Core Insights - The insurance industry is facing significant challenges due to declining market interest rates and intense competition, with over 65% of institutions identifying these as primary management issues [1][2] - The industry is undergoing a deep transformation, necessitating improved risk management practices and a shift from merely identifying risks to proactive management [7][6] Group 1: Current Challenges - Market interest rates are continuously declining, impacting life insurance companies more significantly, while property insurance companies are more focused on competitive pressures [1][2] - The average predetermined interest rate for ordinary life insurance products has decreased from 1.99% to 1.90%, highlighting the low-interest environment as a major challenge for the life insurance sector [2] - The implementation of the "reporting and compliance" system has shown positive results in the life insurance and auto insurance sectors, now extending to non-auto property insurance [2] Group 2: Risk Management and Digital Transformation - The insurance industry's risk management practices are still in the early stages of digitalization and AI application, with many institutions adopting a wait-and-see approach [3] - Internal control challenges persist, particularly in property insurance companies, where issues such as inadequate management focus and outdated risk assessment methods are prevalent [3] - The need for improved compliance management tools and technological empowerment is a significant demand within the industry [3] Group 3: Strategic Responses - The life insurance sector is actively optimizing its business structure in response to the low-interest environment, with initial successes in transitioning to floating yield products [4] - The comprehensive implementation of "reporting and compliance" is pushing smaller companies to shift their competitive strategies towards risk reduction and technological empowerment [5] - Companies are encouraged to enhance their risk management frameworks, emphasizing the importance of risk management as a core competency for sustainable operations [5][6] Group 4: Recommendations for Improvement - Companies should enhance their risk identification systems using a combination of qualitative and quantitative assessments [8] - There is a need to optimize processes by shifting risk control to proactive measures during the pre- and mid-stages of operations [8] - Investment in information technology and data governance is crucial for advancing digital risk management capabilities [8]

Core Insights - The insurance industry is undergoing a significant transformation driven by multiple factors, including declining market interest rates, intense competition, and the digitalization wave [1][7] - The report highlights that while risk management has improved in terms of precision, there remains substantial room for enhancement in technology, models, and tools [1][3] Group 1: Current Challenges - Over 65% of institutions view declining market interest rates and intense competition as the primary challenges in operational management [2] - Life insurance companies are particularly concerned about the impact of declining interest rates, with the current standard interest rate for life insurance products dropping to 1.90% from 1.99% [2] - The implementation of the "reporting and operation unity" requirement has shown significant results in life and auto insurance sectors, now extending to non-auto property insurance [2] Group 2: Digitalization and Internal Control - The insurance industry's risk management in the context of digitalization and artificial intelligence is still in its early stages, with many institutions adopting a wait-and-see approach [3] - Common management challenges include the integration of internal control matrices with business operations and the optimization of compliance management tools [3] - Property insurance companies face internal control issues such as insufficient management attention, outdated risk assessment methods, and communication barriers [3] Group 3: Importance of Risk Management - The importance of risk management is underscored as the insurance industry seeks to navigate a low-interest-rate environment and enhance operational efficiency [4][5] - The ongoing emphasis on risk management is driven by the need to comply with stringent regulatory requirements and to mitigate external risks [6] - Effective risk management is seen as a core competitive advantage for insurance institutions, necessitating a shift from passive to proactive management strategies [7] Group 4: Recommendations for Improvement - Insurance companies are advised to enhance their risk identification systems, optimize processes for proactive risk control, invest in digital capabilities, and adhere strictly to compliance requirements [8]

人身保险产品定价的"风向标"再次更新。10月29日，中国保险行业协会组织召开了人身保险业责任 准备金评估利率专家咨询委员会2025年三季度例会。会上，行业专家经过审慎研究和讨论，形成了最新 一期的普通型人身保险产品预定利率研究值——1.90%。 自今年初监管部门建立预定利率与市场利率挂钩的动态调整机制以来，该研究值已连续第三次下 调。然而，与前两次调整相比，本次降幅明显收窄，且当前市场主流的普通型人身险产品2.0%的预定 利率上限与1.90%的研究值仅相差10个基点，远未触及25个基点的下调"红线"。 业内专家普遍认为，此次研究值符合市场预期，短期内触发产品定价利率下调的可能性较小。这为 正在深化转型、寻求高质量发展的人身险行业，提供了相对稳定的外部环境，有助于行业将更多精力聚 焦于降本增效、优化业务结构以及提升核心竞争力。 研究值"三连降" 降幅持续收窄 根据《通知》规定，人身保险产品预定利率的调整设有一个明确的触发条件：若保险公司在售普通 型人身保险产品预定利率最高值连续两个季度比预定利率研究值高25个基点及以上时，要及时下调新产 品预定利率最高值，并在两个月内平稳做好新老产品切换工作。 目前，市场上普通 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the insurance industry [4][5][40]. Core Views - The insurance industry has shown strong performance in the first three quarters of 2025, driven by a recovery in the capital market and improvements in both asset and liability sides [3][40]. - The investment business remains a key factor for valuation recovery, with a focus on optimizing product structures and enhancing operational efficiency [3][40]. - The industry is preparing for the 2026 "New Year" with strategic adjustments in response to regulatory changes and market conditions [3][40]. Summary by Sections Performance Overview - As of the end of Q3 2025, five listed insurance companies in A-shares achieved a total net profit of CNY 426.04 billion, a year-on-year increase of 33.5% [1][11]. - Major companies like China Life and New China Life reported net profit growth of 60.5% and 58.9%, respectively [1][11]. Life Insurance Sector - The new business value for life insurance companies continued to grow rapidly, with increases of 41.8% for China Life and 76.6% for New China Life [1][12]. - The adjustment of pricing rates and the optimization of product structures have contributed to improved profitability in the life insurance sector [18][21]. Property Insurance Sector - Property insurance companies reported stable premium income growth, with total premium income reaching CNY 859.64 billion, a year-on-year increase of 3.8% [26][28]. - The combined operating ratio (COR) for major companies improved, with China Life's COR at 96.1%, down 2.1 percentage points year-on-year [33][35]. Investment Performance - The investment yield for major insurance companies improved significantly, with New China Life achieving a total investment return rate of 8.6%, up 1.8 percentage points year-on-year [2][38]. - The allocation of assets has been optimized, with increased investments in long-term bonds and equity assets, benefiting from the capital market recovery [2][38]. Future Outlook - The insurance industry is expected to continue its growth trajectory, with a focus on enhancing the quality of products and services while navigating regulatory changes [3][40]. - Companies are advised to pay attention to China Life, China Ping An, and China Property Insurance as potential investment opportunities [3][40].

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The report highlights a downward adjustment in the preset interest rate for ordinary life insurance products to 1.90%, a decrease of 9 basis points from the previous quarter, reflecting a trend of gradual reduction since Q4 2024 [4][5]. - The report notes significant growth in new business for major listed insurance companies, with year-on-year increases of 55% for Xinhua, 52% for China Life, 46% for PICC Life, and 21% for Ping An in Q3 2025, driven by a "stop selling" catalyst [4]. - The net profit of five A-share listed insurance companies increased by 33.5% year-on-year in the first three quarters of 2025, with a remarkable 64.3% growth in Q3 alone, primarily due to improved investment returns [4]. Summary by Sections Investment Highlights - The preset interest rate for life insurance products has been adjusted to 1.90%, with a consistent downward trend observed since Q4 2024 [4]. - The market interest rate is expected to stabilize, with the report indicating that the downward adjustment in preset rates will likely slow down in the future [4]. - The report emphasizes the importance of product switching and the potential for value growth in the insurance sector [4]. Market Performance - The report indicates that the insurance sector is currently undervalued, presenting significant investment opportunities, especially as market sentiment improves [4]. - The report suggests that the insurance sector will benefit from a shift in investment styles towards dividend stocks as year-end profit-taking occurs [4]. Recommendations - The report recommends focusing on large listed insurance companies with a clear competitive advantage, as they are expected to perform well in the current market environment [4].

Core Viewpoint - The current research value for the predetermined interest rate of ordinary life insurance products is 1.90%, which is close to the maximum value of 2.0%, and the decline in the assessment value is expected to narrow due to rising 10-year government bond yields [1][2][3]. Group 1: Predetermined Interest Rate Assessment - The maximum predetermined interest rate for ordinary life insurance products is currently 2.0%, with a research value of 1.90%, indicating a small difference of 0.1 percentage points [1][2]. - The research value for the predetermined interest rate has been on a downward trend, with previous values recorded at 2.13% and 1.99% in earlier quarters of 2025 [2][3]. - The assessment mechanism requires a reduction in the maximum predetermined interest rate if it exceeds the research value by 25 basis points for two consecutive quarters [2]. Group 2: Market Expectations and Trends - Analysts expect that the predetermined interest rate research value will stabilize around 1.90% in 2026, with a possibility of slight upward adjustments if interest rates rise [3][5]. - The ongoing increase in 10-year government bond yields has contributed to a narrowing decline in the research value for the third quarter [3]. - The insurance industry is likely to see a significant transformation towards dividend insurance products, which are expected to dominate the market by 2025 [4][5]. Group 3: Impact on Insurance Companies - The reduction in predetermined interest rates is effectively lowering the liability costs for insurance companies, thereby alleviating risks associated with interest rate spreads [4]. - Major companies like China Life and Taikang Life have seen their liability costs decrease to between 2.4% and 2.5% in 2024, with further reductions anticipated following the new round of interest rate adjustments [4][5]. - The shift towards dividend insurance products is seen as a necessary trend for the industry, providing both cost reduction for insurers and potential higher returns for customers [4][5].

决定人身险预定利率上限的研究值再次调降。 中国保险行业协会（下称"协会"）近日发布了1.9%的最新普通型人身保险产品预定利率研究值，这一水 平较上一季度的1.99%再降9bps（基点）。 不过，从今年1月中国保险行业协会首次披露预定利率研究值以来，最近三期研究值的降幅逐渐收窄。 多名业内分析师预计，中短期内人身险产品的预定利率上限或将难现调整"窗口"。 预定利率研究值降幅逐季收窄 根据今年初国家金融监管总局发布的《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》（下称《通知》）要求，当在售普通型人身保险产品预定利率最高值连续两个季度比预定利率研究 值高25个基点及以上时，要及时下调新产品预定利率最高值。而预定利率又是人身险产品定价的重要因 素。因此，每季度发布的预定利率研究值就成了人身险产品是否会又一次大规模调价的"标准线"。 中短期内或将难现调整"窗口" "基本符合预期。"中泰证券非银金融首席分析师葛玉翔表示。 协会今年1月发布的首期研究值为2.34%，此后研究值分别为2.13%、1.99%及1.9%。根据前几期的研究 值来看，此次虽进一步调降，但是调降幅度逐季收窄。 来源：第一财经记者根据公 ...

Core Insights - The current predetermined interest rate for ordinary life insurance products is set at 1.90%, a decrease of 0.09 percentage points from the previous rate of 1.99% [1] - The adjustment conditions for the predetermined interest rate will not be triggered this year, meaning no changes will be made to the current life insurance products before the end of the year [1] - The insurance industry anticipates that the predetermined interest rate will remain stable for the foreseeable future, aligning with customer expectations and enhancing customer experience [1] Summary by Sections Current Predetermined Interest Rate - The ordinary life insurance product predetermined interest rate is currently at 1.90%, down from 1.99% [1] - This rate does not meet the criteria for adjustment, as it has not been below or above the current upper limit of 2.0% by more than 25 basis points for two consecutive quarters [1] Historical Context - Earlier this year, the predetermined interest rates were reported at 2.34% and 2.13% in January and April, respectively [2] - In July, the rate was adjusted to 1.99%, triggering the conditions for a potential adjustment of the maximum predetermined interest rates for various insurance products [2] - The maximum predetermined interest rates for ordinary, participating, and universal life insurance products were adjusted to 2.0%, 1.75%, and 1.0%, respectively, effective September 1 [2] Future Predictions - A life insurance company executive predicts that the predetermined interest rate will range between 1.79% and 2.02% by July next year, indicating that no adjustments will be necessary [3] - The low interest rate environment is expected to become the "new normal," shifting competition from pricing to risk selection, medical cost control, and health service provision capabilities [3]

Core Viewpoint - The current predetermined interest rate for ordinary life insurance products is set at 1.90%, a decrease of 0.09 percentage points from the previous rate of 1.99%, indicating that no adjustments will be made to the predetermined interest rates for the remainder of the year [2][3]. Group 1: Current Interest Rate Situation - The predetermined interest rate for ordinary life insurance products has been assessed at 1.90%, which is below the upper limit of 2.0% and does not trigger any adjustments for the current year [2]. - The last recorded rates were 2.34% and 2.13% earlier this year, with a significant drop noted in July when the rate was adjusted to 1.99% [3]. - The new maximum rates for various insurance products are set at 2.0% for ordinary products, 1.75% for participating products, and 1.0% for universal products, effective from September 1 [3]. Group 2: Future Projections - A life insurance company executive predicts that the predetermined interest rate will remain stable, with an expected range of 1.79% to 2.02% until July next year, indicating no adjustments will be triggered [4]. - The low interest rate environment is expected to become the "new normal," shifting competition from pricing to risk selection, medical cost control, and health service provision capabilities [4].

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The recent meeting of the Life Insurance Industry Liability Reserve Assessment Rate Expert Consultation Committee expressed a more positive outlook compared to the previous quarter, indicating a reduced likelihood of adjustments to the upper limit of the preset interest rate in the medium term [4][5] - The preset interest rate research value for ordinary life insurance products is currently at 1.90%, down from 1.99% in the previous quarter, reflecting a year-on-year decrease of 9 basis points [4] - The report highlights that the long-end interest rates have stabilized since the beginning of 2025, with the decline in preset interest rates showing a narrowing trend [4] Summary by Sections Industry Overview - The total market capitalization of the industry is 33,163.22 billion [1] - The report notes that the financial regulatory authority has issued a notification to establish a mechanism linking preset interest rates with market rates, which is expected to guide companies in prudent pricing and asset-liability management [4][8] Market Trends - The meeting's statements have shifted from concerns about continuous declines in medium to long-term interest rates to a more optimistic view on the resilience and vitality of the national economy [4] - The report suggests that if long-end interest rates remain stable, the preset interest rate for 2026 may not see significant adjustments, with a projected value of 1.87% by the end of 2026 [4][10] Investment Recommendations - The report recommends actively monitoring the valuation and performance elasticity of listed insurance companies, particularly focusing on companies such as New China Life Insurance, China Life Insurance, China Property & Casualty Insurance, Ping An Insurance, China Pacific Insurance, and AIA Group [4]