保险资产风险分类新规发布，有利于进一步压实保险资产质量管理

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector, indicating a positive outlook for the industry over the next six months [1]. Core Insights - The release of the "Interim Measures for the Classification of Insurance Asset Risks" is a significant step towards enhancing the management of insurance asset quality, effective from July 1, 2025 [1][2]. - The new regulations expand the scope of asset risk classification to include all investment assets, with specific exclusions for certain liquid assets and publicly traded stocks [1][2]. - The classification standards for fixed income assets have been improved to align with those of commercial banks, enhancing the rigor of risk assessment [2]. - The new rules aim to provide a more comprehensive and accurate reflection of insurance asset quality, encouraging institutions to strengthen risk management practices [3]. - The report anticipates that as the domestic economy gradually recovers and risk management becomes more stringent, market concerns regarding the quality of insurance companies' assets will diminish [3]. Summary by Sections Asset Risk Classification - The new measures broaden the asset risk classification to include all investment assets, with specific exclusions for cash and certain financial instruments [1][2]. - Fixed income assets will retain a five-level classification but with adjusted overdue days and impairment standards to match commercial banking practices [2]. - Equity and real estate asset classifications have shifted from five categories to three, with clearer qualitative and quantitative standards [2]. Risk Management Enhancements - The implementation of a three-tiered work mechanism for risk classification is designed to clarify responsibilities among the board, senior management, and relevant departments [2]. - Insurance companies are required to incorporate asset risk classification into internal and external audit scopes, thereby reinforcing the accountability of auditing firms [2]. Market Outlook - The report highlights that the current market still shows strong savings demand, and the pressure on insurance companies' interest margins is expected to ease gradually [3]. - With the recent decline in the ten-year treasury yield to approximately 2.02%, the report suggests that the pressure on new fixed income investment returns may also alleviate as the economy stabilizes [3]. - The insurance sector's valuation is currently at historical lows, with estimates ranging from 0.56 to 0.88 times the 2024 expected P/EV, indicating a favorable entry point for investors [3].