险企竞渡分红险蓝海，消费者择优需破“红利实现率迷阵”

Core Insights - The continuous decline in bank deposit rates and the corresponding decrease in the guaranteed interest rates of life insurance products have highlighted the advantages of participating insurance products, which offer a combination of guaranteed and floating returns [1][4] - Participating insurance is characterized as a "lightly guaranteed" product, meeting consumer demands for safety and returns while alleviating concerns about interest rate spreads for insurance companies, leading to its strong promotion by major insurers [1][4] Industry Trends - As of September, the insurance industry introduced 299 new personal life insurance products (excluding short-term products), with 125 being participating insurance, accounting for 41.8% of new offerings [3] - In the first three quarters of the year, a total of 607 new personal life insurance products were launched, with 275 being participating insurance, indicating a significant concentration of new products in September [3] Regulatory Changes - Starting September 1, the guaranteed interest rates for life insurance products were further reduced, marking the entry into the "2.0 era," which has diminished the competitiveness of traditional savings-type products and compelled insurers to increase the supply of participating insurance [4] - The adjustment exhibited an "asymmetric" characteristic, with traditional and universal insurance rates reduced by 50 basis points (BP), while participating insurance was only reduced by 25 BP, narrowing the gap between traditional and participating insurance rates [4] Company Strategies - Companies like Ping An and China Pacific Insurance are shifting their product structures towards participating insurance, with Ping An's CEO predicting that participating insurance will account for over 50% of their overall sales in the future [4][5] - In the first half of 2025, major insurers reported significant premium income from participating insurance, with Ping An Life, China Pacific Life, New China Life, and PICC Life achieving revenues of 49.92 billion, 37.299 billion, 18.269 billion, and 11.417 billion respectively [5] Consumer Awareness - Despite the growing interest in participating insurance, consumer awareness remains relatively low, with many consumers still needing to adapt to the concept of floating returns [6][7] - Experts suggest that insurers should enhance product promotion and customer education to clarify the sources of dividends, distribution mechanisms, and risk characteristics of participating insurance [7] Product Selection Criteria - Consumers often focus on the dividend realization rate when selecting products, which is the ratio of actual non-guaranteed dividends distributed to the projected non-guaranteed dividends [8] - However, relying solely on the dividend realization rate may not accurately reflect potential returns, as a higher realization rate does not guarantee higher actual dividends [8]