机构行为探微系列研究之四：保险资金如何配债？

Group 1: Insurance Fund Sources and Allocation - Insurance funds primarily come from premium income, with total premium income exceeding CNY 5.1 trillion as of the end of 2023, reflecting a year-on-year growth of 9.1%[5] - By the end of 2023, the balance of insurance funds reached over CNY 27.7 trillion, with bond investments accounting for 45.4% of this total, amounting to CNY 12.6 trillion[9] - Insurance companies prefer long-term bonds, with over 70% of their bond investments being in bonds with maturities exceeding 5 years, aligning with their long liability durations[17] Group 2: Investment Preferences and Trends - Insurance institutions favor government bonds, particularly local government bonds, which account for 42.3% of their bond holdings[15] - The investment strategy of insurance companies is primarily allocation-based, with a positive correlation between the growth rate of government bond investments and interest rate trends[20] - The proportion of insurance funds allocated to fixed-income assets has increased in recent years, driven by a favorable market environment for bonds[10] Group 3: Regulatory and Economic Influences - Regulatory requirements encourage insurance companies to invest in high-rated credit bonds and government bonds, with liquidity coverage ratios mandated to be above 100% under stress scenarios[22] - Changes in accounting standards, particularly the introduction of IFRS 9, have led to a preference for high-rated bonds due to increased impairment provisions for lower-rated bonds[24] - The decline in bond yields has pressured insurance companies' net investment returns, necessitating improved asset-liability matching strategies[28]