利率环境的变化对消费者影响几何，保险机构又有哪些应对举措，如何更好地促进行业高质量发 展？从《证券日报》记者采访的情况来看，当前保险公司在负债端与资产端加速改革，包括提升保单综 合价值、增强"资负两端"的有效联动等，以实现"三差平衡"（死差、费差、利差平衡）。整体来看，这 些积极举措既有利于保障投保人的权益，也能更好地服务资本市场和实体经济。 本报记者 冷翠华 近日，市面上出现了预定利率为1.5%的保险产品，而1.5%的预定利率是历史低值。今年，我国正 式建立了预定利率与市场利率挂钩的动态调整机制，预定利率下行背后是市场利率下行。保险公司的资 产负债表对利率十分敏感，消费者也十分关注新利率环境下保险产品收益率的变化。 负债端积极转型 部分险企近日推出了预定利率为1.5%的分红险产品，预定利率较目前监管规定的上限有所下调。 一般情况下，对消费者而言，预定利率的下调意味着保险产品的价格上涨或收益下降。在激烈的市场竞 争中，险企在开发产品时会采用监管许可的预定利率上限值。 近年来，保险预定利率已随市场利率出现多轮下调。弘康人寿相关业务负责人表示，利率下行对保 险公司有利有弊。有利方面，首先，利率下行提供了调低预定利 ...

Core Viewpoint - The introduction of insurance products with a guaranteed interest rate of 1.5% reflects a historical low, driven by a dynamic adjustment mechanism linking guaranteed rates to market rates, indicating a significant shift in the insurance landscape [1][2]. Liability Side Transformation - Some insurance companies have launched participating insurance products with a guaranteed interest rate of 1.5%, which is below the regulatory upper limit, leading to potential price increases or reduced returns for consumers [2]. - The decline in guaranteed interest rates presents both opportunities and challenges for insurance companies, allowing them to reduce new policy liability costs while also risking lower investment returns and customer dissatisfaction [2][3]. - Insurance companies are actively transforming their liability side by promoting floating return products and enhancing the overall value of policies through improved services and expanded coverage [2][3]. Investment Strategy - The insurance industry is increasingly focusing on equity investments to adapt to the new interest rate environment, with regulatory support encouraging higher equity asset allocations [4][5]. - Insurance companies are diversifying their investment strategies, emphasizing long-term stable returns through increased allocations in equities and high-dividend assets, while also exploring new investment opportunities in sectors like renewable energy and AI [5][6]. - The proportion of bonds in life insurance companies' portfolios has surpassed 51%, marking a historical high, while equity investments are becoming a key driver for enhancing returns [5]. Balancing "Three Differences" - The industry is urged to maintain a balance among mortality, expense, and interest differences to ensure sustainable development amid changing interest rates [7][8]. - Regulatory support is deemed crucial for minimizing short-term impacts from accounting standards and solvency rules, while also encouraging innovation and risk management [7][8]. - Insurance companies are advised to enhance operational efficiency, control costs, and strengthen risk management to support the balance of the "three differences" [8].

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].

Core Insights - The insurance industry is transitioning from a focus on scale and speed to one centered on value and efficiency, as highlighted by the new "National Ten Articles" [1] - The low interest rate environment poses significant challenges for life insurance companies, leading to a shift in product offerings and business strategies [2][3] - Companies like China Merchants Life Insurance are actively transforming their product structures, moving away from fixed income products to floating rate products, which helps mitigate interest spread loss risks [3][4] Industry Trends - The life insurance sector has historically relied on savings-type products, leading to interest spread dependency, which is now being challenged by declining interest rates and market volatility [5] - The focus is shifting towards pure protection products, with health insurance becoming a key area of growth due to demographic changes and government policies [5][6] - The health insurance market is approaching a scale of nearly one trillion, with expectations for rapid growth driven by aging populations and health initiatives [5] Company Strategy - China Merchants Life Insurance has set a target for health insurance products to account for 61% of its offerings by 2024, with a significant increase in health insurance premium income [5][10] - The company is prioritizing high-end medical insurance, leveraging its strong distribution channels and expertise to capture market demand [7][8] - A comprehensive health management service system is being developed to differentiate the company in the competitive landscape, with a focus on integrating health services with insurance products [9][10] Financial Performance - In 2024, China Merchants Life Insurance reported a 19.74% increase in insurance business revenue, reaching 41.483 billion, with new business value growing by 38% [11] - The company achieved a net profit of 559 million, marking a 31.52% year-on-year increase, while maintaining strong solvency ratios [11]