Core Viewpoint - The exclusive commercial pension insurance with a settlement interest rate exceeding 4% has attracted significant investor attention, especially in a declining interest rate environment where products yielding over 3% are rare [1] Group 1: Product Characteristics - The settlement interest rate of 4% does not equate to the actual yield received by investors, as this product is primarily a pension annuity insurance rather than a straightforward investment vehicle [3] - The insurance operates on an account management model, where premiums accumulate in an account for growth until the payout phase, typically starting at retirement or age 60 [3] - The product features an accumulation phase and a payout phase, with the settlement interest rate reflecting the overall return on the investment portfolio during the accumulation phase [3] Group 2: Investment Options - Insurance companies offer both conservative and aggressive investment portfolios, allowing policyholders to choose or mix between them [4] - The conservative portfolio primarily invests in fixed-income assets, while the aggressive portfolio has a higher allocation to equity assets, often resulting in lower guaranteed rates for aggressive options [4] - Despite the potential for higher returns in aggressive portfolios, some conservative options have demonstrated higher settlement rates, indicating variability in performance across different products [4] Group 3: Historical Performance - Notable products with high settlement interest rates include the Agricultural Bank of China Life's pension insurance, with settlement rates of 4.35% for conservative and 4.55% for aggressive portfolios, although guaranteed rates are relatively low [5] - Many current products have guaranteed rates around 1.5% to 1.75%, with a few reaching 2%, but the settlement rates have been declining in recent years due to lower interest rates [5] Group 4: Payout Mechanism - The design of these insurance products encourages long-term holding, with penalties for early withdrawal within the first five years and limited returns for withdrawals made between six to ten years [6] - Upon reaching the payout phase, the insurance company calculates the monthly or annual payout based on the accumulated account value at the time of withdrawal, with options for lifetime or fixed-term payouts [6][10] - The payout amounts can vary significantly based on the chosen payout method and the conversion tables used, which may change over time based on market conditions [10][11] Group 5: Conclusion - Exclusive commercial pension insurance is primarily intended as a supplementary retirement solution rather than a straightforward investment product, with a focus on providing retirement security [12] - While a 4% settlement interest rate appears attractive, the guaranteed returns are limited to the guaranteed interest rate, and future settlement rates remain uncertain [12]

根据不完全统计，已披露2025年结算利率的专属商业养老保险产品超过37只。其中，稳健型账户的结算利率区间为1.5%至4.01%，平均值为3.2%；进取型账 户的结算利率区间为0.75%至4.02%，平均值为3.12%。整体来看，绝大多数产品的结算利率在3%及以上。 从具体产品表现看，部分公司的产品结算利率超过4%。其中，农银人寿的百岁人生A款/B款产品两类账户结算利率最高，稳健账户为4.35%，进取账户为 4.55%。国民养老的共同富裕系列产品紧随其后，两类账户结算利率分别为4.01%和4.02%。新华养老的盈佳人生系列产品稳健账户结算利率也达到4%以 上。 与往年相比，2025年此类产品的结算收益呈现"有升有降"的特点。在有可比数据的28只产品中，稳健账户有13只产品结算利率维持不变，9只下降，6只上 升；进取账户则有8只维持不变，14只下降，6只上升。 专属商业养老保险产品于2021年推出，其结算利率是保险消费者实际获得的收益率。据披露，保险公司通常会通过"以丰补歉"的策略，统筹考虑多种因素来 确定结算利率，以维持相对稳定的收益水平。从长期看，结算利率的走势会与产品账户的实际投资收益保持一致。 专属商业养 ...