分红险不好卖？保险业“开门红”承压，一季度保费增速不足1%

Core Insights - The insurance industry consensus of a strong start to the year is being challenged, with the first quarter of 2025 showing a significant slowdown in premium growth [1][3]. Industry Performance - In the first three months of 2025, the insurance industry reported original insurance premium income of 2.17 trillion yuan, with a year-on-year growth of only 0.93%, a notable decline from the previous year's 5.1% growth [3][4]. - The life insurance sector specifically saw original insurance premium income of 1.79 trillion yuan, with a mere growth rate of 0.24% [4]. Factors Affecting Growth - The slowdown in premium growth is attributed to several factors, including a reduction in the guaranteed interest rates of insurance products, which has led to a premature release of consumer demand [5]. - The shift towards promoting dividend insurance products has also contributed to the slowdown, as market acceptance of these products has been lower than expected [5]. - The ongoing decline in interest rates is increasing the pressure on life insurance companies regarding interest margin losses, prompting a shift in product structure towards more variable income products [5][6]. Future Outlook - The first quarter's weak performance may indicate a challenging year ahead, with industry experts predicting that the overall premium growth for 2025 may align with the first quarter's modest increase [6][7]. - The potential for further reductions in the maximum guaranteed interest rate for life insurance products could exacerbate sales difficulties, as the current upper limit is set at 2.5% [7]. - The latest research value for the guaranteed interest rate was published at 2.13%, and if it remains below 2.25% in the next quarter, it could trigger a downward adjustment in rates as early as the third quarter [7].