穆迪料人口老齡化為中國人壽保險業帶來增長機遇
穆迪投資者服務表示,中國人口老齡化正加重個人及政府的養老負擔,同時亦為商業養老儲蓄產品帶來增長機遇,預料有助於改善中國壽險公司的流動性狀況。
穆迪預計,中國政府將實施促進商業養老儲蓄產品增長的政策和機制,令居民退休收入來源多樣化,從而減輕公共和企業養老金計劃的壓力。此外,中國儲蓄率位居主要經濟體前列,因此有望將儲蓄轉化為養老相關產品,料養老年金會成為主流產品,該類產品繳費期較長,續保率亦較高,料將改善險企的流動性狀況。
穆迪較看好擁有良好投資記錄且覆蓋主要城市中產階層的保險公司,預料其將在擴充業務方面處於更有利位置;但亦指出,由於國內長期固定收益資產的供應依然有限,長期保險產品的增長將會進一步延長保險公司的負債期限,令其面臨更高的再投資風險,而國內利率依然較低,則會加大息差損失風險,構成下行壓力。(gc/u)
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