罗振华：新准则下的产品策略

Core Viewpoint - The insurance industry is undergoing significant transformation, necessitating timely adjustments in operational strategies due to new accounting and financial instrument standards that will reshape revenue, profit, and net asset measurement logic [1][9]. Group 1: Industry Challenges - The industry faces challenges such as team attrition, shrinking intermediaries, and the rise of bank insurance, which are fundamentally linked to the difficulties in asset-liability management [3][11]. - External economic conditions, including a downward trend in interest rates and complex rate environments, pose risks of long-term interest spread losses and current operational difficulties [3][11]. Group 2: Regulatory Environment - Regulatory policies have been introduced, including adjustments to preset interest rates, unified reporting, restrictions on dividends, and limits on scale not exceeding five times net assets [3][11]. - The upcoming new insurance contract accounting standards and financial instrument standards will require companies to adapt their operational strategies accordingly [1][9]. Group 3: Product Strategy - Product strategy is crucial as it reflects the impact of regulatory policies and is closely tied to external economic conditions and the specific circumstances of different companies [3][11]. - A differentiated product strategy is essential, with companies like Huagu Life implementing such strategies effectively, including limiting certain products and focusing on traditional insurance [4][12]. Group 4: Financial Performance - Huagu Life has reported positive growth rates in premium income, revenue, total assets, net assets, internal value, new business value, and profit, with stable solvency ratios [5][12]. - The upcoming new standards set to be implemented in 2026 will lead to a marketing push for dividend insurance, which is expected to become a mainstream product [5][12]. Group 5: Product Selection Considerations - Companies must consider their existing business costs and structures, as well as current assessment criteria when deciding on product strategies between dividend and traditional insurance [13][14]. - The contribution of low-cost and high-cost business models to profit sources varies, necessitating different product strategies for companies based on their cost structures [13][14]. Group 6: Customer Needs - Meeting diverse customer needs is paramount, with high-net-worth clients seeking wealth management solutions and traditional fixed-income products appealing to mass-market clients [15]. - A diversified product strategy that balances stable low returns with high-risk floating returns can effectively cater to different customer segments [15].