保险行业研究：《保险资产风险分类办法（征求意见稿）》明确保险公司各类投资资产风险分类标准，强化内外部监督管理机制，压实投资端资产质量

Investment Rating - The report does not explicitly state an investment rating for the insurance industry Core Insights - The insurance industry has seen a continuous growth in underwriting business scale, leading to an increase in investment asset scale, with a total investment balance of 30.87 trillion yuan as of June 2024, representing a year-on-year growth of 9.62% [2] - The recent release of the "Insurance Asset Risk Classification Measures (Draft for Comments)" aims to enhance the risk classification standards for insurance assets, thereby improving risk management and regulatory oversight [2][4] - The new draft revises the asset classification standards to better reflect the actual risk and quality of assets, addressing the inadequacies of the previous 2014 guidelines [2][4] Summary by Sections Investment Asset Scale - As of June 2024, the investment balance in the insurance industry reached 30.87 trillion yuan, a 9.62% increase from the end of the previous year [2] - The investment structure has become more complex, with a broader range of investment products being utilized [2] Risk Classification Standards - The draft introduces a more comprehensive risk classification system, including fixed income, equity, and real estate categories, with adjustments to the classification criteria [4][5] - Fixed income assets now include term deposits, structured deposits, and large certificates of deposit, with a five-level classification system for risk assessment [4][6] - Equity and real estate assets have shifted from a five-level classification to a three-tier system, categorizing them as normal, risk, or loss assets [6][7] Management Responsibilities - The draft establishes a three-tier mechanism for risk classification management, clarifying the responsibilities of the board of directors and senior management in overseeing asset risk classification [8] - It emphasizes the importance of external oversight, requiring insurance companies to incorporate risk classification procedures into their internal control audits [8]