pan Yanhong, chairman of China Pacific Insurance (Group) Co.Ltd(601601) life insurance, said at the 2022 Tsinghua Wudaokou Global Financial Forum on April 17 that the insurance industry has unique value in the supply of high-quality pension finance and pension services.
She believes that, unlike the financial or savings products of other financial institutions, insurance has irreplaceable unique value in accumulating pension wealth, resisting longevity risk and building industry service ecology.
First, relying on professional actuarial technology such as life table, insurance has irreplaceable professional value in the ability to resist the risk of longevity through scientific, accurate and reasonable pension planning.
She said that the annuity products based on the life table and developed with professional actuarial technology are the only financial products that can provide guaranteed payment, lifelong payment and other functions, and can effectively cover the longevity risk of the elderly. After the implementation of the new asset management regulations, the pension insurance product is the only pension financial product that can provide super long-term and guaranteed income.
Second, long-term insurance products need to match the long-term investment and capital increase ability. After years of accumulation, the insurance industry has gradually established a set of asset liability management system based on the characteristics of liabilities in the investment of long-term funds. This system helps insurance funds achieve the purposes of crossing the cycle, smoothing market fluctuations, and obtaining stable pension wealth appreciation.
Third, the insurance industry is showing its unique comprehensive value in building a health care industry service ecosystem by combining its long-term capital advantages with the layout of the health care ecosystem.
She said that the characteristics of funds and assets of the insurance industry are highly consistent with the demand characteristics of the health care industry for social capital. The construction of pension and health industry has a large amount of investment, long investment period and lagging return cycle, which is difficult for most social capital to bear. The investment funds of the life insurance industry have the characteristics of long-term and stable return. They naturally fit with the pension industry and can participate in the development of the health care industry for a long time, continuously and stably.
“On the one hand, the investment funds of the life insurance industry provide abundant financial support, on the other hand, they also provide a large number of customer sources, which can support the elderly care and health industry to spend the first 3-5 years of capacity-building climbing period.” She said.
