分红险预定利率越低，客户收益率就一定越低吗？不一定！

Core Viewpoint - The article discusses the performance of dividend insurance products in the life insurance industry for the year 2024, highlighting the increase in dividend realization rates and the differences between new and old products [4][6]. Summary by Sections 1. Dividend Realization Rates - As of September 10, 2024, 76 life insurance companies have reported a total of 3,357 dividend insurance products with an overall dividend realization rate of 61.7%, which is an increase of 10.9 percentage points year-on-year [3][4]. - The products are categorized into "new products" (474 products with a maximum preset interest rate of 2.0%) and "old products" (2,883 products with a maximum preset interest rate of 2.5%). The realization rate for new products is 107.0%, while old products have a realization rate of 54.2% [4]. 2. Customer Yield - The customer yield for new products is calculated to be 3.1%, slightly lower than the 3.3% yield for old products, despite the higher realization rate of new products [6]. - The article suggests that lower preset interest rates in new products may lead to lower customer yields, but this relationship is complex and warrants further investigation [6][8]. 3. Investment Strategy and Risk Sharing - Dividend insurance products operate on a model where insurance companies share profits with policyholders, providing a guaranteed basic interest rate while sharing additional profits from interest, mortality, and expense differences [8]. - The investment yield of dividend insurance is influenced by the long-term investment returns of the insurance company, which depend on the allocation and yield of fixed-income and equity assets [9][11]. 4. Asset Allocation Flexibility - Lower preset interest rates allow insurance companies to reduce the cost pressure on guaranteed returns, thereby increasing their asset allocation flexibility and management capabilities [13]. - The article emphasizes that a diversified asset allocation strategy, primarily focused on fixed income with some equity investments, can balance risk and return, enhancing long-term wealth management goals [13][14]. 5. Evaluating Insurance Companies - To assess the dividend strength of insurance companies, the article suggests evaluating long-term dividend realization rates, long-term investment returns, solvency ratios, and overall operational stability [15]. - The analysis of China CITIC Prudential Life Insurance shows that it exceeds the industry average in dividend realization rates and maintains strong financial health, supported by substantial shareholder backing and a robust investment strategy [19][20][21].