Tax Reform Will Benefit Insurance Companies

< p > CICC expects that the development space of < a href= "//www.sjfzxm.com/news/index_c.asp" > enterprise annuity < /a > is the annual premium of about 1 trillion yuan, and the annual profit will be about 5 billion yuan.

Considering that the insurance company accounts for 47% of the annuity investment management assets, the insurance company makes an additional profit of about 2 billion 500 million yuan every year. Taking 2013 as the reference standard, the annual life insurance industry profits increased by 4.1%.

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< p > this time, the Ministry of finance, the Ministry of human resources and social security and the < a href= "//www.sjfzxm.com/news/index_f.asp" > the State Administration of Taxation < /a > jointly issued the notice on the issues related to the personal income tax on occupational pension annuity of the enterprise annuity. The preferential treatment of new taxes on enterprise annuity mainly includes: deduction and exemption are included in the personal income tax paid by the enterprises and institutions in the personal accounts; and the personal income tax in the deferred personal payment does not exceed the 4% parts of the wage tax base.

This is considered to be an important part of the Chinese version of the 401K plan.

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The Third Plenary Session of the Third Plenary Session of the P decided that "preferential policies for tax exemption and deferred taxation should be formulated, so as to accelerate the development of occupational pension, occupational pension and commercial insurance, and build a multi-level social security system".

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< p > the industry generally agreed that the three major departments should timely introduce policies to support the construction of the second pillar pension system, which is a decision to implement the third plenary session.

But the progress of the reform exceeds the market expectation, and it also brings hope for the subsequent reform of the commercial pensions as the third pillar.

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< p > China's enterprise annuity management license is divided into four categories: trustee, trustee, account manager and investment manager.

The Ministry of human resources and Social Security stipulates that the management fees collected by the investment managers are not higher than 1.2% of the management assets each year, and the management fees collected by the trustee are not more than 0.2% of the entrusted assets each year, while the management fees of account managers are not more than RMB 5 yuan per month.

The investment manager is the most profitable among the four licences.

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< p > according to statistics, the proportion of insurance company, fund company and trust management share is 47%, 43% and 10% respectively.

The largest market share companies are China Ping An, China Life Insurance and Huaxia Fund.

The market share of trustee management assets, insurance, banking and trust accounts for 71%, 27% and 2% respectively. The largest market share companies are China life, China Ping An and industrial and Commercial Bank of China.

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< p > Goldman Sachs Gao Hua Securities researcher said, at present, China Ping An, China Life Insurance, China Taibao (Yangtze River endowment) and Taikang Life Insurance hold all three licenses of trustee, account manager and investment manager.

The personal insurance assets (belonging to the people's Insurance Group) can be used as investment managers, while Xinhua insurance can be used as account managers.

It is estimated that the annuity business will account for 0.3%-3.4% in the expected net profit of the insurance companies in 2013 (China Life 2.8%, China Ping An 3.4%, China Taibao 1.9%, China Taiping 1.2%, and PICC 0.3%). < /p >

< p > in addition, the researcher also indicated that there is still no timetable for individual business a href= "http://fz.sjfzxm.com/" > pension insurance < /a > deferred tax policy, which may make insurance companies more directly benefit.

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< p > at present, the investment management of enterprise annuity is fierce and the management fee is very low. The main point of the future is scale.

According to the statistics of the Ministry of human resources and social affairs, as of the second quarter of 2013, China has established 59362 enterprise annuity enterprises, 19 million 573 thousand employees and 5 trillion and 400 billion enterprise annuity fund.

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< p > the average annual compound growth rate is 26% based on the data of enterprise annuity from 2007 to 2012.

Ping An Securities expects to assume that the growth rate of entrusted assets and investment management assets is expected to reach 30% in the next three years assuming that the new policy is favorable.

The scale of enterprise annuity in 2014-2016 years was 780 billion yuan, 1 trillion yuan, and 1 trillion and 300 billion yuan respectively.

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