预期寿命较14年前提高4岁 寿险降价、年金险涨价？

Core Insights - The release of the "China Life Insurance Experience Life Table (2025)" marks the introduction of the fourth life table in China's life insurance industry, with a significant average mortality rate decrease of approximately 20% compared to the previous table, reflecting an accelerated trend towards longevity in society [1][2] - The implementation of the new life table is expected to lead to dual price changes in the market, with life insurance prices potentially decreasing while prices for pension annuity products may face upward pressure due to increased longevity [1][4] - The industry must promote cross-sector collaboration between health and pension services to address the challenges posed by longevity risk, emphasizing product innovation and policy incentives to create a resilient risk protection system [1][7] Industry Changes - The fourth life table includes four tables: pension business table, non-pension business table one, non-pension business table two, and a new single life table, with mortality rates decreasing by 15%-27% across different demographics [2] - The average life expectancy has increased, with males reaching 85 years (up 2 years) and females 89 years (up 1 year) in the pension business table [2] - The life table update is the first major revision in nearly a decade, directly impacting insurance product pricing, reserve assessments, and risk management [1][3] Product Pricing Dynamics - The decrease in mortality rates and increase in life expectancy will lead to opposite price movements for protection-type and savings-type insurance products [3] - Prices for term life insurance and whole life insurance may decrease due to lower mortality rates, while pension annuity prices may rise as insurance companies face longer payout periods [4][5] - The current market response has been cautious, with no significant increase in consultation or sales activity observed following the announcement of the new life table [5] Market Trends and Consumer Behavior - The insurance industry is expected to shift from a product-selling approach to offering long-term solutions and managing long-term liabilities, driven by the new life table [7] - There is a growing need for insurance companies to integrate health management and pension services, creating comprehensive solutions that enhance product value [7][8] - The consumer decision-making process is becoming more diversified, influenced by social media and market promotions, although large-scale impulsive buying is not anticipated [5][6] Regulatory and Structural Implications - The new life table requires insurance companies to establish a retrospective mechanism to address deviations in mortality rates, prompting increased investment in actuarial models and data systems [8] - The industry is encouraged to develop market-based longevity risk tools and integrate financial products with health and pension services to enhance competitiveness [11] - The update of the life table is seen as an opportunity for the industry to transition towards high-quality development, moving from homogeneous price competition to differentiated service competition [8][10]