Zheng Quan Shi Bao·2025-12-04 22:14Core Viewpoint - The insurance industry in China is facing both opportunities and challenges due to the prolonged low interest rate environment, which poses risks related to interest rate spreads and necessitates improved asset-liability management strategies [2][3]. Group 1: Challenges and Regulatory Environment - One of the main challenges for the insurance industry is the continuous decline in interest rates, which affects the pricing of insurance products and the cost of liabilities, leading to potential risks in interest rate spreads [2][3]. - The "New National Ten Articles" issued by the State Council emphasizes the need for enhanced asset-liability linkage regulation and the establishment of mechanisms for interest rate transmission and liability cost adjustment [2]. Group 2: Asset-Liability Management Strategies - The characteristics of insurance funds require long-term matching, as approximately 90% of insurance assets are derived from policy liabilities, necessitating a focus on long-term asset management [3]. - The core of asset-liability management is to allocate long-term funds to assets that can withstand shocks from interest rates, credit, and liquidity, ensuring financial goals and regulatory compliance are met [3][4]. - Traditional asset allocation strategies are no longer viable; the industry must explore new asset-liability management and allocation strategies to find long-term logic that can endure economic cycles [3][4]. Group 3: Principles and Optimization of Asset Allocation - Insurance asset-liability management should adhere to three principles: safety, profitability, and liquidity, to achieve cost-revenue matching, term structure matching, and cash flow matching [4]. - Continuous optimization of asset allocation is essential, with a focus on long-term interest rate bonds in fixed income, a core strategy of dividend value in equity, and active investment in alternative assets such as equity, mezzanine, and REITs [5]. Group 4: Cost Management and Technological Integration - On the liability side, efforts should be made to reduce costs, optimize structures, and increase flexibility, including lowering new policy interest rates and adopting designs that encourage clients to accept yield fluctuations [5]. - The company aims to enhance its resilience to economic cycles through precise risk control and operational efficiency using technology [5]. Group 5: Investment Philosophy and Internationalization - The investment philosophy of the company is centered on value, long-term, and responsible investing, with a "barbell" allocation structure balancing fixed income, public equity, and alternative assets [5]. - The company is also exploring new investment areas, including active allocation in gold assets based on long-term logic and gradually advancing internationalization with Hong Kong as a hub [5].