曾经稳稳的存款收益，如今正悄然"缩水"，甚至部分银行直接让五年期定存"下架"？ 早年，这五年期定期存款是中老年投资者最信赖的理财方式之一。它保本、保息，利率高于短期存款，是保守型投资者的"安心之选"。 然而，时过境迁，这类产 品正逐渐退出主流舞台。 银行此举并非盲目跟风，而是有着深刻的现实考量。数据显示，2025年一季度，超三成定期存款客户提前支取，平均损失超过七成利息。 以10万元存五年期定存为例，如果存满到期，按1.6%的年利率可获利息8000元；但若在两年后提前支取，只能按0.05%的活期利率计息，利息仅100元，损 失高达98.75%。对客户和银行来说，这都是不愿看到的结果。 与此同时，银行存款利率已全面进入"1时代"。 更让人困惑的是，利率"倒挂"现象愈发普遍。比如中国建设银行三年期定期存款利率最高为1.55%，而五年期最高仅为1.3%。存五年反而比存三年收益低， 这种看似违背常理的现象，折射出银行对长期资金成本的忧虑。 而银行客户经理的推荐话术也悄然生变。当客户对定存利率表示"不满意"时，银保产品成为新的推销重点。 实际仔细看，银行下架五年期定存产品的背后，是我国银行业净息差持续承压的现实。净息差 ...

Core Viewpoint - The article highlights a trend among banks where the interest rates for three and five-year fixed deposits are either flat or inverted, leading to a decline in five-year fixed deposit offerings and a shift towards higher-yielding financial products [1]. Group 1: Interest Rate Trends - Some banks are experiencing a phenomenon where the interest rates for three-year fixed deposits are equal to or higher than those for five-year fixed deposits [1]. - For instance, Minsheng Bank's "Anxin Deposit" product offers an annualized return of 1.7%, surpassing the yield of five-year fixed deposits [1]. - Agricultural Bank of China reports that most customers prefer three-year fixed deposits, as the yield difference with five-year deposits is only 0.05 percentage points [1]. Group 2: Shift to Alternative Products - Despite most banks maintaining their five-year fixed deposit offerings, there is a noticeable trend of discouraging long-term deposits and guiding customers towards alternative products such as insurance [1]. - A staff member from Agricultural Bank of China mentioned that for customers seeking longer-term investment options, they would recommend fixed-income insurance products [1]. - China Construction Bank promotes a new insurance product with an annualized rate of up to 1.75%, along with an additional average dividend of around 1% [1].

Core Viewpoint - The article discusses the evolution and future of the bancassurance channel in China, highlighting its historical development, current trends, and anticipated changes due to regulatory shifts and market dynamics. Group 1: Historical Development of Bancassurance - The bancassurance business in China began in 1996, with significant growth observed from 2001 onwards, where total premiums reached 47 billion, accounting for about 2% of total life insurance premiums [6][8]. - By 2007, new premiums from bancassurance surpassed those from all other channels combined, and from 2013 to 2016, bancassurance accounted for approximately 50% of the total life insurance premium market [6][8]. - The article outlines six stages of development for bancassurance, with a new phase starting in 2024 characterized by "reporting and operation integration" [5][20]. Group 2: Key Growth Phases - The initial phase (before 2004) saw bancassurance primarily offering five-year single premium products, with total premiums reaching 388 billion in 2002, representing 17% of the life insurance market [8][9]. - From 2005 to 2012, the industry experienced normal growth, with total premiums increasing from 952 billion in 2005 to 3,897 billion in 2012, while the period saw a significant rise in single premium products [9][10]. - The investment-driven era from 2013 to 2016 was marked by regulatory changes that allowed for higher investment returns, leading to a surge in single premium sales, with some companies reporting over 200% growth in 2013 [11][12]. Group 3: Recent Trends and Future Outlook - From 2020 to 2023, the market shifted towards traditional increasing death benefit products, with long-term premiums growing significantly, accounting for 84% of total premiums by 2021 [14][19]. - The bancassurance channel is expected to see its new business value (NBV) surpass that of individual insurance channels by 2026, driven by lower fixed costs and increased competition [20][21]. - The article predicts that by 2024, the market will witness a resurgence of short-term products, with a projected 10% share of total premiums, as companies adapt to regulatory changes and market demands [20][24]. Group 4: Market Dynamics and Competitive Landscape - The article categorizes life insurance companies into six groups, including the "Bancassurance Seven Heroes" and "Eight Kings," which dominate the market with a combined market share of 60% to 72% [16][43]. - In 2023, the bancassurance channel's competition intensified, with significant growth reported among leading companies, while smaller firms faced declines [25][30]. - The shift towards long-term participating insurance products is evident, with major players like Taiping Life and several foreign companies leading the charge in this segment [26][30].

Core Viewpoint - 瑞泰人寿保险有限公司 is facing significant operational and financial challenges, with continuous losses and governance issues threatening its survival [1][15]. Financial Performance - In 2024, 瑞泰人寿 reported a loss of 188 million yuan, a year-on-year increase in losses of 17.35%, marking two consecutive years of net losses [1][3]. - Total assets grew to 12.525 billion yuan, but liabilities also increased to 11.681 billion yuan, resulting in weak equity of only 844 million yuan [1][3]. - The company’s total operating revenue was 1.675 billion yuan, with earned premiums of 1.215 billion yuan, a year-on-year increase of 17.22%, but total operating costs reached 1.84 billion yuan, leading to a cost-to-income ratio of 110% [3]. Premium Growth and Business Structure - 瑞泰人寿's premium growth has consistently lagged behind the industry average, with a scale premium income of 2.023 billion yuan in 2024, a mere 0.8% increase compared to the industry’s 13.27% growth [2]. - The core business's original insurance premium income was 1.603 billion yuan, with new policy premiums at 358 million yuan, showing a high growth of 35.67%, while renewal premiums decreased by 6.61%, indicating declining customer retention [2]. Governance Issues - The company has failed to effectively implement necessary governance reforms, with significant delays in updating its corporate charter and establishing independent directors and supervisory boards [4][5]. - Internal management practices are lacking, with no established guidelines for managerial work and inadequate accountability for investment decisions that led to significant losses [6][7]. Investment Risks - Major investment decisions lack transparency, as evidenced by the failure to timely address risks associated with holdings in 海航债券, leading to substantial financial losses [6][7]. - The company has not held management accountable for investment losses, which raises concerns about governance and risk management practices [7]. Human Resource Management - There have been multiple labor disputes involving former executives, resulting in financial and reputational damage to the company [13]. - The compensation management system is flawed, lacking clear standards for salary deductions and accountability measures [13]. Compliance and Regulatory Risks - 瑞泰人寿 has faced regulatory penalties for issues related to sales practices and compliance, indicating potential risks in its operational integrity [14]. - The company is urged to undergo significant reforms to address its governance, operational, and compliance challenges to avoid further deterioration [14][15].