南方财经全媒体记者林汉垚北京报道 "香港保险演示利率上限下调并非意味着保险公司无法实现较高回报。" 资深保险精算师徐昱琛指出， 综合历史及当前数据，香港保险业整体的分红实现率平均在90%以上。 香港保监局执行董事（长期业务）吕愈国也表示，"演示利率上限"只适用于保险公司在销售分红保单时 向客户提供的利益演示的内部收益率，保险公司仍可向投保人派发高于上限的红利，因此措施并不会影 响保单的实际回报。 同时，吕愈国强调，"演示利率上限"仅规范7月1日后保险公司在新保单销售时使用的说明文件，不会改 变既有保单的未来实际分红水平。 对于将"演示利率上限"下调解读为"降低收益"的误导式营销，有业内人士向记者表示，目前香港卖保险 的，很多是面向内地客户，且不少业务员本身也是近期移居香港或刚拿到香港身份的内地人。他们在开 展业务时，往往沿用国内"炒停售"的惯常做法，混淆演示利率和保证利率的概念，借助演示利率下调制 造焦虑，引导客户加快决策。 近日，香港保险市场因分红险演示利率下调而引发广泛关注。 香港保监局公布的《分红保险利益说明演示利率上限应用说明》（以下简称《应用说明》）规定，7月1 日起，港元分红保单演示利率上限由原有 ...

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].

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].

超配 行 业 简 评 非 银 金 融 [Table_Reportdate] 2025年04月30日 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -29% -13% 3% 19% 35% 51% 66% 24-04 24-07 24-10 25-01 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.蚂蚁财富要约收购耀才证券，万能 险迎监管优化——非银金融行业周 报（20250421-20250427） 2.预定利率研究值下调至2.13%，预 计动态调整机制三季度启动——保 险业态观察（二） 3.深化个险渠道改革，落实"报行合 一"和长期激励——保险业态观察 （一） [Table_NewTitle 万能险最低保证利率可调整，特别储备 ] 与平滑机制保障稳健运行 ——保险业态观察（三） [table_main] 投资要点： 行 业 研 究 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_i ...