matter:
Recently, the CBRC issued the notice on regulating and promoting the development of pension insurance institutions (hereinafter referred to as the notice), which aims to promote pension insurance companies and pension management companies to take the road of professional development and better serve the construction of the third pillar of pension insurance.
Ping An View:
The notice mainly defines the development orientation of professional pension insurance business institutions, focuses on the development of commercial pension insurance, pension security management and enterprise / occupational pension fund management, and clears up insurance asset management and short-term individual pension security management products with unclear pension characteristics. Specifically:
1) Clarify the main business direction, encourage the development and innovation of long-term commercial pension insurance: encourage the development of commercial pension annuity insurance with high security, strong security and meeting the long-term or lifelong demand, as well as other commercial insurance with certain long-term accumulation pension function, and support qualified pension insurance companies to participate in the pilot of exclusive commercial pension insurance. At present, individual tax deferred commercial endowment insurance and exclusive commercial endowment insurance are still in the primary stage of development and small scale. The notice is expected to accelerate the development of commercial endowment insurance of insurance companies and support the construction of the third pillar of endowment insurance.
2) Clean up the business with unclear pension characteristics and promote the rectification of the product: continue to clean up the existing short-term personal pension security management products and require pension insurance institutions not to operate insurance asset management business. At present, the income contribution of pension security management business and asset management business is obvious. It is expected that the scale of short-term individual pension security management products will be greatly reduced, and the investable assets under insurance asset management business will flow to insurance asset management companies and external asset management institutions; In addition, the stripping of such businesses will have a direct impact on the short-term income of pension insurance companies. However, in the long run, the homogenization of short-term personal pension products is serious and the strength of pension security is not strong, which forces pension insurance companies to actively participate in the construction and innovation of the third pillar commercial pension, which is conducive to pension insurance companies to focus on the main business of pension Maintain long-term and healthy development.
Investment suggestion: the notice clears up the insurance asset management business and personal pension security business with no obvious pension characteristics, which will impact the performance of pension insurance companies in the short term, but in the long run, it is conducive to pension insurance institutions to focus on the pension track and maintain long-term healthy development. The third pillar of personal commercial endowment insurance has broad space. The notice further defines the business direction of endowment insurance institutions, encourages the development and innovation of long-term endowment commercial insurance, continues to benefit the construction of the third pillar of endowment insurance, and further releases the growth space for insurance enterprises. The liability side transformation of life insurance continues to grind the bottom, and the valuation of the sector is at the historical bottom, with long-term allocation value.
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 third pillar of pension was less than expected. 3) The innovation of pension products is less than expected, and customers are not willing to buy commercial pension insurance.
