人身险预定利率研究值微降至1.89%

Core Viewpoint - The meeting of the Life Insurance Rate Research Expert Advisory Committee highlighted a slight decrease in the predetermined interest rate for life insurance products to 1.89%, marking the fifth consecutive adjustment since the establishment of a dynamic adjustment mechanism linked to market rates [1][2]. Group 1: Rate Adjustments - The current predetermined interest rate for life insurance products is 1.89%, down from 1.90%, reflecting a continuous decline in recent quarters [1]. - The historical adjustments of the predetermined rates were 2.34%, 2.13%, 1.99%, and 1.90% in the previous quarters, with decreasing margins of 21 basis points, 14 basis points, 9 basis points, and 1 basis point respectively [1]. - The dynamic adjustment mechanism has been implemented smoothly, contributing to cost reduction and efficiency improvement in the industry [2]. Group 2: Product Stability - There is currently no pressure to withdraw existing products, as the maximum predetermined interest rate for most life insurance products remains at 2.0%, only 11 basis points above the latest research value [3]. - The report from Donghai Securities indicates that the downward trend in long-term bond rates is exerting some downward pressure on the research value, but the market interest rates are stabilizing, reducing the likelihood of triggering new adjustment thresholds [3]. Group 3: Future Projections - The industry consensus suggests that the predetermined interest rate for life insurance products will likely maintain its current level, with minimal chances of significant fluctuations [4]. - Predictions for the end of 2026 estimate the research value to be around 2.00%, aligning with the current maximum rate for existing products [4]. - The downward adjustment in the research value is attributed to limited space for further rate declines and support from asset returns, indicating a gradual return to rational levels for life insurance rates [5].