Core Insights - The article emphasizes the importance of developing an aging-friendly society and a multi-tiered pension security system in China as a national strategy [1] - The implementation plan for high-quality development of pension finance in the banking and insurance sectors has been introduced, focusing on the promotion of commercial insurance annuities [1] Group 1: Market Growth and Demand - Commercial pensions are playing a crucial role in the multi-tiered pension system, with a significant increase in demand reflected by the opening of approximately 1.955 million commercial pension accounts by the end of 2024, marking a nearly 230% growth compared to the end of 2023 [2] - The rapid development of commercial pension products is driven by their ability to meet the growing pension security needs of the population [2] Group 2: Product Innovation and Flexibility - The dual-account model of commercial pensions includes a "locked account" for long-term accumulation and a "continuing account" for liquidity, catering to different financial needs throughout various life stages [3] - The product system is diverse, including liquidity management, fixed income, and mixed products, with continuous innovation leading to the introduction of unique offerings such as principal-protected and target-date products [3] Group 3: Company Initiatives and Strategies - China People's Pension Insurance Co., as one of the first pilot institutions, has actively engaged in the development of commercial pensions since receiving pilot qualifications in December 2022, focusing on product innovation to meet user needs [4] - The company has launched six distinct commercial pension products, addressing the dual needs for safety and returns, particularly targeting farmers and new urban residents [4] - Efforts to reduce fees and enhance customer participation have been made, including fee waivers and preferential rates to lower the barriers for pension accumulation [4] Group 4: Customer Service and Future Outlook - In response to the significant increase in individual customers, the company has strengthened consumer rights protection and customer service systems to ensure service quality and fund security during rapid business growth [5] - Looking ahead, the company aims to expand the pilot scope of commercial pensions, enhance competition and innovation, and continue to contribute to the national multi-tiered pension insurance system [6]