从国际变额年管理金看国内变额年金的发展（The development of variable annuity in China from the perspective of international change year management fund）.doc

从国际变额年管理金看国内变额年金的发展（The development of variable annuity in China from the perspective of international change year management fund） The development process of international variable annuity ??? variable annuity is the first by American teachers insurance and Annuity Association (TIAA) in 1952, and established by the association of the fund -- College Retirement Equities Fund (CREF) dedicated to the university faculty, as part of a pension plan. Driven by the organization, insurance companies in the United States began designing and selling variable annuities. ??? the initial stage of development, variable annuity product design is simple, as a tax credit and has diversified fund selection of pension plans, the customer can choose the investment account and bear all the investment risk, does not provide any minimum guarantee. In 1980s, the insurance company to provide guaranteed minimum death benefit in variable annuities in (GMDB), for the protection of customer in the stock market performance is poor. In early 1990s, in order to meet the requirements of qualified pension plans and regulations, variable annuity products began to provide the minimum pension payment guarantee (GMIB), for the poor performance in the stock market, to protect the customers retirement pension level is not subject to significant losses. Subsequently, the minimum accumulated interest guarantee (GMAB) and the minimum surrender benefit guarantee (GMWB) have emerged one after another. These variable annuities satisfy the three big demands of pension, investment and security, and meet the great opportunity of capital market prosperity, so they have made great progress. The development trend of international variable annuity In the United States, 80% of individual life annuity products belong to variable annuity products. Insured variable life insurance products not only meet the investment needs of customers, but also allow customers to get preferential tax benefits. Therefore, variable annuiti