Core Viewpoint - The recent notification from the Ministry of Finance aims to guide insurance funds towards long-term stable investments, enhancing the assessment of state-owned commercial insurance companies over longer periods, which is expected to improve the stability of their profitability and increase their market participation [1][2][4]. Group 1: Notification Overview - The notification was released on July 11, focusing on enhancing the long-term assessment of state-owned insurance companies, thereby increasing their investment capacity in the market [2]. - The notification builds on previous measures, such as the performance evaluation method for commercial insurance companies introduced in July 2022, which assesses financial indicators like capital preservation and net asset return [2][3]. Group 2: Long-term Investment Strategy - The notification modifies the assessment of operational efficiency indicators, changing the evaluation of net asset return and capital preservation from a short-term focus to a combination of annual, three-year, and five-year indicators [3]. - It emphasizes the need for better asset-liability matching, urging state-owned insurance companies to enhance their management of assets and liabilities to optimize investment strategies [3]. Group 3: Market Impact - The notification is expected to increase the tolerance for short-term volatility among insurance funds, encouraging a focus on long-term value investments, which will stabilize the supply of long-term capital in the market [4]. - The overall goal is to create a "long money, long investment" ecosystem in the capital market, which will support the high-quality development of the real economy [2][3].
国泰海通:政策强化险资长周期考核机制 利好长期盈利改善