如何理解红利实现率？如何选择分红险产品？

Core Viewpoint - The article discusses the increasing popularity of participating insurance products in a declining interest rate environment, highlighting the significance of dividend realization rates and their relationship with actual product returns [1][2]. Summary by Sections Dividend Realization Rate - The dividend realization rate is determined by both the projected dividend level and the actual distributed dividends, calculated as actual distributed dividends divided by projected dividends [1]. - A realization rate below 100% may occur if past policies had high projected dividends at the time of sale, while a conservative projection may lead to rates above 100%, indicating normal fluctuations [1]. Components of Participating Insurance - The benefits of participating insurance consist of guaranteed benefits and dividend benefits, with the guaranteed benefits primarily influenced by the product's predetermined interest rate, which has decreased from 2.5% to 2.0% as of October 2024 [2]. - The dividend benefits are derived from the insurance business's "three differences" (cost difference, mortality difference, interest difference), with the interest difference being the most significant [2]. Market Trends and Consumer Considerations - Consumers have reported declining returns on participating insurance, universal insurance, and investment-linked insurance due to the sustained decline in market interest rates and increased volatility in equity markets [2]. - Experts suggest that if market interest rates rise in the future, investment returns may improve, potentially leading to a recovery in dividend levels and universal settlement rates [2]. - When selecting insurance products, consumers should consider various factors, including insurance costs, terms, responsibilities, and the financial stability of the insurance company, such as capital adequacy and solvency ratios [3]. Future Outlook for Participating Insurance - The implementation of new asset management regulations and the long-term supply-demand gap for fixed-income products suggest that participating insurance will remain a mainstream product direction in the future [3]. - Enhanced disclosure of dividend information in participating insurance has alleviated some investor concerns regarding fluctuating returns, making these products more appealing to consumers [3].