又到一年分红险红利实现率披露期，理性看待红利实现率，做财富增长的长跑者！

Core Viewpoint - The article emphasizes the importance of long-termism and investment support in the management of participating insurance products, as mandated by the regulatory authority [1][17]. Summary by Sections Regulatory Requirements - The regulatory authority has issued guidelines requiring insurance companies to maintain stable operations and adhere to asset-liability management principles throughout the product lifecycle [1][17]. - Companies must not deviate from the actual asset-liability and investment income situations [1]. Dividend Realization Rate - The dividend realization rate reflects the actual benefits received by policyholders and enhances transparency in insurance company disclosures [1]. - Starting in 2023, insurance companies are required to disclose their dividend realization rates on their official websites [1]. Calculation of Dividend Realization Rate - The article provides a formula for calculating the customer yield, which includes both guaranteed and floating dividends [2]. - Factors influencing the dividend realization rate include the sales demonstration rate, which is based on long-term investment expectations [3][5]. Market Environment Impact - In the current low-interest-rate environment, major insurance companies have reduced their demonstration rates to 3.5% to reflect anticipated long-term returns [5]. - The article notes that lower demonstration rates can lead to higher dividend realization rates under certain conditions [5][6]. Long-term Perspective - A long-term view of the dividend realization rate is essential, as it better reflects an insurance company's ability to deliver on its promises over time [9]. - Many companies disclose multi-year dividend realization rates to provide a clearer picture of their long-term performance [9]. Customer Yield Analysis - The article discusses how to derive customer yield from the dividend realization rate, indicating that customer yield is expected to be between 3.0% and 3.2% for major insurers in 2024-2025 [15][16]. - The customer yield from participating insurance products has consistently outperformed bank wealth management products from 2020 to 2023 [16]. Future Outlook - The sustainability of dividend levels is tied to the long-term investment capabilities of insurance companies, which must be evaluated against their operational stability and risk ratings [19][20]. - The article concludes that the assessment of an insurance company's dividend strength should consider long-term yield, investment returns, solvency ratios, and overall operational health [19][20].