Xin Lang Cai Jing·2025-11-20 10:38Core Viewpoint - The 19th Shenzhen International Financial Expo and the 2025 China Financial Institutions Annual Conference highlighted the importance of asset-liability management in the insurance industry, emphasizing the need for long-term strategies in a low-interest-rate environment [1]. Group 1: Asset-Liability Management - Insurance funds are primarily driven by policy liabilities, with approximately 90% originating from these liabilities, necessitating long-term management of funds [1]. - The characteristics of liabilities include rigid cash flow and high cost stickiness, which require careful management of the asset side to ensure sustainable returns [1]. Group 2: Investment Strategies - In a low-interest-rate cycle, traditional investment strategies face pressure on both ends, leading to persistent reinvestment risks, thus necessitating the search for long-term investment logic [1]. - The asset allocation should focus on safety, profitability, and liquidity, adhering to the principles of asset-liability management [1]. Group 3: Cost Management - The liability side should focus on reducing costs, optimizing structure, and increasing flexibility, which includes measures such as actively lowering new policy preset interest rates to reduce rigid costs [1]. - Optimizing the interest source structure is essential to lower costs associated with liabilities [1].