2024年9月上市险企产品策略点评：储蓄需求景气，健全负债成本机制利好改善利差损

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, consistent with the previous rating [1]. Core Insights - The demand for insurance savings remains strong despite the reduction in pricing interest rates, with a shift expected towards "guaranteed + floating return" products. The performance of listed insurance companies is anticipated to be high due to a robust customer demand for insurance savings and the improvement of the liability cost adjustment mechanism [2][3]. Summary by Sections Pricing and Product Strategy - The pricing interest rates for life insurance products have been gradually lowered, with the traditional insurance premium rate cap reduced from 3.0% to 2.5% in September. This has led to a decrease in product yield compared to previous offerings, yet these products still remain attractive compared to bank deposits and other guaranteed financial products. The dividend insurance premium rate will decrease from 2.5% to 2.0%, and the minimum guaranteed interest rate for universal insurance will drop from 2.0% to 1.5%. In the short term, the 2.5% pricing interest rate for dividend insurance products is expected to attract more customers [3]. Sales Focus and Product Offerings - In September, listed insurance companies focused on savings needs while promoting traditional and dividend insurance sales, alongside enhancing health protection product offerings. The main strategies include: 1. Continued sales of traditional savings insurance with a 2.5% pricing interest rate, particularly annuities and increasing whole life insurance. 2. Capitalizing on the window of reduced dividend insurance premium rates to promote products with a 2.5% pricing interest rate. 3. Improving health protection product offerings in response to regulatory guidance [3]. Performance Expectations - The strong sales of savings insurance are expected to drive high performance achievement for the year. Regulatory guidance to enhance the liability cost adjustment mechanism is likely to alleviate interest spread losses. The current performance of listed insurance companies is projected to be good, with anticipated growth in annual performance despite potential sales fluctuations due to product transitions [3]. Investment Recommendations - The report suggests maintaining an "Overweight" position, particularly in companies with greater investment flexibility such as China Life and New China Life [3].