AXXX责任准备金证券化及其发展

AXXX Reserve Securitization and Its Market Development

随着传统的短期信用证融资方式的经济合理性日趋下降,AXXX责任准备金证券化凭借成本稳定、期限长和信用风险低等优势,成为寿险公司竞相追捧的责任准备金融资的新型解决方案。笔者首先阐述了AXXX责任准备金证券化的市场发展概况、推动因素和障碍因素;然后剖析了AXXX责任准备金证券化含二级担保万能寿险的概要介绍以及其责任准备金计算的方法和运作流程;接着以Genworth Financial首次发行的AXXX责任准备金浮动利率债券为典型案例进行了分析;最后将AXXX责任准备金证券化与XXX责任准备金证券化进行了比较研究,其中相同点在于目的、运行机制和再保险担保手段等方面,不同点则在于标的物、期限、准备金计算难度和主要风险等方面。AXXX责任准备金证券化的市场发展前景十分广阔,而我国目前几乎没有相关的文献,本文旨在开辟我国AXXX责任准备金证券化的研究。

With the decline of economic rationality of traditional short-term credit financing,AXXX reserve securitization,which has the advantage of stable costs,long duration,and low credit risk,became a popular way of reserve financing in life insurance companies. This paper first describes the market development,promoting factors,and obstacles of AXXX reserve securitization; second,analyzes the calculation of reserve and operation process of universal life insurance with secondary guarantees; third,conducts a case study into the AXXX reserve floating rate bond issued by Genworth Financial; finally,makes comparison between AXXX reserve securitization and XXX reserve securitization,in which the similarities are in purposes,operating mechanisms,and reinsurance methods,while the differences are in underlying assets,duration,calculation of reserve,and primary risks. The market prospect of AXXX reserve securitization is very broad,but China has no current related literature. This paper aims at opening up AXXX reserve securitization research in China.