国有保险公司将全面建立长周期考核机制

Core Viewpoint - The Ministry of Finance has issued a notification to guide state-owned commercial insurance companies towards long-term stable investments, adjusting the long-cycle assessment indicators to enhance their role as market stabilizers and economic development boosters [1][4]. Group 1: Long-Cycle Assessment Adjustments - The net asset return rate assessment has been changed from a "three-year cycle + annual indicator" to an "annual indicator + three-year cycle + five-year cycle," with respective weights of 30%, 50%, and 20% [2][4]. - The capital preservation and appreciation rate assessment has been modified from an "annual indicator" to an "annual indicator + three-year cycle + five-year cycle," also with weights of 30%, 50%, and 20% [2][3]. Group 2: Impact on Investment Behavior - The establishment of a long-cycle assessment mechanism is expected to increase the tolerance of insurance funds for short-term market fluctuations, encouraging a higher allocation to A-shares and promoting stable long-term returns [1][3]. - The stable investment behavior of insurance funds will enhance the inherent stability of the capital market, reduce market volatility, and improve the investment ecosystem, thereby attracting various types of capital [1][5]. Group 3: Asset-Liability Management and Investment Strategy - State-owned commercial insurance companies are required to improve asset-liability management, optimize asset allocation, and reasonably determine equity investment ratios to balance investment returns and risks [3][6]. - The focus should be on long-term, value, and stable investments, enhancing internal long-term assessment mechanisms and investment portfolio management to identify quality investment targets with stable cash flow returns [3][6]. Group 4: Market Context and Future Outlook - As of the end of 2024, the balance of commercial insurance fund utilization is expected to reach approximately 33 trillion yuan, indicating significant room for increasing the proportion of A-share investments [4]. - The long-cycle assessment mechanism is viewed as a key measure to enhance the stability and positivity of various funds' stock investments, potentially leading to a substantial influx of long-term capital into the market [5][6].