岁末回望 2025保险业：分红险崛起、险资加速入市、健康险革新

Core Insights - The insurance industry in 2025 has undergone significant transformations, focusing on dividend insurance products, asset-liability management, and the integration of health insurance with health management [1] Group 1: Changes in Insurance Products - The scheduled interest rates for life insurance products have been reduced to a maximum of 2.0%, with ordinary products dropping from 2.5% to 2.0% and dividend products from 2.0% to 1.75% [3] - The asymmetric reduction strategy for dividend products, with a smaller decrease compared to other types, indicates regulatory recognition of the "guarantee + profit-sharing" mechanism, enhancing the competitive potential of dividend insurance [3] - The persistent low-interest environment has prompted life insurance companies to shift from traditional fixed-income models to a "guaranteed return + floating dividend" model, making dividend insurance a common consensus among insurers [3] Group 2: Asset-Liability Management - The adjustment in product structure has opened a fast track for the development of dividend insurance, driven by meticulous asset-liability management strategies aimed at achieving sustainable development [4] - The draft of the "Insurance Company Asset-Liability Management Measures" aims to integrate regulatory requirements and establish a comprehensive framework for asset-liability management, emphasizing the need for stable cash flow to cover liabilities [4] Group 3: Policy Support for Long-term Investment - Insurance capital has accelerated its entry into the market, supported by policies aimed at enhancing the stability and proportion of commercial insurance funds in A-share investments [5] - By the end of Q3 2025, the proportion of investments in stocks and securities by life insurance companies rose to 15.38%, while property insurance companies reached 16.97% [6] - Insurance capital has engaged in over 30 stake acquisitions in 2025, surpassing previous records, and the number of operational insurance private equity funds has reached 10 [6] Group 4: Innovations in Health Insurance - Insurers are increasingly integrating health management into their offerings, moving beyond traditional policy sales to promote proactive health management [7] - The "Guiding Opinions" issued in September 2025 encourage the integration of health insurance with health management, aiming to create a new health service guarantee system [8] - The return of dividend-type long-term health insurance and the development of long-term care insurance are highlighted as significant advancements in the health insurance sector [8]