人身险预定利率研究值降至1.90% 人身险产品定价调整压力暂缓

Core Viewpoint - The latest research value for the predetermined interest rate of ordinary life insurance products has been set at 1.90%, marking the third consecutive decline since the establishment of a dynamic adjustment mechanism linking predetermined rates to market rates, with a significantly smaller reduction compared to previous adjustments [1][2][3] Group 1: Recent Adjustments - The predetermined interest rate for ordinary life insurance products has seen a decline from 2.34% in January to 2.13% in April, then to 1.99% in July, and now to 1.90% [2][3] - The reduction in the research value has slowed down, with the latest drop being only 9 basis points, indicating a more stable adjustment pace [3][4] Group 2: Market Implications - The current gap of 10 basis points between the market's upper limit of 2.0% and the research value of 1.90% is well below the 25 basis points threshold that would trigger mandatory adjustments, suggesting stability in pricing for the short term [5][6] - This stability is expected to help the industry focus on cost reduction, efficiency improvement, and enhancing core competitiveness [1][5] Group 3: Industry Transformation - The stable transition of the predetermined interest rate provides favorable external conditions for the deep transformation of the life insurance industry, moving away from reliance on high predetermined rates [6][7] - The industry is encouraged to develop floating yield products, which can better align liability costs with asset returns, thus enhancing resilience against interest rate fluctuations [7][8] - The current stability period should be viewed as an opportunity for companies to innovate products and improve customer service, rather than a time for complacency [7][8]