国泰海通证券研究·2025-12-22 13:58Core Viewpoint - The article discusses the release of the "Insurance Company Asset-Liability Management Measures (Draft for Comments)" aimed at comprehensively regulating the asset-liability management system of insurance companies, emphasizing the need for long-term stable operations and maintaining a "buy" rating for the industry [1][5]. Summary by Sections Regulatory Framework - The new measures require insurance companies to establish a governance structure where the board of directors holds ultimate responsibility, with senior management leading directly and a dedicated asset-liability management department coordinating efforts [3]. - The measures specify policies and procedures for asset-liability management, including requirements for asset and liability analysis, product pricing management, asset allocation policies, and stress testing [3]. Regulatory and Monitoring Indicators - Regulatory indicators set minimum standards for asset-liability management, including coverage ratios for property insurance companies and effective duration gaps for life insurance companies [3]. - Monitoring indicators are designed to identify and warn against asset-liability mismatch risks, enhancing risk management levels [3]. Impact on Industry - The introduction of these measures is expected to benefit leading insurance companies that comply with stricter asset-liability management requirements, particularly in a declining interest rate environment and amidst accounting standard changes [4]. - The measures promote long-term stable operations by optimizing the calculation of indicators over a 3-5 year period, aligning with the regulatory focus on asset-liability matching [4].