智通财经记者 | 吕文琦 近日，多家险企公布专属商业养老保险2025年结算利率，在寿险市场预定利率降至2%时，专属商业养老保险一枝独秀，数款产品结算利率在3%以上。 结算利率连续三年高位运行的国民养老保险所售的"共同富裕"产品继续保持较高收益，稳健、进取账户结算利率为4.01%、4.02%，紧随其后；新华养老的 盈佳人生产品稳健账户结算利率也达到4%以上，产品进取账户结算利率为3.6%，排在第三位。 专属商业养老险相较于其他保险产品的较高收益，是渠道和投资端同时发力的结果。某头部经代渠道人士向智通财经透露，各保险公司对于专属商业养老险 都十分重视，渠道费用给的比较低，尽可能让利给消费者，甚至有用自有资金补贴专属商业养老险的情况。 r up 202 在投资端，国民养老保险相关人士向智通财经介绍，公司已构建了以固收资产为"压舱石"、以权益及另类资产增厚收益弹性的稳健投资框架。"公司充分利 用保险资金运用范围广泛的特点，将投资策略覆盖主动与被动、公开与另类、境内与境外多个领域，通过多元化的分散投资，充分发挥权益、固收及另类资 产的协同优势，在追求预期收益的同时，有效平衡组合波动，力求为客户创造稳定的绝对回报。"该人 ...

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]