券商中国·2025-12-02 06:50Core Viewpoint - The insurance industry is facing significant challenges and opportunities due to the prolonged low interest rate environment, which impacts the asset-liability management strategies of insurance companies [2][4]. Group 1: Challenges and Opportunities - The low interest rate environment has led to a potential risk of interest spread loss for the life insurance sector, necessitating enhanced asset-liability management capabilities to meet internal needs and regulatory requirements [2][4]. - The "New National Ten Articles" issued by the State Council emphasizes the need for improved asset-liability linkage regulation and optimization of asset allocation structures [4]. Group 2: Asset-Liability Management Strategies - The core of asset-liability management is to allocate long-term funds to assets that can withstand shocks from interest rates, credit, and liquidity, ensuring financial goals and regulatory compliance are met [4][5]. - The traditional asset allocation strategies are no longer viable; a new approach is required to navigate the current market conditions characterized by compressed credit spreads and scarce high-quality non-standard assets [4][5]. Group 3: Principles of Asset-Liability Management - The asset-liability management should adhere to three principles: safety, profitability, and liquidity, to achieve cost-revenue matching, term structure matching, and cash flow matching [5]. - There is a need for collaboration between the asset and liability sides, with a focus on product-centric asset-liability management mechanisms [5]. Group 4: Investment Strategies - China Pacific Insurance's investment philosophy emphasizes value, long-term, and responsible investing, utilizing a "barbell" strategy to balance fixed income, public equity, and alternative assets [6]. - The company is exploring new investment areas, including proactive allocation to gold assets and gradual international expansion centered around Hong Kong [6].