Core Viewpoint - The recent adjustments by the Financial Regulatory Administration aim to enhance the long-term investment management capabilities of insurance companies, improve asset-liability matching, and better utilize insurance funds to support the real economy and promote the healthy development of capital markets [1][2]. Summary by Relevant Sections Long-term Investment Management Capability - The risk factor for stocks in the CSI 300 index and the CSI Dividend Low Volatility 100 index, held for over three years, has been reduced from 0.3 to 0.27. This adjustment is based on a weighted average holding period over the past six years [2]. - For ordinary shares listed on the Sci-Tech Innovation Board held for over two years, the risk factor has been lowered from 0.4 to 0.36, based on a four-year weighted average holding period [2]. - The premium risk factor for export credit insurance and overseas investment insurance has been decreased from 0.467 to 0.42, while the reserve risk factor has been reduced from 0.605 to 0.545 [2]. - Insurance companies are encouraged to enhance internal controls and accurately measure investment holding periods to continuously improve long-term investment management capabilities [2]. Reshaping Investment Behavior - The adjustments are designed to support the real economy by fostering patient capital and encouraging investment in technology innovation through differentiated risk factors for specific stock indices [3]. - The changes in risk factors for export credit insurance are intended to increase support for foreign trade enterprises and align with national strategies [3]. - The adjustment of risk factors will improve capital efficiency, allowing insurance companies to occupy less capital for the same investment scale, thereby enhancing solvency ratios and freeing up funds for further investments or other business activities [3][4]. Impact on Investment Strategies - The adjustments are expected to reshape investment behaviors within insurance companies, increasing the cost of short-term trading while rewarding long-term allocation of quality assets [4]. - This shift will encourage a transition from trading-oriented strategies to allocation-focused strategies, emphasizing fundamental research and value investing [4]. - The targeted reduction in risk factors for the Sci-Tech Innovation Board provides institutional incentives for insurance funds to participate in technological innovation [4].
培育壮大耐心资本、支持科技创新 金融监管总局调整保险公司相关业务风险因子
Zhong Guo Zheng Quan Bao·2025-12-06 04:32