《保险公司资产负债管理办法（征求意见稿）》点评：匹配为基，风险导向

Investment Rating - The investment rating for the insurance industry is "Outperform the Market" (maintained) [1] Core Insights - The release of the "Insurance Company Asset-Liability Management Measures (Draft for Comments)" marks a transition from a "temporary measure" to a "comprehensive regulation" phase in China's insurance industry, aiming to integrate previously fragmented regulatory requirements into a more rigid and long-term value-oriented framework [2][10] - The new measures are expected to drive the insurance industry from scale-driven growth to high-quality development, focusing on risk prevention and sustainable growth, which will significantly impact industry competition, business models, and valuation logic [2][10] - The core of asset-liability management is to establish a robust long-term system that can withstand economic and interest rate cycles, with leading companies aiming to exceed compliance requirements to support strategic implementation and achieve high-quality development [8] Summary by Sections Regulatory Framework - The new measures establish a clear and comprehensive management system with defined responsibilities and indicators, requiring insurance companies to create an organizational structure that emphasizes accountability and independent asset-liability management departments [3] - The measures embed management requirements into the entire business cycle, enhancing asset-liability linkage in product development, pricing, and asset allocation, and shifting risk management from reactive to proactive [3] Regulatory Indicators and Thresholds - Compared to previous temporary measures, the new regulations introduce specific regulatory indicators and thresholds, including effective duration gap, comprehensive investment income coverage ratio, net investment income coverage ratio, and liquidity coverage ratio under stress scenarios [4] - These indicators will provide a standardized benchmark for regulatory evaluation, quantifying insurance companies' capabilities in duration matching, income realization, and liquidity reserves [4] Industry Impact - The implementation of the new measures is expected to accelerate industry differentiation, posing varied challenges to different types of entities. Leading insurance companies with established asset-liability management systems will face lower implementation costs, while smaller companies may need to undergo significant changes in product structure and investment strategies [6] - The new regulations coincide with the upcoming full implementation of new accounting standards in 2026, which will enhance the sensitivity of financial statements to interest rate fluctuations, reinforcing the need for effective interest rate risk management [7] Practical Implementation - Leading insurance companies are adopting a systematic framework for asset-liability management that adheres to principles of safety, profitability, and liquidity, ensuring effective communication between asset and liability sides from the product development stage [8][9] - A "dumbbell" investment strategy is being employed, balancing long-duration fixed income assets with equity and alternative investments, supported by a long-term assessment mechanism and proactive ecological layout [9]