"3.3%年化利率基本扛过了2025年，在最后一个月终于也降了。"小胡近日查询保单发现，其持有的万能险产品的结算利率从全年坚守 的3.3%下调至2025年12月的3.1%，这一利率在当前市场中已属于3%以上的高收益梯队。 与小胡所持产品相比，更多消费者面临万能险利率持续走低的现状。小李的投保经历成为行业缩影，其持有的万能险产品发行初期结 算利率超5%，2023年仍维持4%水平，而截至2025年12月就已降至最低保证利率2.5%水平。以其30万元保费计算，2025年度利息较 2023年减少4500元，收益缩水近四成。 每经媒资库 《每日经济新闻》记者(以下简称每经记者)梳理2025年12月各险企披露的万能险结算利率数据发现，行业利率中枢继续下移，不少产 品已触及最低保证利率，进入结算利率"地板价"阶段。同时，险企万能险布局热度未减，2025年新上市的万能型产品约190款，包含终 身寿险、两全保险、养老年金、年金保险等主流险种。 作为曾被市场视作"高息理财平替"的产品，万能险凭借此前高于银行存款、理财的收益水平成为居民资产配置的重要选择，而随着利 率的持续下调，不少产品触及保底利率，其理财吸引力大幅下降。万能险还 ...

Core Viewpoint - The overall trend of universal insurance settlement rates is declining, with most products showing rates between 2.5% and 3% as of September 26, 2023, which is a significant drop compared to previous years [1][2][4]. Group 1: Current Settlement Rates - As of September 26, over 1200 universal insurance products have disclosed their August settlement rates, with the highest being 3.5% and the lowest at 0.36% [1]. - Nearly 100 products have settlement rates exceeding 3%, with over 85% of products falling within the 2.5%-3% range [2]. - In comparison, during the same period in 2024, most products had rates not lower than 3%, and in 2023, hundreds of products had rates above 4% [2]. Group 2: Factors Influencing Rate Changes - The decline in settlement rates is attributed to lower investment returns from fixed-income assets and the volatility of equity assets, impacting insurance companies' overall investment income [2][5]. - Regulatory measures are also in place to mitigate interest rate risk, leading to a reduction in the upper limit of settlement rates to align with actual investment returns [2][4]. Group 3: Future Outlook - Industry experts predict that universal insurance settlement rates may continue to decline, influenced by the downward trend in market interest rates, including 10-year government bond rates and deposit rates [5]. - The premium scale for universal insurance has decreased, with a reported 1% decline in new premium income for the first seven months of the year, totaling 419.3 billion [5]. - To enhance the attractiveness of universal insurance, companies are encouraged to focus on the product's core insurance benefits and improve its long-term protection features [5][6].

Core Viewpoint - The overall trend of universal insurance settlement rates is declining, with most products showing rates between 2.5% and 3% as of September 26, 2023, which is a significant drop compared to previous years [1][2][3] Group 1: Universal Insurance Settlement Rates - As of September 26, 2023, over 1,200 universal insurance products reported settlement rates, with the highest at 3.5% and the lowest at 0.36% [1] - The majority of universal insurance products have settlement rates not exceeding 3%, with over 85% falling within the 2.5%-3% range [1] - In comparison, during the same period in 2024, most products had rates not lower than 3%, and in 2023, hundreds of products had rates above 4% [1] Group 2: Impact of Market Conditions - The decline in universal insurance settlement rates is linked to lower investment returns from fixed-income assets and volatility in equity markets, affecting insurance companies' overall investment income [2] - Regulatory measures are in place to mitigate interest rate risk, leading to a reduction in the upper limit of settlement rates to align with actual investment returns [2][3] Group 3: Future Outlook - Industry experts predict that universal insurance settlement rates may continue to decline due to ongoing downward trends in market interest rates, including 10-year government bond rates and loan market quotation rates (LPR) [3] - The premium scale for universal insurance has decreased, with new policyholder investment contributions amounting to 419.3 billion yuan in the first seven months of the year, a 1% decline from the previous year [3] - To enhance the attractiveness of universal insurance, companies need to focus on the product's core insurance benefits and long-term protection features [3][4] Group 4: Regulatory Changes and Product Strategy - In April 2023, regulatory authorities issued guidelines prohibiting the development of universal insurance products with terms shorter than five years, encouraging companies to extend the actual policy duration through design adjustments [4] - The reduction in settlement rates poses challenges to the product's appeal, shifting customer focus from price to value, emphasizing the unique advantages of universal insurance such as guaranteed rates and flexible withdrawals [4]

Core Viewpoint - The settlement interest rates for universal insurance products are on a downward trend, with most rates falling between 2.5% and 3%, and some reaching up to 3.5% [1][4][3]. Group 1: Settlement Interest Rates - Nearly 300 universal insurance products have disclosed their settlement interest rates for August, with 24 products exceeding a 3% annual settlement rate, and the highest reaching 3.5% [3][4]. - Approximately 85% of the universal insurance products have annual settlement rates not exceeding 3%, with some rates decreasing compared to July [4][1]. - The settlement rates have been declining over the years, with most products in 2024 having rates above 3%, while in 2023, many products had rates above 4% [4][1]. Group 2: Impact of Market Conditions - The decline in settlement interest rates is linked to the investment performance of insurance companies, as lower yields on fixed-income assets and volatility in equity assets affect investment returns [4][6]. - Regulatory measures are being implemented to mitigate interest rate risk, including lowering the upper limit of settlement rates to align with actual investment returns [4][6]. Group 3: Changes in Guarantee Rates - The minimum guarantee rates for universal insurance products are also being reduced, with new regulations lowering the maximum preset rates for various insurance products [6][4]. - The adjustments in guarantee and settlement rates are intended to reduce the liability costs for insurance companies and alleviate interest rate risk [6][4]. Group 4: Regulatory Environment - In April, the financial regulatory authority issued guidelines to strengthen the supervision of universal life insurance, including prohibiting the development of products with terms shorter than five years [7]. - The guidelines encourage insurance companies to adjust product design elements to extend the actual duration of policies and require prudent determination of settlement rates based on real investment conditions [7]. Group 5: Future Outlook - The future trajectory of universal insurance settlement rates is expected to correlate with market interest rates, which are currently in a downward trend [7]. - Despite the declining rates, universal insurance products maintain appeal due to their flexibility and the protection they offer beyond just investment returns [7].

Core Viewpoint - The article discusses the recent trends in the settlement interest rates of universal insurance products, highlighting a significant decline in rates and the impact of regulatory changes on the industry [1][3][5]. Group 1: Universal Insurance Product Overview - Universal insurance combines protection and investment functions, allowing flexible premium payments and adjustable coverage levels [3]. - As of May 22, 653 universal insurance products reported their April settlement rates, with the highest at 3.5% and the lowest at 0.36% [1][3]. - 41% of the products have settlement rates of 3% or higher, while 59% are below 3% [3]. Group 2: Regulatory Impact - Recent regulatory actions aim to standardize the design and marketing of universal insurance products, emphasizing better management of assets and liabilities [1][4]. - The Financial Regulatory Authority has prohibited the development of universal insurance products with terms shorter than five years and allowed adjustments to minimum guaranteed interest rates [7]. - The minimum guaranteed interest rate has been reduced from 3.5% in 2017 to a maximum of 2% starting August 1, 2023, and further down to 1.5% from October 1, 2024 [5][7]. Group 3: Market Trends and Consumer Behavior - The decline in settlement rates is attributed to lower yields on fixed-income assets and pressures on investment returns, which directly affect the rates offered by insurance companies [4][5]. - Many existing policies have minimum guaranteed rates set at 2.5% or 3%, limiting the potential for further reductions despite market conditions [6]. - Despite the expected decline in settlement rates, universal insurance products may still offer higher returns than some bank deposit rates, maintaining their appeal to low-risk investors [7][8].