债市聚焦｜保险公司资产负债挑战的应对：参与定增、战投与举牌

Core Viewpoint - The insurance industry is facing increasing challenges in asset-liability matching due to continuous reductions in preset interest rates, which lower liability costs but may negatively impact business scale. The shift towards equity investments is seen as a key solution to enhance investment returns and alleviate the pressure from interest rate spreads [1][11]. Group 1: Interest Rate Adjustments and Business Impact - The downward adjustment of preset interest rates has reduced the liability costs for insurance companies but may affect their business scale. The proposed dynamic adjustment mechanism for preset interest rates in 2024 is crucial for asset-liability matching [2]. - The expectation of "炒停" (suspension of sales) may lead to a return to normal premium growth rates, providing sufficient funds for investment on the asset side [2]. Group 2: Asset Allocation and Investment Strategies - In the context of asset scarcity, insurance companies have seen their fixed-income asset allocation approach 50%, with investment returns nearing liability costs, leading to accumulated risks from interest rate spreads [1][11]. - The regulatory environment has increased the upper limit for equity investment by insurance funds to 50%, allowing for significant potential in stock market investments [11]. - Insurance funds can benefit from participating in private placements, which offer discounted returns and can be accounted for in OCI (Other Comprehensive Income) to smooth profit fluctuations [24]. - Strategic investments through "locked-price private placements" can yield higher returns and allow deeper involvement in corporate governance [33]. - The "shareholding" strategy enables insurance companies to select investment targets that better match their risk-return profiles [34]. Group 3: Historical Context and Future Outlook - Historical adjustments to preset interest rates have varied significantly, with the latest adjustments in 2023 reducing the upper limit for preset interest rates to 3% for ordinary life insurance [4]. - The insurance industry's premium income has shown rapid growth, with a steady increase in the balance of insurance funds, primarily allocated to fixed-income assets [11][15]. - The average return from strategic investments has exceeded 50% since the introduction of new refinancing regulations in 2020, indicating a favorable environment for insurance companies to engage in equity investments [33].