On the 25th, a spokesman for the China Banking and Insurance Regulatory Commission answered reporters’ questions on the positioning of the recently officially opened national endowment insurance company.
CBRC: the company will actively participate in the construction of the third pillar endowment insurance
The spokesman said that the national endowment insurance company is a professional endowment insurance operation organization and will actively participate in the construction of the third pillar of endowment insurance, encourage the company to make bold innovations in business operation, risk control and management mechanism and system, and actively participate in the pilot of endowment finance. According to the company’s development plan, it will focus on the development of innovative pension financial businesses such as pension annuity insurance, exclusive commercial pension insurance and commercial pension plan.
CBRC: steadily promote the development of commercial pension finance
Since the second half of last year, China has successively launched pilot projects of exclusive commercial pension insurance and pension financial products. The person in charge of relevant departments of the China Banking and Insurance Regulatory Commission revealed yesterday that the pilot of pension savings is also about to be launched to further enrich China’s pension financial supply.
The CBRC said that according to the decision and deployment of the CPC Central Committee and the State Council on standardizing the development of the third pillar endowment insurance, relevant departments are steadily promoting the development of commercial endowment finance. Last June, six insurance companies launched a pilot of exclusive commercial endowment insurance in Zhejiang Province and Chongqing. By the end of February this year, 71800 insurance policies had been underwritten, of which more than 12000 employees of Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , new formats had been insured. From March 1 this year, the pilot area of exclusive commercial endowment insurance has been expanded to the whole country. The pension financial products launched at the end of last year highlight the characteristics of “stability, long-term and inclusive”, which is more in line with the needs and life cycle characteristics of Lbx Pharmacy Chain Joint Stock Company(603883) long-term pension. At present, the pilot has also been expanded from 4 cities to 10 cities.
Wang Honghe, second level inspector of the life insurance Department of the CBRC: in the next step, the CBRC will continue to promote the development of commercial pension finance in an orderly manner. The pilot of pension savings is about to start, and the pilot of commercial pension plan mainly for middle and low-income people is being prepared. At the same time, we have recently launched a series of policies to standardize and promote the development of pension insurance institutions, support the construction of pension insurance institutions, encourage them to participate in pension financial reform, further enrich the supply of pension finance and meet the diversified pension needs of the people.
CBRC: guide insurance institutions to increase the allocation of equity assets
As one of the largest institutional investors in the capital market, insurance funds will be larger and larger with the development of China’s insurance market. So how to give further play to the long-term investment advantages of insurance funds and support the smooth operation of the capital market?
According to statistics, at present, the proportion of insurance funds invested in bonds, stocks and equity remains at nearly 60%. By the end of 2021, the balance of insurance funds was 23.2 trillion yuan, including 9.1 trillion yuan in bonds, 2.5 trillion yuan in stocks and 0.7 trillion yuan in equity funds. In addition, the balance of portfolio insurance asset management products issued and managed by insurance asset management companies is 3.2 trillion yuan, mainly invested in bonds, stocks, etc.
Yuan Xucheng, director of the capital Department of the China Banking and Insurance Regulatory Commission: in the next step, we should further enrich some channels for insurance funds to participate in capital market investment, support insurance companies to increase investment in the capital market through direct investment, entrusted investment and investment in public funds, allow insurance funds to invest in financial products issued by financial management companies, and support insurance funds to participate in the capital market by encouraging the advantages of professional institutions.
Yuan Xucheng said that the CIRC also supports insurance funds to invest in the stocks of high-quality listed companies. The regulatory rules for insurance asset management companies will be revised and improved, and insurance asset management companies will be encouraged to increase the issuance of portfolio insurance asset management products and increase investment support for stocks, bonds and other investments. Establish and improve the long-term assessment mechanism of insurance funds, and guide insurance institutions to firmly establish the concept of long-term investment.
