China Life(601628) 财经网·2025-04-02 04:24Core Viewpoint - The Chinese government is accelerating the development of the third pillar of pension insurance in response to the aging population, indicating a growing urgency in the financial sector to innovate and expand pension-related products and services [1][2]. Policy Developments - The government has progressively established a clear path for addressing aging, with key milestones including the 2013 policy to accelerate the development of the elderly care service industry, the elevation of aging response to a national strategy in 2019, and the establishment of a multi-tiered pension system by 2022 [2]. - By December 2024, a comprehensive framework for the personal pension system was completed, with a goal to establish a robust pension financial system by 2028 and achieve high-quality development by 2035 [2]. Company Strategies - China Life Insurance Company is focusing on product innovation in areas such as commercial annuities, health insurance, and inclusive insurance, aiming to maintain its leading position in the personal pension sector [1][3]. - The company has introduced a new strategic plan called the "333 strategy," which emphasizes the importance of pension finance as a new growth area [3]. Market Performance - As of the end of 2024, China Life's personal pension business reached nearly 3 billion yuan, with over 270,000 policies sold, making it the industry leader [4]. - The company has launched 12 types of personal pension insurance products, catering to various customer needs and preferences, including flexible and high-yield options for younger clients [7]. Innovation and Training - China Life is actively training insurance agents to better understand and promote personal pension products, enhancing customer service through an integrated online and offline platform [8]. - The company has developed a multi-dimensional product system that addresses the needs of different age groups and income levels, ensuring a comprehensive approach to retirement planning [9]. Investment Philosophy - China Life adheres to a long-term investment strategy, focusing on balancing safety, stability, and returns in its pension financial products, with a commitment to maintaining customer trust in their retirement funds [10][11]. - The company reported settlement rates of 3.3% and 3.1% for its dedicated commercial pension insurance accounts, reflecting its focus on providing stable returns for clients [11].