中国人寿蔡希良：险资创新投资的“权衡之策”

Core Viewpoint - China Life Insurance is actively exploring strategic investments in technology finance and insurance, although these initiatives are not expected to contribute significantly to financial statements in the short term [4][20]. Group 1: Technology Insurance Innovations - The "Laboratory All-Risk Insurance" product launched by China Life has provided 114 million yuan in risk coverage for 46 laboratories since its introduction [6]. - An industry expert noted that this insurance model innovates in risk dispersion and liability recognition, serving as a template for insurance involvement in research scenarios, though standardization and replication will require more time [6]. Group 2: Strategic Leadership and Investment Models - Under the leadership of Chairman Cai Xiliang, China Life is attempting to integrate insurance funds with technological innovation, aiming to provide comprehensive financial services for tech enterprises [7][19]. - Cai proposed a "government fund + insurance capital relay" investment model to support emerging industries, with practical implementations seen in investments in the Shanghai Integrated Circuit Industry Investment Fund and the Beijing Technology Innovation Fund [8][17]. Group 3: Financial Performance and Challenges - In the first half of 2025, China Life reported revenue of 239.235 billion yuan, a year-on-year increase of 2.14%, and a net profit of 40.931 billion yuan, up 6.93% [19]. - Despite ongoing efforts in technology insurance and investment, these initiatives have not yet significantly impacted overall performance, as they are still considered "strategic investments" that require a longer-term horizon to reflect in financial results [20][21]. Group 4: Regulatory and Structural Constraints - The participation of insurance capital in technology investments faces structural constraints, primarily due to regulatory policies and performance assessment mechanisms that favor short-term returns [21][22]. - The current regulatory framework requires insurance companies to hold more capital for unlisted equity investments, which limits their ability to engage in early-stage technology investments [22]. Group 5: Future Outlook and Strategic Balance - There are questions about whether the current investment strategies will effectively support the growth of strategic emerging industries, with expectations for future policies to encourage deeper participation from insurance capital [23][24]. - The challenge for China Life lies in balancing risk management with strategic commitments to support technological innovation [25].