存款利率七轮下调跌入“1%” 时代 储蓄型保险产品“风景独好”

Core Viewpoint - The decline in deposit interest rates since April 2022 has significantly increased the attractiveness of savings-type life insurance products, leading to continuous growth in life insurance premium income in China, with accelerating growth rates observed since 2022 [1][3]. Summary by Relevant Sections Deposit Rate Changes - The People's Bank of China established a market-oriented adjustment mechanism for deposit rates, leading to multiple reductions in deposit rates by major banks since September 2022, with the latest adjustments bringing one-year fixed deposit rates below 1% [2][4]. - As of May 20, 2023, the seventh reduction in deposit rates was implemented, with significant cuts in both current and fixed deposit rates across major banks [2]. Life Insurance Premium Growth - Life insurance premium income has shown consistent growth since 2022, with the industry achieving approximately 5.7 trillion yuan in original insurance premium income in 2024, reflecting an 11.15% year-on-year increase, while life insurance specifically saw a 15.45% increase [4][5]. - The demand for savings-type life insurance products has surged due to the declining deposit rates, as consumers seek stable long-term returns amidst low-risk preferences [5][6]. Product Strategy Adjustments - Insurance companies are shifting their product strategies to focus on floating yield products, such as dividend and universal life insurance, to mitigate the impact of declining interest rates and reduce reliance on traditional fixed-income products [12][13]. - The introduction of over 170 new life insurance products in the first quarter of the year, with a significant proportion being floating yield products, indicates a strategic pivot in response to the low interest rate environment [11][12]. Risk Management Focus - The insurance industry is gradually transitioning from a model focused on premium growth to one centered on risk management services, which are less sensitive to interest rate fluctuations [14][15]. - This transformation aims to enhance the risk management capabilities of insurance products, encouraging consumers to view insurance as a tool for risk management rather than merely a savings alternative [15].