Zheng Quan Shi Bao Wang·2025-12-04 23:26Core Viewpoint - The insurance industry is increasingly recognizing the necessity of allocating more equity assets in a low-interest-rate environment, as highlighted by the insights from Ping An Group's Deputy Chief Investment Officer, Lu Haoyang [1][3]. Group 1: Investment Strategy - The insurance sector is facing challenges in asset-liability matching due to low asset yields not meeting liability costs, necessitating a shift towards equity investments [3]. - Ping An Group emphasizes a long-term investment approach, focusing on companies that can provide profit growth and valuation expansion over time [1][3]. - The company has established five matching principles for investments, including alignment of asset and liability durations, investment and return requirements, liquidity needs, risk safety, and financial reporting [2]. Group 2: Market Context and Trends - The average liability duration for the life insurance industry is currently 16.3 years, with a duration gap of 9.2 years after industry scale adjustments [2]. - As of Q3 2025, the total investment balance of insurance funds in China reached 37 trillion yuan, with stock investments exceeding 3.6 trillion yuan [2]. - Ping An Group manages over 6 trillion yuan in insurance assets, with equity investments in the secondary market exceeding 800 billion yuan [2]. Group 3: Global Insights - Global insurance companies have explored strategies to navigate low-interest-rate environments, with examples from Japan and the U.S. demonstrating the importance of increasing overseas allocations and high-dividend domestic stocks [3]. - The U.S. insurance sector has opted to lower liabilities while significantly increasing equity allocations to share risks with clients [3]. Group 4: Policy Support - Recent policies in China have encouraged long-term capital market entry, particularly supporting insurance investments in equity assets [4]. - Ping An Group's equity investment in the secondary market has seen a compound growth rate exceeding 17% from 2021 to mid-2025, significantly outpacing the growth of the company's insurance fund scale [4]. - The company employs a balanced equity allocation strategy focusing on high-dividend and growth stocks, with specific sectors targeted for investment based on national policy support [4].