Core Viewpoint - The insurance industry is undergoing a significant shift as the predetermined interest rates for life insurance products are set to decrease, prompting companies to phase out non-compliant products and introduce new ones. This has led to a heightened interest in participating insurance products, which are expected to dominate the market in a low-interest-rate environment [1][3][5]. Group 1: Changes in Predetermined Interest Rates - The China Insurance Industry Association announced a new research value for ordinary life insurance products' predetermined interest rate at 1.99%, down from 2.34% in January and 2.13% in April, marking a significant decline [3][5]. - Major insurance companies, including China Life and Ping An Life, have adjusted their maximum predetermined interest rates, with ordinary life insurance rates dropping from 2.5% to 2%, and participating insurance rates from 2% to 1.75% [3][5][7]. - The new rates will take effect after August 31, with no applications accepted for products exceeding these limits [3]. Group 2: Shift Towards Participating Insurance Products - In response to the declining interest rates, participating insurance products are gaining traction due to their combination of guaranteed and floating returns, appealing to consumers seeking higher returns [5][6]. - Participating insurance allows policyholders to receive a share of the insurer's profits, with a minimum of 70% of the distributable surplus allocated to policyholders each year [5][9]. - The competitive advantage of participating insurance is further enhanced by its flexibility in product design, allowing for additional features such as universal accounts and health management services [7][8]. Group 3: Market Dynamics and Consumer Behavior - The low-interest-rate environment and asset scarcity are driving insurance companies to expand their offerings of participating and other floating-return products [8][9]. - Data from the China Insurance Industry Association indicates that nearly 40% of new life insurance products launched in the first quarter were participating or universal life insurance [8]. - The performance of participating insurance products is closely tied to the company's actual operating results, with the dividend realization rate being a critical measure of their competitiveness [9][10]. Group 4: Consumer Considerations - Consumers are advised to evaluate the dividend realization rate over the past 5-10 years to assess the stability and variability of the insurer's performance [9][10]. - The speed of cash value growth is also crucial, as faster growth indicates better liquidity and shorter lock-in periods for funds [10]. - Additional factors such as the insurer's investment return rates, solvency ratios, and hidden costs like commissions and management fees should be considered when selecting products [10].

兼具保障与浮动收益特性的分红险正成为保险市场的"新宠"。人身险公司纷纷将转型分红险视为缓 解"利差损"风险的战略举措，这为分红险产品转型按下了加速键。 分红利益取决于所投保产品的红利演示利率、保单分红方式（现金红利、增额红利、积累生息 等）、保单年度、保额大小、分红分配规则等多个因素。 据中国保险行业协会披露的数据显示，截至2025年6月，保险公司今年共新推出403款人寿保险产 品，其中分红险产品有151款，占比为37%，较2024年全年提升了9个百分点。 随着分红险市场热度攀升，一个关键指标——分红险红利实现率也走进了大众视野。许多人认为， 红利实现率超过100%，意味着能拿到超预期的收益。那么，红利实现率高，实际分红一定多吗？看懂 分红险收益，我们要先算两笔账。 众所周知，分红险收益由保证利益和分红利益两部分组成。 保证利益取决于产品预定利率，2024年10月前，分红险产品预定利率上限为2.5%，2024年10月后 降至2%。在如今的预定利率动态调整机制下，分红险产品预定利率上限将在今年8月底前再度下调至 1.75%。目前，已有部分险企上线预定利率为1.5%的分红险产品。 但需要清醒认识的是，即便有上述机 ...

"你之前买的分红险，最近分红到账了吗？"近日，随着新华人寿、平安人寿、阳光人寿、恒安标准 人寿等险企陆续公布2024年度分红险的红利实现率，这一话题引发市场关注。 《金融时报》记者梳理发现，与2023年普遍低迷的态势不同，今年已公布的千余款分红险产品，红 利实现率整体显著改善，尤其是头部公司的产品表现亮眼，不少在售产品的实现率突破100%，一举扭 转了去年多数产品徘徊在25%至50%区间的局面。 另一方面，监管政策的边际调整为头部险企提供了更大空间。2024年，监管部门窗口指导压降不同 规模公司浮动收益产品存量负债成本上限，中小型险企分红险实际收益率上限为3.2%、大型险企为 3.0%。 今年6月，金融监管总局向业内下发《关于分红险分红水平监管意见的函》，要求若出现六种情形 时，保险公司应当充分论证分红水平的必要性、合理性和可持续性，其中包括公司监管评级为1~3级， 且分红保险账户拟分红水平超过人身保险业过去3年平均财务收益率（3.20%）的；公司监管评级为4~5 级，且分红保险账户拟分红水平超过产品预定利率的。 分红险红利实现率整体改善 分红险红利实现率，是衡量分红型保险产品实际分红与演示预期之间匹配程度的 ...

"你之前买的分红险，最近分红到账了吗？"近日，随着新华人寿、平安人寿、阳光人寿、恒安标准人寿 等险企陆续公布2024年度分红险的红利实现率，这一话题引发市场关注。 《金融时报》记者梳理发现，与2023年普遍低迷的态势不同，今年已公布的千余款分红险产品，红利实 现率整体显著改善，尤其是头部公司的产品表现亮眼，不少在售产品的实现率突破100%，一举扭转了 去年多数产品徘徊在25%至50%区间的局面。 一方面，良好的投资收益为2024年产品分红提供了底气。金融监管总局数据显示，2024年，人身险公司 综合投资收益率为7.45%，同比上升4.08个百分点。以新华保险为例，2024年，该公司综合投资收益率 达8.5%。2014年至2024年，该公司平均总投资收益率为5.13%。 另一方面，监管政策的边际调整为头部险企提供了更大空间。2024年，监管部门窗口指导压降不同规模 公司浮动收益产品存量负债成本上限，中小型险企分红险实际收益率上限为3.2%、大型险企为3.0%。 分红险红利实现率整体改善 分红险红利实现率，是衡量分红型保险产品实际分红与演示预期之间匹配程度的指标，反映非保证保单 利益的实现情况。其核心计算公式为： ...

Group 1: Core Insights - The overall trend shows an increase in dividend realization rates for insurance products in 2024 compared to 2023, with many products exceeding 100% realization rates, reversing the previous year's low performance [6][8][9] - Key factors driving this improvement include a recovery in investment returns, easing of regulatory constraints, and strategic adjustments by insurance companies to enhance product attractiveness [2][8][12] Group 2: Insurance Companies' Performance - Ping An Life reported that all 12 of its products effective from September 1, 2024, achieved a realization rate of 100% or more [6] - New China Life has seven products with cash dividends exceeding 100%, while several others have increased realization rates [6] - Sunshine Life has 17 out of over 90 products with realization rates at or above 100%, and Heng An Standard Life has over 30 products achieving 100% realization [6][12] Group 3: Consumer Impact and Expectations - The dividend from participating insurance products consists of guaranteed benefits and dividend benefits, with the latter being influenced by the realization rate [9][10] - For example, a product with a 50% realization rate could yield approximately 35,800 yuan, while an 80% rate could yield 37,000 yuan, and a 100% rate could yield 38,000 yuan [9] - Consumers are advised to monitor the realization rates and understand the sources and distribution methods of dividends to gauge potential returns [10][13] Group 4: Regulatory Environment - The introduction of regulatory guidelines aims to prevent irrational competition and ensure that dividend levels reflect actual investment performance, thereby protecting consumer interests [12][13] - The new regulations set limits on dividend levels based on past performance and financial health, promoting a more stable and transparent insurance market [12][13]

Core Viewpoint - The recent disclosure of dividend realization rates for participating insurance products by various insurance companies shows a significant improvement in 2024 compared to 2023, with many products exceeding a realization rate of 100% [2][3][4] Group 1: Dividend Realization Rates - Most participating insurance products have seen an increase in dividend realization rates compared to 2023, which were previously concentrated between 25%-50% [2][4] - Major companies like Ping An Life, Xinhua Insurance, and others have reported multiple products with realization rates exceeding 100% for 2024 [3][4] - The average realization rate across over a thousand products from more than 20 insurance companies is reported to be 49% for 2023 [4] Group 2: Factors Influencing Improvement - The improvement in dividend realization rates is attributed to a recovery in investment returns for insurance funds in 2024, driven by policy adjustments that have positively impacted the capital market [5] - Regulatory guidance on dividend levels in 2023 contributed to lower realization rates, but the asset-side improvements in 2024 have led companies to prioritize higher dividend distributions for existing products [5] Group 3: Sources of Dividends - Dividends from participating insurance products are derived from surplus earnings that exceed pricing assumptions, primarily from investment returns, mortality rates, and operational costs [6][7] - The realization rate reflects past performance and does not guarantee future dividends, emphasizing the importance of consistent high realization rates over time [7] Group 4: Regulatory Environment - The introduction of regulatory guidelines in June 2025 aims to prevent irrational competition and ensure that dividend levels are aligned with actual investment returns and financial health of the insurance accounts [9][10] - The guidelines set limits on dividend levels based on various financial metrics to protect consumer interests and promote transparency in dividend distribution [10] Group 5: Consumer Considerations - Consumers are advised to focus on the long-term investment capabilities of insurance companies, historical dividend realization rates, product design transparency, and alignment with personal financial needs when selecting participating insurance products [11]