Core Viewpoint - The China Insurance Industry Association has triggered a downward adjustment of the preset interest rates for life insurance products, with the current research value for ordinary life insurance products set at 1.99%, below the existing cap of 2.5% for two consecutive quarters [1][3]. Group 1: Rate Adjustments - The maximum preset interest rate for ordinary life insurance products has been lowered from 2.5% to 2%, while the maximum for participating products has decreased from 2% to 1.75%, and the minimum guaranteed rate for universal life products has been reduced from 1.5% to 1% [1][3]. - This is the first time the dynamic adjustment mechanism for preset interest rates has been triggered since its establishment [2]. - The adjustment reflects a significant downward shift, with the maximum preset interest rates for ordinary and universal life insurance products both reduced by 0.5% [3][4]. Group 2: Market Reactions - There is a "last train effect" observed, with a surge in sales of products offering the previous 2.5% rate expected throughout August [2]. - Popular products, particularly those with a 2.5% preset interest rate, are seeing increased demand from clients [5][6]. - Some clients are actively seeking to purchase these products, indicating a rational approach rather than panic buying [6]. Group 3: Product Development Trends - The adjustment in preset interest rates is expected to influence product development, registration, and sales processes within insurance companies [4]. - The lower preset interest rates are likely to drive a shift towards participating insurance products, which have more flexible dividend distribution mechanisms [4][9]. - The proportion of new participating insurance products has significantly increased, with 33% of new life insurance products launched in the first half of 2025 being participating insurance [8]. Group 4: Financial Implications - The reduction in preset interest rates will lead to decreased returns on savings-type insurance products, with potential earnings dropping significantly over long-term investments [7]. - Long-term critical illness and term life insurance premiums may rise, with estimates suggesting a potential increase of up to 30% following the rate adjustment [7]. - The shift towards floating yield products is seen as a strategy to lower liability costs and maintain profit margins amid declining investment yields [9].

Core Viewpoint - The article discusses the resurgence of dividend insurance products in the insurance industry, highlighting their advantages over traditional fixed-income products, particularly in terms of cost adjustment mechanisms and risk mitigation [1][12]. Group 1: Market Trends and Dynamics - As interest rates decline and regulatory scrutiny increases, insurance companies are focusing on dividend insurance to address the challenges of low returns and risk management [2][10]. - The market for dividend insurance is expected to see positive growth in 2024, with companies like China Ping An and Sunshine Life reporting increases in premium income [10][11]. - The proportion of dividend insurance in the product mix of major insurance companies has risen significantly, with some companies reporting that dividend insurance accounts for 65% of their individual insurance channels [9][10]. Group 2: Sales Challenges and Consumer Perception - Insurance agents are facing difficulties in selling dividend insurance due to consumer skepticism and the complexity of explaining the product's benefits and mechanisms [5][6]. - There is a notable shift in consumer expectations, with clients increasingly seeking guaranteed returns, which dividend insurance does not provide [9][11]. - The article highlights the historical context of dividend insurance, noting its previous dominance in the market and the challenges it faced due to changing consumer preferences and regulatory environments [14][15]. Group 3: Regulatory Environment and Industry Response - Recent regulatory changes have aimed to enhance transparency and reduce misleading sales practices related to dividend insurance, requiring companies to provide clearer information on dividend distribution and product performance [20][21]. - The insurance industry is encouraged to adopt a more sustainable approach to dividend insurance, balancing expected returns with actual company performance to avoid future consumer dissatisfaction [21][22]. - The article emphasizes the need for improved regulatory standards and better asset-liability management within insurance companies to support the long-term viability of dividend insurance products [22].

对此，有业内人士认为，短期来看，利率下行将在客观上利好储蓄型保险产品的销售，但实际上，储蓄 型保险并不能代替银行存款。同时，存款利率下调进一步压缩了固定收益类资产的收益率空间，使得险 资资产配置难度上升。从长期来看，险企或将逐步降低新单产品的预定利率，与市场利率走势相适应， 缓解未来利差损压力。 5月20日，六大国有行年内首次调降存款利率，一年期存款利率跌破1%。这一消息在朋友圈快速刷屏， 不少保险从业者纷纷转发并解读称"转存是最好的选择"。 保险销售：朋友圈刷屏"转存最优" 行业观察：险企如何优化投资与产品策略？ "转存是最好的选择。""保险产品的更替还有一定的时间延迟（目前预定利率2.5%），大家抓紧。很多 时候，选择比努力更重要。"5月20日，记者在微信朋友圈看到，不少保险销售人员转发"存款利率下 调"的消息，并借机推介储蓄型保险，强调其长期收益优势。 记者梳理发现，此次工商银行、农业银行、中国银行、建设银行等4家大行存款挂牌利率调整后，活期 存款利率为0.05%；3个月、6个月、1年期、2年期定期存款利率（整存整取）分别为0.65%、0.85%、 0.95%、1.05%；3年期、5年期定期存款利率（整 ...