券商中国·2025-12-13 08:38Core Viewpoint - The article discusses how China Pacific Insurance (CPIC) is adapting its asset-liability management strategies in response to a prolonged low interest rate environment, emphasizing the need for a long-term investment logic to navigate through economic cycles [1][2]. Group 1: Investment Strategies - As of Q3 2025, CPIC's investment assets reached CNY 2.97 trillion, an 8.8% increase from the previous year, with a non-annualized total investment return rate of 5.2%, up by 0.5 percentage points year-on-year [1]. - CPIC is adopting a refined "barbell" asset allocation strategy to balance fixed income, public equity, and alternative assets [1][4]. - The current equity asset allocation ratio is deemed reasonable based on internal asset-liability management models, focusing on long-term management goals [1]. Group 2: Challenges in Low Interest Rate Environment - The prolonged low interest rate environment poses significant challenges for insurance fund management, with 10-year government bonds currently in the 1.7%-1.9% range [2]. - The potential risk of interest spread loss is a major concern for the life insurance industry due to the lag in adjusting the guaranteed interest rates of insurance products [2]. - The characteristics of insurance assets, with approximately 90% sourced from policy liabilities, necessitate long-term management of funds [2]. Group 3: Asset-Liability Management - Enhancing asset-liability management capabilities is essential to meet both internal needs and external regulatory requirements [3]. - The core task of insurance asset-liability management is to allocate long-term funds to assets that can withstand shocks from interest rates, credit, and liquidity [3]. - CPIC emphasizes the need for a new asset-liability management strategy that aligns with the current low interest rate environment, moving away from traditional strategies [4]. Group 4: Principles of Asset-Liability Management - CPIC adheres to three principles: safety, profitability, and liquidity, aiming for cost-revenue matching, term structure matching, and cash flow matching [5]. - The asset side focuses on optimizing asset allocation based on the characteristics of liabilities, while the liability side aims to reduce costs and enhance flexibility [5]. Group 5: Equity Investment Strategy - CPIC's equity investment strategy centers on a dividend value approach, complemented by diverse satellite strategies [7]. - Since 2012, the cumulative return of CPIC's equity investments has reached 475.8%, significantly outperforming the benchmark by 308.2% [8]. - The long-term assessment mechanism allows CPIC to solidify professional capabilities and make timely adjustments to investment strategies [8]. Group 6: Alternative Investments - Alternative assets are increasingly becoming a key direction for insurance funds to enhance portfolio resilience, with equity investment assets projected to reach CNY 1.92 trillion by the end of 2024, a 12.95% increase [9]. - CPIC is focusing on mature targets for stable dividend income in the short term, while also exploring growth opportunities in emerging sectors driven by technological advancements [9].