Stories of High-Quality Development | Pension finance brightens older adults' golden years

Narrator: Wei Lin, Deputy General Manager, China Pacific Life Insurance Co., Ltd.

At 10 a.m. at Pacific Care Home in Wuhan, central China's Hubei Province, 92-year-old Wang Shunlai puts on a volunteer vest, pins on his prosecutor's badge and begins explaining legal provisions and solving problems for his neighbors.

Wang began his career as a household registration policeman carrying a canvas bag through the streets and eventually became a chief prosecutor, leading a team honored as a "National Anti-Corruption Advanced Unit." A veteran of the judicial, procuratorial and public security systems, he has spent half his life working with the law. He has been awarded the National May 1 Labor Medal and recognized as one of China's 10 outstanding prosecutors. In retirement, he and his wife have increasingly prioritized the quality of their later years. Seeking a comfortable place to enjoy their retirement, they made Pacific Care Home their new home.

Pension finance serves as an invisible "assistant," bridging the gap between basic elderly care and a fulfilling retirement. With the continuous development of the integrated "comprehensive wellness" ecosystem and the refinement of the "medical-care combination" model, older people are provided with diverse products and high-quality services, freeing them from future worries. For instance, Pacific Care Home has established 15 communities across 13 cities in China. Older people can travel south to Xiamen or Sanya in winter to escape the cold and head north to Qingdao or Beijing in summer to avoid the heat, seamlessly switching between four seasons.

In recent years, financial institutions have made continuous achievements in serving China's multi-tiered, multi-pillar pension insurance system. Pension financial products have become increasingly diverse, offering more choices for people to increase their funding for elderly care.

Today, the scope of elderly care services has gradually expanded beyond traditional financial subsidies and basic daily care, evolving toward diversified and comprehensive support. Particularly with the promotion of community-based and home-based elderly care models, the "insurance-plus-services" model for the new era is accelerating its transformation and upgrading.

The development of pension finance must always adhere to the fundamental principle that "elderly care is the goal and finance is the tool." By prioritizing the client, innovating services, leveraging professional expertise and enabling digital solutions, high-quality pension financial services are being brought to millions of households. Across China, many older people like Wang are eager to contribute their experience. They are passionate about life, and possess both wisdom and professional expertise.

China Pacific Insurance (Group) Co., Ltd. has actively responded to the national strategy for addressing population aging and has become deeply involved in the "three-pillar" old age insurance system, launching a series of insurance products and services tailored to the silver economy. It has also strengthened the use of insurance funds to support these initiatives.

From the prosecutor's office to the retirement home, Wang often says retirement is merely a change of workplace and a different way to contribute. While his life's coordinates have shifted, his passion for life has never faded.