证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 从严监管万能险，推动进一步回归保障本源 2025 年 04 月 26 日 增持（维持） 投资要点 《中国人身险产品变迁历史与未来展 望系列报告（一）》 2025-04-23 《深化寿险代理人体制改革，佣金递 延与报行合一规范渠道发展》 2025-04-18 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 -12% -6% 0% 6% 12% 18% 24% 30% 36% 42% 48% 2024/4/26 2024/8/25 2024/12/24 2025/4/24 保险Ⅱ 沪深300 相关研究 行业点评报告 图1：寿险公司总保费分险种结构历史变动情况 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2 ...

Core Viewpoint - The National Financial Supervision Administration has issued a notification to strengthen the regulation of universal life insurance products, allowing insurance companies to adjust the minimum guaranteed interest rate under certain conditions to effectively prevent interest rate risk [1][2]. Group 1: Regulatory Changes - The notification prohibits insurance companies from developing universal life insurance policies with a term of less than five years, encouraging the design of products that extend the actual policy duration through reasonable adjustments to surrender fees and policy continuity rewards [2]. - Insurance companies are required to determine the settlement interest rate for universal life insurance based on the actual investment situation of the accounts, and to strictly regulate the use of special reserves [2]. Group 2: Risk Management - The notification emphasizes the need for stricter regulation of fund utilization, including setting upper limits on the use of funds for universal life insurance, enhancing concentration regulation, and regulating non-standard investments [2]. - It also highlights the prohibition of improper related-party transactions through multi-layered nesting and channel business [2]. Group 3: Transition Period - A one-year transition period is provided for existing business that does not comply with the new requirements, ensuring a stable operation of the life insurance market [2]. - During the transition period, any new products approved or filed must comply with the new regulations to prevent incremental risks [2].