二季度人身险产品预定利率研究值或低于2.25% 部分险企将于8月底完成新旧产品切换

Core Viewpoint - The upcoming adjustment of the predetermined interest rate for ordinary life insurance products is expected to be below 2.25%, leading to a shift in product offerings by insurance companies towards floating and protection-oriented products [1][2][3]. Group 1: Predetermined Interest Rate Adjustments - The second quarter's predetermined interest rate research value is anticipated to be below 2.25%, with a potential downshift of 50 basis points (BP) [2][3]. - If the research value is below 2%, it may trigger another product switch by the end of the year [4]. - The current maximum predetermined interest rate for ordinary life insurance products is 2.5%, which may be adjusted down to 2.0% [4][5]. Group 2: Industry Response and Product Strategy - Insurance companies have entered a "preparation state" to adjust their product pricing in response to market interest rate changes, with some companies expected to complete product switches by the end of August [1][5]. - The focus of product design is shifting towards floating and protection-type products, as the relative attractiveness of yield-based products diminishes [5][6]. - Companies are implementing modular configurations for rapid product iteration to adapt to the changing market [5][6]. Group 3: Market Implications - The adjustment of predetermined interest rates is expected to benefit high-dividend stocks while having a limited short-term impact on the bond market [2][8]. - The shift towards floating yield products will help alleviate liability costs and diversify investment risks, allowing insurance companies to increase their equity allocation [8][9]. - The insurance sector's historical role as a significant buyer of long-term bonds may face challenges if interest rates deviate significantly from insurance costs [9].