This study starts from the viewpoint of domestic life insurance industry management, cooperating the intensive interview and analyzing the laws, and researching the profit of the new labor retirement system. Furthermore, the hypothesis of this study develops from the life insurance industry participating the labor retirement market managing niche. This study is going to confer about the opportunity and challenge of life insurance industry under the new labor retirement system from the overseas managing experiences of labor retirement and the different domestic insurance managing policy of Insurance Bureau, Financial Supervisory Commission. The major findings are: 1.According to the content of the new labor retirement system, the managing profit of life insurance industry is from ¡¨Annuity¡¨ and ¡§Prolonged Annuity¡¨. However, owing to the restriction of the laws, the profit is limited. 2.Under the new labor retirement system, the life insurance industry focuses on the market development of ¡§Individual Annuity Deposit¡¨. 3.The life insurance industry participates the labor retirement managing affair having the greatest superiority because it is a professional mechanism of dealing with the life risks and has the long-term property managing ability. 4.There are significant differences between the overseas managing experiences and domestic labor retirement fund managing systems. 5.What the life insurance industry should prepare the competitive strategies after the government opens the annuity market.