China's Dedicated Commercial Pension Premiums Top RMB 20.1 Billion, Pilot Programs Exceed RMB 170 Billion
China's Ministry of Civil Affairs and the National Committee on Aging reported that dedicated commercial pension insurance premiums exceeded RMB 20.1 billion as of end-2025, including 90,000 policies held by workers in new business formats. The commercial pension pilot program covered over 2.2 million people with a scale above RMB 170 billion. Among 40 dedicated products disclosing settlement rates in 2025, stable accounts averaged 3.29% and aggressive accounts 3.33%, with 31 products at 3% or above in both account types. Premiums grew from RMB 14.5 billion at end-2024.
As of end-2025, dedicated commercial pension insurance premiums exceeded RMB 20.1 billion, including 90,000 policies held by workers in new business formats and emerging industries. The 2025 National Aging Career Development Report, released by the Ministry of Civil Affairs and the National Committee on Aging, showed that the standardized commercial pension pilot program covered more than 2.2 million people, with a scale exceeding RMB 170 billion. Dedicated commercial pension insurance is a personal annuity product whose funds are locked in long term for retirement protection purposes; beneficiaries must reach statutory retirement age or turn 60 before receiving pension payouts.
Policy measures have continued to drive improvements in the supply of dedicated commercial pension insurance products. In 2023, the National Financial Regulatory Administration issued a notice on matters concerning the promotion of dedicated commercial pension insurance development. In 2024, the General Office of the National Financial Regulatory Administration released a notice on vigorously developing commercial insurance annuities, calling for dedicated commercial pension insurance to leverage its features of flexible premium payment, capital safety, and support for long-term annuity payouts, so as to build a pension management tool with foundational protection functions. These policies have provided an institutional framework for product development.
Market data reflect steady scale expansion. According to successive national aging career development reports, cumulative premiums for dedicated commercial pension insurance reached RMB 14.5 billion as of end-2024; 2025 data show premiums have exceeded RMB 20.1 billion, with further market growth. In terms of settlement rates, among the 40 dedicated commercial pension insurance products disclosing settlement rates in 2025, the average settlement rate for stable accounts was 3.29% and for aggressive accounts 3.33%; settlement rates for both account types reached 3% or above in 31 of these products.
Why this event matters
The event has a measured impact on 1 industry. The strongest current signal is positive for Life Insurance, with intensity 60/100 and 80% confidence over a short term horizon.
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