保险基本面梳理104：负债端监管继续强化，看好竞争格局改善-20250428

Investment Rating - The industry investment rating is "Positive" and maintained [10]. Core Viewpoints - The report highlights that the regulatory strengthening on the liability side will lead to improved competitive dynamics within the insurance industry. The introduction of a "negative list" for sales behaviors and enhanced supervision will effectively curb issues related to universal insurance products, benefiting well-regulated leading insurance companies and promoting further industry concentration [2][9]. Summary by Relevant Sections Regulatory Strengthening - The regulatory framework for universal insurance products has been reinforced, with new guidelines issued on April 25, which enhance requirements for product development, protection capabilities, account management, fund utilization, and sales behaviors. Only whole life insurance, endowment insurance, and annuity insurance can be designed as universal products, with a minimum insurance period of five years mandated [7][8]. Risk Management and Product Capability - The report emphasizes the importance of lowering interest spread risk and enhancing protection capabilities. The minimum guaranteed interest rate serves as a lower limit for the liability costs of universal products. As new products compliant with the new regulations are sold, the risk of interest spread loss is expected to improve, alongside stricter fund utilization rules to mitigate risks related to mismatched durations and liquidity [9]. Market Order and Industry Concentration - The establishment of a sales behavior "negative list" and enhanced supervision will standardize market practices, effectively addressing issues such as implicit guarantees for universal insurance products and the mixing of these products with other financial products. This regulatory environment is expected to favor well-managed leading insurance companies, leading to an anticipated increase in industry concentration [2][9].