低利率蔓延,寿险机构探求“微笑曲线”

The“Smile Curve”of Life Insurance in a Low Interest Rate Environment

近些年来受制于全球经济整体增长乏力等因素影响,国内经济增速有所放缓,市场利率逐步下行。本文认为,利率长期下行是经济周期、金融周期、人口周期、技术周期在金融市场的表现,对寿险公司形成现金流风险、利差损风险甚至颠覆现有经营模式,危及公司经营稳定。研究国外寿险业应对利率下行风险的经验发现,各公司多采取加强资产负债匹配、加快产品服务升级、构建多元盈利模式、推动战略转型等方式应对挑战。国内寿险机构应转变发展理念,构建更加均衡的利源分析模式;加快产品升级,打造“保障产品服务化、理财产品养老金化”的微笑曲线;加强产销适配,构建低成本、广覆盖、高效率的轻型销售渠道;加强资产负债管理,围绕期限、收益、风险构建更为完善的资产负债管理体系。

In recent years,due to the overall sluggish growth of the global economy and the accelerated aging of China's population,the domestic economic growth rate has slowed and market interest rates have gradually declined.This paper argues that the long-term downward movement of interest rates is a manifestation of the economic cycle,the financial cycle,the demographic cycle,and the technological cycle in the financial market.This creates cash flow risk,carry-loss risk and even subverts the existing business model of life insurance companies,jeopardizing their stability.An examination of the response to interest rate declines by life insurance companies in foreign markets shows that the measures include the adoption of strengthened asset-liability matching,accelerated product and service upgrading,the construction of diversified profit models,and the promotion of a strategic transformation to cope with risk challenges.Accordingly,domestic life insurance institutions should change their development concepts and build a more balanced profitability analysis model.They also need to accelerate product upgrading to create a''smile curve''of service-oriented protection products and pension-oriented wealth management products.Additionally,they need to strengthen the matching of products and sales,and build a lightweight sales channel that is efficient,provides wide coverage and is low cost.