开源证券：保险占居民理财比重有望持续提升 行业有望步入黄金发展周期

Core Viewpoint - The insurance industry is expected to enter a "golden development cycle" as the attractiveness of insurance products increases due to the transformation of dividend insurance and the ongoing demand for retirement and health protection [1][2]. Group 1: Insurance Product Appeal - The transformation of dividend insurance is enhancing the attractiveness of insurance products, while the demand for retirement and health protection continues to grow [2][4]. - The supply of large-denomination certificates of deposit is shrinking, and the volatility in the bond market is highlighting the cost-performance advantage of insurance products with stable returns [2][3]. Group 2: Market Trends and Projections - By 2026, the insurance sector's new single premium is expected to stabilize and grow, supported by the transformation of dividend insurance and the performance of major insurance companies [2][3]. - The proportion of insurance assets in residents' deposits and fixed-income financial products is projected to continue increasing, with total premium share rising from 15.8% in 2022 to 22.4% by 2025 [3]. Group 3: Long-term Growth Factors - The long-term demand for retirement savings and health protection is expected to provide a unique competitive advantage for insurance products, especially as the aging population increases [3][4]. - The insurance sector is likely to benefit from a steady rise in long-term interest rates, which will help improve valuations and support investment returns [2][4].