Core Viewpoint - The article emphasizes that not all life insurance companies have the capability to sell participating insurance, and the performance of these products reflects the investment advantages of insurance institutions. Participating insurance allows policyholders to share in the operating results of the insurance company, providing long-term returns through the company's investment capabilities [1][3]. Summary by Sections Participating Insurance Performance - From 2020 to 2024, the average customer yield of participating insurance products is projected to be 3.2%, which is higher than the weighted yield of 2.65% from over 40,000 existing bank wealth management products [1]. Advantages of Insurance Institutions 1. **Natural Patient Capital Attributes**: Participating insurance products have long terms and stable liabilities, creating a large and predictable long-term capital pool, which enhances bargaining power and project selection advantages in large asset allocations [3][4]. 2. **Stable Investment Style and Strict Risk Control**: Insurance funds prioritize safety and certainty, employing strict asset-liability management (ALM) to maintain solvency in complex market environments, with higher overall risk control requirements than most investment institutions [5]. 3. **Diverse Investment Channels**: Insurance companies can allocate across markets and asset classes, including traditional fixed income, equities, unlisted equities, REITs, and various long-term and alternative investments, which helps improve overall return potential and smooth portfolio volatility [6]. 4. **Professional Research and Systematic Risk Control**: Insurance companies typically have systematic professional investment teams covering macro research, industry analysis, credit assessment, and risk management, enabling cross-cycle allocation and long-term investment capabilities [7]. Evaluation Criteria for Participating Insurance Strength 1. **Long-term Disclosure of Dividends**: The core value of participating insurance lies in long-term participation in the company's operating results, requiring assessment over extended timeframes rather than short-term performance [8]. 2. **Sustainability of Dividends**: The ability to distribute dividends must be verified over a long period, focusing on the company's historical dividend records and investment performance [9]. 3. **Overall Investment Management Capability**: Evaluating the strength of participating insurance requires examining the company's long-term investment management capabilities, including average investment returns and asset allocation structure [10]. 4. **Shareholder Background and Management Style**: The stability of shareholders and governance levels significantly influence the company's dividend capabilities, with strong capital support and governance structures providing a solid foundation for long-term operations [11]. Case Study: Huatai Life Insurance - Huatai Life Insurance has disclosed its dividend realization rate for nearly 11 years, providing a transparent historical record that reflects its confidence in its dividend mechanism and long-term operational capabilities [12]. - The company has maintained a competitive investment return, with a projected comprehensive investment return of 12.73% for 2024, ranking well within the industry [13]. - Huatai Asset Management, with over 20 years of experience, supports Huatai Life's investment management, providing a solid foundation for the operation of participating insurance [14][17]. - Backed by international insurance giant Chubb and local powerhouse Huatai Insurance Group, Huatai Life benefits from strong capital strength and risk management expertise [18][19]. New Product Offerings - Huatai Life has launched two new participating insurance products: "Sui Sui Ying" and "Xin Sheng Shi," designed to meet the needs of high-net-worth clients with competitive dividend demonstration rates of 3.9% and a guaranteed rate of 1.75% [19].

Core Viewpoint - Huatai Life Insurance has launched two new dividend-based insurance products, "Sui Sui Ying" and "Xin Sheng Shi," aimed at providing stable cash flow and wealth preservation for families in a low-interest-rate environment and an aging society [1][3][4]. Product Features - Both products utilize a dividend mechanism to address the needs for wealth appreciation and stable cash flow across different life stages, helping clients manage financial risks associated with longevity and low interest rates [3][4]. - "Sui Sui Ying" offers features such as quick access to benefits starting from the fifth year, a guaranteed cash value equal to the premiums paid, a stable annual payout of 1.75% of the total premiums until age 105, and annual cash dividends [5][7]. - "Xin Sheng Shi" is designed for retirement planning, providing increasing benefits with age, flexible withdrawal options, and additional longevity bonuses starting at age 99 [9][10]. Market Context - The current low-interest-rate environment and global economic volatility have shifted consumer investment preferences from high returns to more predictable growth, making dividend insurance an essential tool for family wealth management [4][11]. - Huatai Life's strong investment performance, with a comprehensive investment return rate of 12.73% in 2024, positions it favorably in the industry, enhancing its ability to deliver on product promises [12]. Strategic Focus - The company aims to innovate in the dividend insurance sector by aligning product offerings with customer needs, leveraging its investment management expertise, and ensuring robust operational practices [11][12]. - Huatai Life is committed to providing a comprehensive service ecosystem that includes health, retirement, and education services, enhancing the value proposition of its insurance products [10].