人身险产品预定利率研究值跌破2% 保险产品下月底“降息”

Core Viewpoint - The recent adjustment of the predetermined interest rate for personal insurance products in China to 1.99% indicates a downward trend, triggering a mechanism for rate reduction, which is expected to impact product pricing and consumer returns [1][2][4]. Group 1: Predetermined Interest Rate Adjustments - The maximum predetermined interest rates for various insurance products have been set: 2.0% for ordinary insurance, 1.75% for participating insurance, and 1.0% for universal insurance, effective from August 31 [1][4]. - The latest predetermined interest rate research value of 1.99% reflects a continuous decline over two quarters, with previous values being 2.34% and 2.13% [2][4]. - The adjustment mechanism is based on market interest rates, with the current reference rates being 3.5% for the 5-year LPR, 1.3% for the 5-year fixed deposit rate, and 1.65% for the 10-year government bond yield [3][4]. Group 2: Market and Consumer Impact - The reduction in predetermined interest rates is expected to lead to a slight decrease in guaranteed returns for savings-type insurance and potential premium increases for protection-type products [4][6]. - The shift towards lower predetermined interest rates may alleviate the risk of interest margin losses for insurance companies, although short-term sales could be pressured [4][6]. - The market response has shown a decrease in irrational behaviors such as "speculative buying," with consumers becoming more rational and focused on long-term benefits [6][7]. Group 3: Company Strategies and Adaptations - Insurance companies are proactively adjusting to the new interest rate environment by enhancing product structures, optimizing asset-liability management, and focusing on floating yield and non-interest-sensitive products [5][6]. - Companies like Great Wall Life are implementing strategies to adapt to the changing landscape, including product restructuring and system upgrades to facilitate rapid product iteration [5][6]. - The emphasis on floating yield insurance products is expected to increase, with many companies already launching products with lower predetermined interest rates [5][6].