Core Viewpoint - The recent disclosure of settlement interest rates for exclusive commercial pension insurance products indicates a stable investment environment, with average rates of 3.29% for conservative accounts and 3.33% for aggressive accounts, reflecting the insurance companies' ability to balance steady investment and risk control [1][2][3]. Group 1: Settlement Rates - As of January 13, 2023, 40 exclusive commercial pension insurance products have reported their 2025 settlement rates, with conservative accounts showing a maximum rate of 4.35% and a minimum of 2.00%, while aggressive accounts have a maximum of 4.55% and a minimum of 2.50% [2]. - Among the 40 products, 32 conservative accounts and 38 aggressive accounts have settlement rates of 3% or higher, indicating a strong performance in the market [2]. Group 2: Market Trends and Influences - In a comparative analysis of 27 products, 5 conservative accounts saw an increase in settlement rates year-on-year, while 9 experienced a decrease, and 13 remained unchanged; for aggressive accounts, 5 increased, 15 decreased, and 7 stayed the same [3]. - Factors influencing the settlement rates include capital market trends, product design, and changes in the structure of new and old products [3]. Group 3: Product Features and Regulatory Environment - Exclusive commercial pension insurance products are characterized by flexible payment options, safety of funds, and support for long-term annuity withdrawals, playing a crucial role in the pension financial security system [4][5]. - Recent regulatory policies have aimed to optimize the supply of these products, with significant growth in the market, as evidenced by a cumulative premium of 14.5 billion yuan and approximately 900,000 policies by the end of 2024 [4]. Group 4: Future Competitiveness - To enhance competitiveness, companies are advised to optimize product design for different customer segments, strengthen investment capabilities, improve product marketing, and collaborate with banks and third-party platforms to expand sales channels [6].

Core Viewpoint - The 2025 settlement interest rates for exclusive commercial pension insurance products have been released, showing a range of 2% to 4.35% for stable accounts and 2.5% to 4.55% for aggressive accounts, with over 80% of stable accounts exceeding 3% [1][5]. Summary by Sections Settlement Interest Rates - A total of 39 exclusive commercial pension products have stable account settlement rates between 2% and 4.35%, with an arithmetic mean of 3% and aggressive account rates ranging from 2.5% to 4.55%, with an arithmetic mean of 3.34% [5]. - The median settlement interest rate for both account types is 3.2% [4][5]. Leading Products - The highest settlement rates are observed in the products from Agricultural Bank Life Insurance, with both stable and aggressive accounts yielding 4.35% and 4.55% respectively [5]. - National Pension's products follow closely, with stable and aggressive account rates of 4.01% and 4.02% [5]. - Xinhua Pension's product also exceeds 4% for stable accounts, with an aggressive account rate of 3.6% [5]. Performance Trends - National Pension's products have maintained a stable settlement rate above 4% since their launch in 2022, while Xinhua Pension's stable account rates have fluctuated but remained above 4% [6]. - Some products have settlement rates below 3%, with several of these products already discontinued [6]. Changes in Settlement Rates - The settlement rates for exclusive commercial pension insurance products have shown fluctuations, with some products maintaining rates while others have decreased or increased [7]. - In 2025, among 28 comparable products, 13 stable accounts maintained their rates, while 9 saw declines and 6 experienced increases [7]. New Product Dynamics - A significant number of products have been discontinued, with only 14 currently available, reflecting a trend of new product launches with lower minimum guaranteed rates [8]. - Despite the reduction in guaranteed rates, actual settlement rates for many new products have not decreased, with some maintaining the same rates as older products [8]. Investment Considerations - Higher minimum guaranteed rates do not necessarily correlate with higher actual returns, as they can restrict investment strategies and potentially limit long-term returns for clients [9].