Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the new regulatory framework for insurance asset-liability management in China, set to be implemented by December 2025, which aims to enhance risk management and compliance within the insurance industry [1][5][11]. Core Insights and Arguments - **Regulatory Changes**: The new regulations emphasize quantitative and capability assessments, requiring insurance companies to report their asset-liability matching status quarterly, including cost-benefit matching, term matching, and cash flow matching [6][11]. - **Principles of Management**: The new rules introduce four key principles: comprehensive coverage, reasonable matching, prudent stability, and coordinated management, mandating that all assets and liabilities, including financial derivatives, be included in the asset-liability management [1][9]. - **Organizational Structure**: Insurance companies must establish a governance structure led by the board of directors and senior management, with an independent asset-liability management department to ensure compliance and effective management [9][23]. - **Long-term Assessment Mechanism**: A long-term assessment mechanism will be introduced, focusing on stress testing, including scenario testing and reverse stress testing, to enhance risk management capabilities [1][9]. Changes in Asset Allocation - **Shift in Investment Strategy**: There is a notable shift towards longer-duration assets, particularly in life insurance companies, which have increased their allocation to interest-bearing securities like long-term government bonds [13][22]. - **Equity Asset Allocation**: As of September 2025, the proportion of equity assets in the industry reached a historical high of 23.4%, with a significant increase in stock investments from 23 trillion to 36 trillion yuan from June 2024 to June 2025 [14][21]. - **Alternative Assets**: Alternative assets such as REITs, ABS, and commodities are expected to play a crucial role in diversifying risks and enhancing risk-adjusted returns [4][16]. AI Empowerment in Asset-Liability Management - **Efficiency and Decision-Making**: AI technologies are being leveraged to optimize decision-making processes, enhance management efficiency, and improve risk assessment through data analysis and predictive modeling [4][17][20]. - **Real-time Monitoring**: AI can facilitate real-time monitoring of market changes and their impacts on financial conditions, allowing for timely strategy adjustments [8][17]. Potential Risks and Compliance Issues - **Regulatory Compliance**: The new regulations impose stricter compliance requirements, including the introduction of hard regulatory indicators for life insurance companies, which could lead to administrative penalties for non-compliance [11][12][10]. - **Market Volatility**: The high equity allocation in Chinese insurance companies may lead to greater volatility in financial statements compared to their Western counterparts, particularly in response to interest rate changes [21]. Conclusion - The new regulatory framework is expected to significantly impact the insurance industry in China, promoting a shift towards more prudent asset-liability management practices, enhancing risk management capabilities, and encouraging diversification in investment strategies [1][11][12].

Core Viewpoint - The National Financial Supervision Administration has released a draft for public consultation on the "Asset-Liability Management Measures for Insurance Companies," emphasizing the importance of effective asset-liability management for sustainable operations in the insurance industry [1] Group 1: Regulatory Framework - Since 2018, multiple regulatory rules have been established to create a framework for asset-liability management and supervision tailored to the characteristics of the domestic insurance industry [1] - Insurance companies are required to take primary responsibility for asset-liability management, adhering to principles of comprehensive coverage, reasonable matching, prudent management, and coordinated planning to mitigate asset-liability mismatch risks [1] Group 2: Management Practices - Insurance companies must define their asset-liability management policies and procedures, develop management plans, and enhance asset-liability linkage in business planning, product development, and major investments [1] - Regular stress testing and back-testing should be conducted, with timely adjustments made to asset-liability management strategies based on periodic reports [1] Group 3: Market Conditions - The dual fluctuations in interest rates are crucial for effective asset-liability management, as these fluctuations significantly impact both the asset and liability sides of insurance companies [2] - The past decade has seen increased frequency and magnitude of interest rate fluctuations globally, necessitating dynamic adjustments in asset-liability structures to lower costs and enhance returns [2] Group 4: Risk Management - As the asset scale of the insurance industry continues to rise, the correlation between insurance assets and those of banks and non-bank financial institutions is increasing, leading to higher credit risks due to lower transparency and greater volatility in underlying asset quality [2] - Regulatory measures are needed to strengthen capital requirements for solvency and leverage constraints on large risk exposures to prevent insurance companies from blindly increasing risk appetite for short-term gains [2] Group 5: Industry Collaboration - Effective asset-liability management requires dedication and expertise from management, as well as wisdom and responsibility from industry regulators [3] - In light of external environmental changes and the internal demands for high-quality development, a collaborative approach is necessary to innovate theories, improve systems, and clarify regulations [3]

近日，为提升保险公司资产负债管理能力，加强保险业资产负债监管，国家金融监督管理总局（以下简 称"金融监管总局"）就《保险公司资产负债管理办法（征求意见稿）》（以下简称"《办法》"）公开征 求意见，为期一个月。 中经记者 陈晶晶 北京报道 不过，近年来，我国保险业发展的外部环境和内部条件均发生重大变化，对保险公司资产负债提出新要 求。 "2024年《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》明确提出'强化资产负债联 动监管'。《办法》是金融监管总局落实国务院重要文件精神、提升行业经营韧性、健全审慎监管制度 体系的重要措施之一。推动保险公司不断强化改进资产负债管理架构、政策和程序。加强制度之间的衔 接。2026年保险业全面实施新会计准则，资产负债匹配指标口径将随之发生调整，利率波动对资产和负 债的影响显著增加，对资产负债管理提出更高要求。"金融监管总局有关司局负责人公开表示。 据了解，《办法》主要内容共5章51条。一是明确资产负债管理目标和管理原则。保险公司应当承担资 产负债管理主体责任，坚持全面覆盖、合理匹配、稳健审慎、统筹协调的原则，切实防范资产负债错配 风险。二是规范资产负债管理治理体系。明 ...

证券研究报告 2025 年 12 月 21 日│中国内地 动态点评 保险 保险资产负债管理全面升级 华泰研究 保险 增持 (维持) | 李健，PhD | 研究员 | | --- | --- | | SAC No. S0570521010001 | lijian@htsc.com | | SFC No. AWF297 | +(852) 3658 6112 | | 于明汇* | 联系人 | | SAC No. S0570124070107 | yuminghui@htsc.com | | | +(86) 21 2897 2228 | 行业走势图 (13) (5) 4 13 21 Dec-24 Apr-25 Aug-25 Dec-25 (%) 保险 沪深300 资料来源：Wind，华泰研究 资产负债管理新规意见稿发布 12 月 19 日，金融监管总局发布《保险公司资产负债管理办法（征求意见稿）》 （《意见稿》），相比于 2018 年以来发布的《保险资产负债管理监管暂行办 法》和五项监管规则，《意见稿》系统地完善了监管规定，从监管目标、治 理结构、政策程序、模型系统、定量指标等方面提出了更为严格且细致的要 求，其中多 ...

Core Viewpoint - The Financial Regulatory Administration has publicly solicited opinions on the draft "Asset-Liability Management Measures for Insurance Companies," which aims to enhance the asset-liability management framework and regulatory indicators in the insurance industry [1][2]. Group 1: Regulatory Framework - The draft measures establish key regulatory indicators such as effective duration gap, comprehensive investment income coverage ratio, net investment income coverage ratio, idle funds coverage ratio, and liquidity coverage ratio under stress scenarios [1]. - Since 2018, the regulatory authorities have issued several rules to build a regulatory framework for asset-liability management tailored to the characteristics of the domestic insurance industry [1]. Group 2: Regulatory Indicators and Monitoring - The draft measures incorporate new accounting standards and solvency rules, setting thresholds for asset-liability regulatory indicators and introducing additional monitoring indicators with differentiated warning zones [2]. - The net investment income coverage ratio is included as a regulatory indicator for life insurance companies, reflecting the stability of investment income relative to guaranteed benefits owed to clients [2]. - The Financial Regulatory Administration emphasizes that companies failing to meet the established thresholds will face regulatory actions, and the calculation methods for these indicators have been optimized [2].

Core Viewpoint - The insurance industry in China is facing both opportunities and challenges due to the prolonged low interest rate environment, which poses risks related to interest rate spreads and necessitates improved asset-liability management strategies [2][3]. Group 1: Challenges and Regulatory Environment - One of the main challenges for the insurance industry is the continuous decline in interest rates, which affects the pricing of insurance products and the cost of liabilities, leading to potential risks in interest rate spreads [2][3]. - The "New National Ten Articles" issued by the State Council emphasizes the need for enhanced asset-liability linkage regulation and the establishment of mechanisms for interest rate transmission and liability cost adjustment [2]. Group 2: Asset-Liability Management Strategies - The characteristics of insurance funds require long-term matching, as approximately 90% of insurance assets are derived from policy liabilities, necessitating a focus on long-term asset management [3]. - 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 [3][4]. - Traditional asset allocation strategies are no longer viable; the industry must explore new asset-liability management and allocation strategies to find long-term logic that can endure economic cycles [3][4]. Group 3: Principles and Optimization of Asset Allocation - Insurance asset-liability management should adhere to three principles: safety, profitability, and liquidity, to achieve cost-revenue matching, term structure matching, and cash flow matching [4]. - Continuous optimization of asset allocation is essential, with a focus on long-term interest rate bonds in fixed income, a core strategy of dividend value in equity, and active investment in alternative assets such as equity, mezzanine, and REITs [5]. Group 4: Cost Management and Technological Integration - On the liability side, efforts should be made to reduce costs, optimize structures, and increase flexibility, including lowering new policy interest rates and adopting designs that encourage clients to accept yield fluctuations [5]. - The company aims to enhance its resilience to economic cycles through precise risk control and operational efficiency using technology [5]. Group 5: Investment Philosophy and Internationalization - The investment philosophy of the company is centered on value, long-term, and responsible investing, with a "barbell" allocation structure balancing fixed income, public equity, and alternative assets [5]. - The company is also exploring new investment areas, including active allocation in gold assets based on long-term logic and gradually advancing internationalization with Hong Kong as a hub [5].

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]