险企FVOCI投资专题分析：FVOCI是什么？

Investment Rating - The report does not explicitly provide an investment rating for the insurance industry Core Insights - The implementation of the new financial instruments standards has led to increased attention on FVOCI assets within the insurance sector, which are financial assets measured at fair value through other comprehensive income [1][49] - The fair value fluctuations of stock assets significantly impact total investment profits for insurers, with FVOCI's characteristics helping to stabilize income statements by recording changes in other comprehensive income rather than the income statement [1][49] - Insurers face a choice between FVPL and FVOCI for stock investments, with a preference for FVOCI to reduce income statement volatility over the long term [1][49] Summary by Sections 1. New Financial Instruments Standards - The new financial instruments standards were issued by the Ministry of Finance in 2017, aligning with IFRS 9, and require implementation by various insurers by specified deadlines [1][11][12] - Insurers listed both domestically and internationally must implement the new standards by January 1, 2023, while non-listed insurers have until January 1, 2026 [1][12] 2. FVOCI Asset Classification - FVOCI assets include bonds and stocks, but funds cannot be classified as FVOCI [2][28] - Stocks can be designated as FVOCI unless they are part of a merger, which is a rare occurrence [2][32] - Insurers may classify the same asset under different accounting categories based on their management intentions [2][34] 3. Handling of FVOCI Assets - Insurers can reclassify financial assets under certain conditions, with bonds being reclassifiable but not equity assets [2][36] - FVOCI stocks do not require impairment, while bonds under FVOCI must use the expected credit loss model for impairment [2][38] - There are no restrictions on disposing of FVOCI assets, although insurers may impose internal restrictions [2][39] 4. Changes in FVOCI Proportions - By mid-2024, the FVOCI asset proportions for major insurers showed varied changes, with some increasing while others remained stable [2][41] - The proportion of FVOCI stocks among listed insurers increased significantly, indicating a strategic shift towards high-dividend stocks to stabilize income statements [2][44]