复星保德信人寿邹万红：穿越利率周期，构建“稳健+创新”双轮投资体系

Core Viewpoint - The global economic landscape is changing rapidly, and insurance funds management faces unprecedented challenges due to external uncertainties and rigid liability repayment demands. The key to sustainable development for insurance companies lies in creating a robust investment strategy that can withstand market cycles [1]. Investment Philosophy - The essence of insurance fund utilization is the matching of long-term assets with long-term liabilities. The company emphasizes a "begin with the end in mind, seek stability while progressing" investment philosophy, focusing on building a "steady + innovative" investment system that balances safety and growth [1][4]. - The investment approach is not about maximizing short-term returns but about achieving effective asset-liability matching and sustainable investment returns across different market phases. The company prioritizes asset diversification, safety, and liquidity [4]. Investment Strategy - The company employs a pyramid-shaped strategic asset allocation, aiming for long-term stable returns from bonds, dividends, and operational income. It actively adjusts tactical asset allocation structures in response to market changes to enhance yield elasticity and reduce portfolio volatility [6]. - The foundational layer consists mainly of long-duration government bonds and local government bonds to match long-term life insurance liabilities, securing long-term cash flow. The middle layer includes high-dividend, low-valuation blue-chip stocks for continuous dividend cash flow, along with stable cash flow real estate assets. The upper layer innovatively captures market volatility opportunities and enhances overall portfolio returns [7]. Market Response and Risk Management - The company maintains a proactive tactical approach to market fluctuations, seizing investment opportunities that arise during market volatility. For instance, it capitalized on market dips before the 2024 National Day holiday by increasing fund positions and realized gains during subsequent rebounds [8]. - Comprehensive risk management is a core principle, with a closed-loop management system covering pre-investment, during investment, and post-investment phases. The company enhances risk exposure control through derivatives like stock index futures and government bond futures [9]. Performance and Future Outlook - The company has demonstrated strong investment performance, with a comprehensive investment return rate of 9.36% in 2024 and an average return of 5.21% over the past three years. It has won the "Insurance Company Investment Golden Bull Award" for two consecutive years [10]. - Looking ahead, the company plans to continue its long-term investment strategy while dynamically adjusting asset allocation structures based on market conditions. It aims to explore new alternative assets and enhance returns through innovative investment methods [11][12].