肖远企：管理利率双向波动是保险公司应遵循的基本经营逻辑

Core Viewpoint - The management of interest rate fluctuations is a fundamental operational logic that insurance companies should adhere to, as it significantly impacts both the asset and liability sides of their operations [1][2]. Group 1: Interest Rate Environment - For nearly 20 years prior to 2022, many countries and regions experienced a prolonged low-interest-rate environment, with some economies even facing zero or negative interest rates [1]. - Since 2022, the Federal Reserve has significantly raised the federal funds rate from a range of 0%-0.25% to 5.25%-5.5% through 11 increases, leading to higher and more volatile interest rates globally [1]. Group 2: Asset and Liability Management - Insurance companies must dynamically adjust their existing asset-liability structures to reduce costs and enhance returns, although adjusting liabilities is more challenging than adjusting assets [1]. - When allocating new assets and liabilities, insurance companies must adapt to the norm of dual-direction, high-frequency, and significant interest rate fluctuations, posing greater challenges for newer companies [1]. Group 3: Duration Sensitivity - Insurance companies, particularly life insurers, have longer asset and liability durations compared to other financial sectors, making them more sensitive to interest rate changes [2]. - Historically, interest rates have continuously adjusted based on factors like economic growth and inflation, indicating that there is no long-term, one-sided interest rate that perfectly matches the long-duration insurance assets and liabilities [2].