低利率环境下保险业突围

Core Viewpoint - The introduction of insurance products with a predetermined interest rate of 1.5% reflects a historical low, driven by a dynamic adjustment mechanism linking predetermined rates to market rates, impacting both consumers and insurance companies [1][2]. Liability Side Transformation - Some insurance companies have launched participating insurance products with a predetermined interest rate of 1.5%, which is below the regulatory upper limit, indicating a trend of rising product prices or declining yields for consumers [2]. - The decline in interest rates presents both opportunities and challenges for insurance companies, allowing them to reduce new policy liability costs while potentially compressing profit margins due to lower investment returns [2][3]. - Insurance companies are actively transforming their liability side by promoting floating yield products and enhancing the comprehensive value of policies through improved services and expanded coverage [2][3]. Investment Strategy - The insurance industry is increasingly focusing on equity investments as a response to the new interest rate environment, with regulatory support facilitating higher equity asset investment ratios [4][5]. - Insurance companies are optimizing their asset allocation by increasing long-term bond investments and enhancing their equity investment strategies to secure stable long-term returns [5][6]. - The trend shows a significant increase in equity investments, with insurance firms actively investing in high-dividend assets and new sectors like renewable energy and AI [6]. Balancing "Three Differences" - The industry aims for sustainable development through regulatory support and continuous innovation, focusing on balancing mortality, expense, and interest differences [7][8]. - Recommendations include optimizing reserve discount rates to reflect actual market interest rates and enhancing risk management to support the balance of asset and liability management [7][8]. - Insurance companies are encouraged to develop more protection-oriented products and dynamically manage predetermined interest rates while exploring new investment opportunities [8].