国泰海通 · 晨报0729｜非银、固收

Group 1 - The core viewpoint of the article is that the adjustment mechanism for the predetermined interest rate in the life insurance sector has been triggered, which is expected to alleviate the pressure from interest rate differentials [3][4][5] Group 2 - On July 25, the insurance industry association held a meeting and determined that the current research value for the predetermined interest rate of ordinary life insurance products is 1.99% [3] - The low interest rate environment has led to high liability costs for insurance companies, raising concerns about interest rate differentials. A dynamic adjustment mechanism is beneficial for timely reductions in predetermined interest rates based on market rates [3] - Since 2025, the 10-year government bond yield has generally ranged between 1.6% and 1.9%, while the upper limit for the predetermined interest rate of ordinary life insurance products is 2.5%, indicating ongoing asset-liability matching pressures [3] - The insurance industry association will publish the research value for predetermined interest rates quarterly, and if the maximum predetermined interest rate of products sold exceeds the research value by 25 basis points for two consecutive quarters, adjustments will be made [3] - As of July 25, China Life, Ping An, and China Pacific Insurance announced that they will adjust the maximum guaranteed interest rates for new products, with reductions of 50 basis points for traditional insurance, 25 basis points for participating insurance, and 50 basis points for universal insurance [4] - The adjustment of predetermined interest rates is expected to alleviate the risk of interest rate differentials, with floating income products becoming a future transformation direction for the industry [4] - Since May 20, the interest rates for three- and five-year fixed deposits at major state-owned banks have generally fallen below 1.5%, making savings insurance products still relatively attractive [4] - The adjustment of predetermined interest rates is expected to further reduce the cost of new business liabilities and improve the risk of interest rate differentials in the long term [4]