监管部门出手规范分红险市场： 不得随意抬高分红水平搞“内卷式”竞争

Core Viewpoint - The National Financial Regulatory Administration has issued guidelines to human insurance companies regarding the distribution levels of dividend insurance for 2024, emphasizing the need for sustainable operations and consumer protection [1][2]. Group 1: Regulatory Requirements - Companies are required to operate prudently and adhere to long-term principles, ensuring that asset-liability management is integrated throughout the insurance product lifecycle [1]. - The regulatory body will enhance data monitoring and impose penalties such as regulatory interviews, corrective orders, and rating deductions for non-compliance [1]. - Companies must comply with the notification on improving the pricing mechanism for life insurance products, balancing the predetermined interest rates of dividend insurance with floating returns [1][2]. Group 2: Dividend Insurance Standards - Companies must follow the "Dividend Insurance Actuarial Regulations" to improve the quality of dividend insurance business, ensuring that the annual distributable surplus is approved through collective meetings [2]. - The new standards for dividend insurance emphasize regulation and sustainability, which is beneficial for the long-term healthy development of the industry [2]. - Companies must scientifically determine the dividend levels for insurance accounts, providing justification for any proposed levels that exceed certain thresholds [2]. Group 3: Industry Analysis - The tiered regulatory approach allows for differentiation among insurance companies, enabling those capable of managing interest rate risks to offer higher dividend levels [3]. - In 2023, the dividend realization rates for over a thousand dividend insurance products showed a significant decline, with theoretical yield rates generally between 3% and 3.2% [3]. - Compared to traditional insurance, dividend insurance offers a balance of guaranteed minimum returns and potential higher yields, allowing stable companies to manage interest rate risks effectively [3].