《保险研究》20260105-《中国式现代化视域下保险业养老金融的功能建构与高质量发展》（张盈华）

［摘   要］保险业养老金融的发展历经四个阶段，从初始到起飞，逐步走向保险与养老在事业和产业两个维度的融合，在完善第一、二、三支柱养老金体系、支持银发经济和助力资本市场发展上，构建起“五者”功能体系，但仍面临产品体系、账户管理、延伸服务的内生短板，以及居民金融素养、政策支持、提质增效的外部掣肘。保险业养老金融的高质量发展是时代所需，应以培育经济新动能和增进民生福祉为支点，扎实推进各阶段的目标实现，具体包括：发挥年金基金投资管理的主体作用，加强“人身保障+保证利益+浮动收益”产品设计以增进保险类个人养老金市场需求，在产品设计、业务创新、渠道运维、资产管理四方面提升商业保险年金运营效率，并强化对保险养老社区的穿透式监管。

［关键词］保险业养老金融；商业养老保险；功能体系；高质量发展

［基金项目］研究阐释党的二十大精神国家社会科学基金重大项目“2035年我国多层次多支柱养老保险体系发展目标和现实路径研究”（23ZDA100）的阶段性成果。

［作者简介］张盈华，中国社会科学院中国式现代化研究院副研究员，主要研究方向：社会保险、养老金、长期护理保险。

The Functional Construction and High-Quality Development of the Insurance-Supported Pension Finance from the Perspective of Chinese Modernization

ZHANG Ying-hua

Abstract：From initiation to rapid expansion，the insurance industry’s pension finance function has evolved through four developmental stages，gradually achieving integration between insurance and pensions in both social welfare and commercial dimensions.It has established a functional framework centered on “five roles” to enhance the three-pillar pension system，support the silver economy，and facilitate capital market development.However，challenges persist，including internal shortcomings in product offerings，account management，and service extension，as well as external constraints in public financial literacy，policy support，and efficiency.High-quality development of pension finance is imperative for the times，and should leverage the cultivation of new economic drivers and the enhancement of public welfare as pivotal points and make targeted efforts systematically to achieve phased goals.Key measures include：playing a leading role in the investment management of annuity funds;strengthening product design with “life protection+guaranteed benefits+variable returns” to boost demands for insurance-based individual pension plans;improving the operational efficiency of commercial insurance annuities across four areas—product design，business innovation，channel maintenance，and asset management;and implementing penetrative regulation and supervision over insurance-backed retirement communities.

Key words：Insurance-Supported Pension Finance;commercial pension insurance;functional framework;high-quality development