泰会投 | 险资明明是本轮“牛市”的核心增量资金，为什么人身险预定利率还要下调？

Core Viewpoint - The recent surge in A-share market is primarily driven by long-term capital from insurance companies, despite a decrease in the preset interest rates for life insurance products, indicating a shift in investment strategies within the insurance sector [1][2]. Summary by Sections Insurance Product Rate Adjustments - The preset interest rate for ordinary life insurance products has been adjusted down to 1.99% from 2.13%, a decrease of 14 basis points [2]. - The maximum preset rates for various insurance products will change: ordinary life insurance from 2.5% to 2.0%, participating insurance from 2.0% to 1.75%, and universal insurance from 1.5% to 1.0%, effective August 31 [2][3]. Competitive Landscape of Insurance Products - The upcoming adjustments will disrupt the previous 50 basis points gap between ordinary, participating, and universal insurance products, enhancing the competitive edge of participating insurance [3]. - Regulatory support for participating insurance products is evident, reflecting a strategic shift towards these offerings [3][5]. Industry Transformation and Risk Management - The life insurance industry is accelerating its transition towards participating insurance, which helps mitigate interest rate risk and provides greater flexibility for investment strategies [4]. - The traditional profit model based on interest rate spreads is under pressure due to declining market rates, prompting insurers to adapt by focusing on participating insurance [4][6]. Policy Support and Investment Strategy - Recent regulatory guidance encourages the development of long-term participating insurance products, aligning with the industry's transformation [5]. - The lower preset interest rates will reduce liability costs, allowing insurance companies to optimize their asset allocation towards equities and high-dividend sectors, enhancing potential long-term returns [7][8]. Market Dynamics and Investment Trends - The insurance sector is experiencing a significant increase in equity allocation, with insurance funds' investment in stocks and securities rising to 4.46 trillion yuan, accounting for 12.8% of total investments [7]. - The shift towards equity investments is driven by a combination of low interest rates, regulatory changes, and the need for better returns in a challenging market environment [8].