选择分红险产品时，仅关注演示利率还不够，其实更应该关注保司的长期经营能力

Core Viewpoint - Focusing solely on high sales demonstration rates when selecting participating insurance is not advisable, as a high demonstration rate does not guarantee high actual returns [2][12]. Group 1: Sales Demonstration Rates - The sales demonstration rate includes non-guaranteed benefits, which are subject to the insurance company's operational performance and investment results, leading to uncertainty in actual returns [2]. - Regulatory requirements limit the sales demonstration rate for new products with a predetermined interest rate of 1.75% to a maximum of 3.9% or the average investment return over the past five years, whichever is lower [2]. - Older products with a predetermined interest rate of 1.50% may have demonstration rates exceeding 4%, as they were launched before the latest regulatory requirements [2]. Group 2: Customer Returns - The actual return for customers depends on the investment return rate of the insurance company's dividend settlement [2][3]. - In scenarios where the investment performance is the same, products with a predetermined interest rate of 1.75% yield customer returns that are consistently 0.075 percentage points higher than those with a 1.50% rate [3]. - To achieve the same customer return, products with a lower predetermined interest rate (1.50%) require a higher investment return from the insurance company [5]. Group 3: Long-term Operational Strength - The long-term operational strength of an insurance company is crucial for achieving high returns on participating insurance [12][18]. - Factors influencing the conversion of demonstration rates to actual returns include the company's long-term investment capability, market uncertainties, and overall operational strength [13][18]. - Companies with high spreads but significant expense losses may face sustainability issues regarding their dividend levels [14]. Group 4: Evaluating Insurance Companies - When selecting a strong participating insurance company, it is essential to consider historical dividend realization rates, investment performance stability, and operational strength rather than just high demonstration rates [15]. - Key indicators for evaluating the dividend strength of life insurance companies include long-term dividend realization rates, long-term investment returns, solvency ratios, and overall operational stability [15][18]. - The analysis of a specific company, Lujiazui Guotai, shows an average total investment return of 6.1% and an average dividend realization rate of 159.7% over the past ten years, indicating strong performance [19][24].