保险大佬太敢说了

Core Viewpoint - The insurance industry must adopt a long-term operational mindset and consider the ability to navigate through cycles, as neglecting this can lead to significant consequences in the future [3][12][21] Group 1: Industry Challenges - The domestic life insurance industry has not adequately considered the concept of "navigating through cycles," leading to the issuance of fixed-rate products that have become liabilities during periods of asset price declines [3][6] - The friendly external environment in the past created an illusion of a sustainable business model, which has now been challenged by a significant downturn in asset prices and investment returns [4][8] - The industry faces a mismatch between asset and liability durations, with long-term liabilities being funded by short-term investments, exacerbating risks as market conditions change [16][18] Group 2: Regulatory and Market Responses - Regulatory bodies have proactively implemented counter-cyclical management policies, which have provided breathing space for fundamentally sound companies to adjust and reform [9][10] - The shift to new accounting standards in 2023 has allowed companies to restructure asset classifications, reducing the impact of market volatility on profits [26][30] Group 3: Future Outlook - While challenges are cyclical and will eventually pass, not all companies will survive the current difficulties, emphasizing the importance of enduring the present to reach future recovery [12][24] - The industry is moving towards a "barbell strategy" in asset management, focusing on high-dividend stocks and long-duration bonds to stabilize returns [26][28]