2026年初，各家人身险公司陆续披露的2025年12月万能险结算利率数据，勾勒出低利率环境下这一险种 的新图景。1月20日，北京商报记者通过Wind统计，在已披露结算利率的约460只万能险产品中，大部 分产品的年结算利率已降至2.5%—3%区间，仅有少数产品能超过3%。 近两年，监管规范万能险产品设计和营销、引导行业从资产和负债两端强化管理的态度十分明确。那 么，在结算利率持续下行的背景下，万能险面临着怎样的挑战？市场又该如何应对？ 仅少数产品结算利率超3% 万能险结算利率持续缩水 重构产品吸引力迫在眉睫 万能险是指包含保险保障功能并可追加保费或调整保险金额、设立单独保单账户、提供最低收益保证， 且产品名称中包含"万能型"字样的人身保险产品。其利率分为最低保证利率和结算利率，最低保证利率 是指保险公司向保单持有人承诺的最低收益率，结算利率则是保险公司向保单持有人实际分配收益的利 率。曾几何时，万能险一度被部分消费者视为"高息存款"的平替，结算利率能超过4%甚至达到5%，如 今这一产品的结算利率已出现明显下滑。 根据Wind统计，万能险结算利率总体处于下降态势。截至目前，已有458款万能险产品的2025年12月 ...

Core Insights - The average settlement interest rate for universal life insurance products has decreased to 2.68%, down approximately 18 basis points year-on-year, with the highest rate at 3.50% and the lowest at 0.36% [1][2][3] - A significant 68.4% of the 269 universal life insurance products reported settlement rates below 3% [1][2] Summary by Category Settlement Rates - As of October 12, 269 universal life insurance products disclosed their September settlement rates, with 85 products (31.6%) having rates of 3% or above, a notable decline from approximately 62% in the same period last year [2][3] - The distribution of rates shows that 66.5% of products have rates between 2% and 3%, while 5 products reported rates below 2% [2] Factors Influencing Rate Changes - The decline in settlement rates is attributed to three main factors: pressure on investment returns, regulatory guidance to mitigate interest rate risk, and proactive adjustments by insurance companies to lower liability costs [3][4] - Regulatory changes, particularly the April notification from the National Financial Regulatory Administration, require insurance companies to align settlement rates with actual investment returns, thereby capping the upper limits of these rates [3][5] Market Trends - The universal life insurance market has shown a slight decline in premium income, with new policyholder investment contributions totaling 458.8 billion yuan in the first eight months of the year, nearly unchanged from the previous year [4] - The shift towards guaranteed return products, such as increasing interest in whole life insurance, has diverted savings demand away from universal life insurance [4][6] - The industry is moving towards floating return products, with dividend insurance becoming a mainstream choice, although universal life insurance will continue to meet specific long-term financial needs due to its flexibility [6]

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].