Core Viewpoint - The insurance industry is shifting towards dividend insurance products as a consensus in response to the ongoing decline in interest rates [1][2]. Group 1: Market Trends - A significant number of new insurance products launched by various life insurance companies are dividend insurance, with over 40 out of 50 life insurance products currently on sale being dividend-type [2]. - Major life insurance companies like Xinhua Insurance, Ping An Life, and China Life have introduced various dividend insurance products, indicating a trend towards these offerings [3]. - The design of dividend insurance products, such as the "Taiping Guowei No.1" from Taiping Life, combines guaranteed benefits with dividends, allowing for both asset security and market participation [3]. Group 2: Product Structure and Performance - The maximum preset interest rate for dividend insurance from leading insurers is generally set at 1.75%, with some joint venture companies offering rates as low as 1.5% [4]. - The reduction in preset interest rates for traditional and dividend insurance products has been noted, with dividend products experiencing a smaller decline, thus enhancing their yield advantage over traditional products [4]. - Dividend insurance provides a combination of guaranteed benefits and non-guaranteed dividends, which helps mitigate the liability pressure on insurance companies [5]. Group 3: Marketing Challenges - The complexity of dividend insurance products poses challenges for insurance agents, requiring them to possess a solid understanding of product configurations and benefits [6][7]. - The shift from traditional fixed-return products to dividend insurance has created difficulties in marketing, as agents must now explain the intricacies of dividend structures to clients [7][8]. - Some agents continue to use outdated marketing strategies, misrepresenting dividend insurance as quick-return products, which may lead to consumer confusion [8]. Group 4: Service Integration - Dividend insurance is evolving beyond mere insurance products to become gateways for integrated services in healthcare, retirement, and wellness, forming a "product + service" model [9][10]. - Companies are increasingly linking their insurance products with healthcare and retirement ecosystems, offering a range of services from family doctors to retirement communities [10][11]. - This integration allows insurers to meet diverse customer needs and enhances the overall value proposition of dividend insurance products [11].

Core Insights - Hong Kong savings and dividend insurance has become a popular choice for mainland investors, with many seeking to understand the structure of guaranteed and non-guaranteed returns [1][8] - The article emphasizes the importance of understanding the components of dividend returns, which include reversionary bonuses and terminal bonuses, both of which are non-guaranteed [3][4] Summary by Sections Dividend Composition - The dividend returns from Hong Kong savings insurance consist of two parts: reversionary bonuses and terminal bonuses [3] - Reversionary bonuses are non-guaranteed and can be cashed out or accumulated within the policy, while terminal bonuses are updated periodically and are not permanently attached to the policy [3] Understanding "Non-Guaranteed" Returns - The term "non-guaranteed" does not imply that returns are unreliable; rather, it indicates potential variability in future returns [4][5] - The Hong Kong Insurance Authority mandates that insurance companies disclose their dividend realization rates annually, allowing policyholders to assess the reliability of non-guaranteed returns [4] Dividend Smoothing Mechanism - Hong Kong insurance companies employ a smoothing mechanism for dividends, which helps to stabilize returns over economic cycles by saving excess returns during profitable years for distribution in less favorable times [5][6] - Companies like 万通保险 distribute at least 90% of their surplus to policyholders, with the remainder retained by the company [5] Investment Strategies - The allocation of assets in the Hong Kong insurance market is flexible, with no strict limits on the proportion of equity and fixed-income assets [5][6] - 万通保险 collaborates with global asset management experts like Barings, enhancing its investment capabilities in fixed-income assets [5][6] Financial Performance - 万通保险 has maintained a strong financial rating of "A-" from Fitch for seven consecutive years, with solvency ratios consistently between 200% and 300%, indicating robust risk management [6] Market Trends - The mainland insurance market is transitioning, with decreasing guaranteed rates and increasing non-guaranteed components, making Hong Kong's dividend insurance more attractive due to its higher expected returns and flexibility [8] - The design of Hong Kong's savings insurance, combining guaranteed and non-guaranteed elements, meets investors' needs for stable returns while offering potential for higher returns [8]