58家人身险公司上半年投资收益率出炉：约九成机构不足3% 4.67%成“天花板”

Core Viewpoint - The insurance industry is experiencing a downward adjustment in the preset interest rates for insurance products, with significant implications for investment returns and product structure [1][2]. Group 1: Adjustments in Preset Interest Rates - Several insurance companies have announced reductions in the maximum preset interest rates for newly filed life insurance products, with ordinary insurance products now at 2.0%, participating insurance products at 1.75%, and universal insurance products at a maximum guaranteed rate of 1.0%, reflecting decreases of 50, 25, and 50 basis points respectively [1]. - The preset interest rates for insurance products have undergone multiple adjustments since the introduction of floating yield insurance, leading to a shift in product structure towards "guaranteed returns + floating returns" participating insurance becoming mainstream [1]. Group 2: Investment Returns of Life Insurance Companies - As of now, 58 life insurance companies have disclosed their investment return rates for the first half of 2025, with most institutions reporting rates between 1% and 3%, and some experiencing declines compared to the previous year [2]. - Specific examples include Hengtai Life, which saw its investment return rate drop from 2.67% in the first half of 2024 to 0.96% in the first half of 2025, a decrease of 1.71 percentage points [2]. - Among the companies with investment returns exceeding 3% are Lianan Life (3.22%), Junlong Life (4.67%), Guomin Pension Insurance (3.01%), Xingfu Life (3.08%), and Beijing Life (3.65%) [2]. Group 3: Factors Influencing Negative Investment Returns - Negative investment returns can occur due to the classification of investment assets and trading strategies, particularly if companies use fair value measurement for financial assets and experience significant declines in market value [3]. - Large impairments in debt assets or significant credit losses can also adversely affect current profits, leading to lower investment return rates [3]. Group 4: Evaluating Participating Insurance - The solvency reports from insurance companies reveal both investment return rates and comprehensive investment return rates, with the latter generally being higher [4]. - For instance, Changcheng Life reported an investment return rate of 2.58% alongside a comprehensive investment return rate of 6.82% for the first half of 2025 [4]. - Comprehensive investment return rates reflect a broader view of investment performance, including unrealized gains and losses, making them more representative of an insurance company's overall investment capability [5]. Group 5: Consumer Considerations - Consumers are advised to focus on long-term comprehensive investment return rates when selecting participating insurance products, considering historical performance and dividend realization rates [5].