中国年金保险货币价值(MWR)实证研究

An Empirical Study on the Money's Worth Ratio(MWR) of Annuity in China

本研究首次建立我国年金保险货币价值的分析框架并开展实证研究,根据中国市场的基本数据测算年金货币价值比例(MWR)。研究发现:按照国际通行的"MWR达到0.9说明年金定价合理"这一原则,用不同的排列组合对比分析判断,目前我国年金产品定价基本合理;在我国部分城市人口的平均寿命水平下,目前年金保险对个人而言具有实际价值,被保险人不仅可以收回保险费成本,还可以获得长寿风险保障;不同年金产品MWR差异显著,无任何给付期间保证或无金额保证的终身年金MWR最高。相同产品在不同年龄购买时对应的年金MWR也各不相同,存在最优购买年龄。本文还对如何创新和优化年金保险供给提出建议。

Annuity can hedge against the longevity risk but it is not popular in China. Except for the constrains of low insurance awareness etc. ,people＇s lack of understanding of what is the Money＇s Worth Ratio （MWR） of an- nuity is also an important reason. This is the first time to set up the analysis structure of the MWR of annuity in Chi- na, and uses unique macro and micro data from China market to calculate the MWR of annuity in China. We found that ： annuity is fairly priced in China according to the rule of MWR no less than 0.9 ; considering China＇ s average life expectancy in some big cities, annuity products are of practical value to individuals who can not only recover their premiums paid but also enjoy longevity insurance; there are some big differences of MWR among different an- nuity products, the whole - life annuity without any payment period or amount guarantee has the highest MWR. The same annuity product has different MWR when purchased at different age, therefore there is an optimal age for buy- ing an annuity product. The paper also offered some suggestions on how to improve on and optimize annuity products.