The nationwide personal pension scheme is being launched, and markets such as Insurance are expected to face a historic policy opportunity.
On December 12, the Ministry of Human Resources and Social Security, the Ministry of Finance, the State Taxation Administration, the Financial Regulatory Bureau, and the China Securities Regulatory Commission jointly issued a notification on the comprehensive implementation of the personal pension system, which will allow workers participating in urban employee basic pension insurance or rural resident basic pension insurance to join the personal pension system starting from December 15, 2024.
Ning Wei, Vice Dean and Secretary-General of the China Insurance Research Institute at Peking University, stated that a significant adjustment in this notification compared to the 2022 Implementation Measures for Personal Pensions is the expansion of the target audience, allowing more people to benefit from the personal pension system. It also makes the system fairer, making the third pillar more robust, closer to its intended purpose of safeguarding against the risks of insufficient savings for aging in the future. (21st Century Economic Report)
Over 40 insurance companies have rearranged their equity this year: state-owned enterprises are exiting while foreign investment continues to increase.
Strategic investments, active liquidation, forced delisting, and involuntary debt repayment have made this year's changes in insurance company equity particularly spectacular. According to Statistics, excluding proportional capital increases, 28 insurance companies have experienced equity changes this year, with another 14 insurance companies' equities being listed for transfer, facing potential equity adjustments. This series of changes reveals that the insurance industry is undergoing a profound jiegoutiaozheng.
Insurance asset management institutions are seizing opportunities in asset securitization.
Information from the Shanghai Stock Exchange shows that The Pacific Asset Management Co., Ltd., as the manager, has received feedback on its ABS (Asset-Backed Securities) product 'Taibao Assets - Xi'an High-tech - National Dual-Center Silk Road Science City Industrial Park 1-5 Phase Asset-Backed Special Plan,' with a planned issuance amount of 3 billion yuan.
This is a glimpse of how insurance asset management companies are participating in the ABS business as managers. In fact, the first batch of five insurance asset management companies has been actively seizing market opportunities since being approved for asset securitization business in October last year. Several ABS products have already been successfully issued, and there is a rich reserve of projects, making future growth potential worth looking forward to. (Securities Daily)
