Group 1 - The core viewpoint is that the downward adjustment of deposit rates in China has led to a significant increase in life insurance premium income, with life insurance premium income reaching 3.19 trillion yuan in 2024, a year-on-year growth of 15.45%, surpassing the overall industry growth rate [3][4] - The attractiveness of savings-type life insurance products has increased as the value preservation and appreciation attributes of bank deposits have weakened, making insurance products a "safe haven" for residents' savings [3][4] - The low interest rate environment presents a double-edged sword for the insurance industry, benefiting short-term sales of savings insurance but increasing the risk of interest spread losses in the long term [3][4] Group 2 - Insurance companies are changing their product strategies by increasing the supply of floating income products, with nearly 40% of life insurance being dividend and universal products in the first quarter of this year [4] - The industry is expected to shift from "savings replacement" to a focus on "risk protection + long-term financial planning," emphasizing the risk protection function of products [4] - Insurance companies are gradually transitioning to risk management services, which may become less sensitive to interest rate fluctuations [4]