去年发布的《国务院关于加强监管防范风险推动保险业高质量发展的若干意见》(即新"国十条")明确， 要强化资产负债联动监管，健全利率传导和负债成本调节机制，引导优化资产配置结构，提升跨市场跨 周期投资管理能力。 中国太保 中国太保 分时图 日K线 周K线 月K线 35.20 0.20 0.57% 0.83% 0.54% 0.29% 0.00% 0.29% 0.54% 0.83% 34.71 34.81 34.90 35.00 35.10 35.19 35.29 09:30 10:30 11:30/13:00 14:00 15:00 0 10万 20万 30万 "第十九届深圳国际金融博览会暨2025中国金融机构年会"近日在深圳举行。在"中国保险业资产负债管 理年会"分论坛上，中国太保（601601）副总裁、首席投资官、财务负责人苏罡作了《穿越利率周期， 新形势下保险资产负债匹配策略》的主题演讲。 苏罡表示，新形势下保险业面临诸多机遇和挑战。主要挑战之一，是中国近年来利率持续走低，在低利 率市场环境下，由于保险产品预定利率下调以及负债成本下降有一定滞后性，利差损潜在风险成为寿险 业面临的主要风险之一。因此，提升资产负 ...

苏罡指出，保险资金的属性决定了长期匹配刚需。保险资产的特点是约90%源自保单负债，负债期限 长，对资金端的长期化管理提出了天然要求。负债端有现金流刚性、成本黏性高等特点，若资产端收益 长期下行，将侵蚀资本、加大偿付能力波动。因此，资产负债管理的核心是将长期资金配置到能穿越利 率、信用、流动性冲击的资产，锁定安全垫，确保财务目标、客户保障与监管底线不失守。 "传统的配置策略必须改变。"苏罡表示，过去优质信用类资产比较多的时候，可以通过信用类资产形成 安全垫覆盖保障成本，再通过权益类资产或另类资产博取长期风险溢价，但现在这种模式已经行不通 了。在当前利率水平和权益市场估值水平之下，信用利差极致压缩、非标优质资产稀缺，保险资金再投 资承压，行业必须思考新的资产负债管理和资产配置策略，寻找穿越周期的长期逻辑。 苏罡称："保险资产负债管理应坚持三个原则，即坚持安全性、盈利性和流动性原则，来实现成本收益 匹配、期限结构匹配和现金流匹配，并从更丰富的维度以及压力测试角度，去看待匹配的适配度。"因 此，必须推进资产负债协同，建立"以产品为原点"的资产负债管理机制。资产端要在持续跟踪分析负债 特点的基础上制定大类资产配置方案， ...

Core 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].

Core Viewpoint - The 19th Shenzhen International Financial Expo and the 2025 China Financial Institutions Annual Conference highlighted the importance of asset-liability management in the insurance industry, emphasizing the need for long-term strategies in a low-interest-rate environment [1]. Group 1: Asset-Liability Management - Insurance funds are primarily driven by policy liabilities, with approximately 90% originating from these liabilities, necessitating long-term management of funds [1]. - The characteristics of liabilities include rigid cash flow and high cost stickiness, which require careful management of the asset side to ensure sustainable returns [1]. Group 2: Investment Strategies - In a low-interest-rate cycle, traditional investment strategies face pressure on both ends, leading to persistent reinvestment risks, thus necessitating the search for long-term investment logic [1]. - The asset allocation should focus on safety, profitability, and liquidity, adhering to the principles of asset-liability management [1]. Group 3: Cost Management - The liability side should focus on reducing costs, optimizing structure, and increasing flexibility, which includes measures such as actively lowering new policy preset interest rates to reduce rigid costs [1]. - Optimizing the interest source structure is essential to lower costs associated with liabilities [1].

Core Viewpoint - The traditional investment strategies face significant challenges in a low-interest-rate environment, necessitating a return to asset-liability management principles to navigate through interest rate cycles [1][2] Group 1: Asset-Liability Management Principles - The core of asset-liability management is to allocate long-term funds into assets that can withstand interest rate, credit, and liquidity shocks, ensuring financial goals, customer protection, and regulatory compliance are maintained [1] - The three principles of asset-liability management emphasized are safety, profitability, and liquidity, which should guide the investment strategies [2] Group 2: Challenges and Strategies - In a low-interest-rate cycle, traditional investment strategies are under pressure, with reinvestment risks persisting, highlighting the need for long-term logic that transcends cycles [2] - The liability side requires continuous efforts to reduce costs, optimize structure, and increase flexibility, including measures such as lowering new policy preset interest rates and optimizing interest source structures to mitigate potential risks from declining rates [2]

Core Viewpoint - The insurance industry is facing significant challenges in asset-liability management due to a prolonged low interest rate environment, which has led to declining yields on assets and increasing pressure from liability costs [1][9]. Group 1: Importance of Asset-Liability Management - Asset-liability management is a strategic process that plays a crucial role in the stable development and risk prevention of insurance companies [2]. - The healthy development of the insurance industry is essential for providing risk protection and stable long-term funding for the economy [3]. Group 2: Risk Management and Value Growth - Insurance companies must manage various risks, including interest rate risk and liquidity risk, to ensure their survival and growth [4]. - Effective asset-liability management can help insurance companies predict and manage risks, ensuring they have sufficient resilience during risk exposure [4]. Group 3: Performance Improvement and Dual-Driven Model - The traditional asset-liability management framework driven by liabilities needs to shift to a dual-driven model to achieve performance growth in a low-interest, high-competition environment [5]. - Companies should strategically allocate assets based on liability characteristics to stabilize investment returns and optimize product structures to reduce liability costs [5]. Group 4: Regulatory Requirements and Overview - In 2018, regulatory bodies introduced rules to enhance asset-liability management capabilities and prevent mismatches in the insurance industry [6]. - The insurance industry has seen a narrowing of interest spread, prompting companies to adjust their product offerings to manage liability costs effectively [7]. Group 5: Challenges in Asset-Liability Management - The continuous decline in long-term interest rates directly impacts the investment returns of insurance companies, making it difficult to meet long-term return targets [9]. - The scarcity of high-quality non-standardized debt assets increases reinvestment risks for insurance companies [10]. Group 6: International Practices in Low-Interest Environments - Foreign insurance companies have adjusted their product structures to increase the proportion of interest-sensitive products, thereby alleviating liability cost pressures [15]. - The U.S. insurance industry has seen a significant increase in the share of equity investments to enhance potential returns [17]. Group 7: Domestic Practices and Recommendations - Domestic insurance companies are adopting a "barbell" asset allocation strategy to manage reinvestment risks while increasing equity asset allocations [19]. - Companies are encouraged to strengthen their asset-liability management foundations and optimize strategies to enhance investment returns and reduce liability costs [20][21].