Recently, China Life Insurance Co., Ltd. (hereinafter referred to as "China Life Insurance") and Peking University China Social Science Research Center jointly produced the "White Paper on Asset Allocation and Insurance Protection for Middle and High Net Worth Families" (hereinafter referred to as "White Paper") officially released. The white paper makes an in-depth analysis of family portraits, asset allocation and insurance participation of high-net-worth people with certain wealth and strong purchasing power, which can provide some guidance for young people's pension insurance planning.
The coverage rate of old-age insurance has been significantly improved, and there is a large room for commercial old-age insurance to rise.
In recent years, the degree of population aging in China has continued to deepen. According to the data of the seventh population census in 20021,the number of elderly people over 60 in China has reached 260 million, accounting for 18.7% of the total population, and it is expected to reach 300 million in 2025. With the rapid acceleration of aging, the Fifth Plenary Session of the 19th CPC Central Committee in 2020 will actively respond to the rise of population aging as a national strategy, and providing for the aged has increasingly become a hot topic of national concern.
The development of multi-level and multi-pillar endowment insurance system is very important to promote the development of domestic endowment insurance system. In April, 2022, the General Office of the State Council issued the Opinions on Promoting the Development of Personal Pension, proposing to promote the development of personal pension, link it with basic pension insurance and enterprise (occupational) annuity, and provide people with high-quality choices to supplement their pension assets. At the same time, people's awareness of old-age care is constantly improving, and more and more people begin to pay attention to increasing the security of personal old-age care through the allocation of old-age insurance.
The white paper shows that in recent years, the coverage of pension insurance for middle-and high-net-worth families has greatly increased. In 20 1 1 year, the coverage rate of endowment insurance for middle and high net worth families was 42. 1%, and then it increased rapidly, reaching 79.64% in 20 13 and 84. 15% in 20 18. Among them, the coverage of commercial endowment insurance is on the rise. In 20 1 1 year, the coverage rate of commercial endowment insurance for middle and high net worth families was 0.92%, and it increased to 1.4 1% in 20 18 years, and to 2./kloc-0. Generally speaking, China's third-pillar insurance pension system is still relatively weak. We can promote the reform of the insurance pension system step by step, and encourage the development of personal savings and commercial supplementary insurance in the third-pillar insurance pension system by strengthening preferential tax policies.
(Photo: Coverage of various types of commercial endowment insurance)
Among all kinds of commercial endowment insurance, commercial endowment insurance other than life insurance is dominant, and the coverage rate has increased from 2.59% of 20 1 1 to 201%. The coverage of enterprise supplementary endowment insurance is low, only 2.05% in 20 18 years. The coverage rate of other old-age insurance is also at a low level, and the coverage rate in 20 18 years is only 1.85%. It can be seen that commercial endowment insurance is becoming an important supplement to residents' pension, and there is still much room for improvement in the future.
With the continuous improvement of basic social security, commercial endowment insurance has become an important supplement.
For the people covered by the old-age insurance, the white paper further studies and excavates the specific implementation of the old-age insurance. The first pillar of China's old-age insurance system, namely, social basic old-age insurance, consists of basic old-age insurance for employees and basic old-age insurance for urban and rural residents. Establishing and perfecting the basic social security system, covering the whole population as much as possible, will help to achieve * * * prosperity. As of March, 20021year, the number of people participating in basic old-age insurance in China reached 1007 million, and the participation rate of basic old-age insurance exceeded 90%. According to the white paper, as far as the basic old-age insurance for urban and rural residents is concerned, the average participation time is 7.63 years, and the estimated monthly premium is 197438+0 yuan.
Supplementary pension insurance (annuity) is an important supplement to the basic social pension insurance and the second pillar of China's pension insurance system. By the end of 2020, supplementary pension insurance has covered more than 60 million people. According to the white paper, among the three kinds of supplementary pension insurance, enterprise annuity is the main one, accounting for 47.37%, followed by enterprise annuity, accounting for 28.95%, and government employee annuity accounts for 18.42%. As far as the insured population is concerned, the average age of participating in supplementary old-age insurance is 6.09 years, the monthly insurance premium paid by the unit is 17 1.06 yuan, and the monthly insurance premium paid by the individual is 156.76 yuan, and it is expected to receive 227.06 yuan per month.
In addition to the first and second pillars, the third pillar, which consists of personal savings pension insurance and commercial pension insurance, is an important link to expand the scale of pension and enhance flexibility. In the long run, it is the general trend in the future to develop the third pillar of endowment insurance, accumulate individual pension funds and build multi-level pension reserves. According to the white paper, middle and high net worth families currently pay an average annual premium of 5,297.48 yuan, and it is estimated that they can get an annual insurance premium of 6,262.2 yuan. Commercial endowment insurance is becoming an important supplement to residents' pension, which needs to be developed and improved quickly.
Long-term stable operation and diversified segmentation services are the advantages of insurance industry participating in the construction of the third pillar of old-age care.
The insurance industry has diversified supply capacity of products and services. Commercial old-age insurance can meet the people's comprehensive needs for security, stability, long-term value-added and long-term pension, and at the same time, it can provide differentiated and comprehensive insurance solutions for different subgroups and diversified old-age security needs. For example, in terms of customer groups, insurance companies can provide different models of endowment insurance products for customers of different ages and preferences, and can also provide suitable endowment insurance products for specific groups according to factors such as occupational characteristics and economic conditions.
The insurance industry has long-term capital investment management capabilities. Insurance funds have the characteristics of long investment period and high security requirements, which is naturally consistent with the nature of pensions. In the long-term management of insurance funds, insurance companies have generally established an investment management system that meets the requirements of long-term investment and accumulated strong long-term investment management capabilities of pension funds. At the same time, commercial insurance companies initially have the experience of laying out the medical and health care industry chain. After years of exploration, on the premise of effectively isolating risks, on the one hand, insurance companies give full play to the advantages of long-term and cross-cycle investment ability of insurance funds to provide long-term and stable financial support for the development of medical and health industry chain; On the other hand, give full play to the professional advantages of insurance companies, explore the joint development of medical services, pension services and financial insurance products, and better serve the people's pension needs.
The insurance industry has a strong ability to comprehensively manage assets, liabilities and solvency. The insurance industry has rich experience in managing long-term business liabilities. On this basis, comprehensive control measures are taken for the quantitative management of insurance risk, credit risk and market risk, and the systematic management of operational risk, strategic risk, reputation risk and liquidity risk, and a comprehensive solvency management mechanism is established.
Then, how should the insurance industry be laid out in order to make a difference in serving the old-age security system? Innovating products and services and optimizing the linkage between capital and assets are the development direction of deepening the supply-side reform of the insurance industry. We should take the initiative to adapt to the situation, strengthen our own capacity building, comprehensively deepen the structural reform of the supply side, and provide better insurance products and services for the people.
First, continue to increase the innovation of endowment insurance products and enrich the supply of products. In order to enrich and upgrade the supply of endowment insurance products, fully stimulate the endowment awareness of young and middle-aged people and flexible employees, and serve a wider range of customer groups, the insurance industry should further innovate and explore the conditions, methods, income models, safety and liquidity arrangements of endowment insurance products, enhance the depth and breadth of the exploration of the "product+service" model, and continuously meet the increasingly diversified endowment needs of the people.
The second is to improve the long-term investment ability and meet the investment requirements of pension funds. Adhere to the concept of long-term, steady and value investment, take root in the real economy, serve the real economy, take multiple measures simultaneously, strengthen protection, and build a cross-cycle investment portfolio to lay a solid foundation for providing long-term stable income; Continue to expand the depth and breadth of investment research, further strengthen the research on trends and strategic layout, build an alternative investment portfolio with a view to the future, and create conditions for improving long-term returns; Further practice the concept of responsible investment, promote the long-term investment layout under the dual-carbon strategy, build a green investment portfolio that meets ESG standards, and realize the unity of economic responsibility, political responsibility and social responsibility.
The third is to further strengthen the capacity building of cross-cycle asset-liability management. The long-term and diversity of endowment insurance and services require insurance companies to adhere to the Scientific Outlook on Development of asset-liability management as a whole, constantly strengthen and update the concept of asset-liability management, further strengthen basic research, continuously enrich the concept and tool system, and further strengthen the capacity building of asset-liability management on the basis of existing advantages. Only in this way can the insurance industry better serve the construction and development of the third pillar endowment insurance.
Help the third pillar to support the elderly and use insurance to protect the people's better life.
With the advent of the age of longevity, "a sense of security for the elderly" has become the focus of attention of the country and people, which has brought about changes in people's concept of providing for the elderly. Pension is no longer just a topic of concern for the elderly, but also attracts the attention of young people. However, relying only on the first pillar (basic old-age insurance), the country is facing enormous pressure to provide for the aged. At the same time, the second pillar (supplementary pension insurance) can only meet the pension needs of a small number of people because of its narrow coverage and limited capital accumulation. Under the current unbalanced development of multi-level old-age security system, it is necessary to speed up the development and improvement of the third pillar (personal savings old-age insurance and commercial old-age insurance), and exclusive commercial old-age insurance is an important innovation.
On June 202 1, China Banking and Insurance Regulatory Commission, China started the pilot program of exclusive commercial endowment insurance in Zhejiang (including Ningbo) and Chongqing, and six insurance institutions including China Life participated in the first batch of pilot programs. During the pilot period, China Life Insurance Company innovatively launched the exclusive commercial endowment insurance of China Life Insurance Xinxiangbao, which was widely concerned and loved by the public, especially the new business people. For example, in the pilot city of Chongqing, about 70% of the insured customers are new business personnel such as couriers and network car drivers. Relying on the company's professional investment ability, the products bring long-term safe and steady investment income to customers and meet their diversified and multi-level old-age security needs.
As a supplier of endowment insurance products, insurance companies should provide more accurate and valuable endowment insurance information for the general public, and speed up the research and development of products that meet the diverse needs of the people for the aged. China Life has implemented the national strategy of actively coping with the aging population, continuously built a national life insurance system, fully exerted the advantages of long-term insurance funds, and actively deployed multi-level pension services such as institutional pension and community pension through the national life insurance fund. In the first half of 2022, China Life Pension Fund accelerated the integration of healthy pension resources and continued to promote the layout of healthy pension projects in strategic areas such as Beijing-Tianjin-Hebei, Yangtze River Economic Belt and Guangdong-Hong Kong-Macao Greater Bay Area. China Life Insurance Company also actively meets the diversified insurance protection needs of the elderly population. As of June 30, 2022, the company's group insurance channel covered more than 40 million elderly people, providing protection of about 2.09 trillion yuan.
China Life said that it will continue to adhere to the origin of insurance, develop diversified financial products for the aged around people's needs for old-age care and health management, promote the supply of exclusive commercial old-age insurance, tax deferred commercial old-age insurance and other products, launch a series of service measures suitable for aging, continue to be a participant in the construction of the "three pillars" old-age insurance system and a provider of old-age financial services, and use insurance to protect people's better life.