国大量具备高品质服务能力的养老机构，由寿险公司创办。
从产业投资角度看，如此选择并不难理解——险企天然具备现金，是为数不多有能力整合地产、医疗、康养资源的支付方；养老机构长期、稳定的盈利能力，又契合险资负债要求。
Moreover, U.S. life insurance companies rarely make direct investments in senior living real estate.
尤其表现较好的CCRC，养老机构收益率普遍高于债券，稳定性又优于股票与大宗商品。
The investment landscape for U.S. senior care communities is dominated by real estate developers and established REITs (Real Estate Investment Trusts). These entities either lease the communities to operators for rent or adopt a management contract model, paying operators 5-6% of revenue while bearing the risks themselves.
美国商业地产服务机构CBRE指出，2004—2018年，设施型社区平均年化投资回报率为14.6%，资产价值增值和运营收益平均年化回报率分别为7.6%、7%，整体高于公寓、办公楼、酒店等商业住宅。
Sun City exemplifies the real estate developer-led model.
03 他山之石
Its originator, developer Del Webb, noticed that Arizona’s hot, dry, sunny climate was ideal for retirees from colder northern states. Seizing the opportunity, Webb began constructing communities tailored for this demographic.
因产品长期、复利的特性天然与养老需求契合，寿险公司在养老金、养老产业市场中，均有作为领跑者的潜力。
At the time, the "active community" concept was nascent. A cautious Webb initially released a limited number of homes, complemented by a shopping center, recreation center, and golf course. On opening day, his community drew 100,000 visitors, causing traffic jams. Webb soon graced the cover of Time magazine.
不过在美国激烈的竞争环境里，曾占据一席之地的寿险业，早已痛失领先身位。
Unlike in China, cash-rich U.S. insurers did not enter the market directly. Instead, they invested indirectly through REITs. For example, AIG invested in California CCRCs via REITs, and MetLife also holds indirect stakes in numerous senior living communities through healthcare REITs.
在人口寿命延长的关键窗口期，美国寿险业未对中产阶层给予足够重视，反而认定富人对年金类产品的需求才是业务增长的关键。
However, communities operated solely by real estate developers have inherent limitations.
对行业需求的错判，直接导致寿险业错失健康险市场。例如1995年，大都会人寿将健康险业务以15亿美元卖出，后期公司在市场中再无与同业一较高下之力。
The Longevity Era points out that both active communities and CCRCs create a sense of superiority through high-quality consumption, making residents feel their lifelong efforts have been rewarded. This reliance on a superiority-oriented mindset ties the industry’s fate closely to a nation’s economic strength, middle-class size, and pension system.
加之资管公司、共同基金的蓬勃发展，中产阶层储蓄需求也被进一步瓜分蚕食。
As lifespans extend, this high-consumption model—lacking integrated financial tools—inevitably faces the risk of retirees outliving their savings.
两大关键市场受挫后，美国寿险在养老金领域一蹶不振，如今传统寿险保费在养老金体系中的占比已由1950年高峰时期的近8成降至不足3成。
The U.S. experience offers two key lessons: First, facing the "blue ocean" of senior care, the life insurance industry must decisively seize the strategic window for developing pensions and the senior care industry. Second, a senior care community only achieves a true closed-loop of service and security when it incorporates a complete mechanism for recycling individual funds.
另一面，美国寿险公司也鲜少直接投资养老不动产。
4.The "New Life Insurance" Model
美国养老社区投资商，以房地产商、成熟REITs为主，可将养老社区租赁给运营商、收取租金；也可委托经营，向运营商支付收入5-6%的管理费，自担风险。
The term "New Life Insurance" was first introduced by Chen Dongsheng during an academic conference in late 2023.
太阳城是房地产商主导养老社区的代表。
Shortly after, in a signed article titled Embracing New Life Insurance for High-Quality Industry Development, he elaborated on the concept. He proposed adding a "service end"—encompassing medical care, senior living, health, and wellness—to the traditional two-dimensional structure of liabilities and investments.
最初，地产开发商德尔·韦伯注意到亚利桑那州炎热干燥、阳光充足，正适合北部地区的老年人前来度假；看准商机后，韦伯很快着手修建适合银发群体的社区。
Later that year, in his book Strategy Determines Everything, he discussed the bottlenecks faced by the life insurance industry in mature Western markets, stressing that seizing strategic opportunities is key to achieving leapfrog development.
不过彼时“活力社区”的概念尚未兴起，摇摆的韦伯仅推出少量住宅，配套购物中心、娱乐中心、高尔夫球场。
In the year that followed, this "New Life Insurance" model—restructuring the industry’s value chain—sparked widespread discussion.
开业当天，韦伯的社区迎来10万参观者，火热盛况一度造成交通堵塞，韦伯在不久后也登上《时代周刊》封面。
For years, senior care communities have been one of Taikang’s most recognizable flagship offerings. In fact, many perceive Taikang first and foremost as a professional, high-end, and valuable senior care service provider, and only secondarily as a leading insurer.
与中国不同的是，美国手握大量现金的险资并未直接入场，而是通过REITs间接投资。
Also in Strategy Determines Everything, Chen Dongsheng shares for the first time the original intent behind the company’s senior care strategy, the doubts, challenges, and hardships faced during its execution, and the perseverance that followed. He condenses years of experience and reflection into the book’s title.
例如，美国国际集团通过REITs间接投资加利福尼亚州的CCRC项目；大都会人寿同样通过医疗房地产REITs，间接投资众多养老社区。
For a long time, the primary contributor to the life insurance value chain has been the interest spread from the asset side.
只是由成熟地产商运营的养老社区，始终有无法规避的缺陷。
But over the past two decades, global mature markets have been trapped in a low, even zero-interest-rate environment, putting long-term pressure on investment returns. China’s life insurance industry has also entered a "deep-water zone" of transformation in the last five years, with diminishing marginal benefits across the value chain. Meanwhile, the advent of the longevity era presents new, unavoidable challenges for individuals concerning health and wealth in old age.
《长寿时代》指出，活力社区与CCRC都是在通过高品质消费创造优越感，使人们觉得辛苦一生进行积累，终于得到回报。以优越感为导向的心态，意味着养老社区产业与一国的经济实力、中产阶层规模与退休金制度密不可分。
Thus, the entire industry faces immense pressure: the challenges are clear, but the path forward is not.
但随着人均寿命的不断延长，这种没有辅以金融手段的高消费养老模式，始终有着无法回避的养老金耗竭风险。
Failure to seize this critical strategic period could lead, at best, to a fate like the U.S. life insurance industry—relegated to a secondary role, ceding market share. At worst, companies could face bankruptcy due to interest spread pressure, potentially triggering systemic risk.
通过美国的种种案例，我们可以得出两个信息：
The "New Life Insurance" model, characterized by the three-pronged synergy of "Payment + Services + Investment," is Taikang’s proposed solution.
一是面对养老“蓝海”，寿险业必须牢牢抓住养老金、养老产业发展的战略机遇期；二是养老社区只有具备流经个体的完整资金回转机制，才能算真正完成服务保障的闭环。
By incorporating the "service end," Taikang’s "Happiness Plan" insurance product provides long-term, stable cash flow, enhancing clients’ ability to pay for future services. Comprehensive medical and wellness services, in turn, stimulate insurance sales, while high-return assets like senior care communities help alleviate "asset scarcity." Robust investment returns stabilize the interest spread, naturally boosting the competitiveness of the insurance products.
怀揣对两大问题的遗憾，一个名为“新寿险”的全新模式，正从万里之外的东方崛起。
This increasingly detailed blueprint also explains why, while state-owned and centrally-administered enterprise giants have been slow to activate their senior care engines, Taikang embarked early on the "more challenging path" of building its own asset-heavy communities.
04“新寿险”模式
The book highlights several key milestones in Taikang’s senior care journey:
“新寿险”这一概念源于2023年末，陈东升在一场学术年会上的分享。
• 2007: Identified senior care services during its search for a "second growth curve."
• 2009: Secured the first regulatory pilot approval from the China Insurance Regulatory Commission (CIRC) for a life insurer to operate a senior care community.
年会结束不久后，陈东升通过署名文章《拥抱新寿险，迎接行业高质量发展》，详细阐释了“新寿险”概念，提出在负债与投资的二维结构中加入医养康宁这一“服务端”；
• 2012: Launched "Happiness Plan," its first large-scale annuity product linked to a senior care community, and began constructing its high-end community, Taikang Home·Yanyuan. This marked a breakthrough from the traditional life insurance model to a "payment + senior care services" approach.
同年在新作《战略决定一切》提及西方成熟市场中寿险业的瓶颈，强调抓住战略机遇期，才能实现超常规跨越式发展。
Thereafter, Taikang’s strategy crystallized. It moved into healthcare, building rehabilitation hospitals for each community, and expanded its service network into end-of-life care, forming three interconnected closed loops: Longevity, Health, and Wealth.
此后的一年时间里，重构了行业价值链的“新寿险”模式在业内引起广泛讨论。
This journey was inevitably fraught with challenges best left unsaid.
长久以来，养老社区是泰康保险的知名度最高的王牌名片之一，甚至在不少人的认知里，泰康先是一家专业、高端、有价值的养老服务供应商，其次才是一家头部保险公司。
On the title page of Strategy Determines Everything, Chen Dongsheng inscribed: "Pursue pure goals, stay single-minded, do the right thing—time is the answer."
也是在《战略决定一切》这一新作中，陈东升首次谈及公司养老制定战略的初衷、执行战略过程中面临的质疑、挑战、艰辛，与最后的坚持，在最后将多年的经验和感慨浓缩为此书的标题。
As of 2025, Taikang has cumulatively invested more than RMB 50 billion in the construction and operation of healthcare and elderly-care services. In addition, over RMB 17 billion has been invested in companies across the broader healthcare ecosystem. Taikang Home has developed 47 projects in 37 cities nationwide, with a resident population exceeding 20,000.
长期以来，寿险价值链的主要贡献者，始终是资产端的利差损。
The "Happiness Plan" has evolved into four systems: "Longevity Plan," "Health Plan," "Wealth Plan," and "Graceful Aging Plan," serving a total client base exceeding 300,000. Its team of Health and Wealth Planners has grown to over 20,000 members.
但近二十年，全球成熟市场基本无法摆脱低利率、甚至零利率环境，投资回报长期承压，中国寿险业也在近五年进入转型“深水区”，价值链边际效益持续递减；而长寿时代的到来，又意味着个体的健康、财富等养老问题，将面临无法回避的新挑战。
Genuine three-pronged synergy constitutes Taikang’s unique "moat" in both the life insurance and senior care markets. From 2007 into 2025, Taikang is narrating not just a corporate story for the Chinese market, but a Chinese story for the global stage.
此时的整个寿险业，都面临着巨大的压力——挑战是已知，出路却是未知。
In 2025, amid economic transition, shifting growth drivers, industry transformation, and capital market pressures, Taikang continued to execute its "New Life Insurance" strategy. It achieved annual growth in revenue, new business value, and net profit, while maintaining sufficient solvency. Having navigated the senior care sector for nearly two decades, Taikang’s industry-leading strategy has been consistently validated by time. The market has good reason to expect even greater value from "New Life Insurance" in the future.
如果不能把握住战略机遇的关键阶段，轻则如美国寿险业一般退居二线，将市场份额拱手相让；重则在利差损之下走向破产，行业也可能面临系统性风险。
“支付+服务+投资”三端协同的“新寿险”方案，正是泰康提供的出路：
加入“服务端”后，“幸福有约”保险产品负责提供长期、稳定的现金流，提升客户支付服务的能力——完备的医养康宁服务可促进产品销售，养老社区等高回报资产又可纾困“资产荒”——有良好的投资收益稳定利差，保险产品竞争力自然大大提升。
细节持续丰富的蓝图也解释了，为何身为国央企的头部“巨轮”们还未发动养老引擎，泰康已早早走上重资产自建社区这条“更为艰难的路”。
我们在书中找到了泰康在养老上的几个关键时点：
2007年在“第二增长曲线”的探索中选定养老服务；
2009年获得首个保监会批准的寿险养老社区试点；
2012年推出首个对接养老社区的大额年金产品“幸福有约”，自建高品质养老社区泰康之家·燕园，在人身险传统模式下做出“支付+养老服务”的突破。
此后泰康的养老战略日渐清晰，开始进军医疗领域，为每个养老社区配建康复医院，同时将服务网络拓展到生命关怀领域，形成长寿、健康、财富三个闭环。
这个过程里，必然有不足为外人道也的困难。
在《战略决定一切》的扉页，陈东升写下“目标纯正，心无旁骛，做正确的事，时间就是答案。”
截至2025年，泰康累计投入超500亿元用于建设运营医养。还有超170亿元投向大健康生态企业，“泰康之家”在全国37个城市建设47个项目，居民超20000人；
“幸福有约”迭代形成“长寿有约、健康有约、财富有约、善寿有约”四大体系，客户总量突破30万人，健康财富规划师队伍超过2万人。
真正的三端协同，构成泰康在寿险与养老市场中，都独具特色的“护城河”，从2007年到2025年，泰康讲述不只是中国市场的公司故事，更是世界市场的中国故事。
2025年面对经济转轨、新旧动能转换、行业转型与资本市场压力，泰康持续践行“新寿险”，全年营收、新单价值、净利均实现增长，偿付能力充足。布局养老赛道的近20年时间里，泰康领先行业的战略已持续被时间验证，对于“新寿险”在未来的价值，市场值得抱有更多期待。
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