Di Yi Cai Jing·2025-07-25 11:36Core Viewpoint - The insurance industry is preparing for a significant shift towards dividend insurance products as the maximum guaranteed interest rates for life insurance are set to decline, reaching historical lows [2][4][10]. Summary by Sections Regulatory Changes - The maximum guaranteed interest rate for ordinary life insurance products has been lowered from 2.5% to 2.0%, and for dividend insurance from 2.0% to 1.75%, effective August 31 [2][3][4]. - This adjustment is a response to the current research value of 1.99%, which is below the previous quarter's 2.13%, triggering the need for a rate cut [3][4]. Industry Response - Major insurers like China Life, Ping An, and China Pacific have announced the rate adjustments, indicating a likely industry-wide response [2][3]. - Insurers have been preparing for this change, with product managers stating they have multiple product plans ready to adapt to the new rates [2][8]. Market Dynamics - The decline in guaranteed interest rates is expected to impact the cash value of ordinary savings-type products negatively, while it may lead to increased premiums for critical illness insurance [6][10]. - The shift towards dividend insurance is seen as a strategy to lower the rigid liability costs for insurers, as these products offer variable returns that can be more attractive in a low-interest environment [10][11]. Future Trends - The proportion of dividend insurance in total premiums is expected to rise significantly, with estimates suggesting it could exceed 50% across the industry [11][12]. - Insurers are focusing on enhancing market sensitivity and operational efficiency to navigate the challenges posed by the declining interest rates [12].