October 23rd is the Double Ninth Festival, a traditional festival in our country. This day was also officially designated as the “Chinese Elderly Day” by the Chinese government in 1989. According to our country’s standard of defining people aged 60 and above as the elderly, our country The proportion of elderly people has reached 20%. According to the 2022 Statistical Bulletin of the National Bureau of Statistics, the proportion of elderly people over 65 years old in my country has reached 14.9% by the end of 2022, and the proportion of elderly people over 60 years old has reached 19.8%, both 5.5% higher than 10 years ago. percentage points.
As our country has entered a deeply aging society, the demand for elderly care has become increasingly strong, and the elderly care service market has gradually expanded. According to estimates, the silver economy will become my country’s new economic growth point. By 2050, the scale of the silver economy will reach nearly 50 trillion yuan, accounting for 35% of total consumption. The National Committee on Aging predicts that by 2030, the size of my country’s pension financial market will Reaching 22.3 trillion yuan, the pension insurance field will also usher in good development opportunities in the future.
1. Frequent regulatory policies have reshaped the business of pension insurance companies, focusing on the main business of pension insurance
Currently, in my country’s three-pillar pension system, the first and second pillars have matured and entered a stage of stable development. With the issuance of the “Opinions on Promoting the Development of Personal Pensions” by the General Office of the State Council in April 2022, the third pillar of personal pension system has matured and entered a stage of stable development. Pensions have also been officially unveiled. In November 2022, the “Implementation Measures for Personal Pensions” were issued, and combined with a series of supporting documents issued one after another, a new market blue ocean is being created.
As a professional pension management institution approved by the China Banking and Insurance Regulatory Commission, pension insurance companies have been deeply involved in the construction of my country’s pension security system for a long time and have accumulated rich pension management experience. In the development of personal pensions, pension insurance companies have three unique advantages:
First, coordinate the development of the first, second and third pillar security systems. In promoting the development of personal pensions, pension insurance companies have a rich history and rich practical business experience, and are conducive to promoting the coordinated and healthy development of the first, second and third pillars.
Second, give full play to the advantages of large-scale asset allocation and absolute return investment. Pension insurance companies have rich experience in pension management, both in on-balance sheet and off-balance sheet business, and can better apply it to personal pension management.
Third, build an integrated solution for pension management and elderly care services. In terms of pension management, pension insurance companies not only cover the first, second and third pillars, but are also constantly enriching personal pension account products, personal commercial pension financial products and other personal long-term financial products to provide consumers with more diverse choices. , to meet the diverse personal pension needs of the people.
Since 2021, regulatory authorities have also reshaped the development positioning and business structure of pension insurance companies, guiding pension insurance companies to return to their main pension business and focus on the development and innovation of long-term pension financial products. In December 2021, the former General Office of the China Banking and Insurance Regulatory Commission issued the “Notice on Regulating and Promoting the Development of Pension Insurance Institutions” to promote pension insurance institutions to further focus on the main pension business and better serve the construction of a multi-level and multi-pillar pension insurance system.
In January this year, the former China Banking and Insurance Regulatory Commission issued the “Interim Measures for the Supervision and Administration of Pension Insurance Companies (Draft for Comments)” to local banking and insurance regulatory bureaus and pension insurance companies, once again requiring pension insurance companies to follow a professional development path and actively participate in multi-level , build a multi-pillar pension insurance system, focus on the main pension business, innovate pension financial products and services, and meet the people’s diverse pension needs. The pension market also needs pension insurance companies to play their role and return to their professional roots.
2. Ping An Pension actively participates in the construction of a multi-level and multi-pillar pension insurance system.
In December 2004, since the first batch of professional pension insurance companies were approved for establishment, after nearly two decades of development, as of now, there are 10 professional pension insurance companies in the country. As of the end of the second quarter of 2023, the total number of 10 pension insurance companies Assets reach 250 billion yuan.
As the first professional pension insurance company established in my country, in July 2022, the registered capital of Ping An Pension Insurance Company increased from 4.86 billion yuan to 11.603 billion yuan, once again becoming the pension insurance company with the largest registered capital in my country. As of the end of 2022, Ping An Annuity managed corporate annuities, occupational annuities, pension insurance and other entrusted management assets totaling 1.11816 billion yuan. Among them, the assets under management at the end of the enterprise annuity trust period were 432 billion yuan, and the assets under management at the end of the enterprise annuity investment period were 237.2 billion yuan; the assets under management at the end of the trust period for occupational annuities were 235.7 billion yuan, and the assets under management at the end of the investment period for occupational annuities were 85.2 billion yuan.
As a forerunner and pioneer in the industry, Ping An Pension has been actively participating in building a multi-level pension security system, making in-depth efforts in the first, second and third pillars of pension insurance, and leading the development of the industry in business innovation.
The first pillar is basic pension insurance.As one of the 21 investment management institutions of the basic pension insurance fund, Ping An Pension has always actively assisted the Social Security Fund Council to maintain and increase the value of the first pillar.
The second pillar is enterprise annuity and occupational annuity.In the second pillar of the approximately 5 trillion corporate and occupational annuity fund market, pension insurance companies’ corporate annuity trust share has reached 73%, and their investment management market share has reached about 33%. In terms of annuities, Ping An Pension is also at the forefront of the industry. Occupational annuity trust and investment qualifications cover all provinces and cities currently subject to tenders, and the scale of assets under management leads the market. In the future, Ping An Pension will strengthen systematic and intelligent construction in terms of improving fiduciary management services and investment management capabilities, improve the risk control system, and strengthen investment capability building. Be a big company with responsibility and help the second pillar become bigger and stronger.
The third pillar is personal pensions.Ping An Pension fully implements the concept of “saving worry, time and money”. It not only actively participates in personal tax-deferred commercial pension insurance, but also lays out and practices personal pension security management products and personal commercial pension insurance products. Ping An Pension is one of the first institutions to participate in and issue orders since the introduction of tax-deferred pension insurance, and it has the highest market share in the three pilot areas.
Faced with the urgent need for personal pension savings, Ping An Annuity has launched a series of targeted personal pension annuity products that meet the capital characteristics of “ultra-long term, guaranteed returns, safety and stability” for pension savings.
In November 2022, Ping An Pension developed an exclusive commercial pension insurance product – Ping An Fuminbao exclusive commercial pension insurance. This product can not only serve as a pension supplement for employees in enterprises and institutions, but also provide flexible pension security services for workers in new industries, new formats and various types of flexible employment, effectively responding to the concerns of the people.
On July 30, 2023, Ping An Pension officially launched the company’s first individual participating annuity insurance – Ping An Fuhong Jinsheng Pension Annuity Insurance (participating type). Fuhongjin’s products are the core puzzle of the company’s full range of personal pension annuity product systems, enjoying the wealth growth space of defined income + policy dividends, and fully meeting the diversified needs of family asset planning and quality pension life.
In September 2023, the State Administration of Financial Supervision issued the “Notice on Matters Concerning the Connection between the Personal Tax-Deferred Commercial Pension Insurance Pilot and Personal Pensions” to orderly carry out the individual tax-deferred commercial pension insurance pilot business and personal pensions connection.
In the future, Ping An Pension will continue to actively promote in compliance with regulatory requirements and strive to provide customers with more “worry-free, time-saving and money-saving” pension financial services.
3. Relying on the group’s advantages to build an integrated senior care ecosystem and promote product innovation
While actively participating in the construction of the national three-pillar pension insurance system, in terms of medical and health, Ping An Pension relies on resources such as Ping An Health and Peking University Medical Care within the group to actively provide “health security entrusted management business” and other health management services to corporate customers. Enterprises tailor-made employee health management solutions to achieve an integrated service solution of “insurance + health”. On the basis of the original insurance, we have expanded health examination, health consultation, health promotion, disease prevention, chronic disease management, medical services, rehabilitation care and other services to provide full life cycle health management services for corporate employees, which has been widely praised and recognized by customers. .
Under the group’s “comprehensive finance + medical and health” strategic layout, Ping An Pension proposes the business philosophy of “wealthy pension + healthy pension = happy pension”, leveraging its professional capabilities in commercial insurance development and design, long-term capital investment management, and medical and health ecological integration. Build an integrated elderly care ecosystem, provide full life cycle elderly care and health services, and provide corporate and individual customers with one-stop service solutions including insurance, annuities, health services, and wealth management.
According to Ping An Pension, this solution includes three pillars: first, pension financial products, which are flexibly configured according to the risk tolerance of customers at different life stages, with strategies covering the entire life cycle; second, pension financial services, created for the common people One-stop elderly care solutions to meet the needs of elderly care, health management and other services; the third is the elderly care service platform, which continuously improves the “elderly care zone” online platform and provides elderly care ledgers, elderly care gap calculators, intelligent investment advisory for elderly care products, and Functions such as service matching provide customers with more accurate and efficient services.
At the same time, on the corporate side, Ping An Pension relies on the strategic resource integration advantages of Ping An Group’s “big financial assets + big medical and health” to tailor an integrated “insurance + health” service plan for corporate employees, expanding health on the basis of the original insurance. Full life cycle services such as physical examination, disease prevention, chronic disease management, medical services, and rehabilitation care, pioneeringly proposed to equip each employee with a dedicated health care doctor and establish a personal health management file to match employees with health management and sub-scheduling as needed. Resources for multiple scenarios such as health management and disease management.
With the implementation of the company’s strategy and business adjustment, Ping An Pension’s risk resistance in the industry will still be outstanding in the first half of 2023. In terms of solvency, at the end of the second quarter of 2023, Ping An Pension’s comprehensive solvency adequacy ratio was 258.62%, and its core solvency adequacy ratio was 171.83%, indicating sufficient solvency. Among them, among the 67 companies that have disclosed reimbursement and have insurance business income of more than 1 billion yuan, Ping An Pension’s comprehensive solvency adequacy ratio ranks fourth after China-American Luen Tai, AIA and Ping An Health. It is 77.86 percentage points higher than the average of 67 companies; the core solvency adequacy ratio is 49.07 percentage points higher than the average of 67 companies, ranking 11th.
Population aging is a real problem that China must face in the future. How to better play the role of insurance in dealing with population aging is an issue of the times that the insurance industry needs to jointly study and solve. Recently, the “Implementation Opinions on Promoting the High-Quality Development of Inclusive Finance” issued by the State Council proposed a task for the insurance industry in the next five years, to “support the diversified pension needs of insurance services” and encourage insurance companies to develop commercial pension insurance products.
For professional pension insurance companies, the intensification of aging is both an opportunity and a challenge. It is hoped that domestic professional pension insurance companies will help the country improve the multi-level social security system in the next few years, and provide consumers with real “worry-free and cost-saving services”. Senior care supplement products that save time and save money help realize the “retirement dream” of Chinese people.