国家金融监管总局副局长肖远企：非银行金融资产投资与保险投资关联性进一步提高

Core Viewpoint - The correlation between non-bank financial asset investment and insurance investment has increased, particularly since the 2008 global financial crisis, driven by a more relaxed financing environment and rapid growth in non-bank financial intermediaries [1][2]. Group 1: Non-Bank Financial Assets - The global private credit market has surpassed $2 trillion, indicating significant growth in non-bank financial assets [1][2]. - Non-bank financial intermediaries have developed rapidly, leading to an increase in asset multiples [1][2]. Group 2: Insurance Companies - Insurance companies have become key funding sources, enhancing investment channels and improving asset-liability structures, which in turn has raised yield rates [1][2]. - However, insurance companies face higher credit risks due to the complexity and low transparency of these assets, which often lack ratings or have low ratings, and borrowers typically have high leverage, increasing the probability of defaults [1][2]. Group 3: Regulatory Considerations - The increasing correlation between non-bank financial assets and banking/insurance assets raises concerns about intertwined risks that can spread quickly, especially given the stricter regulatory environment for banks and insurance institutions [1][2]. - Strengthening capital requirements for solvency and constraints on large risk exposures is crucial to prevent insurance companies from blindly increasing risk appetite in pursuit of short-term high returns, thereby enhancing the stability of insurance assets [1][2].