分红险红利实现率扭转颓势

Core Insights - The overall dividend realization rate of participating insurance products has significantly improved in 2024 compared to the low performance in 2023, with many products from leading companies exceeding 100% realization rates [1][2] Summary by Sections Dividend Realization Rate Improvement - The dividend realization rate, which measures the actual dividends paid against projected dividends, has shown a positive trend, with over 200 products from more than 30 insurance companies achieving rates of 100% or higher [2][4] - Leading companies like Xinhua Insurance reported that 56 out of 59 participating products had a realization rate of 100%, with an average of 152%, while 11 out of 12 new products from Ping An Life also reached 100% [2][3] Factors Driving Improvement - Strong investment returns and optimized regulatory policies are the main drivers behind the improved dividend realization rates in 2024 [4][5] - The comprehensive investment return rate for life insurance companies reached 7.45% in 2024, an increase of 4.08 percentage points year-on-year, with Xinhua Insurance achieving 8.5% [4] - Regulatory adjustments have provided larger space for leading companies, with caps on floating income product liabilities set at 3.2% for small and medium-sized insurers and 3.0% for large insurers [4][5] Regulatory Environment and Market Dynamics - Recent regulatory changes aim to prevent unhealthy competition in the industry and ensure that companies do not inflate projected dividend levels unsustainably [5][6] - The emphasis on maintaining a high dividend realization rate (≥100%) reflects the prudence of actuarial assumptions and investment management capabilities, enhancing consumer trust [7][8] - The insurance industry is shifting from a marketing-driven approach to a value-driven one, focusing on asset-liability management and long-term investment capabilities [8]