保险业协会在今年1月组织召开的人身保险业责任准备金评估利率专家咨询委员会例会上，公布普通型人身保险产品预定利率研究值分别为2.34%和2.13%。4月研究 值虽然低于当前预定利率上限（2.5%）超25个基点，但由于未触发"在售普通型人身保险产品预定利率最高值连续2个季度比预定利率研究值高25个基点及以上"条 件，我国人身保险产品预定利率彼时未调整。 | 时间 | 新规 | 主要内容 | | --- | --- | --- | | 1999年6月 | 原保监会《关于调整寿险保单预定利率的紧 | 寿险保单（包括含有预定利率因素的长期健康保险单）的预 | | | 急通知》 | 定利率调整为不超过年复利2.5%。 | | 2013年至 | 原保监会推进人身险产品费率市场化改革, | 传统险预定利率不再执行2.5%的上限限制,备案类3.5%上 限,养老年金产品的预定利率最高4.025%。万能险最低保 | | | 放开定价利率上限,传统险、万能险、分红 | | | 2015年 | 险"三步走" | 证利率解除2.5%的上限。分红险预定利率不高于3.5%的报 | | | | 送备案,预定利率高于3.5%的报送审批。 | | ...

◎记者 何奎 随着市场利率持续走低，人身险预定利率研究值将迎下调正成为行业共识。7月24日，上海证券报记者 从业内获悉，即将公布的普通型人身保险产品预定利率研究值或迎来下调，此次调降后将触发人身险业 预定利率调整机制，保险产品预定利率也将迎来调降。 在业内人士看来，人身险公司保险产品预定利率调降，将进一步降低公司负债端成本。未来，随着浮动 收益型保险产品销售占比提升，在负债成本压力下降、权益投资偏好提升的双重驱动下，保险资金也有 望进一步加大入市步伐。 预定利率研究值有望调降 中国保险行业协会每季度组织召开人身保险业责任准备金评估利率专家咨询委员会例会，2025年一季度 例会于4月21日召开，距今已有3个多月。业内人士告诉记者，2025年二季度例会即将召开，或将再次调 降普通型人身保险产品预定利率研究值。 2025年一季度例会认定的普通型人身保险产品预定利率研究值为2.13%，较年初的2.34%下降21个基 点。而目前普通型人身保险产品预定利率上限为2.5%，这意味着，已有一个季度的研究值低于普通型 人身保险产品预定利率最高值37个基点。 根据监管要求，当人身险公司在售普通型人身保险产品预定利率最高值连续2个 ...

Regulatory Developments - The Financial Regulatory Bureau issued a draft management method for information disclosure of asset management products, aiming to enhance transparency throughout the product lifecycle, ensuring clear understanding of sales, risks, and returns [1] Insurance Industry Trends - The expected reduction in the predetermined interest rate for life insurance may occur as early as the third quarter, following recent decreases in the loan market quotation rate (LPR) and bank deposit rates [2] - The third batch of long-term investment pilot institutions for insurance funds is being approved, including several small and medium-sized insurance companies, marking a new breakthrough in the number and type of participating institutions [3] Investment Activities - Insurance funds accelerated their equity market investments in Q1 2025, increasing stock investments by approximately 390 billion yuan, the largest quarterly increase in recent years, with a stock holding ratio rising to 8.37% [4] - A new equity investment fund, the Ping An Silver Age Equity Investment Fund, was established in Beijing with a capital contribution of 6 billion yuan, focusing on private equity investments and asset management [7] Corporate Actions - Ancheng Insurance announced the unconditional transfer of 18.77% of its shares to Chongqing Development Investment Co., Ltd., with the process of notifying shareholders completed [6] - Ping An Life appointed Shi Weiyu as the new general manager, aiming to enhance corporate governance and drive high-quality development, with the life and health insurance business showing a 5% increase in operating profit year-on-year and a 34.9% increase in new business value [8] Executive Changes - Sheneng Property Insurance has approved two new vice presidents, completing its core management structure with one general manager and four vice presidents, achieving nearly 100 million yuan in net profit in Q1 [9]

Core Viewpoint - The insurance industry is anticipating a reduction in the predetermined interest rate for life insurance products due to recent decreases in the Loan Prime Rate (LPR) and bank deposit rates, with expectations for adjustments to occur as early as the third quarter of this year [1][3][4]. Group 1: Interest Rate Adjustments - The People's Bank of China announced a 10 basis point reduction in the LPR, with the one-year LPR decreasing from 3.1% to 3% and the five-year LPR from 3.6% to 3.5%, marking the first decline since October of the previous year [3]. - The current upper limit for the predetermined interest rate of ordinary life insurance products is 2.5%, which is over 25 basis points higher than the previously published research value of 2.13% [4]. - It is widely predicted that the research value for the predetermined interest rate will likely fall below 2.25% in July, indicating that a reduction is imminent [4]. Group 2: Market Reactions and Trends - The enthusiasm for "炒停售" (the practice of urging customers to purchase insurance products before a rate drop) has diminished significantly, with fewer agents actively promoting this strategy compared to previous years [5][6]. - Consumers have become more discerning and less reactive to marketing tactics related to "炒停售," as they are now better informed about the underlying reasons for interest rate changes [7]. - Regulatory measures are in place to curb "炒停售" practices, ensuring that insurance companies maintain orderly product development and management during interest rate adjustments [7]. Group 3: Implications for the Insurance Industry - The reduction in predetermined interest rates is seen as a double-edged sword; while it lowers liability costs for insurance companies, it also diminishes the market competitiveness of savings-type insurance products [8]. - The decline in "炒停售" behavior is viewed positively, as it may lead to more sustainable development in the insurance sector and a return to rational competition [8]. - Insurance companies are encouraged to adapt their product strategies to align with changing market demands, focusing on differentiated products that emphasize protection features rather than solely competing on guaranteed returns [8].