保险资产负债管理新规解读及AI赋能险企资负匹配

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].