保险资产管理的理论与实践

Insurance Asset Management: Theory and Practice

保险资产管理的发展与保险业的转型、金融市场的深化和监管环境的变迁密不可分。负债的特殊性决定了保险监管政策的差异性和资产配置的独特性,形成了专门的保险资产管理理论体系。在现代保险业经营中,资产负债管理的重要性不断加深。通过对保险资产管理的理论与实践进行梳理,总结了可供借鉴的国际经验,指出投资风险已成为保险公司经营的最主要风险。此外,还要关注会计准则及偿付能力对保险资产管理的影响。最后,文章对主流投资方法和现代投资技术前沿作了评述,点明了保险资产管理的发展潮流。

Abstract:The development of insurance asset management is inseparable from the restructuring process of the insurance industry,the deepening of financial markets,and the evolution of the regulatory environment.The particularity of insurance liability leads to the differential features of the industry’s regulatory regime and unique characteristics of insurance asset allocation,which in consequence shapes a distinctive theoretical framework of insurance asset management.In the modern insurance industry,the importance of asset-liability management continues to increase.This paper starts by discussing the related theories and practices of insurance asset management,followed by a commentary on exemplary global experience.It then concludes that investment risk has become the most important risk in insurance business operation.Meanwhile,accounting standards as well as solvency capacity should also be stressed in insurance asset management.Finally,this paper reviews a series of mainstream investment methods and the frontline of modern investment technology,which shall points to the future trend of insurance asset management in China.