近日，金融监管总局印发《关于推动健康保险高质量发展的指导意见》（以下简称《意见》），明确健康保险 未来一段时间发展的总体思路和阶段性目标。其中提到，支持监管评级良好的保险公司开展分红型长期健康保 险业务。 这意味着分红型健康险时隔22年后再度回归市场。随着低利率持续和外部环境变化，我国人身险产品结构转型 正在纵深推进。 分红型健康险回归 早在2003年前后，分红型重疾险因兼具"保障+分红"，一度成为我国当时保险市场主力险种之一。 但是，彼时正值我国重疾险发展初期，叠加分红设计后的分红型重疾险销售乱象频出，销售误导频发。另一方 面，重疾险管理复杂，加上分红因素之后管理难度更大，对保险公司风险控制带来严峻挑战。 2003年5月，原保监会印发《个人分红保险精算规定》，其中规定，分红保险可以采取终身寿险、两全保险或 年金保险的形式。保险公司不得将其他产品形式设计为分红保险。此后，分红型重疾险逐步停止销售。 本次分红型长期健康险回归市场，是监管部门有序引导浮动收益型保险发展，进一步激发健康险市场增长潜力 的重要举措。 东吴证券分析认为，2003年原保监会发文叫停分红型重疾险产品，此后只能设计为传统险。在预定利率连续下 ...

Core Viewpoint - The insurance industry is facing a significant adjustment in the predetermined interest rates for insurance products, with the rates being lowered due to regulatory changes and market conditions, leading to a more rational market response from consumers [1][4][7]. Group 1: Regulatory Changes and Market Adjustments - The predetermined interest rates for ordinary life insurance products have been adjusted from a maximum of 2.5% to 2.0%, while the maximum for participating insurance products is now 1.75%, and the minimum guaranteed rate for universal insurance products is 1.0% [2]. - This adjustment marks the first time the rates have been modified based on market interest rates since the introduction of the dynamic adjustment mechanism earlier in the year [2][5]. - The current adjustment is the fifth major change since 2019, indicating a trend of continuous regulatory intervention in response to market conditions [5][6]. Group 2: Market Reactions and Consumer Behavior - The market has shown a more rational response to the rate adjustments, with fewer consumers rushing to purchase insurance products before the changes take effect, focusing instead on the intrinsic value and features of the products [3][4]. - The insurance industry has largely completed the transition to new products ahead of the deadline, with most companies having developed and filed new products in anticipation of the changes [3][4]. Group 3: Implications for the Insurance Industry - The dynamic adjustment mechanism is seen as a proactive response to the declining interest rates, aimed at preventing "interest rate risk" and encouraging stable operations within the industry [7]. - The shift in predetermined interest rates is expected to lead to a decline in the investment attributes of insurance products, emphasizing their protective features instead [7]. - The current market environment is likely to create a divide within the industry, favoring larger companies with better investment capabilities and product offerings, while posing challenges for smaller firms [7][8]. Group 4: Product Trends and Consumer Recommendations - Participating insurance products are gaining popularity due to their combination of guaranteed rates and potential dividends, which appeal to both consumers and insurance companies [8]. - Companies are encouraged to enhance their product design, sales strategies, and investment approaches to adapt to the changing market landscape [8][9]. - Consumers are advised to focus on risk protection products, particularly health insurance, and to consider the historical performance of insurance products when making long-term investment decisions [9].

Core Viewpoint - The adjustment of the predetermined interest rate for life insurance products is a response to the newly established dynamic adjustment mechanism, with the current research value set at 1.99% for the second quarter of 2025, indicating a downward trend in interest rates [1][2]. Group 1: Adjustment Mechanism - The dynamic adjustment mechanism for predetermined interest rates was established in January 2023, linking them to market interest rates such as the 5-year LPR and 10-year government bond rates [2]. - The current maximum predetermined interest rates are 2.5% for ordinary life insurance products, 2.0% for participating products, and 1.5% for universal life products [2]. Group 2: Expected Adjustments - Analysts predict a reduction of 25 basis points in the maximum predetermined interest rate, but some expect a more significant adjustment of 50 basis points to 2.0% due to anticipated further declines in the research value [3][4]. - Major insurance companies, including China Life and Ping An Life, have already announced adjustments to their new insurance products' maximum predetermined interest rates in response to the changes [4]. Group 3: Market Response - Several insurance companies have proactively adjusted their product offerings, with some introducing products with a predetermined interest rate of 1.75% ahead of the official announcement [5]. - The market is witnessing a shift towards participating insurance products, which are expected to become a significant focus for insurance companies, with some firms reporting that over 50% of their total life insurance premiums now come from participating products [6][7]. Group 4: Industry Trends - The insurance industry is increasingly embracing participating insurance products as a strategy to manage liability costs and enhance product competitiveness [6]. - Experts emphasize the need for a transition towards floating yield products, which can help stabilize financial performance and market expectations despite the downward pressure on traditional savings-type products [7].

Core Viewpoint - The insurance industry is adjusting the preset interest rates for life insurance products due to the establishment of a dynamic adjustment mechanism linked to market interest rates, with the current research value set at 1.99% for ordinary life insurance products [1][2]. Group 1: Adjustment Mechanism - The adjustment of preset interest rates is based on a mechanism established in January 2023, which links preset rates to market rates such as the 5-year LPR and 10-year government bond rates [2]. - The current maximum preset interest rates are 2.5% for ordinary life insurance, 2.0% for participating insurance, and 1.5% for universal insurance [2]. Group 2: Expected Changes - Analysts predict that the maximum preset interest rate for ordinary life insurance will be adjusted down by 50 basis points to 2.0% by the end of August 2023, rather than the minimum required adjustment of 25 basis points [3][4]. - Major insurance companies, including China Life and Ping An Life, have already announced adjustments to their new insurance products in line with the new preset interest rates [4]. Group 3: Market Response - Many insurance companies have proactively prepared for the rate adjustments, with some already launching products with lower preset interest rates [5]. - The market is witnessing a shift towards participating insurance products, which are expected to become a significant part of the insurance companies' offerings due to their ability to share profits with clients [6][7]. Group 4: Industry Trends - The insurance industry is increasingly focusing on developing floating yield products as a response to the downward pressure on preset interest rates [6][7]. - Participating insurance products are projected to regain a dominant market share, potentially exceeding 80% of total premium income in the future [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the past three years, the re - allocation of insurance funds may have been an important factor in the flattening of the interest rate curve. When the supply of high - yield assets such as non - standard assets shrank, insurance funds favored ultra - long - term interest - rate bonds [5][28]. - The impact of the "premium开门红" on the bond market has weakened. Premium income is not the only factor determining the rhythm of insurance bond allocation. Insurance institutions often time their bond allocations, and high new premiums do not necessarily lead to high bond - allocation scales [5][34]. - After the reduction of the scheduled interest rate, the cost of new insurance liabilities will decrease, and the criteria for high - dividend assets to enter the pool may be lowered. Insurance may gradually focus on overseas income - generating assets [6][61]. - Due to the change in accounting standards and the pursuit of risk - return ratio and profit - smoothing mechanisms, insurance funds prefer high - dividend assets. Under the new accounting standards, most bonds are placed in the FVOCI account, and the trading attributes and the characteristic of realizing profits at the end of the quarter have been amplified [6][86]. - The "Solvency II" has higher requirements for the duration and transparency of insurance assets, but for most insurance institutions, the level of risk factors alone is difficult to affect the allocation preference of insurance funds [6][118]. - The net secondary - market purchases of treasury bonds, policy - bank bonds, local government bonds, and financial bonds (excluding policy - bank bonds) by insurance institutions are highly correlated with the actual changes in their holdings, which is worthy of tracking [6]. 3. Summary According to the Table of Contents 3.1 In recent years, insurance funds may have been an important factor in the flattening of the interest rate curve - Premiums are an important source of insurance funds. The long - term nature of insurance liabilities makes insurance funds prefer long - term assets. The proportion of life insurance premiums in total premiums has increased from 52% in 2022 to 56% in 2024 [25]. - When the supply of high - yield non - standard assets shrank, insurance funds re - allocated to ultra - long - term interest - rate bonds, resulting in the flattening of the interest rate curve. From 2022Q2 to 2025Q1, the proportion of non - standard assets in total insurance funds decreased from 26.9% to 19.3%, and the term spread between 30Y and 10Y treasury bonds changed from "mean - reversion" to "downward - trend" after 2020 [28]. 3.2 The impact of the "premium开门红" on the bond market has weakened, and currently, insurance asset allocation values the risk - return ratio more - In the past, due to the lack of long - term government bond issuance in January, insurance funds flowed into the secondary market in the early part of the year. However, in recent years, the supply of long - term government bonds in the primary market has increased, and the influence on the secondary market has weakened [34]. - Premium income is not the only factor determining the rhythm of insurance bond allocation. The reasons include sufficient primary - market supply, relatively high deposit returns, and the importance of timing bond allocation to increase returns in a low - interest - rate environment [41]. - Before the reduction of the scheduled interest rate, insurance institutions usually try to boost premiums but time their bond allocations. Although the reduction of the scheduled interest rate on August 31, 2025, was greater than expected, the "premium - boosting" phenomenon was not obvious, and the preference for bond market allocation weakened. After the reduction, the cost of new insurance liabilities decreased, and the attractiveness of 30Y treasury bonds and 20Y and above local government bonds increased when their YTM was higher than 2% [51][61]. - Insurance may focus on overseas fixed - income assets. The expansion of the scope of eligible investors for the Southbound Bond Connect is imminent, which may increase the proportion of overseas investment by insurance institutions and help improve investment returns [64]. 3.3 Stock - bond rebalancing and the switch between old and new accounting standards make high - dividend assets more popular - As the domestic long - term bond yield may remain low for a long time, insurance companies may seek high - yield fixed - income assets overseas and increase their allocation of equities [73]. - Under the new accounting standards, most bonds are placed in the FVOCI account, and the trading attributes and the characteristic of realizing profits at the end of the quarter have been amplified. Insurance institutions prefer to buy high - dividend assets and re - classify them into the FVOCI account to smooth profit fluctuations [86][97]. - High - dividend equity assets can support investment returns when bond yields are low. Their full - return index has performed better than ultra - long - term treasury bonds since 2019 [103]. 3.4 "Solvency II" has higher requirements for the duration and transparency of insurance assets - Since 2023, the solvency adequacy ratio of insurance institutions has been steadily increasing. As of 2025Q1, the comprehensive solvency adequacy ratio of Chinese insurance companies reached 204.5%, and the core solvency adequacy ratio reached 146.5% [110]. - "Solvency II" requires a higher degree of matching between asset and liability durations. If the asset duration is less than the liability duration, the minimum capital for interest - rate risk will increase rapidly under stress - testing scenarios [113]. - Holding assets such as trusts, real estate, and non - standard assets will increase the risk factor, raise the minimum risk capital, and lower the solvency adequacy ratio. However, for most insurance institutions, the level of risk factors alone is difficult to affect their asset - allocation preferences [118]. 3.5 Insurance focuses on primary - market subscriptions and supplements with secondary - market transactions 5.1 Which types of bonds in the cash - bond trading data of insurance institutions are worthy of high - frequency tracking - The net secondary - market purchases of treasury bonds, policy - bank bonds, local government bonds, and financial bonds (excluding policy - bank bonds) by insurance institutions are highly correlated with the actual changes in their holdings. In 2024, insurance institutions showed more obvious trading behaviors in the secondary market [119]. 5.2 Rules for insurance trading of treasury bonds - Insurance institutions tend to increase their net purchases of long - term treasury bonds at the end of the quarter and sell them at the beginning of the next quarter. Since 2023, their net purchases of 30Y treasury bonds have increased significantly [125]. - Although there are obvious rules for insurance institutions' trading of treasury bonds at the end of the quarter, it is difficult for a single type of investor to affect the bond - market trend [136]. 5.3 Insurance trading of local government bonds: The spread can be used as a leading indicator - The supply pressure of local government bonds affects the spread, which in turn affects the net secondary - market purchases of local government bonds by insurance institutions. The spread of local government bonds is an important indicator for judging the net - buying power of insurance institutions in the secondary market. When the spread increases by 5 - 6bp within a month, the net - buying scale of insurance institutions may increase significantly [138]. 5.4 Insurance trading strategy for Tier 2 and perpetual bonds - Since May 2024, insurance institutions have continuously sold medium - and long - term Tier 2 and perpetual bonds because these bonds cannot pass the cash - flow test and most are re - classified into the FVTPL account, which has a greater impact on current profits [152].

Core Viewpoint - The recent adjustment of the maximum guaranteed interest rate for life insurance products in China reflects ongoing trends in the market, with the current rate set at 1.99%, down from 2.13% in the previous quarter, indicating a continuous decline in interest rates and a shift in product attractiveness towards participating insurance [1][3][10]. Summary by Sections Current Rate Adjustments - The current guaranteed interest rate for ordinary life insurance products is 1.99%, which is a decrease of 14 basis points from the previous quarter's 2.13% [1][3]. - The maximum guaranteed interest rate for ordinary life insurance products is now set at 2.5%, with adjustments triggered by the rate being above the research value for two consecutive quarters [3][4]. Market Reactions - Major insurance companies like China Life and Ping An Life have announced adjustments to their new insurance products' maximum guaranteed interest rates following the announcement from the Insurance Association [4][11]. - The new maximum rates are 2% for ordinary products, 1.75% for participating products, and 1% for universal products [4][11]. Industry Trends - The downward adjustment of interest rates is seen as a necessary response to the broader economic context, including declining market interest rates and the impact of new accounting standards on financial reporting [5][6]. - The shift towards participating insurance products is expected to increase as their relative attractiveness grows due to smaller rate reductions compared to other types of insurance [6][9]. Future Implications - Short-term effects may include a temporary halt in the sale of existing products as companies adapt to the new rates, potentially leading to increased training costs for sales personnel [7][10]. - Long-term, the low-interest-rate environment is likely to accelerate structural changes in the industry, with participating insurance products becoming more dominant due to their combination of guaranteed and variable returns [7][10]. Premium Growth - The insurance industry reported a total premium income of 3.74 trillion yuan in the first half of the year, with life insurance premiums growing by 5.34% year-on-year [8][10]. - The demand for savings-type insurance products remains strong, driven by the decline in deposit rates, although the recent rate adjustments may impact future premium growth [8][10][12].

Core Insights - The China Insurance Industry Association announced a new benchmark interest rate for ordinary life insurance products at 1.99%, a decrease of 14 basis points from the previous rate, indicating a trend of declining interest rates in the insurance sector [1][4][5] - Major insurance companies, including China Life and Ping An Life, have announced adjustments to their insurance product interest rates, with the maximum rate for ordinary insurance products set at 2.0% [5][9] - The downward adjustment of the benchmark interest rate is seen as a necessary response to the ongoing decline in market interest rates, which helps insurance companies manage their financial stability and reduce liability costs [9][14] Industry Adjustments - The new maximum interest rates for various insurance products are as follows: ordinary insurance products at 2.0%, participating insurance products at 1.75%, and universal insurance products at a maximum guaranteed rate of 1.0% [5] - The adjustment aligns with the regulatory framework established earlier this year, which mandates that if the maximum interest rate for insurance products exceeds the benchmark rate by 25 basis points for two consecutive quarters, it must be lowered [4] Market Reactions - Insurance agents are leveraging the current market conditions to promote sales, emphasizing the urgency for consumers to secure higher rates before further declines [10][13] - The trend indicates a shift towards participating insurance products as the maximum interest rates for fixed-income products decrease, which may enhance the appeal of variable yield products [13] Expert Opinions - Experts suggest that the adjustment in interest rates reflects the need for insurance products to align with market realities, thereby improving pricing strategies and reducing the risk of interest rate mismatches [9][14] - There is a cautionary note regarding potential marketing practices that may exaggerate the impact of interest rate changes, which could mislead consumers [14]

Core Viewpoint - The life insurance industry in China is set to undergo a significant adjustment in the predetermined interest rates for life insurance products, with the current research value dropping to 1.99%, indicating a new round of rate reductions [2][5][7]. Group 1: Predetermined Interest Rate Adjustments - The China Insurance Industry Association has announced that the research value for ordinary life insurance products' predetermined interest rate is now 1.99%, down from 2.13% in the previous quarter [6][7]. - The current maximum predetermined interest rate for ordinary life insurance products is 2.5%, and the new research value has fallen below this threshold by 25 basis points, triggering the adjustment mechanism [7][8]. - Insurance companies, including China Life, Ping An Life, and others, will adjust their new registered insurance products' maximum predetermined interest rates, effective from August 31, with ordinary products set at 2.0% [8][9]. Group 2: Market Impact and Company Responses - The reduction in predetermined interest rates is expected to affect the attractiveness of traditional products like whole life and annuity insurance, potentially increasing sales difficulties [12]. - In response to the changing macroeconomic conditions and interest rate trends, many life insurance companies have begun product switches and are focusing on product innovation, particularly in developing floating yield insurance products [12].

Core Viewpoint - The recent adjustment of the predetermined interest rate for personal insurance products in China to 1.99% indicates a downward trend, triggering a mechanism for rate reduction, which is expected to impact product pricing and consumer returns [1][2][4]. Group 1: Predetermined Interest Rate Adjustments - The maximum predetermined interest rates for various insurance products have been set: 2.0% for ordinary insurance, 1.75% for participating insurance, and 1.0% for universal insurance, effective from August 31 [1][4]. - The latest predetermined interest rate research value of 1.99% reflects a continuous decline over two quarters, with previous values being 2.34% and 2.13% [2][4]. - The adjustment mechanism is based on market interest rates, with the current reference rates being 3.5% for the 5-year LPR, 1.3% for the 5-year fixed deposit rate, and 1.65% for the 10-year government bond yield [3][4]. Group 2: Market and Consumer Impact - The reduction in predetermined interest rates is expected to lead to a slight decrease in guaranteed returns for savings-type insurance and potential premium increases for protection-type products [4][6]. - The shift towards lower predetermined interest rates may alleviate the risk of interest margin losses for insurance companies, although short-term sales could be pressured [4][6]. - The market response has shown a decrease in irrational behaviors such as "speculative buying," with consumers becoming more rational and focused on long-term benefits [6][7]. Group 3: Company Strategies and Adaptations - Insurance companies are proactively adjusting to the new interest rate environment by enhancing product structures, optimizing asset-liability management, and focusing on floating yield and non-interest-sensitive products [5][6]. - Companies like Great Wall Life are implementing strategies to adapt to the changing landscape, including product restructuring and system upgrades to facilitate rapid product iteration [5][6]. - The emphasis on floating yield insurance products is expected to increase, with many companies already launching products with lower predetermined interest rates [5][6].

Core Viewpoint - The upper limit of the predetermined interest rate for personal insurance has been lowered to 1.99%, down from 2.13%, triggering the adjustment mechanism for the second consecutive quarter [1][3][4]. Summary by Relevant Sections Predetermined Interest Rate Adjustment - The current predetermined interest rate for ordinary personal insurance products is set at 1.99%, a decrease of 14 basis points from the previous quarter [1][3]. - The adjustment mechanism is activated when the maximum predetermined interest rate exceeds the research value by 25 basis points for two consecutive quarters, which has now occurred [4][5]. Market Impact and Company Responses - Major insurance companies like China Life and Ping An Life have announced adjustments to the maximum predetermined interest rates for their new insurance products following the association's announcement [5]. - The new maximum rates are 2% for ordinary insurance products, 1.75% for participating insurance products, and 1% for universal insurance products [5]. Industry Trends and Future Outlook - The downward adjustment of the predetermined interest rate is seen as a necessary response to the ongoing decline in market interest rates, with 1-year fixed deposit rates falling below 1% and 10-year government bond yields at 1.74% [4][6]. - The adjustment is expected to enhance the relative attractiveness of participating insurance products, as their reduction is less than that of other types [6]. - In the short term, the adjustment may lead to a temporary halt in the sale of old products, while in the long term, it is anticipated to accelerate the structural transformation of the industry, with participating insurance becoming more dominant [7].