论寿险组合管理中的适度权益资产配置

寿险负债特性决定了寿险公司资产负债匹配管理、固定收益类资产为主的资产配置特征。但根据权益类资产的风险收益特性，适度权益资产配置可以显著改善寿险组合的收益状况。在我国现实经济条件下，寿险资金的中长期适度权益资产配置比例大致在4．4％～13．8％之间。寿险产品结构、风险承受能力和风险承受意愿、业绩评价文化等是影响寿险公司的中长期权益资产配置比例的重要因素。

The characteristics of life insurance liability determine that life insurer＇s asset allocation is dominated by fixed-income securities with a consideration of asset liability matching management. However, due to the risk-return feature of equity assets, proper equity allocation can significantly improve yield of the whole portfolio. In today＇s economic environment in China, medium to long term equity allocation falls in the range of 4.4% to 13.8% in total life insurance funds. Life insurers＇ product structure, risk tolerance level and risk-taking willingness and performance appraisal culture and so forth are important factors impacting the percentage of medium to long term equity assets held by life insurance companies.