预定利率下调“倒计时”！分红险竞争优势凸显，险企该如何竞逐？

Core Viewpoint - The insurance industry is undergoing a significant shift as the predetermined interest rates for life insurance products are set to decrease, prompting companies to phase out non-compliant products and introduce new ones. This has led to a heightened interest in participating insurance products, which are expected to dominate the market in a low-interest-rate environment [1][3][5]. Group 1: Changes in Predetermined Interest Rates - The China Insurance Industry Association announced a new research value for ordinary life insurance products' predetermined interest rate at 1.99%, down from 2.34% in January and 2.13% in April, marking a significant decline [3][5]. - Major insurance companies, including China Life and Ping An Life, have adjusted their maximum predetermined interest rates, with ordinary life insurance rates dropping from 2.5% to 2%, and participating insurance rates from 2% to 1.75% [3][5][7]. - The new rates will take effect after August 31, with no applications accepted for products exceeding these limits [3]. Group 2: Shift Towards Participating Insurance Products - In response to the declining interest rates, participating insurance products are gaining traction due to their combination of guaranteed and floating returns, appealing to consumers seeking higher returns [5][6]. - Participating insurance allows policyholders to receive a share of the insurer's profits, with a minimum of 70% of the distributable surplus allocated to policyholders each year [5][9]. - The competitive advantage of participating insurance is further enhanced by its flexibility in product design, allowing for additional features such as universal accounts and health management services [7][8]. Group 3: Market Dynamics and Consumer Behavior - The low-interest-rate environment and asset scarcity are driving insurance companies to expand their offerings of participating and other floating-return products [8][9]. - Data from the China Insurance Industry Association indicates that nearly 40% of new life insurance products launched in the first quarter were participating or universal life insurance [8]. - The performance of participating insurance products is closely tied to the company's actual operating results, with the dividend realization rate being a critical measure of their competitiveness [9][10]. Group 4: Consumer Considerations - Consumers are advised to evaluate the dividend realization rate over the past 5-10 years to assess the stability and variability of the insurer's performance [9][10]. - The speed of cash value growth is also crucial, as faster growth indicates better liquidity and shorter lock-in periods for funds [10]. - Additional factors such as the insurer's investment return rates, solvency ratios, and hidden costs like commissions and management fees should be considered when selecting products [10].