The China Banking Regulatory Commission supports the three major investment in insurance capital to maintain the healthy and stable development of the capital market

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On September 1st, a reporter from this reporter, on September 1, the official website of the Banking Insurance Regulatory Commission released the "The person in charge of the relevant departments of the China Banking Regulatory Commission on the solvency supervision and guidance of the insurance industry to serve the real economy and support the development of the capital market development. To. In December 2021, the CBRC issued the "Insurance Company's Capital Capacity Supervision Rules (II)" ("Rules II"), which was implemented since 2022. The person in charge of the relevant departments of the CBRC said that from the perspective of the implementation of the first half of this year, the Rules II improved the risk sensitivity and effectiveness of the regulatory indicators, and achieved positive results in guiding the insurance industry to serve the real economy and supporting the development of the capital market. Maintaining the healthy and stable development rules of the capital market II II has given preferential policies for insurance capital investment bank stocks, large -scale blue -chip stocks, and publicly raised infrastructure securities investment funds (public offering REITs) to support the insurance industry's participation in the capital market reform and maintain the healthy and stable development of the capital market. First, support insurance companies investing in blue chip stocks. Rules II's 300 major stocks invested by insurance companies allow its minimum capital to measure at a rate of 95%to support the smooth operation of the capital market. Under the support and guidance of policies, as of the end of the second quarter of this year, the insurance industry invested a total of about 790 billion yuan in Shanghai and Shenzhen, saving the minimum capital of 13.8 billion yuan, which has strongly supported the smooth operation of the capital market. Secondly, it supports insurance companies to invest in publicly raising infrastructure securities investment funds (public offerings REITs). Rules II has a public offering of REITs of insurance companies, allowing the minimum capital to measure at a ratio of 80%to support the reform and development of the capital market. As of the end of the second quarter of this year, the insurance industry invested a total of about 7 billion yuan of REITs, accounting for about 13%of the total scale of the public offerings, and is an important institutional investor. Third, support and encourage insurance companies to invest in bank stocks. Rules II has long -term equity investment in insurance companies' investment in the bank. If the dividend rate is met, it can exempt the impairment requirements and allow insurance companies to use its book value as a recognition value. This policy supports insurance companies' long -term holding shares of listed banks to maintain the healthy development of the capital market. The person in charge of the relevant department of the China Banking and Insurance Regulatory Commission of the Real Economy Economic and Effects said that the rules II is an important measure to implement the spirit of the Fifth National Financial Work Conference and prevent the decision -making deployment of major financial risks. The Construction of the Rules II was launched in September 2017 to "guide the return of the insurance industry to ensure the source of the origin, focus on the main business, enhance the service of the real economy, and effectively and effectively prevent the risk of insurance industry. The original solvency supervision rules have been comprehensively optimized and upgraded. In terms of guiding the insurance industry to serve the real economy, rules II provides a number of policy support for green bonds, technological innovation, export credit insurance, agricultural insurance and endowment insurance, etc., effectively promoting the ability of insurance industry to enhance the real economy, enhance the real economy of the service real economy Quality and efficacy. The first is to guide insurance companies to support technological innovation. Rules II allows professional technology insurance companies to measure the minimum insurance risk of insurance companies at a ratio of 90%to guide them to better serve the field of science and technology and implement the concept of innovation and development. This policy can greatly save the minimum capital of professional technology insurance companies and increase its solvency adequacy ratio. As of the end of the second quarter of this year, the move has supported insurance companies to provide more than 2.1 billion yuan in risk protection for the technology field. The second is to encourage the development of exclusive business endowment insurance business. The Rules II allows the minimum longevity risk of exclusive commercial pension insurance products to measure at a rate of 90%, which effectively supports the development of the third pillar pension insurance. As of the end of the second quarter of this year, the insurance industry's exclusive commercial pension insurance products achieved a premium of about 2.2 billion yuan, showing a rapid growth trend. The third is to support insurance companies to invest in green bonds. The Rules II allows insurance companies to invest in the minimum capital of green bonds to measure at a proportion of 90%to guide the insurance industry to implement the concept of green development and effectively enhance the enthusiasm of insurance companies to invest in green bonds. The fourth is to support the development of agricultural insurance business. Rules II allows insurance companies to measure the lowest capital risk of agricultural insurance business insurance at a ratio of 90%. As of the end of the second quarter of this year, the policy saved the minimum capital of the insurance industry about 2.7 billion yuan, which could support insurance companies to provide "three rural" more risk protection for approximately 420 billion yuan, and effectively implemented the decision -making deployment of "food security and energy security". Fifth, support the development of export credit insurance and overseas investment insurance. Rules II supports policy -long -term export credit insurance and overseas investment insurance, allowing its minimum insurance risk to measure at a ratio of 90%. Based on data at the end of the second quarter of this year, the policy can support insurance companies to provide risk protection for about 240 billion yuan for my country's exports and overseas investment, and effectively implement decision -making deployment of foreign trade. The above -mentioned person in charge stated that in the next step, the CBRC will continue to improve the standards of payment capacity, in -depth implementation of new development concepts, strengthen policy orientation, and continue to enhance the ability of insurance industry to serve the overall economic and social situation on the basis of scientific and effective prevention and control risks. Continue to support the development of commercial pension business. Based on the characteristics and development of commercial pension business, study and formulate preferential solvency policies, reduce the company's capital occupation, support the insurance industry to carry out commercial pension business, and promote the healthy development of the third pillar pension insurance.

For investment assets formed by insurance funding support and implementation of national strategic decision -making deployment, study its definition standards and preferential policies, reduce its minimum capital requirements, and enhance the overall situation of insurance industry services. 93 Shanghai and Shenzhen 300 -in 300 stocks' policy blessings will be more enthusiastic about the blessing of the policy blessing. ) "(Hereinafter referred to as" Rules II "), preferential policies were given to insurance capital investment bank stocks, large -scale blue -chip stocks, and public offer REITs, supporting the insurance industry to participate in the capital market reform, and maintaining the healthy and stable development of the capital market. As of the end of the second quarter of this year, 93 Shanghai and Shenzhen 300 stocks and 300 stocks were in dangerous capital, accounting for about 17.4%of its heavy stocks. Insurance capital also heavy positions have a heavy position, accounting for 40.5%of the total number of listed banks. Since the beginning of this year, many insurance asset management institutions have also densely deployed public offer REITs. 17 bank stocks rules II Ⅱ give different products to different products in insurance funds. In response, Chen Li, chief economist of Chuancai Securities and director of the Institute of Research, told a reporter from the Securities Daily that the rules II guided the key areas of insurance capital investment, on the one hand, is conducive to promoting the process of capital market reform and strengthening the insurance capital to the entity The role of economic promotion; on the other hand, it is conducive to giving play to the role of insurance capital as the role of A -share stones, and to restrain the fluctuations in the A -share market. Oriental Fortune Choice data shows that as of the end of June, 93 Shanghai and Shenzhen 300 stocks were heavy, accounting for about 17.4%of its total heavy stocks. Li Wenzhong, deputy director of the Insurance Department of the Capital University of Economics and Trade, told a reporter from the Securities Daily that insurance funds pay more attention to long -term stable investment income. The market price of 300 stocks in Shanghai and Shenzhen can truly reflect its value and is suitable for insurance capital investment. Oriental Fortune Choice data shows that as of the end of June this year, 17 bank stocks of insurance funds were heavy, accounting for 40.5%of the total number of listed banks. Among them, there are 4 insurance institutions of the top ten shareholders of the top ten circulation shareholders of Industrial Bank and Ping An Bank; the list of top ten shareholders of Pudong Development Bank, Industrial and Commercial Bank of China, and Bank of China each have three insurance institutions. Chen Li said that the overall performance of the bank sector is relatively good, and the overall valuation is low, and insurance capital may increase investment in bank stocks. In response to the investment value of bank stocks, Li Wenzhong believes that bank stocks have the characteristics of large equity and small stock price fluctuations, and have always been an important target for investment in insurance institutions. Actively deploying public offering REIT In addition to investing in blue -chip stocks and banking stocks, insurance companies invest in public offering REITs also received policy support, allowing minimum capital to measure at a ratio of 80%to support the capital market reform and development. Data show that as of the end of the second quarter of this year, the insurance industry invested a total of about 7 billion yuan of REITs, accounting for about 13%of the total scale of REITs. Zhu Peijun, chief investment officer of Taikang Asset Financial Products, told a reporter from the Securities Daily that at present, the regulatory agency divides the public offering REITs into an indispensable category and does not occupy the amount of equity, which fully reflects the attitude of encouraging insurance investment in public offer REITs. The public offering REITs fully meets the requirements of dangerous capital and stability, and is a high -quality configuration target. The relevant person in charge of the Kunlun Health Insurance Management Department told a reporter from the Securities Daily, "In the context of the rich basic assets in my country and the gradual scarcity of high -yield assets, public offer REITs, as high dividend and moderate risk income, will get the more more more than the more risk returns. Lai Yue is favored by insurance assets. "The relevant person in charge of Everbright Yongming Assets told the Securities Daily that the company's investment in the Chinese REITs market continued to break through. The person in charge of life assets told the "Securities Daily" reporter that the company actively participated in public offer REITS investment. In addition to participating with its own funds, it also created a variety of types of combined insurance asset management products. Subscribe and secondary market transactions and other methods. Chen Li believes that, as a long -term funding, insurance capital can improve the stability of the capital market and maintain the market liquidity reasonable and abundant. At the same time, as a market "vane", it can guide funds to tilt towards the national key areas, and promote the discovery of the capital market value and accelerate. Financial innovation and promoting important role in the construction of multi -level capital markets. Recommended reading

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