不搞“内卷式”竞争，分红险新政放权与加压并行

Core Viewpoint - The regulatory body emphasizes the need for insurance companies to prudently determine annual dividend levels for participating insurance products to avoid excessive competition and ensure sustainable operations [1][4]. Regulatory Framework - The new regulatory opinion outlines six specific scenarios where insurance companies must justify the necessity of proposed dividend levels and obtain approval from the asset-liability management committee before implementation [2][3]. - The six scenarios include conditions related to investment returns, special reserves, company ratings, and other factors that necessitate scrutiny before setting dividend levels [3][4]. Market Dynamics - The ongoing low-interest-rate environment has led to increased competition among insurance companies, prompting them to raise advertised returns or dividend rates, potentially at the expense of actual investment returns and risk management [4][6]. - The regulatory intent is to promote orderly development of floating yield products while preventing "involution" competition that disrupts market order [4][6]. Impact on Insurance Companies - The new regulations may create opportunities for leading insurance companies to seek higher dividends within compliance frameworks, while posing significant challenges for smaller firms [1][6]. - The differentiation in the industry may accelerate, with top-tier companies maintaining higher dividends, while smaller firms face pressure to enhance investment capabilities [6][7]. Risk Management - The persistent risk of interest spread loss, where investment returns fall short of the average guaranteed rates, remains a primary concern for the health of insurance companies [7]. - Regulatory measures have been implemented to adjust the maximum guaranteed rates for various insurance products, with a focus on aligning them with market conditions [8][9]. Product Development - The insurance industry is transitioning towards a "fixed + floating" yield mechanism, with new products being introduced that reflect lower guaranteed rates and enhanced flexibility in dividend distribution [9].