China to boost commercial insurance annuities

It also plans to establish a regulatory framework for its supervision.

China’s National Financial Regulatory Administration announced plans to promote the development of commercial insurance annuities, aiming to enhance pension risk management and long-term fund stability. 

Defined as products offered by commercial insurers, these annuities will include qualified annuity insurance, endowment insurance, and other commercial pension options.

The administration's circular emphasised the need to expand various pension annuity and insurance products, urging insurance companies to enhance services in pension risk assessment, planning, and management throughout customers' lifespans. 

It also supports expanding trials of commercial pension services and encourages qualified old-age insurers to participate in these services.

Additionally, the administration plans to establish a comprehensive regulatory framework for its supervision.