Pension industry: the participation of insurance enterprises has comparative advantages. The pension industry includes pension finance, pension real estate, pension services and pension supplies. The demand of insurance funds for long-term investment is strong, the insurance liability covers "life, old age, illness, disability", etc., and the core of serious homogenization and differentiation of insurance products is value-added services. Pension real estate and pension services are the most appropriate direction for insurance enterprises to participate in the pension industry. 1) In terms of home-based elderly care services, insurance companies are still at the trial stage of home-based elderly care services, with obvious advantages in medical care, but they still need to improve the service content and transform to intelligent and platform. 2) In terms of community elderly care services, the insurance enterprise elderly care community is mainly positioned in the high-end market, and there are few community elderly care services, which need to achieve standardized and large-scale development. 3) In terms of institutional elderly care services and elderly care real estate, although insurance companies are weaker than real estate companies in terms of land resources and development costs, and weaker than professional elderly care service institutions in terms of community operation, they have comparative advantages in terms of capital, client and resource.
Overseas experience: asset light and asset heavy operations go hand in hand. The pension industry in developed countries is mainly divided into asset light operation and asset heavy operation. Asset light operation modes are mostly elderly care services in home, community and institutional elderly care environment and operation management of elderly care community; The heavy asset operation mode is mostly the investment and development of pension real estate projects such as pension communities and apartments for the elderly. Japan's elderly care model focuses on home-based elderly care, which is an important reference object for asset light operation. The community comprehensive care service system has formed a profit model with care insurance as the core. American elderly care community is an important reference object for heavy asset operation. It is highly market-oriented and forms a complete development, operation and investment system. REITs is the most mainstream investor in the United States, forming a profit model of "acquisition or self built property + net lease or entrusted operation + listing". Elderly care communities include dynamic elderly communities, independent living communities, assisted living communities Professional nursing community and continuous care community, The dynamic elderly community (AAC), represented by Sun City, is dominated by developers, forming a business model of "land acquisition + real estate development + sales or rental"; the continuous care community (CCRC), represented by 3030 Park watermark community, is dominated by operators, forming a profit model of "acquiring or leasing properties + providing elderly care services + charging entry fees and monthly fees".
China's pension industry: mismatch between supply and demand and broad prospects. The degree of aging continues to deepen and the demand for elderly care services increases; The rise of medium and high-end pension market, the uneven quality of pension institutions, and the mismatch of pension supply resources. In recent years, relevant policies have been continuously promoted. We believe that the pension industry has broad prospects. The operation of American elderly care community is mature - under the asset light operation mode, the elderly care service should establish a professional nursing staff training system, adopt the asset light and chain development mode, and realize the expansion and upgrading of elderly care service; Under the heavy asset operation mode, with the maturity of REITs, "rent + value-added income" will become an important profit source for the elderly care community. At the same time, the elderly care community market should refine the role of participants and improve the specialization level of subdivided fields.
Risk tips: 1) the aging of the population is accelerating, and the problem of insufficient basic pension reserves is exacerbated. 2) The implementation of the policy was less than expected, and the development of the pension industry was less than expected. 3) The development cycle and investment cycle of the pension industry are long, the demand of the elderly population is released slowly, and the return on investment of the pension industry is lower than expected.
