Core Viewpoint - The insurance market in 2026 is witnessing a shift towards dividend insurance products due to a low interest rate environment and the ongoing effects of "deposit migration" [1][2] Group 1: Market Trends - The focus of the insurance market has shifted to dividend insurance, which features "guaranteed + floating" returns, becoming the main product for insurers to boost premium scale [1] - New dividend insurance products launched after 2024 show a higher dividend realization rate, often exceeding 100%, while older products typically hover around 50% [2][3] Group 2: Product Performance - The disparity in dividend realization rates between new and old products is attributed to differences in the benchmark interest rates used for projections [3] - New products have lower guaranteed rates and are subject to regulatory limits on projected dividend rates, making it easier for them to achieve high realization rates [3][4] Group 3: Customer Experience - Customers holding different policies experience varying dividend realization rates, with new products generally offering better performance compared to older ones [2][4] - The actual customer yield from new products, despite a 100% realization rate, may be around 3.05%, while older products with lower realization rates can still yield approximately 3.2% due to higher guaranteed rates [4] Group 4: Operational Mechanisms - The operational mechanisms of dividend accounts and the unique "smoothing mechanism" of dividend insurance have been adjusted, impacting the performance of older accounts [5][6] - New accounts benefit from starting afresh without the historical burdens of older accounts, allowing for more direct distribution of investment earnings [6] Group 5: Sales Dynamics - The sales approach has shifted from emphasizing interest rates to focusing on underlying assets and investment capabilities, increasing transparency but also introducing potential risks of misrepresentation [7] - The sustainability of high dividend realization rates for new products will depend on actual investment returns, with potential challenges if market interest rates decline further [7][8] Group 6: Consumer Considerations - For holders of older policies, switching to new products may not always be a rational choice due to potential principal losses from surrendering old policies [8] - New investors should be aware that the displayed "100% realization rate" during the 2026 sales period is a product of specific historical conditions and statistical criteria [8]