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2 02 5上，就保 险公司利率双向波动管理、非银行金融资产投资与保险投资关联性进一步 提高、将保险公司商业模式可持续性评估纳入监管重点等多个行业热点话 题发表见解。 第三，人工智能科技应用很可能将大幅拓展保险生产最大可能性边界 我们知道，科技与金融从来就是相辅相成，相互促进的。本轮以人工智能为代表的科技产业革命给包括保险在内的金融行业带来的影响可能是全 方位的。作为经济学概念的最大生产可能性边界，既可用来说明在一定技术与资源条件下可能生产的两种或多种商品最大数量的组合，也可用来 描述由于重大技术进步可能产生最大生产可能性曲线的外延和拓展。 重大科技革命总能带来金融的总量增长，因为科技革命催生的经济产出增加与社会福祉改善，客观上带来了金融业的增量。另一方面，人工智能 的发展有助于更好更有效率地配置资源，潜力可以充分挖掘，更多的资源很有可能"恰到好处"地分布在生产可能性曲线之上，完成现有资源的最 优配置。两方面都会带动包括保险在内的金融业现有潜力的充分释放和未来增长边界的突破，从而推动最大生产可能性边界向外移动。 以下为讲话全文： 很高兴参加亚洲保险论坛20 ...

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]

（原标题：金融监管总局副局长肖远企：非银行金融资产投资与保险投资关联性进一步提高） 肖远企进一步表示，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。我们知道，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。 人民财讯12月8日电，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，非银行金融资产投 资与保险投资关联性进一步提高。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。 ...

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].