国有商业保险公司长周期考核制度再调整

Core Viewpoint - The introduction of a long-cycle assessment mechanism for state-owned insurance funds represents a significant institutional breakthrough aimed at promoting long-term stable investments and addressing the historical issue of "long money, short investment" [1][8][10]. Summary by Relevant Sections Long-Cycle Assessment Mechanism - The new assessment method for net asset return and capital preservation has been adjusted to include annual, three-year, and five-year indicators with respective weights of 30%, 50%, and 20% [3][4]. - This change aims to encourage state-owned commercial insurance companies to focus on long-term returns and mitigate short-term behaviors, thereby facilitating high-quality development [3][10]. Management Improvement Requirements - The Ministry of Finance has outlined three key requirements for state-owned commercial insurance companies: 1. Enhance asset-liability management to optimize asset allocation and ensure stable growth of equity and capital preservation [6]. 2. Emphasize prudent operations by improving internal long-term assessment mechanisms and identifying quality investment targets [6]. 3. Strengthen investment management capabilities through improved internal investment management systems and risk assessment frameworks [6][12]. Institutional Breakthrough - The implementation of the long-cycle assessment mechanism is seen as a crucial institutional breakthrough that will enable insurance funds to establish a comprehensive three-year or longer assessment framework [8][11]. - This policy is a continuation of previous initiatives aimed at facilitating insurance capital's entry into the market, thereby enhancing the stability and sustainability of capital market investments [10][15]. Investment Opportunities - The adjustment in the assessment mechanism is expected to increase the willingness of insurance funds to invest in the stock market, particularly in large-cap blue-chip and high-dividend assets [14][17]. - The potential for insurance funds to allocate an additional 1% of their assets to stocks could inject approximately 350 billion yuan into the market, enhancing market liquidity and stability [17]. - The focus on long-cycle assessments will likely improve the investment capacity of insurance funds in strategic emerging industries such as technology and advanced manufacturing [17].