Cui Wei, General Manager of 中英人寿 (Sino-British Life Insurance), expressed optimism about the insurance industry's future outlook, stating that demand fundamentals are solidly supported. He noted that domestic aging demographics are creating rigid demand for pension and wealth protection services for hundreds of millions of people, underpinning the industry's demand base. Coupled with the scarcity of high-yield assets in the market and the ongoing contraction of bank balance sheets, the asset allocation value of insurance funds has become prominent, solidifying the foundation for industry development on the demand side.

Concurrently, the characteristic of industry divergence continues to manifest. In 2026, the sector is entering a phase of structural and deep adjustment. The popularity of short- to medium-term dividend products has rebounded, yet the overall business structure of the industry still requires continuous optimization. Regulatory moves to lower assumed interest rates have laid a solid foundation for the industry's long-term stable operation. However, optimizing liability-side costs is a gradual process, and the pace of short-term adjustments exhibits some lag, placing higher demands on the asset-liability balance management capabilities of each insurance company.

Cui Wei emphasized that the industry's performance evaluation system urgently needs reform. He advocated for truly implementing long-cycle oriented evaluation metrics, moving beyond superficial long-term mechanisms that merely extend short-term assessment periods, and establishing long-cycle evaluation standards that genuinely align with the operational principles of life insurance.

In conclusion, Cui Wei summarized three major industry trends. First, interest rates have stabilized at a lower level, entering a new cycle of two-way fluctuations. Second, the market landscape is undergoing significant differentiation. Third, the core protective function of insurance continues to strengthen. Cui Wei believes that only by establishing a holistic view of assets and liabilities and adopting an integrated management mindset for the "three ends and four statements" (three ends: asset side, liability side, and capital side) can the insurance industry successfully navigate through this current cycle.