"保险预定利率下调进入最后倒计时。"8月24日，保险代理人刘春生在微信朋友圈晒出一份电子屏 幕倒计时。倒计时显示，距离8月31日24时保险产品切换还有最后7天。 7月25日，中国保险行业协会发布重要数据，普通型人身险预定利率研究值降至1.99%。这意味 着，该数值已经连续两个季度低于现行利率超25个基点，触发动态调整机制。根据相关监管规则，保险 行业将调降人身险预定利率。 眼下，新旧产品切换的最终时点将至。对于此次调降，保险行业反响如何？消费者又该如何应对？ 《金融时报》记者对此进行了采访。 预期充足 市场告别"抢购潮" 从当前产品调整情况来看，普通型保险产品预定利率最高值由2.5%调整为2.0%，分红型保险产品 预定利率最高值调整为1.75%，万能型保险产品最低保证利率最高值为1.0%。这也是自年初监管发布 《关于建立预定利率与市场利率挂钩及动态调整机制有关事项的通知》以来，首次根据市场利率进行调 整。 保险产品预定利率是在产品设计时对未来资金运用收益率的精算假设值，直接影响保险产品定价和 保单利益。通常情况下，预定利率下调意味着保险产品价格上涨或收益下降。因此，有保险配置需求的 消费者大多选择在预定利率下 ...

与此同时，中国保险行业协会（以下简称"中保协"）公布的最新一期普通型人身保险产品预定利率研究 值已跌破2%关口至1.99%，人身险产品迎来了自预定利率与市场利率挂钩的动态调整机制建立以来首次 调整。多家险企应声而动，下调相关产品利率，其中，普通型保险产品预定利率最高值为2.0%，分红 型保险产品预定利率最高值为1.75%，万能型保险产品最低保证利率最高值为1.0%。 利率进入下行周期，原有依靠高收益类储蓄产品进行养老储备的逻辑受到挑战，新型养老金融体系正加 速构建。在"政策导向+市场倒逼"的双轮驱动下，二三支柱协同发展的多层次养老筹资模式，将成为化 解"未富先老"风险的突破口。同时，填补养老保险体系三支柱结构缺口不仅是金融机构的社会责任，更 是打开高质量增长通道的密钥。 人身保险产品预定利率研究值三连降 今年5月，我国存款挂牌利率迎来第七次下调，国有六大行率先下调存款利率，活期存款下调5bp，定期 存款下调15-25bp，3年、5年期调降幅度更大。本次调整完之后，活期存款接近零利率，1年期定存利率 降至1%以下，5年期整存整取利率也降至1.30%，存款利率全面进入"1%"时代。 随着国有六大行存款利率第七次下 ...

文/冯赛琪 8月21日，君龙人寿上海分公司正式开业。在现场，新浪财经与君龙人寿董事长王文怀进行了深度对 话。 作为一家中小险企，君龙人寿总部位于厦门，是福建省首家且唯一一家两岸合资的人身保险公司，厦门 建发集团与台湾人寿分别持股50%。 在行业普遍面临利率下行压力的大背景下，君龙人寿打造"保险+医疗"与"股权投资赋能"双轮驱动模 式，协同构建起成效显著的抗周期能力。 2025年二季度偿付能力报告显示，君龙人寿2025年上半年投资收益率累计达4.67%，在57家非上市寿险 公司中排名第一。2025年上半年，公司净利润进一步增长至2.2亿元，创下历史最高。 王文怀认为，市场利率不可能维持在相对高的水平，对金融机构负责人来说，这种大趋势的判断非常重 要。因此，如何配置资产使收益大于成本，实现正利差，是保险公司的核心问题。 由于此前在投资机构工作多年，有着丰富的投资行业经验，王文怀表示，要在市场上获得高收益，中小 险企进行股权投资是必做之事，且越早做越好，但不能盲目进行，必须依靠专业化体系。 "对于中小保险公司而言，不承担市场风险就无法获得相应资产配置收益，在当前低利率环境下，仅靠 长周期利率债难以生存。"他指出。 ...

Core Viewpoint - The recent comprehensive reduction of the predetermined interest rates for life insurance products is leading to a wave of product discontinuations in the market, with companies proactively switching to lower-rate products to optimize their liabilities [1][2][3]. Group 1: Product Discontinuation - Many insurance products have been discontinued recently, with some experiencing "lightning" stoppages, such as a dividend-type life insurance with a guaranteed rate of 2.0% being pulled from the market within two hours of notification [2]. - Several insurance companies have announced the discontinuation of multiple products and adjustments to the maximum predetermined interest rates for new filings, with ordinary insurance products set at 2.0%, dividend products at 1.75%, and universal insurance products at 1.0% [2]. - The recent adjustments reflect a non-symmetrical reduction in predetermined interest rates, with ordinary and universal products down by 50 basis points and dividend products down by 25 basis points [2]. Group 2: Market Dynamics - The insurance market has shown a relatively calm atmosphere prior to the recent rate reductions, contrasting with previous instances where speculation around product discontinuation was rampant [3]. - Regulatory measures have been strictly enforced to control sales misguidance, contributing to a more rational consumer behavior and reducing the anxiety surrounding product discontinuation [3]. Group 3: Product Strategy - Insurance companies are actively promoting the transformation towards dividend insurance products, with many updating a significant number of their offerings to highlight the advantages of these products in the new interest rate environment [4]. - The predetermined interest rate for dividend products is strategically set lower than that of other types, enhancing their relative appeal, especially as the potential investment returns could exceed those of traditional products [4][5]. - The risk-sharing mechanism of dividend products helps alleviate the pressure of interest rate differentials for insurance companies, allowing for greater investment flexibility [5]. Group 4: Diversification Opportunities - While dividend insurance is currently favored, there is a call for product diversification to avoid excessive competition in a single market segment [5]. - Companies are encouraged to explore three areas for diversification: health insurance products that align with aging demographics, integration with the pension industry, and the development of specialized insurance products in collaboration with public resources [5].

Group 1 - The core viewpoint of the articles highlights that the five major listed insurance companies in China will complete their 2024 annual dividend distribution, with a total dividend amount exceeding 90.79 billion yuan, representing a year-on-year increase of over 20% [1][2] - China Life Group reported a year-on-year revenue growth of 8.4% for the first half of 2025, with total assets surpassing 8 trillion yuan, while China Pacific Insurance and China Insurance also reported significant asset growth [3] - The insurance industry saw a total asset increase of 16.05% year-on-year, with original insurance premium income reaching 3.74 trillion yuan, a growth of 5.31% [2][3] Group 2 - The adjustment of the predetermined interest rate for personal insurance products is expected to reduce the cost of liabilities for insurance companies, alleviating pressure from interest rate differentials and driving valuation recovery for insurance stocks [1][4] - The insurance sector has shown positive performance in the first half of the year, with significant growth in premium income driven by factors such as declining bank interest rates and increased sales of insurance savings products [2][3] - The insurance stock index has risen over 11% year-to-date, with individual stocks like New China Life Insurance seeing a remarkable increase of 36.82% [3]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Report's Core View - On July 25, 2025, the China Insurance Industry Association announced a reduction in the maximum预定利率 of insurance products, which is in line with market expectations and may open up space for insurance bond allocation [2][13] - By reviewing historical adjustments and recent impacts, this paper anticipates that the current rate cut may have limited effects on premium income growth and long - term treasury bond spread compression, with local bonds being a more likely major allocation choice [9][13][50] Group 3: Summary According to the Table of Contents 1. Definition and Historical Backtracking of the预定利率 of Life Insurance Products - The预定利率 is crucial for calculating an insurance company's profit from interest margin. As the investment return rate of insurance companies decreases, there is an increasing need to lower the预定利率 [14] - The historical adjustment of the预定利率 can be divided into four stages: from 1999 - 2013, it dropped to 2.5%; from 2013 - 2019, it rose to 3.5%; from 2019 - 2024, it gradually declined to 2.5%; since 2025, a dynamic adjustment mechanism has been established [3][15][18] 2. Review of the Impact of Recent Insurance预定利率 Reductions on the Bond Market - **Premium Income**: The "scramble for expiring products" before and during the transition of insurance products led to above - seasonal growth in premium income. In 2024, this growth was more concentrated compared to 2023 [5][21] - **Insurance Bond Allocation Behavior**: In 2023 and 2024, due to the "scramble for expiring products," there was significant above - seasonal growth in insurance bond allocation in August - September. Local bonds were the main allocation, and in 2024, there was an increase in treasury bond and inter - bank certificate of deposit allocation and a decrease in bank perpetual and subordinated bond allocation [6][24][27] - **Bond Market Performance**: In 2023, the spread between 30y local bonds and 30y treasury bonds narrowed; in 2024, the 30 - 10y treasury bond spread compressed significantly, while the spread between 30y local bonds and 30y treasury bonds widened [7][32] 3. New Changes in Insurance Asset Allocation in 2025 - The growth rate of insurance premium income on the liability side has decreased significantly in 2025, but the balance of insurance funds in use has continued to grow at a high rate, and the demand for bond allocation remains strong [37][40] - Bonds are still a preferred choice for insurance institutions. The proportion of bond allocation by life insurance companies has been increasing, mainly to address the issue of "mismatching long - term funds with short - term investments" and the pressure of re - allocating high - yield assets [44] 4. Outlook on the Impact of the Current预定利率 Reduction on the Bond Market - The effect of above - seasonal growth in premium income may be weaker than in the previous two rounds. The "scramble for expiring products" time is limited, and the reduction from 2.5% to 2% may have less of a stimulating effect on consumers [9][50] - Currently, 30y local bonds have higher cost - effectiveness than 30y treasury bonds. The current预定利率 reduction may have limited impact on compressing the spread of ultra - long treasury bonds [9][50]

Core Viewpoint - The first adjustment of the predetermined interest rates for life insurance products is set to occur, with significant reductions in rates for various types of insurance products, indicating a shift in the market dynamics and product focus for insurance companies [1][4]. Group 1: Rate Adjustments - The maximum predetermined interest rates for ordinary and participating insurance products will be reduced to 2.0% and 1.75%, respectively, while the minimum guaranteed interest rate for universal insurance products will be lowered to 1.0% [1][2]. - The adjustment will take effect from September, with a deadline for the sale of products exceeding these new rates set for August 31, 2025 [2][4]. - The current research value for ordinary life insurance products is reported at 1.99%, down from 2.34% and 2.13% earlier this year, triggering the dynamic adjustment mechanism [4]. Group 2: Product Strategy and Market Response - Insurance companies are actively switching their product offerings in response to the rate changes, focusing on structural adjustments, risk control, and innovation [2][5]. - New products with lower predetermined interest rates are being introduced, such as a participating insurance product with a guaranteed rate reduced to 1.5% [2][6]. - The non-symmetric nature of the rate adjustments is expected to enhance the competitiveness of participating insurance products, making them a focal point for future sales efforts [6][7]. Group 3: Market Implications - The reduction in predetermined interest rates is anticipated to lower the liability costs for insurance companies, alleviating pressure from interest rate spreads [5]. - Analysts suggest that participating insurance products will become increasingly attractive compared to traditional savings and other investment products, potentially driving a shift in consumer preferences [6][7]. - The trend of increasing floating yield products is expected to improve the asset allocation and yield flexibility for insurance companies, further supporting the growth of participating insurance products [7].

Investment Rating - The insurance industry is rated as "Recommended" [1] Core Viewpoints - The adjustment of the preset interest rates for life insurance products by major insurance companies is expected to stabilize market expectations and improve liability costs [2][3] - The current preset interest rate for ordinary life insurance products is set at 1.99%, with the maximum preset interest rate for ordinary products reduced from 2.5% to 2.0%, for participating products from 2.0% to 1.75%, and for universal products from 1.5% to 1.0% [1][2] Summary by Sections Event Overview - On July 25, the China Insurance Industry Association held a meeting where experts discussed the preset interest rates for life insurance products, leading to significant adjustments by major insurers [1] - The preset interest rate for ordinary life insurance products has been above the research value for two consecutive quarters, triggering the need for adjustments [2] Analysis and Judgment - The rapid and substantial reduction in preset interest rates by leading insurers is seen as a response to market trends, with the 5-year LPR and fixed deposit rates having decreased significantly since 2023 [3] - The adjustment is expected to reduce the frequency of product switches and stabilize market expectations, allowing insurers to prepare for future business plans more effectively [3] Short-term and Long-term Impacts - In the short term, the impact of "炒停售" (speculative buying and selling) is expected to weaken, while in the long term, the adjustments are likely to benefit the transformation towards participating insurance products and reduce liability costs [4] - The lower preset interest rates for participating products compared to ordinary products may enhance their competitive advantage, promoting further transformation in the insurance sector [4] Profit Forecast and Valuation - Key companies in the insurance sector are projected to have strong earnings growth, with specific EPS and P/E ratios provided for major insurers such as China Ping An, China Life, and China Pacific Insurance [6]

Investment Rating - The industry investment rating is "Positive" (first time) [4] Core Viewpoints - The adjustment of the preset interest rates for life insurance products is a response to the regulatory policies set by the China Banking and Insurance Regulatory Commission at the beginning of the year [6][7] - The current research value for ordinary life insurance products is 1.99%, leading to a reduction in the maximum preset interest rates for various insurance products [4][5] - The adjustment is expected to effectively lower the liability costs for insurance companies and guide them towards transforming into dividend insurance products, which have a floating interest rate characteristic [7] Summary by Sections Industry Performance - The report highlights the performance of the insurance sector and the impact of the preset interest rate adjustments on the market [2] Regulatory Changes - The China Insurance Industry Association held a meeting to discuss the preset interest rates, resulting in a new maximum preset interest rate of 2.0% for ordinary life insurance products and 1.75% for dividend insurance products [4][5] Market Expectations - The adjustment of preset interest rates was in line with market expectations, although the asymmetric decline in traditional and dividend insurance rates was slightly ahead of market predictions [6] - The new preset interest rate limits will take effect on August 31, 2025, which is earlier than anticipated [6] Future Challenges - Insurance companies will face challenges in enhancing their sales capabilities for savings insurance as the gap between policy preset rates and bank deposit rates narrows [6] - The implementation of a new regulatory framework for insurance sales qualifications will require agents to hold relevant certifications for selling dividend insurance, adding pressure on companies to train their sales personnel [6] - The asset allocation requirements for dividend accounts will be higher compared to traditional accounts, testing the investment capabilities of insurance companies [6]

Core Points - The insurance industry association announced a reduction in the predetermined interest rate for traditional life insurance products from 2.5% to 2.0%, and for participating insurance from 2% to 1.75%, effective from August 31 [1][2] - The current research value for the predetermined interest rate is set at 1.99%, down from 2.13% in the previous quarter, reflecting a downward trend in market interest rates [1][2] - The adjustment is part of a broader trend, with the predetermined interest rate having been lowered multiple times since 2021, indicating a response to the macroeconomic environment and the insurance industry's development needs [2] Industry Adjustments - Major insurance companies, including China Life, Ping An Life, and Taikang Life, have announced adjustments to their product offerings in response to the new predetermined interest rates [1] - The changes necessitate a shift in product structure, with a focus on reducing the proportion of savings-type products and increasing the development of participating and flexible yield products [1][2] - The establishment of a dynamic adjustment mechanism linking predetermined interest rates to market rates aims to balance risk and product competitiveness within the insurance sector [2]