【财经分析】“长周期考核”细则落地：更好发挥险资市场稳定器作用

Core Viewpoint - The Ministry of Finance has announced a new regulation to enhance the long-term assessment of state-owned commercial insurance companies, increasing the weight of three and five-year assessments to 70%, effective from the 2025 performance evaluation [2][3]. Group 1: Long-term Assessment Mechanism - The new long-term assessment scheme adjusts the weight of net asset return rates to 30% for the current year, 50% for three years, and 20% for five years [3]. - The capital preservation and appreciation rate for state-owned insurance companies will also follow a similar adjustment in weight distribution [3]. - The regulation aims to improve asset-liability management and enhance the matching of investment returns and risks [3][4]. Group 2: Impact on Market and Investment - The establishment of a long-term assessment mechanism is expected to smooth out the impact of short-term market fluctuations on performance, encouraging long-term capital investment in the market [2][4]. - Insurance funds, which currently have about 33 trillion yuan in investment balance, have significant room to increase their equity investment from the current 11% towards the 25% policy cap [5]. - The new policy is projected to bring substantial incremental funds into the market, with estimates suggesting that a 1% increase in equity allocation could lead to over 300 billion yuan in additional market funds [5][6]. Group 3: Industry Perspectives - Experts believe that the long-term assessment will help insurance companies focus on value and stable investments, thereby increasing their equity investment ratio [4][6]. - The policy is seen as a critical step in addressing the barriers to long-term capital entering the market, allowing for a more stable investment environment [4][5]. - The anticipated recovery in economic expectations and market confidence is expected to sustain the performance of insurance stocks, benefiting from the influx of long-term capital [6].