降低负债端成本万能险结算利率下调

Core Viewpoint - The overall trend of universal insurance settlement rates is declining, with most products showing rates between 2.5% and 3% as of September 26, 2023, which is a significant drop compared to previous years [1][2][3] Group 1: Universal Insurance Settlement Rates - As of September 26, 2023, over 1,200 universal insurance products reported settlement rates, with the highest at 3.5% and the lowest at 0.36% [1] - The majority of universal insurance products have settlement rates not exceeding 3%, with over 85% falling within the 2.5%-3% range [1] - In comparison, during the same period in 2024, most products had rates not lower than 3%, and in 2023, hundreds of products had rates above 4% [1] Group 2: Impact of Market Conditions - The decline in universal insurance settlement rates is linked to lower investment returns from fixed-income assets and volatility in equity markets, affecting insurance companies' overall investment income [2] - Regulatory measures are in place to mitigate interest rate risk, leading to a reduction in the upper limit of settlement rates to align with actual investment returns [2][3] Group 3: Future Outlook - Industry experts predict that universal insurance settlement rates may continue to decline due to ongoing downward trends in market interest rates, including 10-year government bond rates and loan market quotation rates (LPR) [3] - The premium scale for universal insurance has decreased, with new policyholder investment contributions amounting to 419.3 billion yuan in the first seven months of the year, a 1% decline from the previous year [3] - To enhance the attractiveness of universal insurance, companies need to focus on the product's core insurance benefits and long-term protection features [3][4] Group 4: Regulatory Changes and Product Strategy - In April 2023, regulatory authorities issued guidelines prohibiting the development of universal insurance products with terms shorter than five years, encouraging companies to extend the actual policy duration through design adjustments [4] - The reduction in settlement rates poses challenges to the product's appeal, shifting customer focus from price to value, emphasizing the unique advantages of universal insurance such as guaranteed rates and flexible withdrawals [4]