保险Ⅱ行业点评报告：个人养老金制度全面实施，看好第三支柱长期空间

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector [1] Core Viewpoints - The implementation of the personal pension system nationwide is expected to enhance the long-term potential of the third pillar of retirement savings [1][3] - The number of personal pension accounts has surpassed 60 million, but the contribution rate remains low, with a total contribution scale of approximately 28 billion yuan by the end of 2023 [2][3] - The expansion of product offerings is likely to stimulate participant contributions, as new products such as government bonds and specific pension savings are included in the investment scope [2][3] - The personal pension system has significant long-term potential due to the aging population and increasing pension burdens, although short-term growth may be limited due to the concentration of tax-paying individuals in previously piloted regions [3] - Both liability and asset sides of insurance companies are improving, with low valuations and low holdings providing a balanced risk-reward profile [3] Summary by Sections Implementation of Personal Pension System - The personal pension system will be implemented nationwide starting December 15, 2024, expanding from 36 pilot cities [1] - The system allows all workers participating in basic pension insurance to enroll, with optimized product offerings and additional withdrawal conditions [1][2] Account Growth and Contribution Rates - As of June 2024, the number of personal pension accounts is expected to exceed 60 million, with a year-on-year increase of approximately 19.7 million accounts [2] - The contribution scale remains low, with major cities like Beijing and Shanghai having contributions of over 11.4 billion and 11 billion yuan, respectively, indicating a contribution rate of only 17.9% of the annual limit [2] Product Expansion and Market Response - The inclusion of government bonds and other financial products in the personal pension investment range is anticipated to encourage higher contribution rates among participants [2][3] - The current market for personal pension products includes 466 savings products, 200 funds, 165 insurance products, and 26 financial products [2] Long-term Outlook and Valuation - The report suggests that the personal pension system has substantial long-term growth potential, driven by demographic changes and increased awareness of retirement savings [3] - The insurance sector is currently undervalued, with P/EV ratios ranging from 0.62 to 0.94, indicating a favorable entry point for investors [3]