一家人身险公司的精算负责人对《证券日报》记者表示，目前公司预定利率较高的产品均已停售，同 时，公司推出了一部分符合最新预定利率要求的产品，后续还有新产品将在完成相关流程后陆续推出。 从全行业来看，根据监管要求，险企要在下调产品预定利率最高值之后2个月内平稳做好新老产品切换 工作。 从不同类型的人身险产品来看，新上市产品以分红型产品、普通型产品为主，万能型产品较少。例如， 截至9月22日，年内上线的人寿保险为993款，其中，分红型人寿保险为408款，占比41%；万能型人寿 保险为69款，占比6.9%。截至9月22日，年内上线的年金保险为652款，其中，分红型年金保险为222 款，占比34%；万能型年金保险为54款，占比8%。 险企持续推动分红险发展 本报记者 冷翠华 人身险预定利率最新调整后，保险公司加速停售"超限"产品、推出新产品。记者根据中国保险行业协会 信息统计，截至9月22日，年内人身险公司共有993款人寿保险上市，其中，415款为8月1日及之后上 市；年内共有652款年金保险上市，其中257款为8月1日及之后上市。 从产品类型来看，保险公司上市的分红型产品和普通型产品数量较多，万能险产品较少。业内人士 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [7][25]. Core Insights - The report highlights that the scheduled adjustment of the predetermined interest rate is expected to positively impact the optimization of liability costs and the value of participating insurance options [3][6]. - The predetermined interest rate for ordinary life insurance products has been set at 1.99%, which is 51 basis points below the upper limit of 2.5%, triggering a required adjustment [4][5]. - The adjustment of the predetermined interest rates for various insurance products has been implemented, with ordinary products reduced by 50 basis points to 2.0%, and participating products by 25 basis points to 1.75% [5][6]. - The report emphasizes the importance of managing liability costs and the transformation of participating insurance products as key factors influencing company valuations [6][7]. Summary by Sections Predetermined Interest Rate Adjustments - The report notes that the predetermined interest rate research value has exceeded the upper limit for two consecutive quarters, necessitating a reduction in new product rates by September 1 [4]. - The adjustments made by major insurers like Ping An and China Life reflect a strategic response to market conditions and regulatory requirements [5]. Valuation and Performance - The report suggests that the core concern affecting the valuation of life insurance companies is the risk of interest spread losses, with a focus on controlling liability costs [6]. - The report provides data on the new business value (NBV) break-even yield for major insurers, indicating slight year-over-year declines for companies like China Life and Ping An [6]. Market Outlook - The report expresses optimism regarding the insurance sector's performance, driven by declining new liability costs, increased value of participating insurance options, and stable long-term interest rates [7]. - Specific companies recommended for investment include China Life, New China Life, China Pacific Insurance, China People’s Insurance, Ping An, ZhongAn Online, and China Property Insurance [7].

Core Viewpoint - The insurance industry is facing significant challenges due to the decline in LPR and bank deposit rates, necessitating a shift from a "spread-dependent" model to a "three-spread balance" approach to mitigate interest spread loss risks [1][2][3] Group 1: Interest Rate Impact - The decline in interest rates is a critical factor affecting the insurance industry, particularly life insurance, as it compresses new investment income [1] - The upper limit of the preset interest rate for ordinary life insurance products has decreased from 4.025% to 2.5%, with a substantial number of high preset rate policies still in force [1] - The insurance industry must prevent interest spread loss risks to maintain operational stability and avoid systemic risks [1] Group 2: Three-Spread Balance Model - The key to risk management in the new market environment is constructing a "three-spread balance" profit model, focusing on interest spread, mortality spread, and expense spread [2] - Insurers need to transition from high-guarantee products to "low-guarantee + high-floating" products to stabilize interest spreads [2] - Dynamic pricing mechanisms linked to government bond yields or LPR should be introduced to mitigate cost-locking risks [2] Group 3: Enhancing Mortality and Expense Spreads - Increasing contributions from mortality and expense spreads is essential for insurers in a low-interest-rate environment [3] - Insurers should enhance the sales of health and term life insurance products and optimize pricing assumptions using more accurate mortality and annuity tables [3] - Cost control measures must be strictly implemented, including organizational optimization and digital transformation to reduce operational costs [3] Group 4: Opportunities in Challenges - The low-interest-rate environment presents both challenges and opportunities for insurers to reshape competitive advantages [3] - Insurers must abandon the "scale-first" development model and focus on product innovation, asset allocation optimization, and expense management to achieve sustainable development [3]