利率双向波动 险企需平衡资债两端

Core Viewpoint - The insurance industry is facing complex challenges due to the transition from a long-term low-interest environment to one characterized by high-frequency and significant interest rate fluctuations, necessitating a dynamic balance between assets and liabilities [1][3][4] Group 1: Interest Rate Environment - The recent trend shows a rebound in interest rates after a prolonged period of low rates, with the U.S. Federal Reserve raising the federal funds rate from 0-0.25% to a range of 5.25%-5.5% over 11 increases since 2022 [3][4] - Japan's 10-year government bond yield recently reached 1.97%, the highest level in approximately 18.5 years, indicating a significant shift in the global interest rate landscape [3][4] Group 2: Challenges for Insurance Companies - The dual fluctuations in interest rates present a greater challenge than the previous low-rate environment, as companies must adapt to potential short-term shifts in interest trends [4][5] - High interest rates may lead consumers to prefer more flexible investment options, such as bank deposits and government bonds, which could pressure the sales of long-term insurance products with lower guaranteed rates [4][5] Group 3: Strategic Adjustments - Insurance companies need to adjust their operational logic strategically to align with the new interest rate dynamics, focusing on dynamic asset-liability management to reduce costs and enhance returns [5][6] - The promotion of participating insurance products is a response to the need for flexibility in managing interest rate risks, allowing for adjustments in dividend payouts based on investment performance [5][6] Group 4: Product Development and Customer Engagement - Companies are encouraged to diversify their product offerings to include more flexible products like universal life insurance and investment-linked insurance, which can adjust returns based on market conditions [6][7] - There is a call for insurance products to return to their core functions of compensation and protection, with an emphasis on developing products that are less sensitive to interest rate fluctuations, such as health and accident insurance [6][7] Group 5: Investment Strategy - Insurers should reduce reliance on long-term fixed-income assets and explore alternative investments, such as infrastructure and private equity, which are less correlated with interest rates and can provide stable cash flows [7] - Focusing on high-dividend blue-chip stocks is recommended as they tend to perform more steadily in fluctuating interest rate environments, providing consistent dividend income [7]