Insurance companies invest customer premiums to fund future claims. Managing huge insurance funds requires prudent investment strategies. Recently, China’s insurance regulator issued new rules to broaden investable assets, enforce responsibilities, strengthen supervision, regulate single asset investments, and improve post-investment management. The goal is to optimize insurance funds allocation, improve capital market support and prevent risks. Specifically, more financial products like wealth management and asset management plans are now eligible for insurance investment, subject to look-through supervision. Insurance asset managers bear primary risk control responsibilities. Criteria are set for investing in single asset management plans. Post-investment management duties are made clear. With long-term liabilities, insurance companies need stable returns. The new rules allow more diversified allocation while controlling risks. This facilitates insurance funds in providing sustainable capital market financing.
扩大保险资金可投资金融产品范围有助优化资产配置
保险机构可投资的金融产品范围扩大到理财产品、单一资产管理计划等,更多元化满足保险资金配置需要。保险的负债长期稳定,需要稳定的长期收益来匹配,如果仅投资短期产品,到期再投不仅操作复杂,也难以确保收益稳定。扩大可投资品种后,保险资金可以根据不同需要选择适合的产品。如要追求长期稳定收入可以买持有至到期的长期债券,要追求部分增值可以买质量较好的信托计划或股权类资产,资金运用更灵活。这使保险资金的投资组合风险收益特征更优化,也为实体经济提供更多样化的中长期稳定资金。
保险资管公司承担投资主体责任是防控风险的关键
保险资管公司是保险资金投资的经办主体,也应承担资金投资的风险管理第一责任。资管公司需要对可投资品种进行全面调研和评估,制定详细的投资方案,而不仅仅依赖外部评级结果。投资后也要加强跟踪和管理, once bought and then ignore会导致无法及时应对资产质量变化和风险积聚。明确资管公司的主体责任有助推动其加强研究和风控能力,是保险投资健康稳定的重要举措。
强化投后管理很关键,要定期评估和及时应对投资风险
保险投资金融产品后,资管公司要持续跟踪投资进展,识别潜在问题和风险。例如定期查看债券发行人的财务报表,判断是否出现违约风险;查看资产支持产品的基础资产质量变化,查看股权投资标的公司盈利水平和业务稳定性等。一旦发现问题,要采取措施控制风险,比如调整持仓或提前处置。持续投后管理可以避免资产质量悄然变差但无人知晓。指定专人并建立完善制度非常必要。
规范投资单一资管产品,防控集中度风险
若保险公司投资单一资管产品金额过大,一旦该产品出现问题可能导致较大损失。这通知要求,投资单一资管产品前要审慎选择管理人并制定投资方案,投资后要定期核查资产流向和风险。防止进入问题或假资管计划。保险资金规模庞大,要通过分散投资降低集中风险。单一资管产品可投资比例不宜过高,更要避免全部投入一两个产品。
新规划引导保险资金投资服务实体经济
在防控风险的前提下,新规也鼓励保险资金通过直接投融资工具多投入实体经济。保险业负债长期稳定,具有长期投资优势,可通过股权投资、债券购买、银团贷款等方式解决优质企业的中长期融资需求。这比短期银行贷款成本更低,也更稳定。滚动发行的资产支持证券,可以使优质资产更好地撬动融资。保险资金通过改善投资结构和丰富金融工具,可以更好地发挥稳定的长期融资作用,促进实体经济高质量发展。
The new rules on insurance investment expand product scope, enforce risk responsibilities, regulate single assets, and require post-investment management. This allows more flexible asset allocation while controlling risks, facilitating insurance funds to better serve the real economy with stable long-term capital.