万能险迎监管新规 或将告别固定最低保证利率

Core Viewpoint - The National Financial Regulatory Administration has issued a notification to strengthen the regulation of universal life insurance, effective from May 1, aiming for stricter oversight and a problem-oriented approach, which may impact short-term premium income but is expected to benefit the long-term stability of the industry [1]. Group 1: Regulatory Changes - The notification allows insurance companies to set a guarantee period for the minimum guaranteed interest rate of universal life insurance, which can be adjusted after the period ends, differing from previous regulations that required consistency throughout the insurance period [2]. - It specifies that only certain products, such as whole life insurance and annuities, can be designed as universal life insurance, with a minimum insurance term of five years [2]. - The notification enhances the regulation of fund utilization, including stricter limits on single equity investments and non-standard financial products, aiming to reduce liquidity risks and ensure fair profit distribution [3]. Group 2: Impact on Premium Income - The premium income from universal life insurance has been declining due to lower market interest rates and settlement rates, and the new regulations are expected to maintain this downward trend in the short term [4]. - In 2022, the industry saw a new premium investment amount of 578.7 billion, a decrease of 2.8% year-on-year, with the first quarter of 2023 showing a further decline of 7.8% [4]. - The maximum guaranteed interest rate for new universal life insurance products will be capped at 1.5% starting October 1, 2024, which may further reduce the attractiveness of these products [5]. Group 3: Consumer Perspective - Existing policyholders will retain their minimum guaranteed interest rates as per their contracts, while new buyers will need to assess their financial planning and risk preferences before purchasing [6]. - The notification provides more pathways for insurance companies to manage risks, but it does not affect the validity of existing policies [6]. - Consumers are advised to be more cautious and rational in choosing insurance companies and their universal life insurance products, as the yield levels may vary based on the companies' investment capabilities [7].