在分红险主导的时代，"人设"会成为险企的核心竞争力，需要 险企倍加珍视。 作者：刘鹏 封图：图虫创意 2025年9月1日起，保险产品的预定利率再次迎来下调。调整之后，多家险企的普通型人身险产品 预定利率上限为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%，分别下降了50、25和50个基点。 这一调整符合利率下行的趋势，有利于险企防范和化解利差损风险，也倒逼行业加速转型。 我们 注意到，为应对低利率周期，险企纷纷发力分红型保险产品，包括分红型寿险、分红型养老险、分 红型两全险、分红型重疾险等。分红险一时间回归到保险产品营销的"C位"。但与以往不同的是， 险企的营销策略发生了变化——不是单纯讲产品的收益和赔付，而是花更多的精力介绍其经营和投 资能力，营造企业的"人设"。 我们认为，在分红险主导的时代，"人设"会成为险企的核心竞争力，需要险企倍加珍视。值得注意 的是，"人设"并非靠险企自我宣传或者粉饰而来，而是依靠真实稳健的投资业绩、经营成果以及真 诚温情的客户服务逐步树立的。 分红险的产品特性凸显了险企"人设"的必要性。分红险是指险企在每个会计年度结束后，将上一会 ...

Core Viewpoint - The influx of 222 billion insurance funds into the capital market through long-term stock investment trials is a self-rescue action by the insurance industry in the context of declining interest rates and increasing risks of interest spread losses [1][29]. Group 1: Long-term Investment Trials - The long-term investment reform trial for insurance funds involves setting up private equity investment funds primarily targeting the secondary stock market, with a total approved scale of 222 billion yuan across three batches [1][9]. - The first batch includes China Life and New China Life with a combined scale of 50 billion yuan, while the second batch consists of eight companies totaling 112 billion yuan, and the third batch is expected to reach 60 billion yuan [1][9]. - The increase in long-term funds is expected to enhance the proportion of equity assets in insurance companies' investment portfolios, potentially improving investment returns [1]. Group 2: Impact on Insurance Products - The rise in equity investment returns may encourage insurance companies to promote floating yield products, which could drive innovation and sales growth in liability-side insurance products [2]. - Insurance companies are expected to actively adjust their product structures to reduce reliance on interest spreads, with a focus on increasing the proportion of dividend-type products [24][27]. - Companies like China Life and New China Life are shifting their investment strategies towards high-dividend stocks to counteract the profit decline caused by traditional insurance spread losses [8][19]. Group 3: Policy Support - The central government has issued guidelines to promote long-term capital market investments by insurance institutions, aiming to establish them as stable long-term investors [9]. - By 2025, it is targeted that 30% of new premiums from large state-owned insurance companies will be allocated to A-share investments [9]. - Regulatory adjustments have increased the allowable proportion of equity assets for insurance funds, providing additional capital market space [9][10]. Group 4: Investment Preferences - The first batch of trial funds, such as Honghu Zhiyuan, has shown a preference for high-dividend assets, achieving returns above benchmarks [13][15]. - The second and third batches are also focusing on high-dividend assets while incorporating investments in emerging industries aligned with national development strategies, such as high-end manufacturing and artificial intelligence [17][18]. - The investment strategies of various insurance companies indicate a shift towards stable, high-dividend stocks to mitigate risks associated with low interest rates [15][19]. Group 5: Competitive Landscape - The influx of long-term funds is likely to exacerbate the "Matthew Effect" in the insurance industry, favoring larger companies with stronger financial and research capabilities [28][29]. - Smaller insurance companies may struggle to compete effectively, facing challenges in product sales and investment outcomes due to limited resources and expertise [29]. - The overall competitive advantage and risk resilience of companies participating in the long-term investment trials are expected to strengthen, leading to a more pronounced market share expansion for leading firms [27][29].