SCS(SH:601555) 智通财经网·2025-07-31 01:28Core Viewpoint - The life insurance products in China are at a critical development stage amid changing external environments, with opportunities for companies to shift towards mortality and expense margins, particularly in health insurance products [1][2]. Group 1: Historical Context and Market Changes - Historical changes in market interest rates have led to significant shifts in mainstream life insurance products in China, including the introduction of investment-linked and participating products to enhance attractiveness [2][3]. - The life insurance industry in China has not yet reached the global average in terms of insurance density and depth, indicating substantial room for growth [3]. Group 2: Product Development Opportunities - Companies are encouraged to focus on developing term life insurance and medical insurance products, leveraging the high leverage and cost-effectiveness of term life insurance to meet customer needs [4]. - The demand for commercial medical insurance is increasing due to public healthcare reforms, allowing companies to create a diverse product matrix to cater to various customer segments [4]. - There is a need for targeted adjustments in critical illness insurance design to enhance its competitiveness, potentially by adopting models from other markets [4]. Group 3: Maintaining Profit Margins - Companies can maintain their profit margins by transitioning to floating yield products, which can help reduce liability costs amid declining investment returns [5]. - The development of specialized commercial pension insurance products, which offer tax benefits, is seen as a promising avenue for enhancing profit margins [5].