本报记者 杨笑寒 Wind资讯数据显示，截至目前，共有269款万能险产品披露了9月份结算利率。其中，85只产品的结算 利率在3%及以上，占比为31.6%，相较去年同期约62%的占比下滑幅度较大；179只产品的结算利率在 2%（含）—3%（不含）之间，占比为66.5%；另有5款产品的结算利率低于2%。整体来看，269款万能 险产品的平均结算利率为2.68%，同比有所下降。 近年来，万能险产品的结算利率持续下滑。对此，对外经济贸易大学创新与风险管理研究中心副主任龙 格对《证券日报》记者表示，主要原因有三点：一是投资端承压。固收类资产收益率下降，以及权益市 场波动等因素导致保险公司投资收益下滑，结算利率随之调整；二是监管引导。为避免利差损风险，监 管部门要求万能险产品结算利率与实际投资收益匹配，压降利率上限；三是险企主动调整，为降低负债 成本、保障财务稳健，险企主动下调了结算利率。 今年4月份，国家金融监督管理总局发布《关于加强万能型人身保险监管有关事项的通知》（以下简称 《通知》），要求保险公司应当基于万能险单独账户资产的实际投资状况，审慎合理确定万能险结算利 率，并允许保险公司在满足相应约束条件时，对万能险产品 ...

Core Viewpoint - The average settlement interest rate for universal insurance products in June 2025 is 2.79%, a decrease of 7 basis points compared to the end of the previous year, reflecting the ongoing downward trend in interest rates within the industry [1][13]. Group 1: Universal Insurance Product Performance - As of June 2025, there are 2,069 universal insurance products available, with 588 products experiencing a decrease in settlement interest rates compared to the end of the previous year, accounting for 28% of the total [22]. - The highest settlement interest rate among these products is 3.5%, while the lowest is 0.36%, with a simple average of 2.79% and a median of 3.0% [26]. - Only 254 products, or approximately 12%, have a settlement interest rate of 3.0% or higher, while the majority, 1,708 products (over 83%), fall within the 2.5% to 3.0% range [26]. Group 2: Comparison of Company Types - In June 2025, the average settlement interest rate for the "TOP7+1" universal insurance products is 2.73%, down 5 basis points from the end of the previous year, while small and medium-sized companies have an average of 2.80%, down 8 basis points [3][19]. - The "TOP7+1" companies, which include major players like China Life and Ping An Life, have seen their average settlement interest rates decline faster than those of smaller companies since 2023 [5][20]. Group 3: Changes in Settlement Rates - There are 17 universal insurance products that have increased their settlement interest rates compared to the previous year, with the largest increases being 0.4 percentage points for several products [31]. - Conversely, there are products that have seen significant decreases, with the largest drop being 1.5 percentage points for the "Dingcheng Dingtai" product from Dingcheng Life [34].

Core Viewpoint - The average settlement interest rate for universal life insurance products has declined, reflecting pressures from fixed-income asset yields and regulatory measures aimed at mitigating risks associated with interest rate differentials [1][2]. Group 1: Settlement Interest Rates - As of June 19, 2023, 991 universal life insurance products reported May settlement interest rates, with a minimum of 0.36% and a maximum of 3.5%, resulting in an average of 2.76%, down 0.21 percentage points year-on-year [1]. - The median settlement interest rate is 2.75%, which is a decrease of 0.25 percentage points compared to the same period last year [1]. - 427 products have settlement interest rates of 3% or above, accounting for 43% of the total [2]. Group 2: Premium Income - In the first four months of the year, the new premium income from policyholder investment funds for universal life insurance was 307.6 billion, representing a year-on-year decline of 4.8% [2]. - The decline in premium income is attributed to the narrowing appeal of universal life insurance compared to bank wealth management products, regulatory restrictions on product flexibility, and a shift in sales focus towards higher-commission participating insurance products [2][3]. Group 3: Future Outlook - The settlement interest rates for universal life insurance are expected to continue declining in the short term, potentially approaching the minimum guaranteed rate of 1.5%, although the decline may be limited [3]. - If investment returns for insurance companies improve, settlement interest rates may stabilize; however, premium income is likely to face further declines due to lower interest rates and competition from alternative products [3]. - Long-term sustainability for insurance companies will require product transformation and a focus on long-term protection to stabilize premium income [3].

Core Viewpoint - The article discusses the recent trends in universal insurance products, particularly focusing on the settlement interest rates, which have seen a decline due to regulatory changes and market conditions. The highest settlement rate is currently at 3.5%, while the lowest is at 0.36%, indicating a significant drop in rates compared to previous years [1][2][3]. Group 1: Settlement Rates Overview - As of May 22, 653 universal insurance products have reported their April settlement rates, with 20 products achieving the highest rate of 3.5% [2]. - The distribution of settlement rates shows that 41% of products have rates at or above 3%, while 59% are below this threshold [2]. - Compared to the end of last year, there has been a noticeable decline in settlement rates across various products [2]. Group 2: Regulatory Impact - Recent regulatory actions aim to standardize the design and marketing of universal insurance products, reflecting a clear intention to manage both asset and liability sides more effectively [1][3]. - The Financial Regulatory Authority has prohibited the development of universal insurance products with terms shorter than five years, encouraging longer-term policies [7]. - The new regulations allow for adjustments to the minimum guaranteed interest rates, indicating that future rates may not be guaranteed [7]. Group 3: Market Conditions and Future Outlook - The decline in settlement rates is attributed to lower yields on fixed-income assets and the need for insurance companies to manage liability costs effectively [3][4]. - Some products have already reached their minimum guaranteed rates, limiting further reductions, while others may still see declines in a low-interest-rate environment [4][5]. - The minimum guaranteed interest rates have been decreasing, with the upper limit set to drop to 1.5% by October 2024, which will further affect the attractiveness of these products [4][7]. Group 4: Consumer Perspective - Despite the expected decline in settlement rates, universal insurance products may still offer higher returns than some bank deposit rates, maintaining their appeal for low-risk investors [7][8]. - The products are seen as suitable for consumers looking for stable, long-term investment options, aligning with regulatory encouragement for long-term universal insurance [8].