According to a research report released by Ping an Securities, the commercial pension business is an important supplement to the individual pension system and will expand the coverage of participants, according to the APP of Zhitong Finance. The current valuation level of the insurance industry and institutional positions are at the bottom of history, policies help to resolve real estate investment risks, assets ushered in improvement, life insurance 2022 NBV pressure is obvious, the NBV contribution of closing work is relatively limited, but the fundamentals of the debt side are showing signs of stabilizing quarter by quarter; bank wealth management products are net broken, equity markets are volatile, residents' savings demand is strong, and "good start" performance is expected to increase in 2023.
Recommended concerns are as follows:Insurance sector's long-term allocation value and market sentiment repair brought about by the plate β market, individual stocks suggest giving priority to China Pacific Insurance (601601.SH) and China Life Insurance Company Limited (601628.SH).
Events:On December 1, 2022, the Bancassurance Regulatory Commission issued the notice on carrying out the pilot commercial pension business of old-age insurance companies (hereinafter referred to as "the notice"), and decided to launch the pilot commercial pension business of old-age insurance companies from January 1, 2023. The pilot period is tentatively set for one year.
The main points of Ping an Securities are as follows:
The basic conditions of the pilot: the four old-age insurance companies participating in the pilot are PICC pension, national life pension, Taiping pension and national pension. The pilot areas are 10 provinces (cities), including Beijing, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Henan, Guangdong, Sichuan and Shaanxi provinces. The notice requires pilot old-age insurance companies to strengthen unified leadership, improve the working mechanism, establish a sound information system, prudently formulate development plans, and increase resource input.
The main differences between commercial pension business and individual pension:
Belongs to the old-age financial products, does not enjoy the individual tax discount, the participation crowd is wider, but the investment scope is limited. 1) in terms of tax preference, individual pensions are supported by government policies and enjoy the "EET" model individual tax preferential policy formulated by the state, but not in commercial pension business. 2) in terms of participants, the individual pension system only allows workers who participate in the basic old-age insurance for urban workers / urban and rural residents to participate, but the commercial pension business can sign relevant contracts with old-age insurance companies when they reach the age of 18. 3) Investment scope: individual pension fund accounts can be used to purchase financial products such as bank financial management, savings deposits, commercial old-age insurance, public funds and other financial products, but commercial pension customers can only choose to buy commercial pension products.
Commercial pension business is an integral part of the third pillar of old-age insurance and an important supplement to the individual pension system.
Commercial pension business aims to meet the diversified pension needs of customers in the life cycle, more widely cover and reach the broad masses of the people, especially the new industries, new business type employees and flexible employment, with inclusive and innovative characteristics. In the product design, with the accumulation of pension as the main function, it can provide additional risk protection such as death and accidental injury, and provide a variety of receiving arrangements such as fixed stages, regular stages, long-term (life-long) annuity and so on.
In terms of personal commercial pension financial products, since 2021, the Bancassurance Regulatory Commission has successively launched pilot projects such as exclusive commercial old-age insurance, old-age financial products and specific old-age savings, and gradually expanded the scope of the pilot. 1) according to the CBIC, by the end of July 2022, the cumulative premium of exclusive commercial old-age insurance (without tax preference) had reached 2.35 billion yuan and nearly 210000 pieces of insurance had been insured, and the pilot project was making good progress. 2) according to the statistics of Puyi standard data, as of October 9, 2022, 48 old-age financial products have been successfully sold, with a cumulative raised size of about 95 billion yuan. 3) specific old-age savings will be piloted on November 20, with capital and interest rates higher than those of ordinary deposits, and the market is expected to respond well. Commercial pension business will protect the adult population who do not participate in the basic old-age insurance, further enrich the supply of commercial pension financial products, expand the coverage of the third pillar, and form differential competition with individual pension, which is an important supplement to the individual pension system. The old-age insurance company has obvious professional advantages such as pension financial development experience, pension fund management and customer service ability. Old-age insurance companies have rich experience in enterprise (professional) annuity fund fiduciary management, investment management and basic old-age insurance fund investment management, and have strong ability of pension financial services.
Risk Tips:1) the policy is not as advanced as expected. 2) customers are not willing to buy. 3) the price fluctuation of other assets diverts the asset allocation of individual customers.