险资入市再松绑

Core Viewpoint - The National Financial Supervision Administration has issued a notice to adjust risk factors related to insurance companies' business, aiming to cultivate patient capital and support technological innovation while enhancing the support for foreign trade enterprises [1][3]. Group 1: Adjustments to Risk Factors - The risk factor for stocks in the CSI 300 index and the CSI Low Volatility 100 index held for over 3 years has been reduced from 0.3 to 0.27 [1]. - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board held for over 2 years has been decreased from 0.4 to 0.36 [1]. - The premium risk factor for export credit insurance and overseas investment insurance has been lowered from 0.467 to 0.42, while the reserve risk factor has been adjusted from 0.605 to 0.545 [1]. Group 2: Impact on Insurance Companies - Higher risk factors are closely related to capital occupation in insurance companies, with higher risk factors leading to increased capital consumption and potentially lowering solvency adequacy ratios [2]. - In 2023, the Financial Supervision Administration previously adjusted risk factors for investments in the CSI 300 index from 0.35 to 0.3 and for Sci-Tech Innovation Board stocks from 0.45 to 0.4 [2]. - Insurance companies have been actively increasing their equity asset holdings, with nearly 40 instances of shareholding in listed companies this year, marking a 10-year high [2]. Group 3: Long-term Investment Management - The notice aims to effectively prevent risks, guide insurance companies to enhance long-term investment management capabilities, and better match assets and liabilities [3]. - The adjustments are intended to leverage insurance funds as patient capital to effectively serve the real economy and promote the sustainable and stable operation of insurance companies [3].