不搞“内卷式”竞争！分红险“限制令”来了，如何影响市场？

Core Viewpoint - The regulatory authority has issued guidelines to insurance companies regarding the management of dividend insurance, emphasizing the need to avoid excessive competition and ensure a balance between guaranteed and floating returns [3][4][6]. Group 1: Regulatory Guidelines - The Financial Regulatory Authority has sent a letter to life insurance companies, requiring them to strengthen the coordination of asset and liability management and to avoid arbitrary increases in dividend levels to prevent "involutionary" competition [3][4]. - Companies are instructed to adhere to relevant requirements, balancing the predetermined interest rates of dividend insurance with floating returns and ensuring that the actual investment returns align with the asset-liability situation [3][4]. - The regulatory body will enhance data monitoring and will take corrective actions against companies that violate these guidelines, including regulatory interviews and rating deductions [3][4]. Group 2: Market Impact - The issuance of these guidelines is expected to lead to a decrease in guaranteed returns for dividend insurance, as companies will need to focus on sustainable practices rather than high short-term payouts [5][6]. - The market for dividend insurance may experience increased sales difficulty in the short term, but the long-term effect is anticipated to be a higher quality development of the dividend insurance market, ensuring financial security [7]. - The focus will shift towards the companies' ability to pay claims, dividend realization rates, and investment capabilities, as consumers become more discerning in their choices [6][8].