How far is the ideal distance of commercial pension insurance?丨 Gold · Big Event

Using people's anxiety, commercial pension insurance shows a stall.

Text ｜ Song Xin'ao

Edit ｜ Pan Xinyi

Source ｜ 36 氪 Finance (ID: krfinance)

Cover Source ｜ Vision China

A few days ago, the news of "Beijing officially entered the medium aging society" caused heated discussions.

According to the "Beijing Aging Career Development Report (2021)", as of the end of 2021, the permanent resident population was 4.416 million, accounting for 20.18%of the permanent population. The 65 -year -old population is 3.116 million, accounting for 14.24%of the permanent population. According to international traffic standards, Beijing has entered a moderate aging society.

With the changes in the population structure of the social population, the problem of pension is no longer just a social issue, and the market's commercialization of related industries has become keen.

What role can the invisible hands play in the pension market? In recent years, the pension financial market has gradually become hot, and insurance, funds, and banks have launched pension financial products. In contrast, the insurance company's endowment insurance has the characteristics of long -term value preservation, and it can also play a role in distribution of asset distribution for large investment. Therefore, in recent years, commercial pension insurance has also been popular with many investors.

For a long time, the insurance industry under strict management has faced many challenges. In order to exchange market share and premium scale, many insurance companies do not hesitate to use low prices as spears. In the context of gradually prominent pension problems, using people's anxiety, commercial pension insurance showed a "stall" side.

Pension insurance chaos

The insurance agent Ma Yue's feelings of "pension anxiety" are very obvious. In recent years, people who consult him for pension insurance have obviously increased compared to before. Under the guidance of policy, insurance companies have also launched the product of the nature of annuity.

From the perspective of use, in addition to being used as pensions, pension insurance is also used as an educational fund. Ma Yue said, "If it is a large amount of pensions, 1 million or more high -net -worth customers in pension insurance each year, pay attention to the nature of financial management, the distribution of funds and the preservation of funds."

For more than 20 years in the insurance company, Yu Feng, the current director of an insurance company, introduced that the basic pension insurance belongs to the territorial behavior. "With the development of society, China moves towards aging and rapidly. the behavior of".

"Pension insurance is actually the last step in buying insurance. And under the premise of economic permission, you need to buy pension insurance to make plans for the future." Yu Feng introduced that usually when the insurance company's business personnel recommend the purchase insurance to customers when buying insurance , Often preferred accident insurance, health insurance, major illness insurance (critical illness insurance) and other types of insurance.

This sales model also reflects the characteristics of pension insurance. As the insured person is required to invest in medium- and long -term investment, it has certain requirements for the economic conditions of the insured. Customers who purchase pension insurance in the wind and Ma Yueyue are generally over 35 years old.

When pension insurance is pushed forward, the existing sales method is not "clever". A sales employee of a pension community once introduced, "The benefit of pension insurance is tax avoidance. After buying insurance, your account will not be included in your name."

The commonly used story routine is that a foreign rich man avoids huge estate taxes for his children by purchasing pension insurance. Although the inheritance tax has not been levied in my country, it emphasizes that there is a possibility of future acquiring, and attach to mentioning the income increase of real estate taxes, which has become a sales template for some insurance sales employees.

Wearing a "old -age" hat also appeared in some replacement products.

According to the Bank of China Insurance, Xiao Yuan Enterprise, Vice Chairman of the Banking Insurance Regulatory Commission, pointed out in 2020 that there are some financial products and investment products that are crowned with the word "pension" in the market, but in fact a considerable part of Some short -term investment instruments are no different from other wealth management products and fund investment.

In fact, it is understood that the insurance company's pension insurance is mainly based on annuity insurance and increase life insurance. Based on this, three new life insurance can also be configured, dividend, universal, and investment connection.

Ma Yuyue said that in the background of interest rates, products may be reflected in the launch of some high -interest rate products with time limit after the insurance company will be recorded with the CBRC. It can also stimulate the purchase.

Insurance companies are scrambling to deploy pension business

China Life stated in the semi -annual report of 2022 that he vigorously promoted the layout of the field of "big health" and "big -care". According to the Shanghai Securities Report, at the conference of China Life's mid -term performance, Bai Tao, chairman of China Life Life, said, "From the macro perspective, the long -term fundamental fundamentals of China's economy have not changed; from the perspective of the industry, actively cope with the aging of the population aging. Strategies such as Hua, Healthy China are promoting in -depth. "

While launching new products, insurance companies are still deploying pension communities. For example, China Tai Bao launched an old -age product in the first half of the year. According to its introduction, the product takes into account the annual insurance growth and savings functions. There are also 12 pension community projects in 11 cities, of which Chengdu and Dali communities have been put into operation.

However, due to the influence of the market environment and insurance industry's initiative to clear the deficiency, from the perspective of performance, under the overall pressure of the life insurance business of insurance companies, the results of the pension insurance have not been clear. Business income.

In the first half of 2022, the value of the new business value of the five major listed insurance companies (Chinese Insurance, China Life, China Ping An, China Tai Insurance, and Xinhua Insurance) all declined to varying degrees. Among them, Xinhua Insurance and Taibian Life Insurance decreased by 48.4%and 45.3%, respectively. The new business value of the five listed insurance companies' life insurance subsidiaries was 54.519 billion yuan, a decrease of 26.31%from 73.987 billion yuan in the same period last year. (The value of the new business, that is, the profit of the new policy, reflects the operation capacity and level of business expansion of life insurance companies.) Research reports related to Everbright Securities pointed out that in the context of the promotion of channel transformation and upgrading reform of the life insurance industry, Q1 of various listed life insurance companies has launched one after another. The guarantee product represented by the increase of life insurance, promote channel reform, accelerate the layout of the health care industry, and the overall performance of the industry is expected to rise in the future.

Unlike other types of insurance, pension insurance may be separated from purchasing to receipt. The cycle may be separated by 10 years or even longer. Therefore, the operation and investment capabilities of the insurance company are also tested by the insurance company.

Wanfeng, who has been in charge of China Life and Xinhua Insurance, said in an interview with the Economic References that in recent years, credit risks have been in the field of funds, bonds, and trusts. Essence In the context of strong supervision and "high -quality asset shortage", the challenges faced by insurance companies on the investment end have just begun to appear.

From the perspective of the five major insurance companies' investment income performance in the first half of the year, the five major insurance companies have declined to varying degrees. Specifically, the total investment income of Xinhua Insurance in the first half of the year was 22.63 billion yuan, a year -on -year decrease of 27.3%, and the decrease was the highest. The company's total investment yield was 4.2%, a decrease of 2.3 percentage points from the same period last year.

Regarding the decline in investment income in the first half of the year, Ping An of China said that "it is mainly affected by the fluctuation of the capital market and the decline in financial asset investment income." China Life claims that "short -term fluctuations in the equity market, and the price difference income decreases year -on -year."

The decline in investment income has affected the net profit of insurance companies to a certain extent. In the first half of the year, the five major listed insurance companies returned to their mother's net profit three or two liters. The net profit of Ping An and Chinese people's return to their mother increased, with a year -on -year increase of 3.9%and 5.7%, respectively. Among them, Xinhua Insurance and China Life both stated in the semi -annual report that the decline in net profit is related to investment income.

The market mature stage has yet arrived

According to the National Bureau of Statistics, the seventh national census results show that my country ’s population over 60 years old is 26.402 million, accounting for 18.7%, an increase of 5.44%from 2020.

This is close to Japan's 12 years ago. Public data shows that Japan entered moderate aging as early as 1995. Since then, Japan has gradually become one of the most aging countries.

With reference to Japan's pension system, it can be found that Japan has established a three -pillar pillar retirement system based on public pensions, corporate pensions, and personal pensions. Its government pension investment fund once jumped to the world's largest pension. In recent years, its personal pension has also developed rapidly, which has eased the pressure of public pensions.

In contrast, among the three pillars of our country's multi -level pension insurance system, the first pillar pension insurance led by the government has supported the major nationwide pension needs, second Pension insurance and endowment insurance) Pillar development is relatively backward.

In April this year, the General Office of the State Council issued opinions on promoting the development of personal pensions, which clarified the institutional arrangement of the third pillar. Financial products such as bank wealth management, savings deposits, pension insurance, and public funds can be used for purchase through personal pension funds account funds.

Personal pension development opinions have proposed that the state formulates preferential tax policies to encourage eligible persons to participate in the personal pension system and receive personal pensions in accordance with regulations. However, it does not know the specific tax policies of personal pension accounts in the investment and collection links.

In the development of pensions in Japan, tax discounts are the core promotion of its rapid development of personal pensions, but the current advantages of China's taxation still have great room for improvement.

my country has launched tax preferential pension insurance. On May 1, 2018, tax extension insurance insurance was officially opened for one year in Shanghai, Fujian (including Xiamen) and Suzhou Industrial Park.

According to the regulations, the amount of tax deduction of tax extension pension insurance insurance payments is 6%and 1,000 yuan (or 6%and 12,000 yuan in annual income) of the monthly income. Compared with the amount of monthly premiums paid, the lower amount is the actual tax deduction amount, and the capital income during the payment period will not be taxed for the time being, and then pays 7.5%of the tax at the time of receipt.

According to the calculation of Guotai Junan, referring to the EET model (payment, tax exemption during the investment stage) of the personal tax extension pension insurance, calculated the average salary of employment personnel in urban units in 2021. The annual tax discount brought by personal pensions was 360 yuan, and the personal pension was 360 yuan. It accounts for 0.3%per capita wages, and there is still a large gap compared to 2.5%and 1.0%of the US and Japan Ideco.

(Yufeng, Ma Yue is a pseudonym)

36 The official public account of its subsidiary

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