Foreign insurance study on the variable annuity Chinese way

Long time did not come out innovative products of the domestic insurance market, because recently one import "variable annuity" unusually boisterous. Universal insurance settlement rates, bonus insurance dividend levels generally bland background, is called "upgrade investment and even risks" coming of the variable annuity, brought to market a fresh wind of. Then, this day was selling insurance products in Europe and, in the Chinese market can also "captured" consumer's heart? Fate is also in conjunction with the investment and continuous insurance General "downs"? Products has not been launched, variable amount annuity is has attracted a hot on the recommended reading insurance weekly: increased warehouse investment over 30,000,000,004 months insurance funded deposits moved near billions of cast even insurance May then case Waterloo income differentiation country life cast even insurance success escape top 5 name foreign executives joined China peace Qian May Beijing insurance intermediary was penalty million history with shares mass insurance holding 20% Qiming: shocks city in the how mining Daniel unit ⊙ reporter Zhao Lingnian gold usually was considered Endowment savings of a strong products, it of advantages is has determine regularly income of guarantee, but shortcomings is fixed does not variable of amount easy was inflation of effect and reduce actual purchasing power, this a shortcomings as average life of stability growth is more serious. In order to overcome this shortcoming, "variable annuity insurance" came into being. China insurance regulatory Commission last month announced in five cities (Beijing, Shanghai, Guangzhou, Shenzhen, Xiamen) started "variable annuity insurance" pilot, support of the interim measures for the administration of the variable annuity insurance released simultaneously. News that related products is expected to be the first to market in July. Specifically, the variable annuity means contains insurance functions, policies and links of interest associated investment account invest unit prices, in accordance with the policy agreed with the lowest interest guaranteed by the policy of life insurance products. It's not like traditional annuity assurance will pay fixed average payment of gold, and commitment is a long-term change payment amount, to reflect the market value of the investment assets, the value can also reflect changes in the consumer price and cost of living. Variable annuity accumulation and payment of funds and equity-linked together, so you can provide a long as the inflation adjusted income source. "Upgrade investment and even dangerous"? In fact, the variable annuity main is that unlike other products, one can include life insurance coverage plan; the second is a guarantee of benefits during the payment system. According to industry reports, variable annuity insurance is essentially an "upgrade" investment and even dangerous-often we speak of investment and even insurance is not guaranteed minimum, but variable annuity equivalent is a type of guaranteed minimum investment and even dangerous. It was learned that and compared to traditional investment and even the risk borne by the policyholders all risk, variable annuities also pledged the amount a certain proportion of the capital preservation, part of the investment risk borne by the insurance companies modified. From the formal point of view, this design is similar to universal life insurance, but these two categories of products the subject of a major investment of different. From the perspective of functions, variable annuity insurance investment and even between insurance and dividend risk. Simple understanding is: = variable annuity insurance of investment-linked insurance + minimum guaranteed + annuity payment. According to the introduction of an insurance company personnel, and variable annuity insurance in foreign market coverage is very high, especially in the North American market, pension appears most in the form of variable annuity insurance. But because of contact with the capital market more closely, on the management of variable annuity insurance insurance company made a very high demand. Therefore, the variable annuity product will be launched on the domestic market, investors should be in the selection of product selection on the basis of strength, brand companies, and investment level, service level, Word of mouth is also a need to measure the standard of whether or not to buy. Four species type six large features under insurance regulatory Commission related persons of interpretation, and cast even insurance different of is, is launched to of variable amount annuity products of minimum guarantee has four species type, including minimum death interests guarantee (GMDB), and minimum expire interests guarantee (GMMB), and minimum annuity paid guarantee (GMIB) and minimum Trojan interests guarantee (GMAB), this also means with market General will appears four species different of variable amount annuity products. According to the relevant person, four products to customers at a certain point in time the minimum interest guarantee. Such as minimum death interests guarantee is means, in was insurer death Shi, beneficiaries can get minimum death gold and policy account value Zhijian of higher who; minimum expire interests guarantee, is means in insurance expires Shi, beneficiaries can get minimum expire insurance and policy account value Zhijian of higher who; minimum annuity paid guarantee, is means in policy issued Shi, on determine future annuity received of minimum standard; minimum Trojan interests guarantee, is means in scheduled of to save date, customer can received guarantee value and policy account actual value Zhijian of higher who. Participation in the variable annuity insurance company in the above four products, you can select an approval, and only a. It is understood that now include Sino-US joint Thai Metropolitan life, Jin Cheng Renshou, China life, Everbright yongmingrenshou, fidelity life insurance have been involved in research and development. Sino-US joint Thai city and Jin Cheng Renshou completed product escalation, is expected to be the first pilot companies. In accordance with the interview understanding to of information display, in currently four species variable amount annuity products type in the, Sino-US joint Thai large will life has determine used CPPI (fixed multiplier balance mode) of management mode, launched minimum Trojan interests guarantee (GMAB) products; Jinsheng life is Select minimum expire interests guarantee (GMMB) form, take internal combination hedge mode, in accordance with the assets liabilities match management of principles, by internal simulation put option of way management minimum policy interests guarantee. "Variable amount annuity products total six large features: by insurance company established independent account, and other assets isolation, to ensure accounting clear, does not invaded, and damage was insurer interests; investment income full return belonging to was insurer, insurance company only by policy conventions charged the costs; investment account price regularly announced, to convenient was insurer query, transparency is high; can provides minimum policy interests guarantee; provides annuity paid way or annuity conversion right; insurance protection risk full by insurance company bear, and insurance company bear provides minimum guarantee brings of investment risk, than minimum guarantee above part of investment risk by was insurer bear. "People in the industry said. Hard to scale in the short term market participants think, variable annuity pilot structure conducive to abundant life insurance product, avoiding the excessive competition in the company in a single product line, long-term development space larger. But in the short term development,The view was expressed that, little market demand, it is difficult to scale. This view of logic is that of the current pilot implementation of variable annuity products are mainly for joint venture life insurance company, and a few family owned life insurance companies in the short term interest in this little. In accordance with the interim measures for the management of variable annuity insurance, pilot variable annuity insurers must meet various requirements, of which one is "carrying on investment and even insurance business for three years". According to the investment and continuous insurance business as the reference index, mostly variable annuity and investment and even dangerous to a certain degree of correlation. Hardware requirements only from this point of view, is expected to participate in several large domestic life insurance company in the short term variable annuity pilot enthusiasm is not high. According to reporter understanding, China Turbo (601,601, unit 's) currently no cast even insurance business, therefore cannot participation variable amount annuity pilot; and China peace (601,318, unit 's) of cast even insurance business carried out although early, meet variable amount annuity of pilot qualification, but scale every year narrow, 2010 cast even insurance business accounted for than does not to 3%, near two years to cast even insurance new business basic stagnation; China life near three years also carried out had cast even insurance business, but scale minimal, and in recent Investment Bank research in the, Chinese life clear said temporarily does not submitted variable amount annuity pilot of application. Taking into account the three listed companies involved in the enthusiasm might not be high, variable annuity pilot starts, has not provoked sensitive nerves of the capital market, insurance stocks nearly a month moderate performance. This concern and has been "personal tax extension-old-age insurance" in stark contrast, recalls in the past, "tax-deferred pension insurance" progress had trouble insurance stocks generally answered and dancing. The main reason for this contrast is: variable annuity is tax free offers from market needs, attraction is not obvious. Endowment insurance of a long-term tracking tax deferred investment bank said that, from the experience of other countries, tax deferred variable annuity and played an important role for the development of commercial endowment insurance, variable annuity pilot launched in China, for the products, channels and the bedding of the action on the experience, however, variable annuity demand stimulating effect was far less than the tax deferred. "If the tax preferential policies such as support, we can anticipate variable annuity market potential is huge, at least in no way inferior to the existing Fund. "Although large in the short term life insurance company is actively promoting the sales of variable annuity underpowered, but investment and even risk a large proportion of small and medium-sized insurance companies, especially foreign shareholder of variable annuity experience in foreign capital (including joint ventures) life insurance companies, variable annuity business may become its development focus. For example, Sino-US joint Thai foreign shareholder of Metropolitan Life metropolis Group (MetLife) is the leader in the global variable annuity market, investment in product development, management and risk control ability to have a very leading on and experience.