Core Viewpoint - The regulatory body has issued guidelines to insurance companies to ensure sustainable dividend levels for participating insurance products, preventing excessive competition that could harm the industry's long-term health [1][2][3]. Regulatory Guidelines - The recent regulatory opinion emphasizes that insurance companies must carefully determine annual dividend levels based on actual asset-liability and investment income situations, avoiding arbitrary increases that lead to "involution" competition [1][2]. - Six specific scenarios have been outlined where insurance companies must justify the necessity, reasonableness, and sustainability of proposed dividend levels before implementation [3]. Industry Context - In a low-interest-rate environment, participating insurance products have become a focal point for insurance companies, but the sales difficulty and competition remain high [2]. - The regulatory opinion aims to prevent short-term consumer attraction through inflated dividends, which poses long-term sustainability challenges for products [2]. Financial Metrics - The average financial investment return for the past three years in the life insurance sector is 3.20%, which serves as a benchmark for evaluating proposed dividend levels [3]. - The regulatory body will enhance data monitoring and impose penalties for non-compliance, including regulatory interviews and score deductions [3]. Cost Management - The regulatory opinion continues the trend of reducing liability costs to mitigate interest rate risk, with previous adjustments allowing for lower guaranteed rates on universal insurance products [4]. - Major companies have already begun to lower the dividend realization rates for participating insurance products since last year, with specific caps set for different company sizes [4]. Future Projections - The average monthly pressure on the predetermined interest rate research value is approximately 4 basis points, with expectations of further declines in the coming months [6]. - A recent product launch by a joint venture life insurance company has introduced a participating product with a predetermined interest rate of 1.5%, marking a significant shift in the market [6].
不搞“内卷式”分红!监管发文筑牢分红险可持续经营防线
Di Yi Cai Jing·2025-06-19 11:22