China has gradually entered an aging society. Establishing a socialized pension system has become a very arduous and urgent task. In recent years, the pace of pension system reform in China has been advancing. Since 20 1 1, the China municipal government has made a series of policy adjustments and deepened the reform of the pension system:

The scale of social security funds has risen rapidly, and the number of people participating in endowment insurance has grown steadily.

The National Social Security Fund is a social security fund centrally managed by the central government, which is mainly used to make up for the social security needs during the peak period of population aging in the future. From 20 1 1 to 20 19, the assets managed by China's social security funds have developed rapidly, from 0.87 trillion yuan to 2.63 trillion yuan, with a compound annual growth rate of 13. 1%.

By the end of 2020, the national basic pension was 999 million, an increase of 365,438+0.28 million compared with the end of 2065,438+09, with a year-on-year increase of 3.2%. On the whole, from 2065,438+05 to 2020, the growth rate of the number of people participating in endowment insurance is relatively stable.

The first pillar: the growth of the basic old-age insurance fund faces multiple pressures.

In 20 1 1-20 19, the income of the national basic endowment insurance fund for urban employees increased year by year, and in 20 19, the income of the national basic endowment insurance fund for urban employees increased to 5,206.3 billion yuan. Judging from the growth rate, the income growth rate of the basic old-age insurance fund for urban workers in China fluctuated and rose in 2015 years, but it showed an obvious downward trend since 20 16 years, and the income growth rate of the basic old-age insurance fund for urban workers in China was only 2.28% in 20 19 years.

In 2020, affected by the epidemic, the income of the national basic endowment insurance fund for urban workers was 4.4 trillion yuan, down 15.49% year-on-year. It is the first negative growth in recent 10 years.

The proportion of basic old-age insurance rose slowly.

From 20 1 1 to 2020, the proportion of basic old-age insurance for urban workers in the social insurance fund of that year will increase year by year, accounting for only 44.2% in 20 1 1 year and 5 1.3% in 20 16 years. From 20 16, the proportion of old-age insurance rose slowly, and only increased by 3.7 percentage points to 20 19.

The payment pressure of the basic old-age insurance fund has increased.

In 2020, the income of the social insurance fund for urban workers will be 5.02 trillion yuan, and the fund expenditure will be 5.75 trillion yuan. At the end of the year, the accumulated balance of the basic old-age insurance fund for urban workers was 610.30 billion yuan. It is 0.10.6 trillion yuan less than the previous year. Since 20 14, the collection income of the fund's current income is less than the treatment expenditure.

The coverage of basic old-age insurance is difficult to expand.

In 20 19, the participation rate of urban employees was 70.46%, which was 1. 13 percentage points higher than the previous year. The growth rate has been improved, which is 0.73 percentage points higher than that of 20 18 and 0.63 percentage points lower than that of 20 17, respectively, and it is still difficult to expand the scope.

The second pillar: the rapid development of enterprise annuity

The number of people participating in enterprise annuity has risen rapidly.

At the end of 20 19, there were 25,479,400 employees nationwide, up 6.7% over the previous year. Since 20 15, the growth of the number of enterprise annuity participants has almost stagnated, and the annual growth rates in 20 16 and 20 17 are as low as 0.39% and 0.26%.

At the end of 20 17, the "enterprise annuity measures" was promulgated, which undoubtedly provided a boost for the development of enterprise annuity. This can be seen from the year-on-year growth rate of the number of participants in the first three quarters of 2020 to 6.5%.

The accumulated balance of enterprise annuity has increased rapidly.

20 12 by 2020, the enterprise annuity scale of the basic old-age insurance for urban workers will increase year by year. At the end of 20 19, 96,000 enterprises nationwide established enterprise annuities, with 25.48 million employees. In 2020, the accumulated balance of enterprise annuity was 2.09 trillion yuan, an increase of 16.5% over the previous year, and the accumulated balance of enterprise annuity increased rapidly.

The entrusted assets of enterprise annuity grew rapidly.

According to the data released by China Banking Regulatory Commission, the entrusted assets of pension insurance companies increased year by year from 2008 to 20 19. In 20 19, the enterprise annuity assets under management increased by 25.5% compared with the same period in 20 18, reaching12,460.96 billion yuan. In the first three quarters of 2020, the enterprise annuity assets entrusted for management 1, 466,5438+09.99 million yuan, a year-on-year increase of 24.58%.

The third pillar: commercial endowment insurance has broad prospects.

In the social old-age security system, the commercial old-age insurance mechanism has unique advantages in adapting to the future personalized old-age needs, perfecting the pension accumulation and appreciation mechanism, constructing the old-age service system and improving the old-age service ability.

Judging from the premium income of life insurance companies in China, the number of life insurance applicants in China has gradually expanded in recent years. Compared with developed countries, China's commercial pension insurance currently accounts for a relatively low proportion in the pension system. For example, in the United States, the necessary expenditure provided by commercial old-age insurance for residents accounts for more than 35%, while in China, the proportion is less than 10%, far below the average level of developed countries.

With the support of the policy, the commercial endowment insurance market is expected to usher in a blowout development, which will be of great benefit to the insurance industry, especially the life insurance industry. At present, China's commercial endowment insurance is in its infancy, with a small scale and a large space for future development. According to the data of China Banking Regulatory Commission, by the end of April 2020, * * * a total of 23 insurance companies had participated in the pilot project of personal tax deferred commercial endowment insurance, and 19 companies had placed orders, with a cumulative premium income of 300 million yuan and 47,600 participants.

On the other hand, China is still in the stage of rapid growth of aging population. All commercial insurance institutions should seize the opportunity, closely combine the social and economic development situation, draw lessons from international beneficial experience, give full play to the inherent advantages of commercial insurance in the pension industry, actively grasp market opportunities and tap the potential pension needs of customers by relying on their own efforts, and accelerate the development of commercial pension insurance through product innovation, service innovation, profit model innovation and business model innovation.

For more data, please refer to Prospective Industry Research Institute's Market Demand Forecast and Investment Strategic Planning Analysis Report of China Endowment Insurance Industry.