Core Insights - The aging population and increasing longevity are driving significant changes in the pension and insurance markets, necessitating a shift in focus from yield-seeking to functional solutions in financial products [3][4] - Life insurance companies are positioned to support the development of a high-quality pension system by leveraging their expertise in risk management, long-term capital utilization, and pension services [3][4] Group 1: Market Trends - The average life expectancy in China has increased by over 10 years compared to 30 years ago, with men averaging 85 years and women surpassing 89 years according to the latest life table [4] - The number of individuals aged 90 and above is expected to continue rising over the next 30 years, highlighting the need for robust personal pension planning [4][5] Group 2: Risks in Pension Planning - Two core risks in personal pension planning are identified: financial sustainability risk and care dependency risk, which are exacerbated by increasing life expectancy [4][5] - The low-interest-rate environment diminishes the growth potential of traditional savings, making it essential to secure stable, lifelong cash flows for retirement [5] Group 3: Product Development - Commercial pension insurance is crucial for transitioning from basic support to high-quality care, with a focus on innovative products that address longevity risk [5][6] - Insurance companies need to expand their offerings to include coverage for older individuals, particularly those with health issues, and develop specialized products for long-term care and income replacement [6][7] Group 4: Service Integration - The role of commercial pension insurance is evolving from a mere payment tool to a comprehensive service integration platform, linking various quality pension resources [6][7] - The aim is to provide a holistic service model that combines insurance, retirement communities, and health management for the elderly [6][7] Group 5: Company Initiatives - 恒安标准人寿 has been actively developing its pension finance sector, focusing on risk protection and long-term savings to enhance its product matrix [6][7] - The company has introduced innovative products such as the "Happiness to Old Age Long Life Version," which offers lifelong monthly pension payments, and has expanded its health insurance offerings to include cancer and disability income replacement [7]