券商中国·2025-11-09 02:04Core Viewpoint - The continuous reduction of the predetermined interest rate for life insurance over the past three years has led to dividend insurance becoming a key focus for many insurance companies, as it offers both guaranteed and floating returns, making it an attractive product in a low-interest-rate environment [1][3]. Product Structure Transformation - Dividend insurance has a smaller reduction in predetermined interest rates compared to ordinary products, enhancing its yield advantage [3]. - The design of dividend insurance, which includes guaranteed benefits and non-guaranteed dividends, helps to mitigate the liability pressure on insurance companies and reduces long-term interest rate risk [3][4]. Investment Strategy and Management - The investment team at the company has established a combination management framework called "tactical, scenario, and strategic warehouses" to balance short, medium, and long-term investment goals [1][8]. - The company aims to enhance the competitiveness of dividend insurance through a robust investment system that includes good teams, strategies, projects, performance, and dividends [9]. Dividend Characteristics and Distribution - The source of dividends in dividend insurance comes from surplus generated when actual operating conditions exceed pricing assumptions, primarily from interest margin, mortality margin, and expense margin [6]. - The company is committed to distributing at least 70% of the distributable surplus to policyholders, ensuring a fair share of the operating results [6][10]. Stability and Fairness Mechanism - The smoothing mechanism, referred to as the special reserve for dividend insurance, is designed to protect the long-term interests of policyholders by stabilizing dividend levels across different economic cycles [11][17]. - The mechanism allows for the accumulation of excess returns in good years and draws from reserves in poor years, ensuring a balanced approach to dividend distribution [11][12]. Governance and Transparency - The management of dividend insurance funds is conducted independently, with strict internal controls and annual audits by third parties to prevent misuse of the smoothing mechanism [14][15][16]. - The company adheres to regulatory requirements and its own dividend policies to ensure sustainable and stable returns for customers [12][13].