进入11月，各大保险公司新产品上市节奏加快。据《金融时报》记者观察，中国人寿、平安人寿、 新华保险、泰康人寿等多家头部寿险公司均已推出2026年"开门红"产品。值得注意的是，以分红险为代 表的浮动收益型保险产品正成为这些险企竞相布局的"主战场"。 业内人士认为，面向2026年，人身险行业将迈入分红险转型的关键阶段，这不仅考验着险企穿越周 期的投资实力，也推动着行业从传统的"产品推销"向"保险+生态服务"的综合价值加速转型。 分红险新品密集"上架" 记者注意到，近期险企推出的新产品中，分红险占据了绝对主角。中国保险行业协会人身保险产品 信息库数据显示，2025年10月1日至11月23日，在售的136款人寿保险产品中，分红型产品多达65款，占 比约48%；在售的85款年金险中，分红型产品亦有42款，占比超49%。这些产品主要以分红型终身寿 险、分红型年金险、分红型两全险为主，保险责任类似，主要提供长期财富增值和养老规划。 头部险企是这场产品转型的"主力军"。例如，11月6日，新华保险推出盛世荣耀庆典版终身寿险 （分红型），投保人享有合同载明的保证利益，还可享保单红利。11月8日，平安人寿推出平安御享金 越（202 ...

来源：中国银行保险报 朱艳霞 在利率持续下行、经济周期波动加剧的背景下，分红险正从"可选项"变为"必选项"，行业全面转向分红 险已成发展共识。随着上市险企三季报陆续披露，这一趋势更加明显：分红险产品在上市险企新单保费 中的占比显著提升，成为人身险公司业务转型的核心方向。 孙汉杰强调，分红险的经营本质是一场"马拉松"，需关注长期收益，保持定力。 "今年9月人身险预定利率切换后，公司业务重心全面转向分红险，分红险销售占比大幅提升。"近日， 平安人寿总经理助理、总精算师孙汉杰在接受《中国银行保险报》记者采访时表示。 分红险经营本质是一场"马拉松" 华泰证券近日发布研报称，今年分红险的销售情况好于早前预期，有望在明年推动保险公司负债端保持 有韧性的增长。个险渠道有望重回新单保费正增长，银保渠道高增长势头或将持续。 孙汉杰指出，长期看，经济周期、市场利率、投资市场等均会影响到保险公司的产品结构，而当前阶 段，推动浮动收益的分红产品更加契合行业发展。 这一趋势亦与国际经验相呼应。美国、日本、英国等保险市场在利率下行期均加强了各类利率敏感型保 险产品的推动，扩大分红、投连等浮动收益型产品的占比来降低利率风险。 "与普通型产 ...

Core Viewpoint - The insurance industry is undergoing significant changes due to the adjustment of the predetermined interest rates for life insurance products, leading to the suspension of various existing insurance products and a shift towards dividend insurance products as the new market focus [1][2][3]. Group 1: Impact of Interest Rate Adjustment - The predetermined interest rate for ordinary life insurance products has been reduced to 1.99%, down from 2.13%, triggering the suspension of multiple insurance products including critical illness insurance and annuities [1][2]. - Major insurance companies, including Taikang Life and Pacific Insurance, have announced the suspension of over 50 products by August 31, 2023, due to the new interest rate limits [2][3]. Group 2: Shift Towards Dividend Insurance - The adjustment has made dividend insurance products more attractive, as their interest rate reduction is less severe compared to other types, positioning them as the main products for insurance companies moving forward [3][4]. - Analysts predict that the demand for dividend insurance will increase, as it offers a combination of guaranteed and floating returns, making it a competitive alternative to traditional savings accounts [3][5]. Group 3: Future Strategies of Insurance Companies - Several insurance companies are focusing on developing dividend insurance products, with strategies aimed at restructuring their product offerings to emphasize floating and guaranteed coverage [4][5]. - The shift towards dividend insurance is expected to alleviate the cost pressures faced by insurance companies, as the relative attractiveness of these products increases in the current market environment [5].

Group 1 - The insurance industry is experiencing a wave of product discontinuations, with multiple companies ceasing sales of various life insurance products by August 31 [1][3][4] - A significant adjustment in the predetermined interest rates for life insurance products is set to take place, with the current research value at 1.99%, triggering a dynamic adjustment mechanism [5] - Major insurance companies, including China Life and Ping An Life, will adjust the maximum predetermined interest rates for new insurance products, impacting traditional and dividend insurance products [5][8] Group 2 - Following the interest rate adjustments, premium prices for insurance products are expected to rise, with estimated increases for various types of insurance, such as 18.9% for annuity insurance and 20.8% for whole life insurance [5] - Dividend insurance products are anticipated to become the main focus for insurance companies, as they offer a combination of guaranteed and floating returns, making them more competitive in the current market [7][8] - Companies are shifting their product strategies towards floating and protection-oriented products, with some already completing the filing of lower predetermined interest rate versions of their main products [8]

Core Insights - The article highlights a significant shift among younger generations, particularly those born in the 1990s and 2000s, towards planning for retirement, with an increasing number of individuals starting to save for retirement at a younger age [2][3][5] - The concept of retirement planning is becoming a new consensus among young professionals, with many considering it essential to their future financial security [2][5] Retirement Planning Timing - The age range of 35-40 is identified as a critical turning point for retirement planning, where individuals should start prioritizing their savings for retirement [5][10] - A survey indicates that 60.3% of respondents believe the ideal age to start retirement planning is between 31-45 years old, with a notable increase in those under 29 advocating for planning before age 35 [4][5] Financial Strategies for Retirement - Young professionals are increasingly adopting systematic savings strategies, such as monthly contributions to personal pension accounts and commercial retirement insurance [4][10] - The article emphasizes the importance of starting retirement planning early, as time can significantly enhance the benefits of compound interest, potentially doubling the value of savings over time [10][11] Cost of Retirement - In Beijing, the average monthly cost of living in retirement facilities is reported to be 6,611 yuan, leading to an annual expenditure of nearly 80,000 yuan [7][8] - To maintain a comfortable retirement lifestyle, individuals may need over 1.7 million yuan solely for living expenses, excluding additional costs for healthcare and leisure activities [8] Pension System Overview - China's pension system consists of three pillars: government-led basic pension insurance, employer-led supplementary pension insurance, and individual-led savings and commercial pension insurance [9] - The personal pension system allows individuals to voluntarily save in designated accounts, with a current annual contribution limit of 12,000 yuan, providing tax benefits [9] Product Diversity in Retirement Planning - The market for personal pension products is expanding, with a total of 998 specialized products available, including savings, funds, and insurance options [13] - Commercial pension insurance is gaining popularity due to its dual function of providing both protection and retirement savings, with many products offering competitive interest rates [13][14] Engaging Younger Generations - There is a growing awareness among younger individuals regarding the importance of retirement planning, prompting financial institutions to develop products tailored to their needs [15] - The article suggests that financial institutions must adapt to the preferences of younger clients to effectively engage them in long-term retirement planning [15]

Core Viewpoint - The article highlights the continued popularity and growth of whole life insurance products, with a total of 184 products generating over 700 billion in premium income, marking a new historical high for the industry [1][3][17]. Group 1: Whole Life Insurance Popularity - Whole life insurance remains a hot product category, with 184 products available, including 63 new products launched after August 2023 [12][18][28]. - The total premium income from these whole life insurance products exceeds 700 billion, showcasing significant market demand [24][26]. - The growth rate of premium income for whole life insurance has slowed from 62% in 2022 to 26% in 2024, indicating a potential cooling in sales momentum [26][27]. Group 2: Transition to Participating Policies - There is a noticeable shift from traditional whole life insurance to participating (dividend) policies, with 13 new participating whole life insurance products introduced [40][43]. - The increase in participating policies reflects a broader trend in the industry towards products that offer both guaranteed and variable returns [44][47]. - The sales channels for participating whole life insurance are predominantly through bank insurance channels, which account for a significant portion of the sales [46][47]. Group 3: Major Players and Premium Contributions - Major insurance companies such as Ping An, Zhongyi, and Taikang have reported substantial premium incomes, with Ping An's top product generating 238.95 billion and Zhongyi's product at 191.76 billion [2][36][37]. - The top five products from various companies collectively contribute significantly to the overall premium income, indicating the competitive landscape among leading insurers [30][31][36]. - The article notes that the premium income from new products launched after August 2023 is expected to exceed 200 billion, highlighting the ongoing innovation in the market [37][39].

Core Viewpoint - The insurance industry is shifting focus towards dividend insurance products, with companies planning to adjust their product pricing and marketing strategies in the upcoming third quarter to enhance sales and sustainability [1][2]. Group 1: Industry Trends - Multiple insurance companies are set to accelerate the replacement of traditional insurance with dividend insurance, aiming for a target where dividend insurance constitutes at least 30% of their business by 2025 [1]. - The recent regulatory guidance emphasizes sustainable operations and comprehensive services rather than merely competing on yield, marking a significant shift in the industry’s approach to product offerings [1][2]. Group 2: Regulatory Changes - Financial regulators have issued guidelines to enhance the sustainable operation of dividend insurance, focusing on dynamic constraints to prevent companies from overextending future payouts [3][4]. - Insurers are required to balance the predetermined rates of dividend insurance with actual investment returns and ensure that the proposed dividend levels are justifiable and sustainable [4][5]. Group 3: Market Dynamics - The adjustment of guaranteed rates for traditional insurance products from 2.5% to 2% and for dividend insurance from 2% to 1.5% is expected to shift consumer preference towards more flexible dividend products [2]. - The ability of insurers to provide dividends is influenced by their investment performance and the historical burden of high-rate policies, which can affect current dividend levels [5][6]. Group 4: Competitive Landscape - Insurers with strong ratings and robust investment performance are likely to gain a competitive edge in the dividend insurance market, while smaller firms may face increased challenges in a landscape where yield competition is curtailed [6]. - The dynamic regulatory framework allows for some flexibility in dividend distribution, enabling companies to align their offerings with actual capabilities and market conditions [5][6].