Core Viewpoint - A new round of insurance "interest rate cuts" has begun, with companies restructuring their product matrices to focus on "protection + savings" as many 2.5% guaranteed rate savings insurance products are being phased out ahead of the third quarter [1][3]. Group 1: Insurance Rate Adjustments - The first move in the new round of insurance "interest rate cuts" was made by Tongfang Global Life, which launched new dividend insurance products with a guaranteed rate reduced from the market cap of 2% to 1.5% [2][3]. - The adjustment of guaranteed rates is seen as a necessary response to environmental changes, aimed at reducing the liability costs for insurance companies and promoting sustainable development in the industry [3][12]. Group 2: Product Discontinuation - Many insurance companies are ceasing the sale of various 2.5% guaranteed rate savings insurance products as they prepare for the upcoming changes in the market [3][10]. - Specific products that have been discontinued include the "Xinyingjia" whole life insurance and "Yuehuo" life annuity insurance from Zhongying Life, effective from June 13, 2025 [4][10]. Group 3: Market Trends and Future Outlook - The insurance industry is expected to transition from high guaranteed returns to low guaranteed and floating rate products, reflecting a broader trend towards risk-sharing [12][14]. - The current market environment, characterized by declining interest rates, is putting pressure on insurance asset allocation, necessitating an increase in equity investments to enhance flexibility [13][14].