The Pension Insurance Companies In The Management Of China's Enterprise Annuity Market To Explore

Three-pillar pension system has become the development orientation to Chinese pension system reform;and the enterprise annuity is the second pillar of it.Since the State Department confirmed the principle of market running about enterprise annuity in 2004,our nation promulgates a series of regulations to manage the enterprise annuity,which promotes the development of enterprise annuity greatly.The core of enterprise annuity system is the entrusted enterprise annuity management frame and model,which makes all the financial institutions and professional institution,for which it is both opportunity and challenge.At the same time,the establishment of entrusted enterprise annuity also causes the new enterprise annuity fund management institute-pension insurance company.This paper focuses on this new professional institute to research.This paper adopts two phases to study the pension insurance company.Firstly,it will analyze the orientation of the pension insurance company in Chinese enterprise annuity market macroscopically;secondly,it will analyze the management emphasis of the pension insurance company microcosmically.In the first phase,this paper will conclude the international experience,compare the advantage and disadvantage of the competitive subject in Chinese enterprise annuity market,and analyze the pension insurance company by the method of SWOT; therefore,it considers that there are both theoretical basis and practical reference for Chinese pension insurance company will achieve outstanding status in future annuity market.In addition,basing on the life insurance company and insurance group which own much business,the pension insurance company has good foreground in enterprise annuity market,that it possesses the potential and quality to dominant enterprise annuity market.Its core advantage is that it can provide various enterprise annuity products and the comprehensive service of enterprise annuity fund management,as well as it has great sales capability.In the second phase,this paper will study the microcosmic management of the pension insurance company.It analyzes that how to exert core advantage to lead the enterprise annuity market,Firstly,it studies on the product design of enterprise annuity of the pension insurance company.The natural advantage of the pension insurance company concerning about the product design of the enterprise annuity is that it can use the actuarial means,the life insurance company it relies on,and the experience of the insurance group to design various products.However,it faces many difficulties and problems now,such as the new trust model impacts the existed contract model, whether the DB model is legal or not,the improvement and innovation of contracted product and so on.This paper emphasizes to discuss the using of actuarial means to design DC model of enterprise annuity single plan and analyzes the key points of the design of assembly enterprise annuity plan;finally,it proposes some suggestions to improve the investment insurance product concerning about enterprise annuity,and some opinions and suggestions to develop and innovate in the annuity product drawing.It should strengthen the application of the actuarial means to the trust enterprise annuity single plan.For assembly enterprise annuity plan,which is the focus for the future market competition,it should hold the policy orientation and use the foreign experience and trust company's experience as reference to prepare for the product R & D actively.By improving on the charge,function and asset allocation, the investment insurance product may become competitive investment tool for enterprise annuity fund in future.Annuity product drawing is the traditional and unique advantage of the insurance industry,so the pension insurance company must develop it well and innovate it with differentiation.It can pay attention to innovate in the perspectives such as the index linked product,variable coverage product,joint and survivor,and last survivor annuity.Secondly,it studies on the enterprise annuity investment management of the pension insurance company.The core of enterprise annuity fund management is investment management whose core is the management of annuity asset allocation and asset-liability matching management.The asset matching decides the yield of annuity investment directly,and the asset-liability management can influence the stability of the annuity payment structure directly.This paper discuss the possible asset allocation strategies the pension insurance company can adopt and the how to implement the enterprise annuity investment basing on asset-liability matching management.This paper thinks that,for the enterprise annuity investment has the traits of security,fluidity,and long-term stable increment,as well as the future investment optional right belongs to individual,combing with the characteristic of Chinese capital market,Portfolio Insurance Strategy,active index allocation strategy, and life-cycle allocation strategy are appreciate and proper ways.For the enterprise annuity investment basing on asset-liability matching management,this paper thinks that it is the development orientation of Chinese annuity investment management,also the problems that the pension insurance company leading the enterprise annuity market must emphasize on.Besides it can use the life insurance company or insurance group's traditional advantages on the insurance asset-liability management it relies on, the pension insurance company can strengthen to implement professional asset-liability matching management further in practical to keep ahead on the enterprise annuity investment.Combining with the practical situation,this paper thinks that the application of new pension insurance company to the enterprise annuity asset-liability management mainly includes the reform of management organizational structure,application to the traditional technology and new technology and the construction of information system.Finally,it studies on the sale and service of the enterprise annuity of pension insurance company.On condition that,the preferential tax policy is not launched,the annuity market do not started completely,the price competition is in low level,and the bank has qualified as trustee,this paper thinks that,the existed competitive advantage of the pension insurance company must be consolidated and developed by enlarging target customer,catching up the market opportunity,strengthening integration and construction of sales channels,advancing service,and improving the public relationship management.The core business of pension insurance company is enterprise annuity.According to the methods mentioned above,it must make possess active position in future enterprise annuity market,become the leader of enterprise annuity market,as well as promote the development and flourish of Chinese enterprise annuity market.This paper wishes to provide some references for the practical work of new pension insurance company.