正文： 1 截止到9月10日，"13精"已经收录了76家寿险公司公布的3357款分红险产品的红利实现率。 2024年寿险行业平均红利实现率平均为61.7%，同比提高了11个百分点，反映出行业在分红险经营管理和预期引导方面正在逐步改善。 2024年寿险行业红利实现率状况 尽管红利实现率受销售时的演示利率、预定利率以及产品定价假设等多重因素影响，加之分红险自身存在平滑机制，导致该指标含义表现出一定的复杂 性。 但从本质上看，红利实现率反映的是保险公司对非保证红利的实际兑现能力，是衡量公司投资管理效能、精算假设合理性与经营透明度的重要标尺，体 现了保险公司在市场波动中履行对客户预期承诺的诚意与实力。 2024年，在统计的3,357款分红型保险产品中，有12款产品的红利实现率为零，完全未能兑现非保证红利； 演示利益是保险公司在销售过程中基于假设投资情景对未来分红水平的测算展示，用以帮助客户理解产品的潜在收益。 而红利实现率则是实际分红金额与演示分红之间的比值，真实反映产品经营成果与客户实际获得感。 保险公司如何才能提高红利实现率呢？ 为提高这一比率，需要从前端演示的合理性与后端投资的核心能力两方面协同发力。 2,72 ...

Core Viewpoint - The insurance industry has seen a significant recovery in the dividend realization rate for participating insurance products in 2024, with many products achieving or exceeding 100% realization rates, contrasting with the general decline observed in the previous year [1][5]. Summary of 2024 Dividend Realization Rate Disclosure - As of September 2, 2024, 74 life insurance companies have disclosed the dividend realization rates for 3,319 participating insurance products, with an overall realization rate of 61.8%, an increase of 10.9 percentage points year-on-year [5][7]. - The increase in the dividend realization rate is primarily attributed to new products launched after the regulatory changes, which have a realization rate of 107.0%, compared to 54.3% for older products [7][8]. Factors Influencing Dividend Realization Rate - The realization rate is influenced by various factors, including the sales demonstration rate and the predetermined interest rate. Lower sales demonstration rates lead to higher realization rates under the same customer yield conditions [12][14]. - The average customer yield for participating insurance products in 2024 is 3.2%, remaining stable year-on-year, with new products yielding 3.1% and older products yielding 3.2% [18][20]. Evaluation of Life Insurance Companies' Dividend Strength - The evaluation of a life insurance company's dividend strength should consider long-term perspectives on realization rates, long-term investment returns, solvency ratios, and overall operational stability [23][25]. - Only 5 out of 38 companies met the criteria for having an average customer yield above 3.5% in 2024, indicating a competitive landscape [29]. Case Study: Zhongyi Life Insurance - Zhongyi Life Insurance reported a dividend realization rate of 88.8% for its participating insurance products in 2024, ranking among the top five companies in the analyzed group [31]. - The company has maintained a strong solvency ratio, with a core solvency ratio of 166% and a comprehensive solvency ratio of 212%, significantly above regulatory thresholds [32][36]. - Zhongyi Life's investment management arm has achieved an average total investment return of 5.56% over the past decade, showcasing its robust investment capabilities [36].

Core Viewpoint - The insurance industry is experiencing a significant recovery in the dividend realization rate for participating insurance products, with many new products launched in 2024 achieving or exceeding a 100% realization rate [1]. Group 1: Dividend Realization Rates - As of September 1, 2024, 73 life insurance companies have reported the dividend realization rates for 3,285 participating insurance products, with a notable increase in overall rates [2]. - The average dividend realization rate for new products launched after the regulatory notice on August 2, 2024, is 106.8%, while older products have an average realization rate of 53.8% [3][4]. - Despite older products not reaching a 100% realization rate, their customer yield stands at 3.2% [3]. Group 2: Selection Criteria for Participating Insurance Products - Consumers are advised to focus on companies with a long-term stable dividend policy and strong operational capabilities, especially in a low-interest-rate environment [4]. - The regulatory guidance emphasizes that companies with high risks and negative reserves must justify their dividend levels [4]. Group 3: Evaluation of Insurance Companies - The evaluation of life insurance companies' dividend strength should consider long-term realization rates, historical data, investment returns, solvency ratios, and overall operational stability [7]. - A company like AIA Life has demonstrated strong performance, with new products achieving a realization rate of 143.0%, significantly above the industry average [8][11]. Group 4: AIA Life's Performance - AIA Life's 90 older products have an average realization rate of 74.2%, outperforming the industry average of 53.8% by 20.6 percentage points [11]. - The company has maintained a robust solvency ratio of 410% and has received the highest AAA risk rating for four consecutive quarters [13]. - AIA Life's future surplus ratio is 21.9%, ranking first among the 37 companies analyzed, indicating strong future profitability potential [15].

Core Viewpoint - The low interest rate environment is prompting a new paradigm in wealth management for households, with a focus on "risk resistance, stable returns, and medium to long-term" investment strategies [1] Summary by Sections Dividend Insurance Products - As of late August, life insurance products will see a reduction in preset interest rates, leading to dividend insurance becoming the mainstream product type in September. These products offer a combination of "personal protection + guaranteed benefits + floating returns," attracting increasing attention due to their defensive and offensive characteristics [2] - When selecting dividend insurance products, past dividend realization rates and the investment capabilities of insurance companies are crucial reference indicators. Given the long-term nature of these products, the brand strength, service quality, and operational capabilities of state-owned large insurance companies are significant advantages [2] Importance of Dividend Realization Rate - Dividend insurance refers to life insurance products where the insurance company distributes a portion of its surplus earnings to policyholders. By regulation, insurance companies must allocate at least 70% of the distributable surplus to policyholders annually [4] - The yield from dividend insurance consists of "guaranteed + dividends," where guaranteed returns are fixed and specified in the contract, while the dividend portion is variable and depends on the company's performance. The floating dividend is key to the competitiveness of these products, with the realization rate being a critical metric [4] - The dividend realization rate is defined as "actual distributed dividend amount / projected dividend amount," indicating the extent to which projected benefits are realized. A realization rate above 100% means actual dividends exceed projections. For instance, Xinhua Insurance reported that over 60 products had a realization rate exceeding 100% for 2024, with an average of 152% for guaranteed dividend products [4] Investment Capability - The dividends from these products are derived from the management of the insurance company, making investment and operational management critical. Consumers should consider the insurance company's strength and professionalism, particularly its long-term stable operations and investment performance [6] - Xinhua Insurance has maintained a steady average total investment return of 5.13% from 2014 to 2024, with a comprehensive investment return of 8.5% in 2024. The company emphasizes enhancing investment capabilities and aligning with national strategies for long-term returns [7] Active Investment Strategies - In 2024, Xinhua Insurance has taken a leading role in investing insurance funds, participating in the establishment of the Honghu Fund to promote value investment. The company has actively invested in the elderly care and health industries, acquiring stakes in quality listed companies [8] - Xinhua Insurance focuses on balancing risk and returns in its asset allocation for dividend insurance, continuously optimizing its diversified strategies to create stable long-term investment returns for policyholders [8] Service Capability and Comprehensive Strength - Since 2025, Xinhua Insurance has enhanced its dividend insurance product offerings, introducing competitive products that emphasize wealth management and retirement functions. The company has also integrated various high-value products to meet diverse customer needs [10] - The company's comprehensive service capabilities, centered on customer needs, enhance product value. Xinhua Insurance provides a full-cycle service system covering institutional and home-based elderly care, integrating various services for a one-stop solution [10] - In the first seven months of 2025, Xinhua Insurance achieved a premium income of 137.8 billion yuan, a 23% year-on-year increase, and processed 2.41 million claims totaling 7.3 billion yuan [10] Future Outlook - With robust operational performance and growth momentum, Xinhua Insurance has been listed in the 2025 Fortune Global 500. The company aims to achieve higher levels of development, focusing on insurance, asset management, and service ecosystems to contribute to the well-being of the public [11]

Group 1 - Major insurance companies in China, including China Life, Xinhua Insurance, and Ping An Life, have reported significant increases in their dividend insurance annual bonus realization rates compared to last year [1] - The overall trend shows a recovery in bonus realization rates, with many existing "old products" seeing increases from 25% to 35% and from around 35% to over 40% or even 50% [1] - Several products have surpassed a 100% bonus realization rate, a stark contrast to the previous year when very few products achieved this level [1] Group 2 - Differentiated adjustment levels are expected to drive the industry towards a full transition to dividend insurance, which has lower guaranteed costs and allows for flexible bonus distribution based on investment performance [2] - Insurance companies view the shift to dividend insurance as a strategic move to mitigate "interest spread loss" risks, accelerating the transition across the industry [2] - Many insurance firms plan to actively promote the launch and sales of dividend insurance products during the upcoming transition from old to new products [2]

Core Viewpoint - The dividend realization rate of various insurance companies has shown a year-on-year increase, with many products exceeding 100%, a significant improvement compared to the previous year when few products achieved this level [1][2]. Group 1: Dividend Realization Rate Trends - Multiple insurance companies, including China Life, New China Life, and Ping An Life, have reported their latest dividend realization rates, indicating a notable recovery in these rates compared to last year [2]. - For instance, New China Life reported that 56 out of 59 participating dividend products achieved a dividend realization rate of 100%, with an average of 152% [2]. - The increase in dividend realization rates is attributed to rising investment returns and the relaxation of the "high limit" policy for dividend insurance [1][2]. Group 2: Industry Shift Towards Dividend Insurance - The insurance industry is accelerating its transition towards dividend insurance, driven by a lower guaranteed interest rate cap and the need to mitigate "interest spread loss" risks [4]. - The latest research indicates that the preset interest rate for life insurance is now 1.99%, with adjustments leading to a reduction in the upper limit for guaranteed rates [4]. - Companies are aiming for a significant increase in the proportion of dividend insurance products, with one leading insurer targeting at least 30% of its business portfolio to be dividend insurance by 2025 [4]. Group 3: Market Dynamics and Competitive Landscape - Insurers with strong investment performance and substantial special reserves for dividends are expected to have greater flexibility in offering higher dividends, enhancing their competitive edge in the market [5][6]. - The long-term sustainability of dividend insurance will be tested on both liability and asset sides, requiring insurers to balance dividend distribution with future expectations and operational performance [6].

Core Viewpoint - The annual disclosure season for participating insurance policies has revealed that leading insurance companies have achieved dividend realization rates exceeding 100%, with China Pacific Life Insurance (CPIC) leading the way [1][5]. Group 1: Performance of Participating Insurance Products - CPIC's two main whole life insurance products, "Manhao Life (Heritage Version)" and "Supreme Version," have achieved dividend realization rates of 145% and 127%, respectively, while its main annuity product, "Xinxin Yearly Annuity," has a realization rate of 124% [1][5]. - The high dividend realization rates of these products indicate strong actual returns for consumers, which are critical factors in their purchasing decisions [1][2]. Group 2: Comparison with Market Rates - The dividend realization rates of CPIC's products translate to customer yields of 3.5225% for the 145% realization rate, 3.33% for the 127% rate, and 3.302% for the 124% rate, all of which are significantly higher than current bank deposit rates and many wealth management products [2][6]. - The relative attractiveness of participating insurance products is expected to increase as traditional insurance and bank product rates decline [3][6]. Group 3: Underlying Strengths of CPIC - CPIC's ability to maintain high dividend realization rates is attributed to its solid fundamentals, including its strong market position as a publicly listed company in multiple locations and a 24-year history of consistent dividend payouts [2][7]. - The company has demonstrated superior investment performance, with an average investment return rate of 5.19% over the past decade, which supports its ability to deliver on customer promises [8][9]. Group 4: Industry Trends and Future Outlook - The competition in the participating insurance sector is shifting towards value creation, with CPIC's approach serving as a model for focusing on customer needs, stable investments, and transparent information disclosure [9].

Core Viewpoint - The insurance industry is currently in the annual disclosure season for participating insurance performance, with leading companies showing a general trend of dividend realization rates exceeding 100%, particularly highlighted by China Pacific Life Insurance's strong performance [1][6]. Group 1: Dividend Realization Rates - China Pacific Life Insurance's main participating insurance products, "Manhao Life (Heritage Version)" and "Manhao Life (Supreme Version)", achieved dividend realization rates of 145% and 127% respectively, while the annuity product "Xinxin Year" reached 124%, leading the industry [1][6][7]. - The dividend realization rate reflects the actual dividends distributed to policyholders compared to the projected dividends in product brochures, making it a crucial factor for consumers when selecting participating insurance products [7][8]. Group 2: Actual Returns and Market Position - Under the same predetermined and illustrated interest rates, a higher dividend realization rate translates to higher actual returns for consumers. China Pacific Life's products, with a 145% realization rate, correspond to a customer return rate of 3.5225% [2][8]. - In a low-interest-rate environment, the relative attractiveness of participating insurance products is increasing, especially as traditional insurance and bank products see further rate reductions [4][8]. Group 3: Company Fundamentals and Long-term Stability - China Pacific Life's ability to maintain high dividend realization rates is supported by its strong fundamentals, including its robust company background, superior investment management, and transparent information disclosure [11][13]. - The company has a long history of consistent dividend payouts, dating back to its first participating insurance product launched in 2001, which positions it as a pioneer in the industry [11][12]. Group 4: Investment Performance and Strategic Positioning - China Pacific Life has demonstrated strong investment performance, with an average investment return rate of 5.19% from 2015 to 2024, outperforming its listed peers [13]. - The company engages in various national key projects, which provide stable returns and align with the long-term nature of insurance funds, enhancing its competitive edge in the participating insurance market [13][14].

Core Viewpoint - The dividend realization rate for participating insurance products in 2024 has improved, with all 90 disclosed products achieving rates above 100%, indicating better performance compared to 2023 [1][2] Group 1: Reasons for Improvement - The average comprehensive investment return rate in the industry has rebounded, supporting higher dividend realization rates [2] - Regulatory changes in June 2023 relaxed constraints on dividend fluctuations, releasing surplus space for companies [2] - The upper limit for the preset interest rate of newly filed participating insurance products was lowered to 2.0% since October 2022, making it easier for products to meet demonstration rates [2] Group 2: Market Dynamics - Participating insurance products, with their "guaranteed + floating" return mechanism, have become the main products promoted by insurance companies in a low-interest-rate environment [2] - Increased competition in the participating insurance market has led some companies to adopt aggressive dividend strategies, potentially exaggerating the dividend levels [2] - Regulatory guidance requires companies to prudently determine dividend levels for 2024, emphasizing stable operations and long-term principles [2] Group 3: Long-term Considerations - Long-term evaluation of dividend realization rates is crucial for assessing the operational and investment capabilities of insurance companies [3] - Future expectations indicate an optimization of the revenue structure in the participating insurance market, with a predicted decline in preset interest rates and an increase in the proportion of floating returns [3] - The ongoing industry transformation may position participating insurance products as the dominant offerings, with a continuous decrease in liability costs [3]

Core Viewpoint - The article discusses the recent trends in the dividend insurance market, highlighting the advantages of "fixed income + floating dividends" structures that benefit both insurance companies and consumers [1][2]. Group 1: Dividend Insurance Overview - Dividend insurance is a type of life insurance where the insurer distributes a portion of its surplus earnings to policyholders in the form of cash or increased coverage [1]. - The surplus earnings that fund these dividends come from mortality gains, expense savings, and investment income exceeding expectations [1]. Group 2: Market Trends and Advantages - In the current low-interest-rate environment, insurance companies are accelerating the launch and sale of dividend insurance products, which are seen as a robust and flexible long-term wealth management tool [2]. - The "fixed income + floating dividends" mechanism of dividend insurance provides a safety net while also allowing for potential gains when market conditions improve [2]. Group 3: Comparison with Bank Deposits - Dividend insurance differs from bank deposits in that it offers both insurance coverage and long-term savings, while bank deposits are purely low-risk savings products without any insurance benefits [3]. - The liquidity of bank deposits allows for immediate access, albeit with potential interest loss, whereas dividend insurance typically has a longer commitment period, which may result in losses if cashed out early [3]. Group 4: Considerations for Purchasing - Dividend insurance is more suitable for individuals with long-term financial planning needs, as short-term withdrawals can lead to significant losses [4]. - When selecting a dividend insurance product, the dividend realization rate is crucial, as it indicates the insurer's ability to deliver on promised dividends [4].