Core Viewpoint - The increasing correlation between non-bank financial assets and banking and insurance assets poses risks that are harder to penetrate and spread quickly, as highlighted by the Deputy Director of the National Financial Regulatory Administration, Xiao Yuanqi, at the Asia Insurance Forum 2025 [1] Regulatory Environment - Stricter regulations on capital requirements for solvency and leverage limits on large risk exposures are essential to prevent insurance companies from blindly increasing risk appetite for short-term high returns, thereby enhancing the stability of insurance assets [1] Market Trends - Since the 2008 global financial crisis, the rapid development of non-bank financial intermediaries, alongside a relaxed financing environment, has led to a significant increase in asset multiples, with global private credit exceeding $2 trillion [1] - Insurance companies, as key providers of funds, have expanded investment channels and improved asset-liability structures, resulting in higher yields [1] Credit Risk Concerns - The complexity and low transparency of these asset structures, often lacking ratings or having low ratings, increase the credit risk faced by insurance companies, as borrowers typically have high leverage and a greater probability of defaulting [1]

Core Viewpoint - The correlation between non-bank financial asset investment and insurance investment has increased, particularly since the 2008 global financial crisis, driven by a more relaxed financing environment and rapid growth in non-bank financial intermediaries [1][2]. Group 1: Non-Bank Financial Assets - The global private credit market has surpassed $2 trillion, indicating significant growth in non-bank financial assets [1][2]. - Non-bank financial intermediaries have developed rapidly, leading to an increase in asset multiples [1][2]. Group 2: Insurance Companies - Insurance companies have become key funding sources, enhancing investment channels and improving asset-liability structures, which in turn has raised yield rates [1][2]. - However, insurance companies face higher credit risks due to the complexity and low transparency of these assets, which often lack ratings or have low ratings, and borrowers typically have high leverage, increasing the probability of defaults [1][2]. Group 3: Regulatory Considerations - The increasing correlation between non-bank financial assets and banking/insurance assets raises concerns about intertwined risks that can spread quickly, especially given the stricter regulatory environment for banks and insurance institutions [1][2]. - Strengthening capital requirements for solvency and constraints on large risk exposures is crucial to prevent insurance companies from blindly increasing risk appetite in pursuit of short-term high returns, thereby enhancing the stability of insurance assets [1][2].

北京商报讯（记者 李秀梅）12月8日，金融监管总局副局长肖远企在香港亚洲保险论坛2025上表示， 2008年全球金融危机以来，随着融资环境的宽松，除了保险以外的非银行金融中介发展迅速，资产倍数 增长。有数据表明，光全球私募信贷规模目前就已超过2万亿美元。保险公司作为重要的资金供给方， 一方面增加了投资渠道，改善了资产负债结构，收益率随之提升。但另一方面，面临的信用风险也相对 较高。因为这类资产结构复杂，透明度低，往往缺乏评级或评级不高，借款人本身杠杆率通常也很高， 违约退出市场的概率相对较大。 肖远企指出，近年来，非银行金融资产与银行业保险业资产的关联度越来越高。银行保险机构普遍接受 更加严格的监管，对客户和投资资产评级要求更高，关联度提高容易造成风险的交织难穿透和传播更快 速。从监管来说，强化偿付能力的资本占用约束和大额风险暴露的杠杆水平约束，对防范一些保险公司 为追求短期高收益而盲目提高风险偏好，从而提升保险资产的稳健性是十分重要的。 ...