专属商业养老保险是指资金长期锁定用于养老保障目的，被保险人领取养老金年龄应当达到法定退休年 龄或年满60周岁的个人养老年金保险产品。该类产品根据投资组合的不同，为投保人提供稳健型账户和 进取型账户进行选择。 近日，险企陆续披露专属商业养老保险产品2025年结算利率。据记者统计，截至目前，已有40只专属商 业养老保险产品披露了2025年结算利率。 具体来看，上述40只专属商业养老保险产品的稳健型账户结算利率最高达4.35%，最低为2.00%，平均 结算利率为3.29%，共有32只产品的稳健型账户2025年结算利率在3%及以上。40只产品的进取型账户结 算利率最高达4.55%，最低为2.50%，平均结算利率为3.33%，共有38只产品的进取型账户结算利率在 3%及以上。综合来看，40只专属商业养老保险产品中，共有31只产品在两类账户的2025年结算利率均 在3%及以上。 近日，保险公司陆续披露专属商业养老保险产品2025年结算利率。据《证券日报》记者统计，截至1月 13日，已有40只专属商业养老保险产品披露了去年结算利率，上述产品稳健型账户的平均结算利率为 3.29%，进取型账户的平均结算利率为3.33%。 受访 ...

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].

据《北京商报》不完全统计，当前已有37只专属商业养老保险产品披露了2025年结算利率。稳健型账户 2025年结算利率在1.5%—4.01%之间，结算利率平均数为3.2%；进取型账户2025年结算利率在0.75%— 4.02%之间，平均结算利率为3.12%。37只产品中，绝大多数产品2025年结算利率超3%，还有部分产品 结算利率超4%。具体而言，稳健型账户中，结算利率在3%以上的产品有30只；进取型账户中，结算利 率在3%以上的产品有34只。 ...

Group 1: Public Fund Development in Beijing - The event series titled "Beijing Public Fund High-Quality Development" aims to promote the transformation and upgrading of the public fund industry, enhancing its ability to serve the real economy [3] - The theme "New Era, New Fund, New Value" emphasizes multi-level and multi-form publicity and interaction to strengthen investor education and protection [3] - Huashang Fund is actively promoting financial and investment knowledge, advocating for long-term and rational investment concepts, and enhancing public risk prevention awareness [3] Group 2: Flexible Employment and Pension Planning - As of the end of 2023, flexible employment personnel account for 14.3% of the national employment population, totaling approximately 200 million individuals [8] - The optimal age for starting pension financial planning is perceived to be around 37 years old, with varying opinions across different demographic groups [6][7] - The lack of suitable pension financial products and unstable income are significant barriers preventing individuals from implementing pension wealth planning [8][10] Group 3: Personal Pension System - The personal pension system was implemented in November 2022, allowing flexible employment groups to participate without restrictions based on employment region or household registration [11] - By the end of 2023, over 50 million individuals had opened personal pension accounts, indicating a growing interest in personal retirement planning [11] - The exclusive commercial pension insurance, which began as a pilot program, has transitioned to a regular business model, catering to the needs of flexible employment personnel [10][11]

Core Viewpoint - The China Banking and Insurance Regulatory Commission (CBIRC) is enhancing the solvency regulatory framework to support the insurance industry's service to the real economy and capital market development [1][2] Group 1: Solvency Regulation and Support for the Real Economy - The implementation of the "Solvency Regulation Rules (II)" has improved the risk sensitivity and effectiveness of regulatory indicators, positively impacting the insurance industry's ability to serve the real economy and support capital market development [2][3] - The CBIRC plans to continue supporting the development of commercial pension business by formulating solvency preferential policies to reduce capital occupation [2] - Specific support policies include promoting green bonds, technology innovation, export credit insurance, agricultural insurance, and pension insurance, enhancing the insurance industry's service capabilities [4] Group 2: Support for Capital Market Development - The "Solvency Regulation Rules (II)" provide preferential policies for insurance funds investing in bank stocks, large-cap blue-chip stocks, and public REITs, facilitating the insurance industry's participation in capital market reforms [6] - As of the end of Q2 this year, the insurance industry invested approximately 790 billion yuan in the CSI 300 index stocks, saving 13.8 billion yuan in minimum capital requirements [7] - The insurance industry also invested about 7 billion yuan in public REITs, accounting for approximately 13% of the total scale, significantly supporting capital market reform [7]

Core Insights - The exclusive commercial pension insurance products continue to show good investment performance, with 27 products reporting stable account yields between 2% and 4.07%, and aggressive account yields between 2.5% and 4.12% [1][2] Group 1: Product Performance - Among the 27 products, 70% have settlement rates of 3% or higher, with 19 products having both account types above 3% [2] - The average yield for stable accounts is 3.18%, while the median is 3.1%; for aggressive accounts, both the average and median yield is 3.3% [2] - Four products have settlement rates exceeding 4%, with notable performances from Guomin Pension and Xinhua Pension [2] Group 2: Yield Trends - The overall trend shows a decline in yields for exclusive commercial pension insurance, with 10 out of 16 comparable products reporting lower stable account yields in 2024 compared to 2023 [3] - Historical yield ranges indicate a consistent decrease from 2021 to 2024, with stable account rates dropping from 4%-6% in 2021 to 2%-4.07% in 2024 [3] Group 3: New Product Developments - The minimum guaranteed interest rate for new products has decreased to 2% or below, with 13 out of 15 current products having a minimum guarantee of 2% [4] - The guaranteed rates do not necessarily reflect actual yields, as many products have actual returns significantly higher than their minimum guarantees [4][5] Group 4: Product Structure and Flexibility - Exclusive commercial pension insurance products are designed for retirement security, featuring a "guaranteed + floating" yield model during the accumulation phase [6] - These products offer flexible payment options, including traditional lump-sum and periodic payments, as well as "irregular additional" contributions [6] Group 5: Market Position and Policy Implications - Exclusive commercial pension insurance is a key type of insurance in the third pillar of retirement, with products included in the personal pension product directory, allowing for tax benefits [7] - The number of companies offering these products has increased to 17, including major life insurance and pension companies, as well as bank-affiliated insurers [7]