Core Viewpoint - The insurance industry is facing significant challenges due to the decline in LPR and bank deposit rates, necessitating a shift from a "spread-dependent" model to a "three-spread balance" approach to mitigate interest spread loss risks [1][2][3] Group 1: Interest Rate Impact - The decline in interest rates is a critical factor affecting the insurance industry, particularly life insurance, as it compresses new investment income [1] - The upper limit of the preset interest rate for ordinary life insurance products has decreased from 4.025% to 2.5%, with a substantial number of high preset rate policies still in force [1] - The insurance industry must prevent interest spread loss risks to maintain operational stability and avoid systemic risks [1] Group 2: Three-Spread Balance Model - The key to risk management in the new market environment is constructing a "three-spread balance" profit model, focusing on interest spread, mortality spread, and expense spread [2] - Insurers need to transition from high-guarantee products to "low-guarantee + high-floating" products to stabilize interest spreads [2] - Dynamic pricing mechanisms linked to government bond yields or LPR should be introduced to mitigate cost-locking risks [2] Group 3: Enhancing Mortality and Expense Spreads - Increasing contributions from mortality and expense spreads is essential for insurers in a low-interest-rate environment [3] - Insurers should enhance the sales of health and term life insurance products and optimize pricing assumptions using more accurate mortality and annuity tables [3] - Cost control measures must be strictly implemented, including organizational optimization and digital transformation to reduce operational costs [3] Group 4: Opportunities in Challenges - The low-interest-rate environment presents both challenges and opportunities for insurers to reshape competitive advantages [3] - Insurers must abandon the "scale-first" development model and focus on product innovation, asset allocation optimization, and expense management to achieve sustainable development [3]

Core Viewpoint - The recent reduction in Loan Prime Rate (LPR) and bank deposit rates is expected to lead to a significant decrease in insurance product preset rates in the third quarter of this year, prompting insurance companies to adapt their strategies for stable operations in a low-interest environment [1][2][3]. Rate Adjustment Expectations - The insurance industry is closely monitoring market interest rate changes due to the establishment of a mechanism linking insurance product preset rates to market rates. The likelihood of preset rate reductions in the third quarter is considered high [2]. - The maximum preset rate for newly filed ordinary insurance products will be capped at 2.5% starting September 1, 2024, with further reductions for dividend and universal insurance products [2]. - The preset rate research values for ordinary life insurance products were reported at 2.34% and 2.13% on January 10 and April 21, respectively, indicating a downward trend [3]. Industry Response to Rate Changes - Insurance companies are actively promoting product sales while preparing new products to mitigate the impact of potential preset rate reductions. This proactive approach aims to enhance sales conversion rates before any price increases or yield decreases occur [4]. - In the first quarter of this year, the total insurance premium income for life insurance companies was approximately 1.66 trillion yuan, reflecting a year-on-year decline of 0.3%, with life insurance premiums decreasing by nearly 1% [4]. Future Outlook - Expectations for further reductions in preset rates are rising, leading insurance companies to strengthen their sales efforts. Despite fluctuations in market rates, demand for protection products, particularly health insurance, remains stable [5]. - To address the narrowing profit margins in the life insurance sector, companies are encouraged to focus on developing floating yield insurance and innovative non-interest-sensitive products [5][6].

对此，有业内人士认为，短期来看，利率下行将在客观上利好储蓄型保险产品的销售，但实际上，储蓄 型保险并不能代替银行存款。同时，存款利率下调进一步压缩了固定收益类资产的收益率空间，使得险 资资产配置难度上升。从长期来看，险企或将逐步降低新单产品的预定利率，与市场利率走势相适应， 缓解未来利差损压力。 5月20日，六大国有行年内首次调降存款利率，一年期存款利率跌破1%。这一消息在朋友圈快速刷屏， 不少保险从业者纷纷转发并解读称"转存是最好的选择"。 保险销售：朋友圈刷屏"转存最优" 行业观察：险企如何优化投资与产品策略？ "转存是最好的选择。""保险产品的更替还有一定的时间延迟（目前预定利率2.5%），大家抓紧。很多 时候，选择比努力更重要。"5月20日，记者在微信朋友圈看到，不少保险销售人员转发"存款利率下 调"的消息，并借机推介储蓄型保险，强调其长期收益优势。 记者梳理发现，此次工商银行、农业银行、中国银行、建设银行等4家大行存款挂牌利率调整后，活期 存款利率为0.05%；3个月、6个月、1年期、2年期定期存款利率（整存整取）分别为0.65%、0.85%、 0.95%、1.05%；3年期、5年期定期存款利率（整 ...

Summary of the Insurance Industry Conference Call Industry Overview - The conference call discusses the performance of the A-share listed insurance companies in China for Q1 2025, highlighting the impact of new accounting standards and market conditions on their financial results [1][2][4]. Key Points Financial Performance - Total investment income for A-share listed insurance companies decreased by 11% year-on-year in Q1 2025, primarily due to rising long-term interest rates and pressure on the stock market, with fair value changes resulting in a loss of 109.2 billion yuan [1][7]. - The overall net profit attributable to shareholders grew by only 1.4% year-on-year, totaling approximately 84.2 billion yuan, which was below the expected 7.9% growth [2]. - Notably, China Ping An and China Pacific Insurance underperformed expectations, with Ping An experiencing a 26.4% decline due to one-time impacts from health insurance consolidation and fair value fluctuations of FVTPL bonds [2]. Insurance Service Performance - The insurance service performance of A-share listed insurers increased by 27.5% year-on-year, driven mainly by China Life, which benefited from the reversal of previously reported losses on insurance contracts and improved claims on protective products [1][8]. - The new business value (NBV) growth varied significantly among life insurers, with New China Life achieving a 67.9% increase, while China Life's growth was only 4.8% [10]. Regulatory Environment - Regulatory bodies have imposed growth and market share limits on leading insurance companies to stabilize market competition and ensure the survival of smaller firms [2][16]. - New policies have been introduced to promote insurance capital market entry, including raising the equity allocation limit for insurance funds and reducing stock investment risk factors [18][19]. Investment Strategies - Following the implementation of new accounting standards, insurers have increased their allocation to FVOCI stocks and bonds to achieve asset-liability matching [9]. - The investment performance of the insurance sector is expected to improve as the pressure from bond fair value fluctuations is anticipated to ease in Q2 2025 [3][20]. Market Trends - The property insurance sector, particularly auto insurance, is expected to see low growth due to market saturation and regulatory constraints [15]. - Non-auto insurance business performance has shown significant variation, with some companies achieving premium growth while others face challenges [17]. Recommendations - The report recommends focusing on New China Life, followed by China Ping An, China Pacific Insurance, China Life, and China Property Insurance, highlighting that Ping An may transition from underweight to standard allocation due to its solid fundamentals [22]. Additional Insights - The new accounting standards have made the profit sources of insurance companies more transparent, with insurance service performance contributing 75.5% to overall profits, followed by investment performance at 16.7% [4]. - The impact of commission adjustments on agent sales performance is noted, indicating that commission structures are crucial for maintaining agent motivation [12]. This summary encapsulates the key insights and data from the conference call, providing a comprehensive overview of the current state and future outlook of the insurance industry in China.

Group 1: Core Insights - The insurance industry is expected to see a gradual alleviation of interest spread loss risks due to continuous improvement in the liability side and strong market savings demand [1] - The ten-year government bond yield has recently dropped to approximately 1.63%, and with the anticipated domestic economic recovery, the pressure on new fixed-income investment returns for insurance companies is expected to ease [1] - The valuation of the insurance sector remains low, with projected 2025E PEV of 0.49-0.79 times and PB of 0.88-1.95 times, indicating a historical low and maintaining an "overweight" rating for the industry [1] Group 2: Q1 2025 Operational Review - Net profit and net asset growth for listed insurance companies experienced short-term fluctuations due to rising interest rates and falling bond markets, with significant differentiation among companies based on their reserve discount rates and VFA model measurement bases [2] - New business structure has improved significantly, with a rapid growth in NBV driven by factors such as reduced preset interest rates and optimized business structures, despite a slight short-term pressure on new single premiums [2] - The agent workforce remains stable, and the contribution of bank insurance channels to NBV is expected to continue increasing as companies' reform efforts yield results [2] Group 3: Property Insurance Insights - The combined ratio for property insurance has significantly improved year-on-year, primarily due to reduced disaster claims, cost-cutting measures, and the clearing of high-risk businesses [3] - Investment returns have faced slight pressure due to rising interest rates and falling bond markets, but improvements in bond-related investment losses are expected from Q2 onwards [3] Group 4: Product Evolution and Future Outlook - The insurance industry has evolved from single protection products to diversified offerings, with significant opportunities in health and long-term care insurance [4] - Learning from overseas markets, there are opportunities for both savings and protection products tailored to local conditions, with a focus on long-term value and investment [4] - The industry is optimistic about the innovative development of health insurance, with dividend insurance being a preferred choice for balancing premium growth and alleviating interest spread loss pressures [4]

曾经备受市场青睐的万能险，迎来监管新规。国家金融监督管理总局近日印发《关于加强万能型人身保 险监管有关事项的通知》(下称"《通知》")，允许万能险最低保证利率动态调整，禁止5年期以下产 品，同时要求保险公司强化万能险账户流动性管理，严控资金投向与期限错配风险，防范潜在兑付压 力。《通知》自2025年5月1日起实施，保险公司已经开展的万能险业务不符合本通知规定的，原则上应 当于2026年4月30日前完成整改。 全面从严监管万能险 保底收益也不再铁板一块 简单来说，万能险是一种包含保险保障功能并设立有保底收益投资账户的人寿保险，曾因交费灵活、保 额可调整、保单价值领取方便等优势，备受市场青睐。 记者留意到，此次《通知》围绕规范万能险产品发展、提升保障水平、强化账户管理、强化资金运用监 管、规范万能险销售行为五大方面，全面从严监管万能险，旨在从根本上解决万能险在以往发展过程中 积累的深层问题。 在规范产品发展方面。《通知》强调，除终身寿险、两全保险和年金保险等产品外，其他产品不得设计 成万能型。禁止开发五年期以下(不含五年)的万能险。同时鼓励保险公司通过合理调整退保费用、保单 持续奖金等产品设计要素延长保单实际存续 ...

以下文章来源于阿尔法工场金融家 ，作者金妹妹 阿尔法工场金融家 . 追踪保险银行业圈内动态，剖析最新风向，分享有料、有价值的"内行人"洞察见解。 作者 | 金妹妹 来源 | 阿尔法工场金融家 导语 ：万能险终结高保底时代，个险刮起"报行合一"旋风。 在寿险"最冷开门红"寒意未散之时，监管短时间内连发两道文件，剑指寿险两大柱石——万能险和 个险代理人队伍。 4月25日，监管发布《关于加强万能型人身保险监管有关事项的通知》（简称"14号文"）而在一周 之前，4月18日，国家金融监管总局官网发布《关于推动深化人身保险行业个人营销体制改革的通 知》（简称"13号文"）。 监管核心管理思路是降低风险。其实现途径是从"三差"入手——死差上，主要是此前调整生命表； 利差上，主要是预定利率动态调整机制；费差上，管控行业整体销售费用过高的问题。 在利率不断下行之时，监管为压降行业负债端成本，可谓用心良苦。 但，也或是刮骨疗毒。 金妹妹从第一个发布财报的中国平安（601318.SH）的代理人数据中发现，2025年3月底寿险代理人 数为33.8万，相比去年末的36.3万人，环比下降了6.9%。"清虚"代理人的风，还在继续吹。 同时 ...

在寿险"最冷开门红"寒意未散之时，监管短时间内连发两道文件，剑指寿险两大柱石——万能险和个险代理人队伍。 4月25日，监管发布《关于加强万能型人身保险监管有关事项的通知》（简称"14号文"）而在一周之前，4月18日，国家金融监管总局官网发布《关于推动 深化人身保险行业个人营销体制改革的通知》（简称"13号文"）。 监管核心管理思路是降低风险。其实现途径是从"三差"入手——死差上，主要是此前调整生命表；利差上，主要是预定利率动态调整机制；费差上，管控 行业整体销售费用过高的问题。 在利率不断下行之时，监管为压降行业负债端成本，可谓用心良苦。 但，也或是刮骨疗毒。 金妹妹从第一个发布财报的中国平安（601318.SH）的代理人数据中发现，2025年3月底寿险代理人数为33.8万，相比去年末的36.3万人，环比下降了 6.9%。"清虚"代理人的风，还在继续吹。 同时，金融监管总局发布的数据显示，今年前3个月保险业实现人身险原保险保费收入1.79万亿元，增速仅有0.24%。 而今寿险再迎来剧变，究竟几家欢喜几家愁？ 01 "3.0%保底"终结 14号文最被广泛讨论的点是，保险公司应明确万能险最低保证利率，允许保险公司 ...

Investment Rating - The industry rating is "Recommended" [2] Core Insights - In Q1 2025, the life insurance sector saw a slight decline in premium income, with a year-on-year decrease of 0.3%, totaling 1,659 billion yuan. The breakdown includes life insurance at 1,383.2 billion yuan (-1.0%), accident insurance at 11.7 billion yuan (-4.5%), and health insurance at 264.1 billion yuan (+3.7%) [1] - The property insurance sector experienced robust growth, with total premium income reaching 515.5 billion yuan in Q1 2025, reflecting a year-on-year increase of 5.1%. This includes auto insurance at 223.4 billion yuan (+4.3%) and non-auto insurance at 292.1 billion yuan (+5.7%) [2] - The total assets of the insurance industry reached 37,842.5 billion yuan by the end of March 2025, marking a 5.4% increase from the end of 2024. Life insurance companies accounted for 33,063 billion yuan (+4.8%), while property insurance companies had assets of 3,081.3 billion yuan (+6.2%) [3] Summary by Sections Life Insurance - In Q1 2025, life insurance premium income showed a declining trend, with a total of 1,659 billion yuan, down 0.3% year-on-year. The monthly premium income in March was 463.9 billion yuan, up 6.3% year-on-year, indicating a recovery trend [1] - The decline in premium income is attributed to factors such as reduced consumer demand due to last year's adjustments in product interest rates and the shift towards dividend insurance products, which have a higher sales difficulty [1] Property Insurance - The property insurance sector demonstrated strong performance with a total premium income of 515.5 billion yuan in Q1 2025, a 5.1% increase year-on-year. The growth was driven by a 6.0% increase in new car sales, which supported auto insurance premiums [2] - Non-auto insurance growth was primarily fueled by accident and health insurance, with year-on-year increases of 8.6% and 7.7%, respectively [2] Asset Management - As of March 2025, the total assets of the insurance industry reached 37,842.5 billion yuan, a 5.4% increase from the previous year. The net assets totaled 3,523.7 billion yuan, reflecting a 6.0% increase [3] Investment Recommendations - The report suggests maintaining a "Recommended" rating for the industry, highlighting companies like China Life Insurance and New China Life Insurance for their strong asset management and business optimization strategies [4]

Core Viewpoint - The regulatory authority has implemented strict regulations on universal life insurance (ULI) to prevent risks associated with low interest rates and to protect consumer interests, effective from May 1, 2025 [1][2][3] Regulatory Changes - The new regulations prohibit the design of ULI products, except for whole life insurance, endowment insurance, and annuity insurance, to strengthen the insurance product's protection attributes and avoid misuse for short-term financial management [3][4] - The insurance term for ULI must not be less than five years, addressing the issue of short-term products that have been prevalent in the market [5][6] Market Impact - The current interest rate environment, with five-year fixed deposit rates at 1.55% and ten-year government bond rates at 1.67%, has pressured life insurance companies as their asset yields decline while liability costs remain rigid [2][4] - The regulations are expected to lead to a restructuring of ULI products, with existing products needing to comply by April 30, 2026, and new products developed under the new rules starting May 1, 2025 [4][6] Consumer Protection - The regulations aim to reduce misleading sales practices and enhance the insurance protection function of ULI, ensuring that consumers are adequately informed about risks and product features [1][4] - Insurance companies are required to provide clear terms regarding additional premium payments and must inform customers of any adjustments to the minimum guaranteed interest rates [4][6] Investment Management - The regulations emphasize the need for insurance companies to establish sound investment strategies for ULI accounts, including strict controls on investment concentration and risk exposure [6][7] - Specific limits are set on investments in single unlisted companies and equity investment funds to mitigate risks associated with asset-liability mismatches and liquidity [7]