AIA(HK:01299) 13个精算师·2025-09-02 02:05Core Viewpoint - The insurance industry is experiencing a significant recovery in the dividend realization rate for participating insurance products, with many new products launched in 2024 achieving or exceeding a 100% realization rate [1]. Group 1: Dividend Realization Rates - As of September 1, 2024, 73 life insurance companies have reported the dividend realization rates for 3,285 participating insurance products, with a notable increase in overall rates [2]. - The average dividend realization rate for new products launched after the regulatory notice on August 2, 2024, is 106.8%, while older products have an average realization rate of 53.8% [3][4]. - Despite older products not reaching a 100% realization rate, their customer yield stands at 3.2% [3]. Group 2: Selection Criteria for Participating Insurance Products - Consumers are advised to focus on companies with a long-term stable dividend policy and strong operational capabilities, especially in a low-interest-rate environment [4]. - The regulatory guidance emphasizes that companies with high risks and negative reserves must justify their dividend levels [4]. Group 3: Evaluation of Insurance Companies - The evaluation of life insurance companies' dividend strength should consider long-term realization rates, historical data, investment returns, solvency ratios, and overall operational stability [7]. - A company like AIA Life has demonstrated strong performance, with new products achieving a realization rate of 143.0%, significantly above the industry average [8][11]. Group 4: AIA Life's Performance - AIA Life's 90 older products have an average realization rate of 74.2%, outperforming the industry average of 53.8% by 20.6 percentage points [11]. - The company has maintained a robust solvency ratio of 410% and has received the highest AAA risk rating for four consecutive quarters [13]. - AIA Life's future surplus ratio is 21.9%, ranking first among the 37 companies analyzed, indicating strong future profitability potential [15].