时隔十年，人身险新标尺落地！ 10月29日，中国精算师协会发布《中国人身保险业经验生命表（2025）》（下称"第四套生命表"），自 2026年1月1日起正式实施。 同日，金融监管总局发布《关于做好<中国人身保险业经验生命表（2025）>发布使用有关事项的通 知》（下称《通知》），对人身保险业科学规范使用第四套生命表提出具体要求。 在分析人士看来，第四套生命表的发布是我国人身险行业迈向精细化、高质量发展的重要里程碑，将促 使保险公司之间的竞争，从单纯的价格战，转向数据积累、风险识别和精算能力的深度较量。从长期来 看，这将有利于提升整个行业的风险管理水平和经营稳健性，最终构建一个更加成熟、公平且可持续的 市场生态。 预期生命提升 生命表是保险产品定价、准备金评估和风险管理的重要基础工具，基于被保险人历史保单数据编制而 成，提供分业务、分年龄、分性别的死亡率数据，反映保险人群的生存和死亡概率分布规律。 回溯来看，1996年，我国第一套生命表发布。此后，为及时反映我国人口结构和死亡率变化趋势，人身 保险业每10年编制完善一次生命表，分别于2005年和2016年发布第二套和第三套生命表。 随着我国经济社会发展和医疗卫生 ...

时隔十年，人身险新标尺落地！ 在此背景下，中国精算师协会编制了第四套生命表。据介绍，此次编制采集了行业近10年全量保单 数据，数据样本量居全球保险市场第一。经过多轮测算论证，第四套生命表能够客观科学反映行业当前 和今后一段时期保险人群生存和死亡概率，数据成熟可靠。 中国精算师协会执行副会长兼秘书长张晓蕾表示，与之前的生命表相比，第四套生命表呈现出三大 显著特征：一是保险人群预期生命持续提升，较第一套生命表增长了约10岁；二是保险人群中少儿的死 亡率显著改善，在各年龄段中，少儿段的死亡率改善最快；三是经济欠发达地区的保险人群死亡率明显 降低。 "第四套生命表的发布，对于人身险行业在新时期的产品经营和风险管理有重大意义。"天职国际保 险咨询主管合伙人周瑾在接受记者采访时指出，一方面，它将推动人身险产品的精细化定价与风险管 理，更准确的死亡率数据能够帮助保险公司更精确地评估风险、计算准备金和产品定价，从而减少保险 经营中的"死差损"风险，充分定价和积极管理"长寿风险"，使财务基础更加稳健。 10月29日，中国精算师协会发布《中国人身保险业经验生命表（2025）》（下称"第四套生命 表"），自2026年1月1日起正式 ...

Core Insights - The fourth set of life tables, released by the China Actuarial Association, indicates an increase in life expectancy, a decrease in child mortality rates, and a reduction in mortality rates in underdeveloped regions, which will directly impact insurance product pricing [2][5]. Group 1: Life Table Overview - The fourth set of life tables is a significant update since the third set was published in 2016, reflecting nearly a decade of data collection from the insurance industry [2][5]. - The new life tables will be officially implemented starting January 1, 2026, and are based on comprehensive historical policy data, making them a crucial tool for pricing, reserve assessment, and risk management in the insurance sector [4][5]. Group 2: Key Characteristics of the New Life Table - The fourth life table shows three notable trends: an increase in life expectancy by approximately 10 years compared to the first life table, significant improvement in child mortality rates across all age groups, and a marked decrease in mortality rates in economically underdeveloped areas [5]. - The changes in the life table reflect the advancements in China's economic and social development, as well as improvements in healthcare [5]. Group 3: Impact on Insurance Pricing - The updated life tables will enable insurance companies to set more precise insurance product pricing and risk management strategies, thereby reducing the "death difference loss" risk and better managing longevity risk [8][10]. - Different types of insurance products will be affected variably by the new life tables; for instance, term life and whole life insurance products may see a decrease in pricing due to lower mortality rates, while annuity products may face price increases due to longer expected payout periods [10]. Group 4: Product Innovation and Market Dynamics - The release of the new life tables is expected to drive product innovation in the insurance industry, particularly in response to the aging population and the need for diverse retirement financial solutions [8][10]. - The transition period before the implementation of the new life tables may lead to a surge in sales of certain insurance products, such as whole life and annuity products, as companies adjust to the new pricing structures [10].

Core Insights - The release of the "2025 Life Table" by the China Actuarial Association marks a significant update in nearly a decade, reflecting improvements in life expectancy and mortality rates among different demographics [1][2][3] Group 1: Life Table Overview - The new life table is based on nearly ten years of comprehensive insurance policy data, making it the largest sample size in the global insurance market [2] - The fourth life table shows a notable increase in life expectancy, with an approximate rise of 10 years compared to the first life table [2][3] - Child mortality rates have significantly improved, particularly among younger age groups, and mortality rates in economically underdeveloped regions have decreased [2][3] Group 2: Impact on Insurance Pricing - The updated life table will influence insurance product pricing, allowing companies to set more accurate premiums based on refined mortality data [4][5] - Different types of insurance products will utilize specific life tables, leading to varied pricing outcomes; for instance, term life and whole life insurance may see lower costs due to decreased mortality rates, while annuity products may face price increases due to longer expected payout periods [5][6] - The life table update is expected to drive product innovation, particularly in the areas of retirement and long-term care insurance, to better meet the needs of an aging population [4][6]

Core Viewpoint - The release of the fourth mortality table for the life insurance industry in China reflects a significant update in mortality rates and life expectancy, impacting premium pricing for various insurance products [3][6][9]. Group 1: Release of the Fourth Mortality Table - The China Actuarial Society officially released the "China Life Insurance Experience Mortality Table (2025)" on October 29, marking the fourth version since the last update in 2016 [3][4]. - The new mortality table is based on nearly ten years of comprehensive policy data, making it the largest sample size in the global insurance market [5][6]. Group 2: Changes in Mortality Rates and Life Expectancy - Compared to the previous table, the fourth mortality table shows a decrease in mortality rates by approximately 20% to 30% and an increase in life expectancy by about 2 years [8][9]. - The average life expectancy in China is projected to reach 79 years by 2024, up from 76.34 years in 2015, reflecting improvements in healthcare and living standards [6]. Group 3: Impact on Insurance Premiums - The decline in mortality rates is expected to lower premiums for term life insurance products, while premiums for annuity products may rise due to increased life expectancy [9][10]. - The actual impact on premiums will vary by company, as pricing strategies will also consider market conditions, interest rates, and other factors beyond the mortality table [10]. Group 4: Regulatory Guidelines - The notification accompanying the new mortality table outlines specific requirements for its application, including the need for insurance companies to use the table in determining minimum statutory reserves for various insurance products [8][12]. - Insurance companies are required to establish a review mechanism to ensure the accuracy of their actuarial models and to report any significant deviations in mortality rates [12].

一场关乎国人未来保障的精算变革，正于2025年的深秋悄然启幕。在2025金融街论坛年会金融街之声 ——"金融街发布"成果专场发布活动上，中国精算师协会正式发布了《中国人身保险业经验生命表 （2025）》（以下简称"2025版生命表"）。这是自2016年第三套生命表发布后，我国人身保险业在核心 基础工具上的又一次里程碑式更新。 当保险人群平均预期寿命较数十年前增长了约10岁，当少儿的死亡率显著降低，当各地的保障网越织越 密，生命表的每一次微调，都预示着保险产品设计与定价即将迎来一场深刻而细腻的变革。在业内人士 看来，生命表不是冰冷的数据汇编，而是时代脉搏在保险领域的生动回响。 一纸生命表十年保险路 会场内，聚光灯下，2025版生命表揭开面纱。 "生命表是以数理形式呈现保险人群生存和死亡概率分布规律的数据表，是保险产品定价、准备金评估 和风险管理的重要基础工具。"中国精算师协会执行副会长兼秘书长张晓蕾表示。 中国精算师协会同日发布的信息显示，2025版生命表包括养老类业务表、非养老类业务一表、非养老类 业务二表和单一生命体表。 这份厚重的生命表，仿佛在阅读一部中国保险人群近年来的"生命编年史"。张晓蕾指出了其中蕴 ...

Core Viewpoint - The release of the "2025 Experience Life Table" by the China Actuarial Society marks a significant update in the life insurance industry, reflecting changes in population life expectancy and mortality rates, which will influence product design and pricing in the insurance sector [1][4][10]. Group 1: Life Table Overview - The 2025 version of the life table includes various tables for pension and non-pension businesses, serving as a crucial tool for pricing, reserve assessment, and risk management in insurance [4][6]. - The life table indicates a continuous increase in life expectancy, with the fourth version showing an approximate 10-year increase compared to the first version [4][6]. - Improvements in child mortality rates and reduced mortality in economically underdeveloped regions highlight the success of national strategies like poverty alleviation and rural revitalization [4][6]. Group 2: Impact on Insurance Products - The updated life table will provide essential data for designing more scientifically sound insurance products, particularly in pension and death risk coverage [6][10]. - The introduction of the single life table allows for more personalized product pricing and risk assessment, enabling insurance companies to better meet consumer needs [6][10]. - The anticipated changes in mortality rates suggest potential decreases in premiums for life insurance products, while pension products may see an increase due to extended payout periods [8][9]. Group 3: Regulatory Framework - The Financial Regulatory Authority has issued a notification to guide the use of the new life table, emphasizing the need for prudent assessment of mortality rates and fair distribution of dividends [11][12]. - The notification aims to enhance the actuarial responsibilities of insurance companies, ensuring that they effectively utilize the life table for risk management and consumer protection [12]. - Future developments may include real-time adjustments to individual risk rates based on advanced AI models, promoting fairness in insurance pricing [12][13].

Core Viewpoint - The release of the fourth mortality table for the life insurance industry in China reflects a significant update in mortality rates and life expectancy, impacting premium pricing and risk management practices in the sector [1][3][8]. Summary by Sections Release of the Fourth Mortality Table - The China Actuarial Society has officially published the "China Life Insurance Experience Mortality Table (2025)", marking the fourth edition since the last update in 2016 [1][2]. - The new table will be implemented starting January 1, 2026, as per the notification from the National Financial Regulatory Administration [1][2]. Changes in Mortality Rates and Life Expectancy - Compared to the previous table, the fourth mortality table shows a decrease in mortality rates and an overall increase in life expectancy, reflecting recent demographic changes in China [1][3]. - The average mortality rate is reported to have decreased by approximately 20% to 30%, while life expectancy has increased by about 2 years [4][6]. Impact on Insurance Premiums - The new mortality table is expected to influence premium pricing for various insurance products. For term life insurance, premiums may decrease due to lower mortality rates, while premiums for annuity products may rise due to increased life expectancy [4][5][6]. - However, the overall impact on premiums is anticipated to be modest, as companies will consider multiple factors beyond the mortality table in their pricing strategies [6][7]. Regulatory Requirements and Industry Practices - The notification outlines specific requirements for the use of the new mortality table, emphasizing the need for insurance companies to align their product pricing with the updated data while considering their own experience data [7][8]. - Companies are required to establish a review mechanism to ensure the accuracy of their actuarial models and to report any significant deviations in mortality rates [7][8].

Core Viewpoint - The National Financial Supervision Administration has issued a notification regarding the implementation of the "China Life Insurance Experience Life Table (2025)" starting January 1, 2026, which will replace the previous version from 2010-2013 [1][2]. Group 1: Life Table Implementation - The "Fourth Life Table" includes various tables for pension and non-pension businesses, with the single life table being newly compiled to better reflect individual life patterns and improve comparability with population mortality rates [1]. - The notification regulates the use of the life table for insurance product pricing, reserve assessment, and dividend distribution, while emphasizing the actuarial responsibilities of insurance companies [1]. Group 2: Industry Impact - The new life table reflects changes in population risk characteristics, aiding insurance companies in accurately setting insurance coverage and offering diverse, high-quality, and stable-priced insurance products to meet the growing demand for insurance protection and wealth management [2]. - The notification aims to enhance the precision and scientific basis of product pricing, strengthen proactive risk management, protect consumer rights, and promote high-quality development within the insurance industry [2].

同时，通知还规范了法定责任准备金评估对生命表的使用、分红保险红利分配对生命表的使用，要 求保险公司切实发挥精算在风险保障与风险计量等方面的关键作用，建立健全产品精算管理的内部决策 机制，建立可检视、可计量的回溯机制。 【纠错】 【责任编辑:刘子丫】 新华社北京10月29日电（记者张千千、李延霞）记者10月29日从金融监管总局获悉，为规范人身保 险业科学使用《中国人身保险业经验生命表（2025）》，近日，金融监管总局印发《关于做好<中国人 身保险业经验生命表（2025）>发布使用有关事项的通知》，推动行业规范使用第四套生命表。 生命表是保险产品定价、准备金评估和风险管理的重要基础工具，基于被保险人历史保单数据编制 而成，提供分业务、分年龄、分性别死亡率，反映保险人群的生存和死亡概率分布规律。1996年，我国 第一套生命表发布，之后，为及时反映我国人口结构和死亡率变化趋势，分别于2005年、2016年、2025 年发布第二套、第三套、第四套生命表。 金融监管总局有关司局负责人表示，为推动行业规范使用生命表，更好发挥精算在风险保障与风险 计量等方面的关键作用，保护消费者合法权益，金融监管总局制定了通知，规范人身保险 ...