保险业资产负债管理需提升

Core Viewpoint - The National Financial Supervision Administration has released a draft for public consultation on the "Asset-Liability Management Measures for Insurance Companies," emphasizing the importance of effective asset-liability management for sustainable operations in the insurance industry [1] Group 1: Regulatory Framework - Since 2018, multiple regulatory rules have been established to create a framework for asset-liability management and supervision tailored to the characteristics of the domestic insurance industry [1] - Insurance companies are required to take primary responsibility for asset-liability management, adhering to principles of comprehensive coverage, reasonable matching, prudent management, and coordinated planning to mitigate asset-liability mismatch risks [1] Group 2: Management Practices - Insurance companies must define their asset-liability management policies and procedures, develop management plans, and enhance asset-liability linkage in business planning, product development, and major investments [1] - Regular stress testing and back-testing should be conducted, with timely adjustments made to asset-liability management strategies based on periodic reports [1] Group 3: Market Conditions - The dual fluctuations in interest rates are crucial for effective asset-liability management, as these fluctuations significantly impact both the asset and liability sides of insurance companies [2] - The past decade has seen increased frequency and magnitude of interest rate fluctuations globally, necessitating dynamic adjustments in asset-liability structures to lower costs and enhance returns [2] Group 4: Risk Management - As the asset scale of the insurance industry continues to rise, the correlation between insurance assets and those of banks and non-bank financial institutions is increasing, leading to higher credit risks due to lower transparency and greater volatility in underlying asset quality [2] - Regulatory measures are needed to strengthen capital requirements for solvency and leverage constraints on large risk exposures to prevent insurance companies from blindly increasing risk appetite for short-term gains [2] Group 5: Industry Collaboration - Effective asset-liability management requires dedication and expertise from management, as well as wisdom and responsibility from industry regulators [3] - In light of external environmental changes and the internal demands for high-quality development, a collaborative approach is necessary to innovate theories, improve systems, and clarify regulations [3]