险企固收类投资以“稳”筑基、权益投资以“进”破冰 低利率环境下保险业突围

Core Viewpoint - The introduction of insurance products with a guaranteed interest rate of 1.5% reflects a historical low, driven by a dynamic adjustment mechanism linking guaranteed rates to market rates, indicating a significant shift in the insurance landscape [1][2]. Liability Side Transformation - Some insurance companies have launched participating insurance products with a guaranteed interest rate of 1.5%, which is below the regulatory upper limit, leading to potential price increases or reduced returns for consumers [2]. - The decline in guaranteed interest rates presents both opportunities and challenges for insurance companies, allowing them to reduce new policy liability costs while also risking lower investment returns and customer dissatisfaction [2][3]. - Insurance companies are actively transforming their liability side by promoting floating return products and enhancing the overall value of policies through improved services and expanded coverage [2][3]. Investment Strategy - The insurance industry is increasingly focusing on equity investments to adapt to the new interest rate environment, with regulatory support encouraging higher equity asset allocations [4][5]. - Insurance companies are diversifying their investment strategies, emphasizing long-term stable returns through increased allocations in equities and high-dividend assets, while also exploring new investment opportunities in sectors like renewable energy and AI [5][6]. - The proportion of bonds in life insurance companies' portfolios has surpassed 51%, marking a historical high, while equity investments are becoming a key driver for enhancing returns [5]. Balancing "Three Differences" - The industry is urged to maintain a balance among mortality, expense, and interest differences to ensure sustainable development amid changing interest rates [7][8]. - Regulatory support is deemed crucial for minimizing short-term impacts from accounting standards and solvency rules, while also encouraging innovation and risk management [7][8]. - Insurance companies are advised to enhance operational efficiency, control costs, and strengthen risk management to support the balance of the "three differences" [8].