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《关于调整保险资金权益类资产监管比例有关事项的通知》点评:保险权益投资空间拓宽,长期资金入市有望提速
EBSCN·2025-04-09 06:42

Investment Rating - The report maintains an "Increase" rating for the insurance sector [1] Core Insights - The recent policy adjustments by the National Financial Supervisory Administration aim to optimize the regulatory framework for insurance funds, particularly increasing the upper limit for equity asset allocation and simplifying the tiered standards [2][3] - The adjustments are expected to enhance the long-term capital market participation of insurance funds, with a target for large state-owned insurance companies to allocate 30% of new premiums to A-shares starting in 2025 [3] - The new regulations are projected to increase the equity allocation limit for the insurance industry by 552.8 billion, raising the total limit to 10.4 trillion [8][11] Summary by Sections Policy Changes - The notification issued on April 8, 2025, includes three main changes: 1. Increasing the upper limit for equity asset allocation by 5% for certain solvency ratios, allowing a maximum of 50% of total assets [4][6] 2. Raising the concentration limit for investments in venture capital funds from 20% to 30% [4] 3. Relaxing the regulatory requirements for tax-deferred pension accounts, allowing for more flexible investment strategies [5] Market Impact - The insurance sector's total asset utilization reached 33.3 trillion by the end of 2024, reflecting a 15.1% increase from the beginning of the year [8] - The new regulations are expected to significantly support the capital market and the real economy, with a focus on long-term investments [3][4] Financial Projections - The report estimates that the new regulations will allow for an increase in equity allocation limits across various insurance companies, with specific projections for major players like China Life and Ping An [10][11] - The anticipated increase in equity investment is expected to bolster the investment performance of insurance companies, particularly as economic conditions stabilize [12]