Former Vice Chairman of the China Banking and Insurance Regulatory Commission, Liang Tao: Promote the transformation of the insurance liability structure and emphasize the innovation of floating income products

Former Vice Chairman of the China Banking and Insurance Regulatory Commission, Liang Tao, introduced at the launch of the "White Paper on the Risk Protection System for Chinese Families" that as of August 31, 2025, the mainstream products in the life insurance industry will still be traditional participating whole life insurance, with new premium income accounting for over 70%. However, the guaranteed return attribute of these products is prone to significant interest rate risk in a low-interest-rate environment, which is not conducive to the sustainable development of the industry and creates an expectation among customers for capital preservation and interest guarantees, deviating from the essence of "insurance being insurance." Therefore, in the new cycle, insurance companies should actively explore product transformation, especially the development of floating income products, linking product returns to market performance, which not only effectively reduces the rigid liability costs of insurance companies but also benefits households in sharing the surplus from early operations, resisting inflation, and meeting diversified wealth management needs