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]