万能险结算利率普降至3%以下

Core Viewpoint - The market for universal insurance products is experiencing a significant decline in settlement interest rates, with most products now falling within the 2.5% to 3% range, reflecting a shift towards lower rates and increased risk prevention due to declining market interest rates and regulatory guidance [1][2]. Group 1: Interest Rate Trends - As of September 5, among nearly 300 disclosed universal insurance products, only 24 had settlement interest rates exceeding 3%, with the highest at 3.5%. Approximately 85% of products are now in the 2.5% to 3% range [2]. - The downward trend in settlement interest rates has become more pronounced over time, with many products previously offering rates above 4% in 2023 now significantly lower [2]. Group 2: Factors Influencing Rate Decline - The decline in universal insurance settlement rates is attributed to two main factors: the performance of insurance companies' investments and proactive regulatory guidance aimed at preventing industry-wide "interest spread loss" risks [3]. - The regulatory measures include a ban on developing short-term universal insurance products and stricter requirements for insurance companies to determine settlement rates based on actual investment performance [3]. Group 3: Future Outlook - The downward trend in universal insurance rates is expected to continue, as key market interest rates remain in a downward trajectory, indicating further potential for rate reductions [4]. - New regulations effective September 1 have lowered the maximum guaranteed interest rate for universal insurance products from 1.5% to 1.0%, which is anticipated to reduce insurance companies' liability costs and provide a buffer against low-interest environments [4]. Group 4: Market Value and Consumer Perspective - Despite the reduced attractiveness of yields, universal insurance products retain market value due to their flexibility and inherent insurance protection, emphasizing the need for consumers to focus on the product's protective attributes rather than solely on investment returns [6]. - Future competition among insurance companies is expected to shift from simple interest rate comparisons to a focus on product design, risk management, and overall customer service capabilities [6].