低利率下保险业的困境与出路系列报告（三）：资负并举，循序渐进

Investment Rating - The report maintains an "Accumulate" rating for the insurance industry [1] Core Viewpoints - The insurance industry is facing challenges due to low interest rates, necessitating a dual approach of managing both assets and liabilities to mitigate interest spread loss risks [11][12] - The report emphasizes the importance of adjusting liability costs and product structures to reduce dependence on interest spreads, while also enhancing asset management strategies [12][23] Summary by Sections 1. Interest Spread Loss Risk Management - The core strategy to address interest spread loss is to manage both assets and liabilities simultaneously [11] - The report suggests that reducing rigid liability costs through lowering preset interest rates is crucial [12][13] 2. Liability Side: Focus on Cost Management - Continuous adjustments to preset interest rates are necessary to lower the overall liability costs [14][15] - The report indicates that the preset interest rates for traditional, dividend, and universal insurance products have been reduced to 2.5%, 2.0%, and 1.5% respectively by 2024 [16][17] - The implementation of a dynamic adjustment mechanism for preset interest rates linked to macroeconomic indicators is expected to further optimize liability costs [17] 3. Asset Side: Strengthening Duration Management - The report recommends adopting flexible duration strategies in the short term due to significant fluctuations in long-term interest rates [53] - Long-term strategies should focus on extending the duration of assets to match liabilities, as the current duration gap in the domestic insurance market is notably high [55] 4. Product Structure Adjustment - Increasing the proportion of non-guaranteed products like dividend and universal insurance can help mitigate the impact of interest spread losses [24][26] - The report highlights that the shift towards floating yield products is already underway, with floating yield products accounting for 51.7% of new premiums in Q1 2025 [31] 5. Implementation of "Report and Action Together" - The report discusses the implementation of the "Report and Action Together" policy, which has led to a significant reduction in commission rates by approximately 30% in the bancassurance channel [42][43] - This policy is expected to enhance the net business value (NBV) margin for insurance companies, contributing positively to their overall performance [43][44]