Core Viewpoint - The recent notification from the Financial Regulatory Bureau aims to enhance the solvency supervision standards for insurance companies, promoting the role of insurance funds as patient capital and improving service quality to the real economy [1][3]. Group 1: Adjustments to Risk Factors - The risk factor for stocks held by insurance companies for over three years in the CSI 300 Index and the CSI Low Volatility 100 Index has been reduced from 0.3 to 0.27, based on a six-year weighted average holding period [1][3]. - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board held for over two years has been decreased from 0.4 to 0.36, determined by a four-year weighted average holding period [1][4]. - The premium risk factor for export credit insurance and overseas investment insurance by the China Export & Credit Insurance Corporation has been lowered from 0.467 to 0.42, while the reserve risk factor has been reduced from 0.605 to 0.545 [2][4]. Group 2: Future Guidance and Management - The Financial Regulatory Bureau will guide insurance companies to implement the notification's requirements, enhancing their long-term investment management capabilities and ensuring the accuracy and completeness of solvency data [1][3]. - Insurance companies are advised to improve internal controls, accurately measure stock holding periods, and continuously enhance their long-term investment management capabilities [3][5]. - There is an emphasis on strengthening solvency management and accurately measuring various risk capital requirements to ensure the authenticity of solvency data [5].

《通知》积极贯彻落实防风险、强监管、促高质量发展要求，在严守风险底线的基础上，适度调整保险 公司相关业务风险因子。一是调整保险公司投资相关股票的风险因子，培育壮大耐心资本。二是调整保 险公司出口信用保险业务和中国出口信用保险公司海外投资保险业务的风险因子，鼓励保险公司加大对 外贸企业支持力度、有效服务国家战略。 下一步，国家金融监管总局将指导保险公司认真贯彻执行《通知》要求，推动保险公司提高长期资金投 资管理能力，加强偿付能力管理，确保偿付能力数据真实、准确、完整。 三湘都市报12月5日讯（全媒体记者 仝若楠整理）为完善保险公司偿付能力监管标准，充分发挥保险资 金作为耐心资本的优势，提升服务实体经济质效，近日，国家金融监管总局发布《关于调整保险公司相 关业务风险因子的通知》（以下简称《通知》）。 来源：三湘都市报 ...

Core Viewpoint - The National Financial Supervision Administration has issued a notification to adjust the risk factors related to insurance companies' business, aiming to enhance the solvency regulation standards and support the real economy effectively [1]. Summary by Sections Adjustments to Risk Factors - The risk factor for stocks held by insurance companies for over three years in the CSI 300 Index and the CSI Dividend Low Volatility 100 Index has been reduced from 0.3 to 0.27 [2]. - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board held for over two years has been decreased from 0.4 to 0.36 [2]. - The premium risk factor for export credit insurance and overseas investment insurance by the China Export & Credit Insurance Corporation has been lowered from 0.467 to 0.42, while the reserve risk factor has been adjusted from 0.605 to 0.545 [2]. Internal Control and Management - Insurance companies are required to improve internal controls to accurately measure the holding period of investments in stocks and enhance the management capabilities of long-term capital investments [3]. - There is an emphasis on strengthening solvency management to ensure that all solvency data is true, accurate, and complete [3]. - Any previous regulations regarding the risk factors for the aforementioned businesses that conflict with this notification will be superseded by this notification [3].

四、保险公司应完善内部控制，准确计量投资股票持仓时间，持续提高长期资金投资管理能力。 近日，为完善保险公司偿付能力监管标准，充分发挥保险资金作为耐心资本的优势，提升服务实体经济 质效，金融监管总局发布《关于调整保险公司相关业务风险因子的通知》。 《通知》积极贯彻落实防风险、强监管、促高质量发展要求，在严守风险底线的基础上，适度调整保险 公司相关业务风险因子。 一是调整保险公司投资相关股票的风险因子，培育壮大耐心资本。 二是调整保险公司出口信用保险业务和中国出口信用保险公司海外投资保险业务的风险因子，鼓励保险 公司加大对外贸企业支持力度、有效服务国家战略。 下一步，金融监管总局将指导保险公司认真贯彻执行《通知》要求，推动保险公司提高长期资金投资管 理能力，加强偿付能力管理，确保偿付能力数据真实、准确、完整。 国家金融监督管理总局发布关于调整保险公司相关业务风险因子的通知，经研究，现就保险公司相关业 务风险因子事项通知如下： 一、保险公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险因子从 0.3下调至0.27。该持仓时间根据过去六年加权平均持仓时间确定。 二、保险公司持仓时间超过两 ...

为完善保险公司偿付能力监管标准，充分发挥保险资金作为耐心资本的优势，提升服务实体经 济质效，近日金融监管总局发布《关于调整保险公司相关业务风险因子的通知》（以下简称 《通知》）。 《通知》积极贯彻落实防风险、强监管、促高质量发展要求，在严守风险底线的基础上，适度 调整保险公司相关业务风险因子。一是调整保险公司投资相关股票的风险因子，培育壮大耐心 资本。二是调整保险公司出口信用保险业务和中国出口信用保险公司海外投资保险业务的风险 因子，鼓励保险公司加大对外贸企业支持力度、有效服务国家战略。 下一步，金融监管总局将指导保险公司认真贯彻执行《通知》要求，推动保险公司提高长期资 金投资管理能力，加强偿付能力管理，确保偿付能力数据真实、准确、完整。 通知全文： 国家金融监督管理总局 关于调整保险公司相关业务风险因子的通知 各金融监管局，各保险集团（控股）公司、保险公司： 经研究，现就保险公司相关业务风险因子事项通知如下： 一、 保险公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风 险因子从0.3下调至0.27。 该持仓时间根据过去六年加权平均持仓时间确定。 二、 保险公司持仓时间超过两年的 ...

Core Viewpoint - The recent notification from the Financial Regulatory Bureau aims to enhance the solvency regulation standards for insurance companies, promoting the effective use of insurance funds as patient capital to better serve the real economy [1]. Group 1: Adjustments to Risk Factors - The risk factor for stocks held by insurance companies for over three years in the CSI 300 Index and the CSI Dividend Low Volatility 100 Index has been reduced from 0.3 to 0.27 [2]. - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board held for over two years has been decreased from 0.4 to 0.36 [2]. - The premium risk factor for export credit insurance and overseas investment insurance by the China Export & Credit Insurance Corporation has been lowered from 0.467 to 0.42, while the reserve risk factor has been adjusted from 0.605 to 0.545 [3]. Group 2: Management and Compliance - Insurance companies are required to improve internal controls to accurately measure the holding period of investment stocks and continuously enhance their long-term capital investment management capabilities [4]. - There is an emphasis on strengthening solvency management, ensuring accurate measurement of various risk capital requirements, and guaranteeing that solvency data is true, accurate, and complete [5]. - Any previous documents that conflict with the current notification regarding the aforementioned business risk factors will be superseded by this notification [6].

Core Viewpoint - The China Banking and Insurance Regulatory Commission (CBIRC) is enhancing the solvency regulatory framework to support the insurance industry's service to the real economy and capital market development [1][2] Group 1: Solvency Regulation and Support for the Real Economy - The implementation of the "Solvency Regulation Rules (II)" has improved the risk sensitivity and effectiveness of regulatory indicators, positively impacting the insurance industry's ability to serve the real economy and support capital market development [2][3] - The CBIRC plans to continue supporting the development of commercial pension business by formulating solvency preferential policies to reduce capital occupation [2] - Specific support policies include promoting green bonds, technology innovation, export credit insurance, agricultural insurance, and pension insurance, enhancing the insurance industry's service capabilities [4] Group 2: Support for Capital Market Development - The "Solvency Regulation Rules (II)" provide preferential policies for insurance funds investing in bank stocks, large-cap blue-chip stocks, and public REITs, facilitating the insurance industry's participation in capital market reforms [6] - As of the end of Q2 this year, the insurance industry invested approximately 790 billion yuan in the CSI 300 index stocks, saving 13.8 billion yuan in minimum capital requirements [7] - The insurance industry also invested about 7 billion yuan in public REITs, accounting for approximately 13% of the total scale, significantly supporting capital market reform [7]

Group 1 - The core viewpoint of the articles highlights the increasing capital needs of insurance companies in China, driven by stricter regulatory requirements and the need to support business growth [1][2][3] - As of June 20, 2023, the Beijing Regulatory Bureau approved capital increases for Zhongyou Life and China United Life, with Zhongyou Life's capital rising from 28.663 billion to 32.643 billion yuan and China United Life's from 2.9 billion to 4.1 billion yuan [1] - In 2023, insurance companies have collectively raised 69.213 billion yuan through capital increases and bond issuance, marking a 95% year-on-year increase [1] Group 2 - At least six insurance companies have been approved for capital increases this year, totaling 8.853 billion yuan, including Ping An Life and Guolian Life [1] - Twelve insurance companies have issued capital supplement bonds or perpetual bonds, with a total issuance scale of 60.36 billion yuan [1] - The second phase of the solvency regulatory framework has led to a decline in solvency adequacy ratios for many insurance companies, necessitating external capital supplementation through shareholder investments and bond issuance [2] Group 3 - New capital supplementation methods are emerging, allowing insurance companies to diversify their capital-raising strategies and enhance flexibility [3] - Regulatory adjustments, such as extending the transition period for solvency regulations and reducing risk factors for stock investments, aim to optimize capital structures for insurance companies [3] - Insurance companies, especially smaller ones, are encouraged to leverage regulatory transition policies and seek external funding while adjusting their business structures to reduce capital consumption [3]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The insurance industry is one of the three pillars of China's modern financial system. With the development of the industry, insurance company bonds, as a core financing tool, are becoming increasingly important, and market attention is rising [9]. - Given that life insurance accounts for a major share in China's insurance industry, the report constructs a credit analysis framework for life insurance companies, evaluating their creditworthiness from three aspects: operational ability, solvency, and liquidity [5][66]. 3. Summary by Relevant Catalogs 3.1 Focus on the Insurance Industry 3.1.1 Insurance Industry Overview - After more than 40 years of development, the scale of China's insurance industry has continued to expand. As of December 31, 2024, the total assets of insurance companies and insurance asset management companies reached 35.9 trillion yuan, and the original insurance premium income for the whole year of 2024 was 5.7 trillion yuan [12]. - In terms of asset proportion, life insurance companies accounted for 89%, property insurance companies 8%, re - insurance companies 2%, and insurance asset management companies 1% [13]. - As of the end of December 2024, there were 239 insurance institutional legal entities in China, including 13 insurance groups (holding companies), 1 policy - based insurance company, 89 property insurance companies, 75 life insurance companies, 10 pension insurance companies, 7 health insurance companies, 7 re - insurance companies, 34 insurance asset management companies, and 3 mutual aid societies [18]. 3.1.2 Types of Insurance - Insurance is mainly divided into two categories: life insurance and property insurance. Historically, life insurance has accounted for about 70% of premium income, and in 2024, it accounted for 75% [20][26]. - Life insurance includes life insurance, health insurance, and accident insurance. Property insurance can be classified into property loss insurance, liability insurance, surety insurance, and credit insurance [20][25]. 3.1.3 Business Analysis of Insurance Companies - Insurance companies' business mainly consists of three categories: insurance business, investment business, and other businesses. The investment business is an important source of profit, with fixed - income assets as the main investment, and the proportion of bonds has been increasing since 2019 [34][35]. 3.1.4 Construction of the Insurance Company Solvency Supervision System - China's insurance solvency supervision has completed the construction of the second - phase of the "Solvency II" system. The requirements for solvency compliance have become stricter, and insurance companies' solvency adequacy ratios are under pressure [40][42]. 3.2 Focus on Insurance Company Bonds 3.2.1 Policy Changes of Insurance Company Bonds - Since 2005, insurance company bonds have gone through different stages, including the issuance of sub - ordinate regular debts (2005 - 2014), capital - supplementing bonds (2015 - 2024), and non - fixed - term capital bonds (since 2023) [3][45]. 3.2.2 Types of Insurance Company Bonds - As of March 25, 2025, the outstanding balance of insurance company bonds was 433.57 billion yuan, with capital - supplementing bonds accounting for 74%. Life insurance companies' outstanding bonds accounted for 76%, and property insurance companies accounted for 15%. The issuers are highly concentrated in high - grade entities, with AAA - rated bonds accounting for 90% [53][57]. 3.3 Credit Analysis Framework for Life Insurance Companies - The report constructs a credit analysis framework for life insurance companies, evaluating their creditworthiness from three aspects: operational ability, solvency, and liquidity [5][66]. - A sample of 38 life insurance, pension insurance, and health insurance companies with outstanding bonds was selected for scoring. Generally, companies such as Taiping Life, Taikang Life, and New China Life scored higher, indicating better creditworthiness, while companies like Guohua Life and Tianan Life scored lower [71].