保险行业深度报告：险企FVOCI投资专题分析-FVOCI是什么？

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating, but it highlights the positive performance of listed insurers in terms of FVOCI asset allocation and their impact on stabilizing profit sheets [2][39][42] Core Views - The implementation of the new financial instrument standards (IFRS 9) has significantly impacted the insurance industry, particularly in the classification and management of FVOCI assets [2][9][10] - FVOCI assets, especially equity investments, play a crucial role in stabilizing insurers' profit sheets by reducing volatility in reported earnings [2][20][25] - Listed insurers have increased their allocation to FVOCI equity assets in 2024, driven by high-dividend strategies and the need to mitigate profit volatility [39][42] Summary by Sections New Financial Instrument Standards - The new financial instrument standards (IFRS 9) were introduced in China in 2017, aligning with international standards and simplifying financial asset classification into three categories: AC, FVOCI, and FVPL [9][10] - Insurers, especially those listed domestically and internationally, were required to implement IFRS 9 by 2023, with non-listed insurers expected to comply by 2026 [10][11] FVOCI and Its Impact on Insurers - FVOCI (Fair Value through Other Comprehensive Income) is a key classification under IFRS 9, allowing insurers to stabilize profit sheets by excluding equity asset fair value fluctuations from profit and loss statements [2][20][25] - Insurers face a dilemma between classifying equity assets as FVPL (higher profit volatility) or FVOCI (limited profit impact but no capital gains recognition) [25][26] - High-dividend stocks are preferred for FVOCI classification, as they provide stable dividend income without exposing profit sheets to equity market volatility [31][32] FVOCI Asset Classification and Disposal - Bonds and equities can be classified as FVOCI assets, while funds cannot [27][28] - Equity assets classified as FVOCI cannot be reclassified, and their cumulative fair value changes remain in other comprehensive income, affecting only retained earnings upon disposal [18][34] - Bonds classified as FVOCI can be reclassified, but equities cannot, and only bonds are subject to impairment under the Expected Credit Loss (ECL) model [34][37] FVOCI Trends in Listed Insurers - In 2024, listed insurers significantly increased their FVOCI equity asset allocations, with notable growth in FVOCI equity holdings for companies like China Life, Ping An, and China Pacific [39][41] - The FVOCI equity asset ratio for major insurers such as Ping An, China Pacific, and PICC reached 57.8%, 20.8%, and 40.5% respectively by mid-2024, reflecting a strategic shift towards high-dividend stocks [42] - Bond FVOCI ratios showed mixed trends, with PICC increasing its bond FVOCI ratio by 9.3 percentage points, while others like China Life and Ping An saw slight declines [45]