Guotai Junan Securities: Dividend insurance will become the main transformation trend of savings insurance in the low interest rate era, maintaining the industry's "hold" rating.

Guotai Haitong released a research report stating that in a low interest rate environment, the risk of spread loss of traditional high-guarantee products is increasing. Global savings-oriented life insurance products are transitioning from high guarantee and rigid income commitments to low guarantee, floating income, and risk sharing. The risk preference of Chinese residents is overall conservative, and it is expected that participating life insurance will become the main theme of transformation for savings-oriented insurance in the low interest rate era, driving improvement in industry liability costs and product value enhancement. Maintaining an "overweight" rating for the industry.