Group 1 - The core viewpoint is that insurance companies are shifting their bond investment preferences from national bonds to local government bonds due to declining yields and the need for better asset-liability matching [1][5][6] - Insurance companies are increasing their allocation to long-term government bonds while reducing their holdings in national bonds, with local government bond purchases reaching a record high [3][4] - The net purchase of bonds by insurance companies in the secondary market for the first half of 2025 was 1.6 trillion yuan, accounting for 63% of the total net purchases for 2024, with local government bonds surpassing 1 trillion yuan for the first time [3][4] Group 2 - The downward trend in interest rates has compressed the yield spread between local government bonds and national bonds, making local government bonds more attractive for investment [5][7] - The average yield of 30-year national bonds has fallen below the upper limit of the guaranteed interest rate for insurance products, leading to a decrease in the willingness of insurance companies to invest in national bonds [6][8] - The implementation of new accounting standards has changed how insurance companies classify their bond holdings, impacting their profit recognition and investment strategies [4][8] Group 3 - The insurance industry has seen a significant decline in premium income growth, but the balance of funds under management continues to increase, indicating a shift in investment strategy [8][9] - The proportion of bond investments in life insurance companies has risen from 41.6% at the end of 2022 to 51.9% by mid-2025, reflecting a growing reliance on fixed-income assets [8] - The expansion of the "Southbound Pass" investment program allows insurance companies to diversify their investments into the Hong Kong bond market, although current limitations on quotas remain a challenge [9][10]
保险机构配债倾向转变：青睐长期政府债 国债配置趋弱
Zhong Guo Jing Ji Wang·2025-08-20 02:14