南方财经全媒体记者 林汉垚 实习生 徐若萱 在人身险预定利率全面进入"1时代"的背景下，保险市场正经历一场深刻的产品结构变革。分红保险， 这一兼具保障与投资属性的保险形态，正从过往的市场配角跃升为行业新焦点。平安人寿总经理助理及 总精算师孙汉杰在接受专访时表示，分红险接受度近年来显著提高，这不仅是市场利率下行的自然结 果，更是行业结构长期转型的开始。 这一变化主要受到多方合力影响：在市场利率持续下滑的情况下，分红险能够提供长期保证收益且收益 具备一定成长空间，使其成为客户不可或缺的选择。据21世纪经济报道记者此前统计，2024年度分红实 现率中，来自不同公司的超百款产品分红实现率均超过了100%。 "人身险预定利率连续三年下调，普通型产品从3.5%降至2%，分红型产品从2.5%降至1.75%，分红型预 定利率降幅较普通型更小，对比优势扩大。"孙汉杰表示，保险公司作为耐心长期的机构投资者，具备 跨周期配置资产能力。 而经济周期的波动变化让保险行业更加重视资负匹配，以降低利差损风险。多数公司已将分红型产品作 为业务发展的重点，保险行业全面转向分红已成为发展共识。与此同时，随着监管及险企对分红险知识 的普及教育，消 ...

Core Viewpoint - The continuous reduction of the predetermined interest rate for life insurance over the past three years has led to dividend insurance becoming a key focus for many insurance companies, as it offers both guaranteed and floating returns, making it an attractive product in a low-interest-rate environment [1][3]. Product Structure Transformation - Dividend insurance has a smaller reduction in predetermined interest rates compared to ordinary products, enhancing its yield advantage [3]. - The design of dividend insurance, which includes guaranteed benefits and non-guaranteed dividends, helps to mitigate the liability pressure on insurance companies and reduces long-term interest rate risk [3][4]. Investment Strategy and Management - The investment team at the company has established a combination management framework called "tactical, scenario, and strategic warehouses" to balance short, medium, and long-term investment goals [1][8]. - The company aims to enhance the competitiveness of dividend insurance through a robust investment system that includes good teams, strategies, projects, performance, and dividends [9]. Dividend Characteristics and Distribution - The source of dividends in dividend insurance comes from surplus generated when actual operating conditions exceed pricing assumptions, primarily from interest margin, mortality margin, and expense margin [6]. - The company is committed to distributing at least 70% of the distributable surplus to policyholders, ensuring a fair share of the operating results [6][10]. Stability and Fairness Mechanism - The smoothing mechanism, referred to as the special reserve for dividend insurance, is designed to protect the long-term interests of policyholders by stabilizing dividend levels across different economic cycles [11][17]. - The mechanism allows for the accumulation of excess returns in good years and draws from reserves in poor years, ensuring a balanced approach to dividend distribution [11][12]. Governance and Transparency - The management of dividend insurance funds is conducted independently, with strict internal controls and annual audits by third parties to prevent misuse of the smoothing mechanism [14][15][16]. - The company adheres to regulatory requirements and its own dividend policies to ensure sustainable and stable returns for customers [12][13].