Core Viewpoint - The insurance industry is experiencing a decline in surrender rates, with a notable increase in the surrender of whole life insurance products and a decrease in universal insurance products. The overall surrender rate for 73 life insurance companies is projected to be around 1.86% in 2024, down from 2.4% in 2023, indicating a trend of improving business quality and customer retention [12][15][20]. Group 1: Surrender Rate and Scale - In 2024, 73 life insurance companies reported a cumulative surrender scale of nearly 1.8 trillion, with 4 companies exceeding 100 billion and 6 companies surpassing 60 billion [2][11]. - The surrender rate for the industry has shown a decline, with 2 companies exceeding 8%, 2 companies over 6%, and 3 companies above 4% [3][10]. - The median surrender rate for 2024 is 1.68%, a decrease of 0.73 percentage points from the previous year, while the average surrender rate is 1.86%, down 2.38 percentage points [17][20]. Group 2: Product Performance - The surrender scale for annuity insurance has significantly decreased, while the surrender scale for whole life insurance has increased, particularly for increasing whole life insurance and universal insurance products [11][30]. - Universal insurance products have the highest surrender scale, with many reaching their predetermined surrender periods, leading to increased consumer withdrawals [30][31]. - The trend of increasing surrenders in increasing whole life insurance products indicates a shift in consumer preferences, with some customers opting to cash out for short-term savings needs [32][33]. Group 3: Business Quality Improvement - The insurance industry has seen a substantial increase in net profits, with a year-on-year growth of 130%, surpassing 300 billion for the first time, attributed to favorable developments on both asset and liability sides [8][9]. - The improvement in business quality is reflected in the rising continuation rates and declining surrender rates among listed insurance companies and their subsidiaries [8][9]. - Approximately 70% of insurance companies have reported a decline in surrender rates, with nearly 50% having surrender rates below 2% [18][22].