Core Points - The life insurance industry has officially triggered the dynamic adjustment mechanism for predetermined interest rates for the first time since its establishment [4] - The latest research value for ordinary life insurance products' predetermined interest rate is 1.99%, a decrease of 14 basis points from the previous quarter, marking the third consecutive decline [1][2] - Major insurance companies, including China Life, Ping An Life, and Taikang Life, have responded by lowering the maximum predetermined interest rates for new products [5][6] Group 1: Adjustment Mechanism - The dynamic adjustment mechanism links predetermined interest rates to market rates, requiring timely adjustments when the maximum rates exceed the research values by 25 basis points for two consecutive quarters [2][4] - The current maximum predetermined interest rates for ordinary life insurance products have been set at 2.0%, down from 2.5% [5][6] - The adjustment has led to a significant narrowing of the pricing gap between ordinary and participating insurance products from 0.5% to 0.25% [5][7] Group 2: Market Reactions - The adjustment is expected to trigger a "buy before stop" trend, where consumers rush to purchase existing high-rate products before the new lower rates take effect [8][9] - Analysts predict a short-term increase in premium income due to this buying behavior, although the effectiveness of this strategy may diminish over time [9][10] - The anticipated peak in life insurance purchases is likely to occur before the launch of new products in early 2026 [8][9] Group 3: Impact on Consumers - The reduction in predetermined interest rates will lead to higher insurance premiums, particularly for traditional life insurance products [11][12] - The average premium increase is estimated to be around 20%, with children's policies experiencing the highest sensitivity to rate changes [12][13] - Despite the rate decrease, the fundamental function of insurance as a protection tool remains, and consumer purchasing behavior may not be significantly affected [10][13] Group 4: Industry Implications - The adjustment will lower the overall liability costs for insurance companies but may negatively impact product sales [13] - Companies are encouraged to optimize product structures and enhance sales capabilities to adapt to the changing market environment [13] - The current low-interest-rate environment necessitates a focus on flexible investment strategies and improved asset structures to maintain profitability [13]

Group 1 - The core viewpoint of the articles highlights the expectation of a decrease in insurance preset rates due to the recent cuts in deposit rates by major banks, leading to potential changes in the pricing and yield of life insurance products [1][2] - The preset rate research value for ordinary life insurance products in Q1 was 2.13%, which is below the maximum preset rate of 2.5%, indicating that if it remains below 2.25% in Q2, new products will see a reduction in preset rates [1][2] - Insurance marketing agents are actively promoting the urgency to purchase insurance products to lock in current rates, a behavior referred to as "炒停售" (speculative purchase before suspension), although the effectiveness of this strategy may be limited [2] Group 2 - The dynamic adjustment mechanism for preset rates allows for timely reductions when preset rate research values exceed certain thresholds, indicating a responsive approach to market conditions [1][2] - Insurance companies are preparing for the transition by developing new products, adjusting systems, and training personnel to ensure a smooth adjustment to the new preset rates [2] - Consumers are advised to consider the alignment of insurance products with their risk management and wealth management needs rather than solely focusing on locking in rates [3]