Core Viewpoint - The insurance industry is undergoing significant transformation, necessitating timely adjustments in operational strategies due to new accounting and financial instrument standards that will reshape revenue, profit, and net asset measurement logic [1][9]. Group 1: Industry Challenges - The industry faces challenges such as team attrition, shrinking intermediaries, and the rise of bank insurance, which are fundamentally linked to the difficulties in asset-liability management [3][11]. - External economic conditions, including a downward trend in interest rates and complex rate environments, pose risks of long-term interest spread losses and current operational difficulties [3][11]. Group 2: Regulatory Environment - Regulatory policies have been introduced, including adjustments to preset interest rates, unified reporting, restrictions on dividends, and limits on scale not exceeding five times net assets [3][11]. - The upcoming new insurance contract accounting standards and financial instrument standards will require companies to adapt their operational strategies accordingly [1][9]. Group 3: Product Strategy - Product strategy is crucial as it reflects the impact of regulatory policies and is closely tied to external economic conditions and the specific circumstances of different companies [3][11]. - A differentiated product strategy is essential, with companies like Huagu Life implementing such strategies effectively, including limiting certain products and focusing on traditional insurance [4][12]. Group 4: Financial Performance - Huagu Life has reported positive growth rates in premium income, revenue, total assets, net assets, internal value, new business value, and profit, with stable solvency ratios [5][12]. - The upcoming new standards set to be implemented in 2026 will lead to a marketing push for dividend insurance, which is expected to become a mainstream product [5][12]. Group 5: Product Selection Considerations - Companies must consider their existing business costs and structures, as well as current assessment criteria when deciding on product strategies between dividend and traditional insurance [13][14]. - The contribution of low-cost and high-cost business models to profit sources varies, necessitating different product strategies for companies based on their cost structures [13][14]. Group 6: Customer Needs - Meeting diverse customer needs is paramount, with high-net-worth clients seeking wealth management solutions and traditional fixed-income products appealing to mass-market clients [15]. - A diversified product strategy that balances stable low returns with high-risk floating returns can effectively cater to different customer segments [15].

21世纪经济报道记者 吴霜 在当前深刻变化的宏观经济与金融环境中，长期低利率构成了保险行业最根本的经营背景，这也给保险资管行业带来了一场关于生存与发展的 严峻考验。 在近日，中国太保举办的投资者开放日上，与会者围绕当下的低利率环境、保险负债端情况和全球市场表现等话题展开了分享。中国太保集团 副总裁苏罡指出，中国十年期国债收益率已降至1.7%至1.9%的区间，这不仅是历史性的低位，更可能预示着一个缓慢下行的趋势。 然而，保险业务的本质决定了其负债成本具有难以压缩的粘性，特别是大量长期保单的预定利率在签发时便已锁定。 这一"资产端收益下行"与"负债端成本刚性"之间的矛盾，导致行业利差空间被持续侵蚀，潜在"利差损风险"由此浮出水面，成为关乎行业健康 与公司经营的底层核心威胁。 对此，苏罡强调，这已非周期性问题，而是结构性挑战，迫使整个行业必须从根本的经营逻辑上寻求转型。 传统路径"失灵" 面对系统性挑战，业内形成一种共识，也就是"头痛医头、脚痛医脚"的局部调整已不足够，必须对资产负债管理进行一场从理念到机制的顶层 重塑。 苏罡提出，首先要回归保险经营的本源，即坚守"安全性、盈利性、流动性"三大原则的平衡，并以此为纲 ...

Summary of Sunlight Insurance Conference Call Company Overview - **Company**: Sunlight Insurance - **Focus**: Life insurance products, particularly focusing on the elderly demographic and innovative insurance solutions Key Points and Arguments Product Launch and Strategy - Sunlight Insurance is promoting the "Zijin No. 1" dividend-type whole life insurance for 2026, emphasizing customer benefits with features like capital return after three years of payment and immediate returns for five-year payment plans [2][3] - The company is targeting the elderly market with two pension products: an immediate payout dividend pension and a traditional pension product [2][3] - The pricing for "Zijin No. 1" is set at 1.75% with a demonstration interest rate of 3.75%, making it more attractive compared to previous offerings [2][5] Financial Performance and Projections - In 2025, Sunlight Insurance implemented a strategy to push over 10 billion in single premium business to acquire low-cost funding and shorten liability duration, achieving double-digit growth in new premiums and total premiums from the bancassurance channel [2][9] - The company anticipates that the growth rate for regular premium income in 2025 will be flat due to a high base from 2024, but aims for double-digit growth in 2026 driven by low base effects and improved agent capabilities [2][7] - The new business value growth for 2026 is expected to be conservative, projected at single-digit growth due to the increased proportion of dividend insurance affecting value rates [4][24] Market Position and Competitive Advantage - Sunlight Insurance has a significant advantage in the bancassurance channel, focusing on service quality and internal-external staff ratios rather than merely expanding the number of outlets [2][11] - The company plans to enhance cooperation with banks and increase the number of internal and external staff to support network expansion and capacity improvement [2][11] Asset and Liability Management - The company is adjusting its asset-liability management in response to interest rate fluctuations, maintaining a duration of 12.4 years for assets while shortening the liability duration [4][12] - Sunlight Insurance is focusing on optimizing its product structure to manage the duration gap effectively [12][14] Regulatory Environment and Future Outlook - The company is prepared to adapt to potential regulatory changes regarding the selection of yield curves and will adjust its financial reporting accordingly [13][14] - Sunlight Insurance has a history of stable dividend payments, with a current dividend yield of approximately 6%, which is high for the insurance sector [16] Challenges and Risks - The net asset value has declined due to falling interest rates, and the company expects this trend to continue throughout the year [4][12] - The company faces pressure on solvency ratios and plans to optimize internal business structures and consider external capital supplementation tools [19][20] Growth Indicators - Sunlight Insurance's new business metrics are showing strong growth, with a double-digit increase in CSM (Contractual Service Margin) balance expected for the year [25] Investment Strategy - The company maintains a consistent investment strategy despite market fluctuations, focusing on long-term returns and strategic asset allocation [21][22] Additional Important Information - The company has issued various capital supplement tools in recent years, including perpetual bonds and capital supplement bonds, to strengthen its capital base [20] - Sunlight Insurance's approach to product diversification includes plans to introduce more types of insurance products beyond its current offerings [15]

Core 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].

Core Insights - China Pacific Insurance (CPIC) has demonstrated outstanding investment performance in recent years, attracting significant attention and curiosity regarding its strategies and principles for asset-liability management [1][7] Asset-Liability Management Principles - CPIC emphasizes three principles for asset-liability management: safety, profitability, and liquidity, alongside three matching strategies: cost-benefit matching, term structure matching, and cash flow matching [8] - Approximately 90% of insurance assets stem from policy liabilities, necessitating long-term management of funds to align with the long duration of liabilities [8] Long-Term Assessment and Market Mechanism - The company has established a long-term assessment mechanism characterized by a rolling 3 to 5-year evaluation period, which has helped mitigate market volatility and achieve performance exceeding industry averages [3][9] - CPIC's asset management division employs a market-oriented investment standard, facilitating discussions with internal and external clients based on a three-year assessment cycle, a rarity in the industry [9] Equity Investment Strategy - CPIC adheres to a core strategy focused on dividend value, which not only provides stability across market cycles but also serves as an effective means to address net investment income pressures [10] - The company implements a "core + satellite" investment strategy, combining its differentiated investment capabilities with equity asset allocation to diversify sources of investment returns [10][11] Duration Management - In managing fixed-income assets, CPIC has significantly increased its allocation to long-term government bonds, effectively extending the duration of its asset portfolio [5][11] - The company believes that a duration gap of zero is not necessarily optimal, as overly focusing on minimizing this gap may sacrifice potential risk-adjusted returns [6][11] - Maintaining a reasonable duration gap is essential for creating better long-term returns, especially given the low asset accumulation levels in the insurance industry [6][11]

新华财经上海12月12日电（记者 王淑娟）作为金融市场的基准利率之一，我国10年国债收益率已跌破2%。与此同时，全球金融经济体系正发生深刻变化， 美元信用体系根基动摇。复杂多变的宏观经济环境下，保险公司如何跨越周期？ 截至2025年6月末，中国太保的资产管理规模达3.77万亿元，较上年末增长6.5%。面对内外部的复杂环境，这家以稳健著称的大型综合性保险集团是如何投 资的？在中国太保2025年资本市场开放日活动上，中国太保集团高管及来自太保寿险、太保资产、长江养老、太保资本的管理层就如何打造跨越经济周期的 资产负债管理体系发表见解。 优化策略：动态管控期限和结构匹配 做好资产负债管理是保险公司的生命线。中国太保如何看待市场走势，又是如何通过建立机制来应对挑战的？ 中国太保副总裁、首席投资官、财务负责人苏罡表示，主要发达经济体都经历过利率长期下行阶段，中国近年来利率也持续走低。10年期中国国债收益率目 前在1.7%至1.9%的区间内低位运行，这样的长期缓慢下降过程，是保险业面临的巨大挑战。 低利率市场环境下，对保险公司而言，资产负债管理水平是维系经营稳健、防控风险的核心能力，更是战略规划、业务布局与长期可持续发展 ...

Core Viewpoint - China Pacific Insurance (601601) is addressing the long-term challenge of low interest rates in the insurance industry, emphasizing the need for a diversified fixed-income investment strategy to adapt to the current market conditions [1][2] Group 1: Investment Strategy - The company aims to balance safety, profitability, and liquidity in its asset-liability management, focusing on matching yield costs, term structures, and liquidity [1] - In equity investments, China Pacific Insurance follows a "core plus satellite" strategy, with a core focus on dividend value [1] - The company seeks to achieve a competitive comprehensive investment return by maintaining a reasonable equity allocation while managing volatility risks to provide attractive long-term returns for policyholders and stable dividends for shareholders [1] Group 2: Asset-Liability Management - Asset-liability management is crucial for insurance companies to maintain stable operations and sustainable development, with significant room for improvement in China's insurance industry [2] - Companies must maintain a reasonable asset-liability gap, which can create better long-term risk-return profiles [2] - Different types of insurance products, such as traditional, participating, and universal insurance, require differentiated duration control strategies [2]

Core Insights - The second China Financial Actuarial Forum focuses on the role of actuaries in the context of the "14th Five-Year Plan" and the integration of artificial intelligence in the insurance industry [1][9] - The forum emphasizes the need for actuaries to transition from passive risk managers to proactive drivers of high-quality industry development [2][9] Group 1: Forum Overview - The forum gathered over 170 participants, including industry experts and students, to discuss innovative development paths for the actuarial industry [1] - The event was supported by AIA Life Insurance and hosted by the Central University of Finance and Economics [1] Group 2: Keynote Speeches - Keynote speakers discussed various topics, including the evolution of health insurance, asset-liability management, and the role of actuaries [3][4] - Gong Xingfeng highlighted the need for health insurance to shift from scale pursuit to value cultivation and emphasized the importance of product innovation [3] - Peng Jihai pointed out the challenges faced by the insurance industry due to declining interest rates and the need for asset-liability rebalancing [3][4] Group 3: White Paper Release - A white paper on the high-quality development of pension finance in China was released, addressing issues such as insufficient total volume and structural imbalance [5] - The white paper proposes a "12345+10" implementation framework to guide the industry towards high-quality development [5] Group 4: Roundtable Discussions - The first roundtable focused on high-quality development paths under the "14th Five-Year Plan," with discussions on the role of actuaries in addressing longevity risk and supply shortages [6][7] - The second roundtable explored the collaboration between the insurance industry and artificial intelligence, highlighting the need for a systematic risk governance framework [8] Group 5: Future Directions - The forum serves as a practical implementation of the spirit of the 20th National Congress of the Communist Party of China, contributing to the construction of a financial power [9] - AIA Life Insurance will continue to support the development of actuarial education and research, fostering sustainable growth in the insurance industry [9]

张群贵出生于1975年12月，今年快要50岁了，据悉他持有研究生学历，硕士学位。早年，他曾在中新大 东方人寿保险有限公司工作，出任总精算师和湖北分公司总经理等职。 加入东吴人寿后，张群贵还曾出任过公司总精算师、临时财务负责人兼精算部总经理。身兼多职的张群 贵直到2023年2月，才正式获批出任公司财务负责人。至今不过两年多。 运营商财经网 付桢/文 东吴人寿近年来经营情况波动较多。不过在今年三季度，公司还是扭亏为盈，净利润实现了3589万元。 运营商财经网在梳理时发现，公司目前的财务负责人张群贵，也就这两年才上任。 不过张群贵的任职时间正好覆盖了公司巨额亏损又扭亏为盈的时间，其业务能力还是受到了公司的认 可。 该公司董事长赵琨曾在东吴人寿2025年三季度经营分析会上表示，"公司要利用好新会计准则切换契 机，提升财务专业化管理水平"，其实已经指明了推动公司平稳发展的路线。不过东吴人寿是否能克服 业绩波动，还是要看管理层的经营决策。 更早时，赵琨还曾公开表示，主要归功于"三力"。2024年东吴人寿制定了全面预算管理、偿付能力管 理、资产负债管理三大管理硬措施，着力提高规模、提升品质、优化结构。这显然又是在夸赞财务工 ...

进入12月，调整进一步延伸至国有大行，工商银行、农业银行等六大行已集体下架五年期大额存单，五 年期普通定存利率也普遍与三年期形成倒挂。这一从中小银行蔓延至全国性银行的调整趋势，清晰折射 出银行业在净息差持续收窄压力下，通过主动优化负债结构、缓解利率风险的迫切需求。 当习惯了"锁定长期限享受高息"的储户发现，银行货架上的长期存款产品悄然减少时，这场始于负债端 的结构调整，正在更深层次地推动中国银行业经营逻辑与金融生态的持续演变。 意见领袖 | 薛洪言 近期，国内商业银行正掀起一轮存款产品结构调整浪潮。11月初，内蒙古两家村镇银行率先下调利率并 取消了五年期定存；随后，吉林亿联银行、中关村银行等民营银行也集中下架了三年期及以上存款产 品。同期，湖北荆门农商银行发行的大额存款产品也已不再提供五年期选项。 银行为何主动告别长期高息负债？ 从资产负债匹配的角度看，当前信贷投放更侧重于支持实体经济的中短期周转需求，这使得长期限负债 的运用效率下降，容易产生期限错配风险。加之利率市场化使得资金价格波动更为直接，银行持有大量 固定利率的长期负债，会在利率变动时陷入被动。因此，缩短负债久期成为银行管理利率风险、增强资 产负债表 ...