分红实现率

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高分红实现率≠高收益 保诚资深代理人解码分红险选择逻辑
凤凰网财经· 2025-10-10 13:05
"对我而言,从内地大厂到香港卖保险,并非'跨界'而是'赛道深耕'。"李曼荔用一句话道破了自己职业转型的核心逻辑。 作为从内地赴港从事"保险创业"大军的一员,李曼荔带着大厂运营的实战经验,与对行业趋势的敏锐洞察,在新赛道实现了职业的快速跃升。在她迅速晋 升为保诚区域总监的背后,是对香港保险市场需求的精准把握,也是客户对其专业能力的高度认可。 谈及职业转型,李曼荔直言,这一选择源于对行业机会、创业成本与个人能力提升的三重考量。而对她吸引力最大的,"是自由,而且行业天花板极 高。"近日,李曼荔接受了凤凰网财经《凰家会客厅》的专访,以从业者视角解读香港保险热背后的逻辑,以及保险公司在长期发展中的差异化优势。 01 分红险的三大核心驱动力 香港保险越来越受到关注。谈及原因,李曼荔归结为三大核心驱动力,而这三大驱动力也恰好与香港头部险企的优势高度契合。 其一,是香港保险的"全球服务属性"。"香港保险并非局限于区域市场,而是面向全球客户提供服务,能够满足不同群体的多元化需求,这是其区别于单 一市场保险产品的核心特征。" 李曼荔解释道。 其二,是香港资本市场的"投资优势"。作为全球重要的金融中心,香港的投资品种与范围丰富,能 ...
平安、太平等分红险保费增速超40%!太保、新华分红险新单期交增速超1000%,二季度分红险新单提速,三季度能否持续?
13个精算师· 2025-09-23 16:00
Core Viewpoint - The article discusses the growth of participating insurance premiums in the first half of 2025, highlighting a shift towards these products amid changing market conditions and sales strategies. Group 1: Participating Insurance Premium Growth - In 2025, participating insurance premiums achieved positive growth for the first time in five years, with a growth rate of approximately 4% by the end of 2024 [3] - By mid-2025, the total participating insurance premiums reached around 500 billion, showing a year-on-year growth of about 1%, which is a slowdown compared to the previous year [3] - The slowdown in premium growth is attributed to a shift in sales focus from participating insurance to traditional insurance products through bank insurance channels [3][14] Group 2: Company Performance - Major companies like Ping An, Taiping, and Xinhua reported participating insurance premium growth rates exceeding 20% in the first half of 2025 [5] - Taiping Life's participating insurance premiums doubled, marking the fastest growth among peers, while Ping An's growth rate reached 41% compared to the same period in 2024 [6] - New single premium growth for participating insurance saw significant increases, with Xinhua's first-year premiums reaching 4.6 billion, reflecting a high-speed growth [9] Group 3: Distribution Channels - The individual agent channel has become a significant driver for participating insurance, with companies like China Life and Taiping reporting that over 50% of their new single premiums come from participating insurance [12] - The growth rate of participating insurance in the individual agent channel is notably higher than in the bank insurance channel, which has shifted focus to traditional insurance products [14] - In the second quarter of 2025, participating insurance premiums experienced a growth rate of approximately 90%, significantly outpacing traditional insurance's growth rate of around 20% [14] Group 4: Market Conditions and Future Outlook - The adjustment of preset interest rates for traditional and participating insurance has narrowed the gap, potentially accelerating the industry's shift towards participating insurance products [19] - The overall dividend realization rate for participating insurance products improved to 61.7% in 2024, up by 10.9 percentage points year-on-year, indicating a favorable environment for continued growth [19] - The article suggests that the combination of reduced interest rate disadvantages and improved dividend realization rates may support the ongoing development of participating insurance in the future [19]
选择分红产品,如何化繁为简? 锚定公司实力,选择“长期可靠的伙伴”
Qi Lu Wan Bao· 2025-09-16 07:16
Core Viewpoint - The sustainable performance of participating insurance is fundamentally determined by the long-term operational strength of insurance companies, despite challenges in the investment market for 2024 [1][10]. Group 1: Understanding Dividend Realization Rate - The "dividend realization rate" is a key indicator for participating insurance, influenced by multiple variables rather than being a simple yield number [2][7]. - The formula for customer yield is provided, which includes predetermined rates and demonstration rates, highlighting the complexity behind the dividend realization rate [3][4]. - Regulatory requirements since June 2020 mandate that demonstration dividends only include interest spreads, with a cap of 70%, to align expectations with actual performance [4][6]. Group 2: Evaluation Standards for Insurance Companies - Four core dimensions are proposed for evaluating the long-term dividend strength of insurance companies: historical dividend performance, long-term investment capability, solvency and risk ratings, and overall operational stability [8][9]. - Quantifiable selection criteria include companies with over 20 years of participating insurance experience, a 10-year track record of dividend realization rates, and a risk rating of AAA or above [9][10]. Group 3: Case Study of Zhongyi Life Insurance - Zhongyi Life Insurance has over 20 years of experience in participating insurance and has disclosed its dividend realization rates for the past 12 years, indicating strong long-term performance [10][11]. - The company maintains a risk rating of AAA/AA and has a core solvency ratio of 166% and a comprehensive solvency ratio of 212% as of Q2 2023, demonstrating robust risk management [11][12]. - Zhongyi Life has consistently paid dividends for 12 years, with a total payout of 3.9 billion yuan, fully covering initial shareholder investments, showcasing its operational stability [11][12]. Group 4: Strategic Partnerships and Long-term Vision - The collaboration between domestic and foreign shareholders provides Zhongyi Life with strong capital support and international risk management expertise, enhancing its operational strength [13][14]. - The company's long-term strategy emphasizes balancing returns and risks, ensuring sustainable dividends amidst market fluctuations [14].
高数值≠高收益 消费者选分红险应关注什么?
Jin Rong Shi Bao· 2025-08-27 01:56
据《金融时报》记者初步统计,截至8月15日,已有62家保险公司公布了最新一期的分红实现率报 告。其中,不少分红险产品的红利实现率超过100%,以中国人寿寿险公司前不久推出的国寿鑫鸿盈两 全保险(分红型)为例,其最新公布的红利实现率达到121%。 一般而言,分红实现率取决于多种因素,其中保险公司的实际经营情况是最为关键的因素。分红险 的"分红"实质上是对保险公司盈余的分配,而盈余主要来源于死差益、费差益和利差益。 此外,分红实现率还和监管政策的要求、保险公司的投资收益、红利分配方式、保险公司分红政 策、宏观经济环境等有关。比如,监管部门通常对分红险的红利演示有明确要求,对利差水平有明确的 监管上限。再如,分红险的红利分配方式也影响红利实现率的计算,其中现金红利是直接以现金形式分 配,增额红利则是以增加保额的方式进行分配。 因此,分红实现率越高并不代表消费者实际到手的收益越高。资深保险经纪人建议消费者,除了关 注产品本身分红实现率外,也要关注公司本身的实力,如长期投资收益率、偿付能力充足率、风险评级 等。"长期投资收益率可以衡量保险公司的投资水平,偿付能力充足率和风险评级在一定程度上可以体 现保险公司经营的稳健性 ...
分红险大潮下的消费者真相
Xin Lang Cai Jing· 2025-08-18 12:14
原标题:分红险大潮下的消费者真相|转型分红险③ 分红险正反面 分红险之所以可以实现3%以上收益率,核心在于保险公司将其实际经营成果中优于定价假设的盈余, 按不低于约定比例(通常不低于70%)分配给保单持有人。这意味着,消费者除了享有保险保障外,还 有机会获得与公司经营状况挂钩的红利收益。 监管部门近年多次下调人身险产品预定利率上限,通过非对称降息方式凸显分红险相对优势。 非对称下调意味着同等保费下分红险的保障额度下降更温和,产品性价比相对提升,有助于吸引消费者 重新评估分红险的价值。北京大学应用经济学博士后、教授朱俊生向智通财经分析称,此举体现了监管 对分红险"保障+收益共享"机制的认可,也释放了分红险的竞争优势。 分红险虽有吸引力,但其收益的"不确定性"往往让消费者困惑,甚至被误导。 智通财经记者 | 吕文琦 随着8月31日预定利率下调的脚步渐近,"炒停售"的声音又在社交媒体上散播。 多家险企公告显示,普通型人身险产品的预定利率上限将从2.5%下调至2.0%,分红型寿险的保证利率 上限由2.0%降至1.75%。 为了抓住最后的高利率产品,不少消费者选择加速入场。但更高收益的分红险不同于传统产品"所见即 所得 ...
解构破局利差损的分红险: 特别储备“水涨” 结息水平能否“船高”
Zhong Guo Zheng Quan Bao· 2025-08-08 07:26
Core Viewpoint - The insurance industry is undergoing a structural transformation towards dividend insurance products in response to declining market interest rates and the need to manage liability costs and interest spread risks [1][3][11]. Group 1: Industry Trends - Since last year, insurance companies have been actively restructuring their business models, with a significant increase in the proportion of dividend insurance products in new offerings [1][3]. - In 2024, the original insurance premium income from dividend life insurance is projected to reach 765.87 billion yuan, a year-on-year increase of 4.12%, marking a positive growth after several years of decline [1][3]. - The overall life insurance industry is expected to see a premium income of 2.407 trillion yuan in 2024, with an 8.16% year-on-year growth, driven primarily by the growth of ordinary life insurance [3]. Group 2: Challenges and Consumer Perception - Despite the growth in dividend insurance, there are challenges in consumer acceptance due to the perceived lower guaranteed returns compared to traditional products [1][2]. - The low investment returns in 2023, coupled with regulatory limits on high returns, have led to many products achieving a dividend realization rate below 50% [2][7]. - The complexity of dividend insurance products and the need for consumer education pose additional hurdles for insurance companies [11]. Group 3: Product Structure and Financial Stability - Dividend insurance products are designed to share a significant portion of operational profits (at least 70%) with policyholders, which can help mitigate interest spread risks in a low-interest environment [3][4]. - The transition to dividend insurance is seen as a strategy to stabilize financial indicators, as traditional products require substantial reserve increases during interest rate declines, impacting reported profits [4][5]. - The establishment of special reserves for dividend insurance can help smooth out dividend levels over time, enhancing the ability to meet policyholder expectations [9][10]. Group 4: Future Outlook - The insurance industry is expected to continue focusing on dividend insurance, with companies like Xinhua Insurance aiming for dividend products to constitute at least 30% of their business by 2025 [6]. - The potential for improved investment returns and regulatory relaxation could lead to higher dividend levels in the future, benefiting both companies and policyholders [10][11]. - The sustainability of dividend realization rates will depend on the long-term stability of the companies' investment capabilities and effective management of customer expectations [10][11].
刚通知两小时就下架,2.0%分红险上演“闪电停售”
Mei Ri Jing Ji Xin Wen· 2025-08-06 11:26
Core Viewpoint - The insurance market is experiencing a wave of product suspensions ahead of the upcoming adjustment in predetermined interest rates, with significant implications for sales dynamics and consumer behavior [1][2][4]. Group 1: Product Suspension - Several insurance companies have rapidly suspended existing products, with some notifications given only two hours in advance, raising concerns in the market [2][4]. - A specific dividend-type endowment life insurance product with a guaranteed interest rate of 2.0% was abruptly taken off the market on August 5, 2023, just two hours after the notice was issued [1][2]. - The suspension affects various types of life insurance products, including critical illness insurance and endowment insurance, with many products marked for potential immediate suspension [2][4]. Group 2: Rate Adjustment and Market Response - The China Insurance Industry Association announced a predetermined interest rate of 1.99% on July 25, triggering a mechanism for adjusting life insurance rates and products [1]. - The maximum predetermined rates for different product types will be adjusted to 2.0% for ordinary and dividend-type products, 1.75% for universal products, and 1.0% for others, effective August 31 [1][9]. - The current market sentiment indicates that the demand for life insurance products has been exhausted due to previous "suspension speculation," leading to a muted response to the recent product suspensions [4][8]. Group 3: Product Popularity and Consumer Behavior - Dividend-type endowment life insurance has gained popularity in a declining interest rate environment, outperforming traditional products in sales rankings [5][6]. - The competitive edge of dividend-type products lies in their potential for higher returns beyond the guaranteed interest, appealing to consumers seeking both protection and investment [6][9]. - The sales dynamics are shifting, with insurance companies needing to adapt their sales strategies and agent training to align with the changing product landscape and consumer expectations [10]. Group 4: Future Outlook - The insurance industry is expected to see continued growth in dividend-type products as they offer a combination of protection and potential returns, especially in a low-interest-rate environment [8][9]. - The non-symmetric adjustment of interest rates, where dividend products see a smaller reduction compared to traditional products, enhances their market competitiveness [9]. - The overall insurance premium income is projected to maintain a growth trajectory, with significant increases noted in the first half of 2025 [8].
【独家拆解】揭开分红实现率数字看背后本质:死差红利如何影响你的判断?
13个精算师· 2025-07-29 12:32
Core Viewpoint - The article discusses the impact of regulatory limits on dividend realization rates in the insurance industry, highlighting the differences in calculation methods and the influence of mortality surplus on these rates [1][3]. Group 1: Regulatory Background and Dividend Realization Rates - Recent regulations require insurance companies with a rating of 1-3 or those established for less than three years to justify any proposed dividend levels exceeding the average financial return of 3.2% over the past three years [3]. - The theoretical upper limit for this year's realization rate is calculated to be 114%, based on the formula for dividend realization rate [3]. - The realization rate is defined as the actual distributed dividend amount divided by the projected benefit amount, with the denominator standardized to include only the interest spread [3]. Group 2: Calculation Methods of Dividend Realization Rates - Two types of dividend realization rates are defined: - "Two Surplus Dividend Realization Rate," which includes both interest spread and mortality surplus in the numerator. - "Interest Spread Dividend Realization Rate," which includes only the interest spread [4]. - The current horizontal comparison of dividend realization rates among major insurance companies shows a distortion, as the two surplus realization rates tend to be higher under the same actual dividend levels [5]. Group 3: Characteristics and Implications of Two Surplus Dividend Realization Rates - The two surplus realization rates exhibit two main characteristics: the mortality surplus portion's contribution to the realization rate decreases over the policy years, and there is significant variability in realization rates among different policies of the same product [6]. - In the early policy years, the realization rates can appear inflated due to the relatively small contribution of interest spread, which amplifies the impact of mortality surplus [10][11]. - The two surplus realization rate can only represent an "average" or a specific percentile of the policyholder group, leading to potential misinterpretation for individual policies [13][15]. Group 4: Long-term Investment Capability and Realization Rates - The article emphasizes that the long-term investment capability of insurance companies is crucial for sustaining dividend levels, and consumers should focus on the calculation methods and long-term perspectives of realization rates rather than short-term figures [18]. - It is recommended that insurance companies maintain transparency in disclosing the differences in individual policy realization rates to help customers understand the actual performance of their policies [15].
分红险实现率回暖,百余款产品超100%
2 1 Shi Ji Jing Ji Bao Dao· 2025-07-23 09:30
南方财经全媒体记者 孙诗卉 实习生 涂盛青 上海报道 对外经济贸易大学保险学院教授王国军对记者表示,今年分红险实现率整体有所改善,尤其是头部公司 改善明显。随着6月金融监督管理总局发布的《关于分红险分红水平监管意见的函》(下称《意见 函》)规定只要公司能论证合理性,可突破3.0%,最高可到3.2%,分红实现率反弹明显。 不过值得注意的是,大部分老产品分红实现率依然在25%~50%之间。业内人士指出,这主要是由于老 产品演示利率普遍高于新产品,分母不同的情况下,分红实现率自然差异较大。例如,不少老产品的演 示利率通常在4.5%,而根据同业交流的信息情况,去年以来新发布的2.0%预定利率的分红险所使用的 演示利率大多为3.5%。 近日,各大险企陆续披露分红实现率。21世纪经济报道记者梳理发现,与2023年度平均分红实现率低于 100%、多款产品低于50%的情况相比,首批发布的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%。 上述人士指出,业内认为保守的演示利益有助于未来红利实现率的达成。 百余款产品分红实现率超100% 分红实现率作为衡量分红险收益兑现能力的核心指标,其披露与监管始 ...
首批分红实现率出炉!较去年提升明显,分红险春天来了?上车否?
Bei Jing Shang Bao· 2025-07-15 13:15
Core Viewpoint - The 2024 dividend realization rates for participating insurance products have significantly improved, with many products exceeding 100%, contrasting sharply with the 25%-50% range seen in 2023 [1][3][4] Group 1: Dividend Realization Rates - Multiple insurance products have reported dividend realization rates exceeding 100%, including seven products from New China Life, four from Dadi Pension, and 17 from Sunshine Life [3][4] - The improvement in dividend realization rates is attributed to a strong performance in the capital markets in the second half of 2024 and regulatory changes that have relaxed previous restrictions [4][7] Group 2: Understanding Dividend Realization - Dividend realization rate is a relative measure, indicating the actual dividends paid to policyholders compared to projected dividends, with a rate of 100% meaning actual payouts match projections [5][6] - The introduction of new participating insurance products with a predetermined interest rate of 2.0% has made it easier for these products to achieve realization rates above 100% [5][6] Group 3: Regulatory Changes - Recent regulatory changes have provided more flexibility for insurance companies in setting dividend levels, while also imposing conditions to prevent arbitrary increases [7][8] - The new regulations aim to enhance the sustainable operation of participating insurance products and protect consumer rights, allowing well-performing companies to have greater autonomy in setting dividend levels [7][8]