Core Viewpoint - Investment-linked insurance and variable annuities combine insurance protection with investment functions, featuring a separate account that reflects investment performance, thus mitigating inflation impacts [2][4]. Group 1: Legal Interpretation of Investment-linked Insurance - Investment-linked insurance possesses both traditional insurance attributes and innovative design, with variable payouts based on investment performance rather than fixed amounts [4]. - The independent account in investment-linked insurance resembles a contractual securities investment fund, sharing characteristics such as pooled funds for investment purposes and risk-sharing among investors [5][6]. - The independent account's structure allows for asset segregation, ensuring that funds are not mixed with other insurance products, thus providing legal protection for policyholders in case of insurer bankruptcy [7]. Group 2: Institutional Arrangements for Investment-linked Insurance - The relationship between the insurance component and the independent account should be understood as a contractual linkage, allowing for the application of different legal rules to each component [9]. - Comparative legal frameworks, such as those in the U.S. and Japan, recognize the dual nature of investment-linked insurance, suggesting that it should be regulated under securities law to protect investor rights [10][11]. - The legal classification of investment-linked insurance should avoid rigid categorization as either insurance or securities, as this could lead to regulatory gaps and misapplication of laws [12]. Group 3: Legislative Improvements for Independent Accounts - Legislative improvements should include provisions in the Insurance Law to address the unique characteristics of investment-linked insurance and its independent accounts, reflecting the regulatory experience accumulated over the years [13]. - Expanding the definition of "asset management products" in the Securities Law is necessary to encompass investment-linked insurance, ensuring that it aligns with current market practices [14]. - Regulatory focus should address specific risks associated with independent accounts, including sales fraud, information asymmetry, and fiduciary duties of insurers [15]. Group 4: Risk Management and Regulatory Obligations - Financial institutions should adhere to suitability obligations to prevent mismatches between product risks and customer capabilities, thereby reducing sales fraud risks [16]. - Information disclosure obligations must be strengthened to ensure transparency in investment-linked insurance products, drawing from securities governance rules [18]. - Insurers, as fiduciaries, must fulfill their duties diligently, managing independent account assets in the best interest of policyholders, with legal consequences for breaches of trust [19].

12月8日，香港亚洲保险论坛2025的现场，金融监管总局副局长肖远企在发言时，向全行业抛出了一个 关乎长远发展的核心命题："基于经济增长与通货膨胀等综合因素权衡的利率水平总是在不断调整变化 之中，利率双向波动是基本运行规律。" 可以说，在国际利率环境从长期低息转向高频波动的背景下，人身险业正面临着比低利率时代更为复杂 的挑战。如何适应利率双向、高频、大幅波动的新常态，实现资产端与负债端的动态平衡，成为摆在所 有保险公司面前的核心课题。 险企面临多重考验 近段时间，部分国家或地区开始出现利率触底反弹情况，让不少专业人士对该问题开始高度关注。 面对利率双向波动带来的系统性挑战，保险业必须从战略高度调整经营逻辑，构建与利率双向波动相适 应的经营模式。 "利率波动对保险公司资产端和负债端都产生重大影响，是保险公司经营管理的核心竞争力。"肖远企提 到，保险公司要动态调整存量资产负债，以降低成本，提高收益。但调整存量资产结构相对容易，负债 的调整则困难得多。 实际上，目前行业主推分红险，便有应对利率双向波动的考量。分红险的刚兑成本较低，根据保险公司 投资表现调整分红收益，客户与公司共担投资风险，其红利分配具有弹性机制，如 ...

Core Viewpoint - The insurance industry is facing complex challenges due to the transition from a long-term low-interest environment to one characterized by high-frequency and significant interest rate fluctuations, necessitating a dynamic balance between assets and liabilities [1][2][3] Group 1: Challenges Faced by the Insurance Industry - The recent rebound in interest rates in various countries has heightened concerns among professionals regarding the management of interest rate fluctuations [2] - Historically, many regions experienced a prolonged low-interest environment, leading insurance companies to adopt risk management strategies based on a single-directional interest rate trend [2][3] - Since 2022, the Federal Reserve has significantly raised the federal funds rate from 0%-0.25% to a range of 5.25%-5.5% over 11 increases, with other major economies also maintaining higher interest rates [2][3] Group 2: Impact of Interest Rate Fluctuations - The dual-directional interest rate fluctuations present a greater challenge than the previously low-interest environment, as companies must adapt to potential short-term shifts in interest rates [3] - Higher interest rates may lead consumers to prefer more flexible investment tools, such as bank deposits and government bonds, which could pressure the sales of long-term insurance products with lower preset rates [3] - Rising interest rates could also increase the risk of policy surrenders, as consumers may opt to withdraw from insurance products in favor of higher-yielding opportunities [3] Group 3: Strategic Adjustments Required - The insurance industry must strategically adjust its operational logic to align with the new normal of interest rate fluctuations, focusing on dynamic asset-liability management [4] - The promotion of participating insurance products is a response to these fluctuations, as they allow for flexible dividend distribution based on investment performance [4] - Companies are encouraged to enhance the sales of flexible products like universal life insurance and investment-linked insurance, which can adjust returns based on market conditions, thereby transferring some interest rate risk to customers [4][5] Group 4: Product Development and Customer Engagement - The insurance sector should develop more products that are less sensitive to interest rate changes, such as health and accident insurance, to stabilize liabilities [5] - Introducing products with flexible yield adjustment mechanisms, like variable annuities, can enhance attractiveness and meet consumer needs [5] - Improving customer service and communication is essential for increasing customer loyalty and reducing surrender risks associated with interest rate volatility [5][6] Group 5: Asset Management Strategies - Insurance companies need to reduce reliance on long-term fixed-income assets and explore alternative investments, such as infrastructure and private equity, which are less correlated with interest rates [6] - Focusing on high-dividend blue-chip stocks can provide stable returns and dividends in a fluctuating interest rate environment [6]

Core Viewpoint - The insurance industry is facing complex challenges due to the transition from a long-term low-interest environment to one characterized by high-frequency and significant interest rate fluctuations, necessitating a dynamic balance between assets and liabilities [1][3][4] Group 1: Interest Rate Environment - The recent trend shows a rebound in interest rates after a prolonged period of low rates, with the U.S. Federal Reserve raising the federal funds rate from 0-0.25% to a range of 5.25%-5.5% over 11 increases since 2022 [3][4] - Japan's 10-year government bond yield recently reached 1.97%, the highest level in approximately 18.5 years, indicating a significant shift in the global interest rate landscape [3][4] Group 2: Challenges for Insurance Companies - The dual fluctuations in interest rates present a greater challenge than the previous low-rate environment, as companies must adapt to potential short-term shifts in interest trends [4][5] - High interest rates may lead consumers to prefer more flexible investment options, such as bank deposits and government bonds, which could pressure the sales of long-term insurance products with lower guaranteed rates [4][5] Group 3: Strategic Adjustments - Insurance companies need to adjust their operational logic strategically to align with the new interest rate dynamics, focusing on dynamic asset-liability management to reduce costs and enhance returns [5][6] - The promotion of participating insurance products is a response to the need for flexibility in managing interest rate risks, allowing for adjustments in dividend payouts based on investment performance [5][6] Group 4: Product Development and Customer Engagement - Companies are encouraged to diversify their product offerings to include more flexible products like universal life insurance and investment-linked insurance, which can adjust returns based on market conditions [6][7] - There is a call for insurance products to return to their core functions of compensation and protection, with an emphasis on developing products that are less sensitive to interest rate fluctuations, such as health and accident insurance [6][7] Group 5: Investment Strategy - Insurers should reduce reliance on long-term fixed-income assets and explore alternative investments, such as infrastructure and private equity, which are less correlated with interest rates and can provide stable cash flows [7] - Focusing on high-dividend blue-chip stocks is recommended as they tend to perform more steadily in fluctuating interest rate environments, providing consistent dividend income [7]

可以说，在国际利率环境从长期低息转向高频波动的背景下，人身险业正面临着比低利率时代更为复杂的挑战。如何适应利率双向、高频、大幅 波动的新常态，实现资产端与负债端的动态平衡，成为摆在所有保险公司面前的核心课题。 险企面临多重考验 近段时间，部分国家或地区开始出现利率触底反弹情况，让不少专业人士对该问题开始高度关注。 肖远企在香港亚洲保险论坛2025上的讲话提到，管理利率双向波动是保险公司应遵循的基本经营逻辑。他表示，2022年以前的近20年，多数国家 和地区长期处于低利率环境，一些经济体甚至出现零利率负利率。国际金融界普遍认为利率下行是一个长期趋势，因此，一些保险公司倾向于在 利率单边走向的风险管理逻辑下配置资产和负债。但2022年以来，美联储为应对日益上升的通货膨胀，在较短时间内大幅提高联邦基金利率，从 0%—0.25%经11次提高到5.25%—5.5%区间。其他全球主要经济体和一些发展中国家利率也保持在较高水平，波动较以前频繁且波幅增加。 12月8日，香港亚洲保险论坛2025的现场，金融监管总局副局长肖远企在发言时，向全行业抛出了一个关乎长远发展的核心命题："基于经济增长 与通货膨胀等综合因素权衡的利率水平 ...

第一部分 公司概况 公司法定名称：新华人寿保险股份有限公司 公司法定英文名称：NEW CHINA LIFE INSURANCE COMPANY LTD. 中文简称：新华保险 法定代表人：杨玉成 公司注册地：北京市延庆区湖南东路 16 号（中关村延庆园） 经营范围：人民币、外币的人身保险（包括各类人寿保险、健康保险、 意外伤害保险）；为境内外的 保险机构代理保险、检验、理赔；保险 咨询；依照有关法规从事资金运用。 经营区域：北京、天津、上海、重庆、黑龙江、吉林、辽宁、山东、 河北、河南、安徽、江苏、浙 江、湖北、湖南、江西、福建、广东、 广西、海南、云南、四川、贵州、宁夏、山西、陕西、甘肃、 青海、 内蒙古、新疆、大连、宁波、青岛、厦门、深圳。 全国统一客服电话：95567 联系方式：北京市朝阳区建国门外大街甲 12 号新华保险大厦 邮编：100022 第二部分 公司经营状况 新华保险成立于 1996 年 9 月，总部位于北京市，是全国性的大 型寿险企业、A+H 股上市公司，A 股证 券代码 601336，H 股证券代码 01336。 公司锚定"中国一流的以保险业务为核心的金融服务集团"发展 愿景，通过遍布全国 ...

Company Overview - CITIC Prudential Life Insurance Co., Ltd. was established in 2000, with a registered capital of 4.86 billion yuan as of December 31, 2024, and total assets exceeding 270 billion yuan [1] - The company focuses on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, and has made significant progress in product development, business growth, and risk management over the past two decades [1][2] - As of now, CITIC Prudential has established 23 branches and over 200 sub-branches across 102 cities in China [1] Product and Service Offerings - The company offers a wide range of insurance products covering traditional insurance, critical illness, medical, accident, and wealth management, catering to the diverse needs of nearly 13 million customers [2] - As of the end of 2024, the total insured amount provided by the company exceeded 22 trillion yuan, with claims paid out amounting to nearly 16.7 billion yuan [2] Risk Management and Credit Rating - CITIC Prudential emphasizes integrating value orientation into its risk management processes and has improved its comprehensive risk management capabilities [2] - The company maintains an AAA credit rating from both China Chengxin International Credit Rating Co., Ltd. and United Ratings, with a stable outlook [2] Investment Strategies - The company has been actively exploring green investment paths, investing in environmental protection, new energy, and energy-saving projects, with a total investment in the real economy reaching 122.1 billion yuan and 21.473 billion yuan in green and sustainable investments as of December 2024 [3] Social Responsibility - CITIC Prudential has committed to social responsibility, donating over 45.4 million yuan to public welfare and sending 7,630 volunteers to support education, disaster relief, and health initiatives [4] Shareholder Information - CITIC Financial Holdings Co., Ltd., established in March 2022, is a comprehensive financial service enterprise under CITIC Group, focusing on capital management, risk management, and wealth management [5] Market Overview - In 2024, the Chinese economy showed a "high at the beginning, low in the middle, and rising at the end" trend, with GDP growth of 5% and nominal GDP growth of 4.23% [38] - The stock market saw significant fluctuations, with the Shanghai Composite Index rising by 12.67% and the Hang Seng Index by 17.67% [39] Bond Market Performance - The bond market experienced a downward trend in yields throughout 2024, with the 10-year government bond yield falling to 1.6752% by the end of the year [40] Investment Account Management - The company manages various investment accounts, including the Preferred All-Bond Investment Account, which seeks stable long-term returns while prioritizing asset safety [9] - The Growth Pioneer Investment Account focuses on equity investments, aiming for high long-term asset appreciation [14]