华创证券：保险资负管理要求将深化 提升行业长期稳健经营能力

Core Viewpoint - The new draft regulation, "Insurance Company Asset-Liability Management Measures," aims to guide the industry in balancing cost and yield while enhancing long-term operational stability [1] Group 1: Regulatory Impact - The draft regulation encourages insurance companies to consider duration matching and cost-benefit analysis, potentially leading to a trend of controlling the scale of new lifetime insurance sales [1] - Smaller insurance companies may be more significantly affected by the new regulation, while larger firms may have clearer strategic asset allocation approaches [1] Group 2: Investment Yield and Cost Analysis - The continuous decline in long-term interest rates has pressured net investment yields, posing a potential "spread loss" challenge for the industry [2] - As of H1 2025, the average net investment yield for listed insurance companies is approximately 3.5%, with specific companies reporting yields ranging from 1.7% to 3.8% [2] - The average new business cost for listed insurance companies has decreased significantly, with a year-on-year average decline of 65 basis points, driven by adjustments in preset rates and unified reporting [2] Group 3: Strategic Asset Allocation - Leading insurance companies are expected to follow strategic asset allocation to address spread loss challenges, with current asset-liability matching pressures being relatively manageable [3] - The mismatch between asset duration and liability costs poses a risk, as extending asset duration may lead to a "scarcity of assets" issue and potentially forgo excess returns [3] - Smaller insurance companies face greater pressure on liability costs due to issues such as product homogeneity and high expenses prior to unified reporting [3]