在旧准则IAS39下，保险公司买股票通常归类为"可供出售金融资产"（AFS）。这一分类非常灵活：平时股价的涨跌只计入 资产负债表，不影响当期利润；一旦卖出股票，赚的差价就可以立马确认为当期投资收益，美化利润表 。但在新准则 IFRS9下，这个"两全其美"的分类消失了。股票资产主要面临两种选择：要么归入FVTPL（以公允价值计量且其变动计入当 期损益），要么归入FVOCI（以公允价值计量且其变动计入其他综合收益）。如果选择FVTPL，股价的每一次波动都会直 接穿透到利润表。试想一下，如果碰上牛市当然皆大欢喜，但一旦遇到熊市或震荡市，市值的缩水会直接拖累净利润，导 致业绩出现剧烈的周期性波动，这是追求稳健的保险企业无法接受的 。 图：IAS与IFRS9会计准测区别 | 比较维度 | 旧准则(IAS39) | 新准则(IFRS9) | 新准则 (IFRS9) | | --- | --- | --- | --- | | 资产分类 | AFS | FVOCI | FVTPL | | 计量方式 | 公允价值计量 | 公允价值计量 | 公允价值计量 | | 公允价值波动 | 计入 OCI,不影响 | 计入OCI,不影响利润 ...

Summary of China Ping An Conference Call Company Overview - **Company**: China Ping An - **Industry**: Insurance and Financial Services Key Points and Arguments Investment Strategy - China Ping An has adopted a "Fixed Income Plus" strategy, increasing allocations to high-dividend stocks such as bank shares (HSBC, China Merchants Bank, Agricultural Bank of China) to enhance investment returns and cover liability costs in response to low government bond yields [2][3][4] - The company has dynamically adjusted the proportion of high-yield stocks in its Other Comprehensive Income (OCI) account, achieving better-than-expected returns on equity assets [2][6] - The allocation to Total Portfolio Level (TPL) stocks has improved net assets and profits, with equity proportion rising from approximately 13% disclosed in the interim report [2][6] Financial Performance - In the third quarter, the core solvency ratio of life insurance decreased by 33 basis points due to increased minimum capital requirements from the distribution of rights, but the company maintains a stable solvency outlook [2][9] - New Business Value (NBV) growth approached 60% in the first three quarters, driven by strong demand and excellent performance across channels, particularly a 170% increase in the bancassurance channel [2][9] Market Outlook - The company views the current market as a low-interest-rate environment, favoring high-dividend stocks to enhance overall returns while planning to adjust bond allocations based on market conditions [3][4] - The company has entered the top ten shareholders of Agricultural Bank of China, citing its stability and predictable high dividend characteristics as key factors for investment [5] Channel Development - The bancassurance channel has expanded significantly, with the number of cooperative bank outlets increasing from 12,000 to 19,000, enhancing single-point productivity [3][10] - The individual insurance channel has seen a positive growth trend in new single premiums, with a focus on optimizing team structure and improving agent income levels [11][12] Product Strategy - The company plans to promote dividend insurance products, which currently account for about 40% of new individual insurance policies, and aims to increase this proportion in the future [14][15] - A new dividend insurance product, "Jin Yue," launched in April, achieved sales exceeding 8 billion yuan within a month, indicating strong market demand [15] Regulatory Environment - The implementation of the new mortality table in 2026 is expected to impact insurance product pricing, but adjustments will be made based on company-specific experience [18] - There is a discussion among regulators about unifying the discount rate curve for liabilities across listed insurance companies, but this process is complex and may not be achieved by 2026 [21] Long-term Outlook - The company is optimistic about the long-term trend of Contractual Service Margin (CSM), expecting growth in the annual perspective despite a year-on-year decline [22] Additional Important Information - The company emphasizes risk diversification in its stock selections, particularly in banking stocks, to mitigate concentration risks [3][5] - The focus on enhancing agent productivity and income is part of a broader strategy to ensure sustainable growth in the individual insurance channel [11][13]