预定利率下调“洗牌”产品布局，分红险成险企新赛道

Core Insights - The insurance industry is undergoing a significant transformation towards dividend insurance products, with over 40% of newly launched life insurance products in September being dividend insurance [1][3][4] Product Development - In September, the industry introduced 271 new life insurance products, with 110 being dividend insurance, representing 40.74% of the total [3][4] - The trend of increasing dividend insurance products is a response to the adjustment of the predetermined interest rate, which has entered the "2.0% era" as of September 1 [4][6] Market Dynamics - The shift towards dividend insurance is seen as a necessary adaptation to the low-interest-rate environment, with companies like New China Life and Ping An emphasizing its importance for future growth [4][5] - Dividend insurance offers a structure of "low guaranteed interest + high dividend potential," which aligns with regulatory cost reduction requirements and meets consumer demand for both protection and value appreciation [6][8] Consumer Acceptance - There is a growing but cautious acceptance of dividend insurance among consumers, with a noted preference for fixed-income products due to historical performance concerns [7][9] - The complexity of dividend insurance products may pose challenges in understanding and selling them, leading to potential short-term sales bottlenecks [7][9] Competitive Landscape - The introduction of a dynamic adjustment mechanism for predetermined interest rates may lead to increased premium prices and reduced yields for traditional fixed-income products, further pushing the market towards dividend insurance [8] - Companies are encouraged to enhance their investment capabilities and improve product transparency to fully leverage the market potential of dividend insurance [9][10]