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First of all, the decline in the yield of government bonds affects the newly allocated assets of China Ping An (hundreds of billions a year), and the earlier purchases are not affected;Secondly, not all fixed-income products such as bonds held by China Ping An hold interest at maturity.

Secondly, not all fixed-income products such as bonds held by China Ping An hold interest at maturity.First of all, the decline in the yield of government bonds affects the newly allocated assets of China Ping An (hundreds of billions a year), and the earlier purchases are not affected;As shown in the mid-year report in 2024, about 51% of fixed-income assets are held with interest due, and 16.9% are placed in "financial assets with fair value and changes included in current profits and losses", that is, this part pursues elastic income, which can be understood as seeking transaction value. Take a casual look at the current trend of bond funds and bond ETFs. There are quite a few products that have increased by 8%-10% so far this year, and there are many products that have increased by more than 5%. According to the current macro trend, the debt cow is more certain.

Secondly, not all fixed-income products such as bonds held by China Ping An hold interest at maturity.Finally, the layout of insurance+medical care is certainly not as high as the ceiling of American counterparts, but now the policy support is getting stronger and stronger, and the medical insurance and commercial insurance information are connected. We can control the policy cost from the perspective of death and seek differentiated competition. Next year, with the landing of institutions under the pension line, it is expected to be accelerated.Secondly, not all fixed-income products such as bonds held by China Ping An hold interest at maturity.