整治分红险乱象 监管要求不得随意抬高分红水平

Core Viewpoint - The regulatory body has issued guidelines to enhance the sustainable operation of participating insurance products in a low-interest-rate environment, aiming to protect consumer rights and prevent unhealthy competition among insurance companies [1][2][4]. Group 1: Regulatory Guidelines - The National Financial Regulatory Administration has emphasized the need for insurance companies to strengthen asset-liability management and ensure that dividend levels are aligned with actual investment returns [1][2]. - Companies are required to adhere to the pricing mechanism for life insurance products and balance the predetermined interest rates with floating returns [2][3]. - Specific conditions have been outlined under which companies must justify their proposed dividend levels, including scenarios where the proposed rates exceed historical averages or when reserves are negative [3][4]. Group 2: Market Trends - The participating insurance market has seen rapid growth since the second half of 2024, driven by declining interest rates and the diminishing appeal of fixed-income products [2][5]. - Several insurance companies have begun to launch new participating insurance products with reduced predetermined interest rates, signaling a shift towards a "1.5% era" in the market [5][6]. - The industry anticipates further adjustments to predetermined interest rates, with expectations that they may drop below current levels by the end of July [6]. Group 3: Industry Implications - The new guidelines are expected to standardize the floating cost levels of participating insurance, encouraging companies to prudently determine dividend levels and enhance asset-liability matching [6]. - Future trends indicate that participating insurance may evolve towards lower guaranteed returns, making dividend realization rates a key competitive factor for insurance companies [6]. - Consumers are advised to focus on the insurer's solvency, dividend realization rates, and investment capabilities rather than just projected returns when selecting products [6].