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our reporter suo hanxue reported from beijing

on september 27, 2024, at the state council’s regular policy briefing, luo yanjun, director of the personal insurance supervision department of the state administration of financial supervision, revealed: “we will expand the scope of insurance institutions to carry out long-term stock investment pilot projects by establishing private securities investment funds, and support other qualified insurance institutions will participate in the pilot and continue to increase investment in the capital market.”

at present, the long-term equity investment of insurance funds is 2.8 trillion yuan, and the investment in stocks and stock funds exceeds 3.3 trillion yuan.

in addition, with the approval of the state council, the state administration of financial supervision has promoted insurance institutions to carry out long-term stock investment pilot projects by setting up private securities investment funds. the pilot funds are currently operating well.

support major national strategies

insurance funds are relatively typical medium and long-term funds. in recent years, the state administration of financial supervision has continued to deepen the market-oriented reform of the use of insurance funds, enhance market vitality, and support insurance funds to take advantage of long term, large scale, and stable sources to provide diversified financing services for the real economy. by the end of august this year, the balance of insurance funds used was 31.8 trillion yuan, a year-on-year increase of 10.4%. the insurance industry provided financial support to the real economy through debt, equity and other means of 28.8 trillion yuan, a year-on-year increase of 12.2%.

at the above-mentioned briefing, luo yanjun told reporters present: "we require the industry's investment philosophy to remain prudent and steady, and actively carry out long-term investment and value investment."

she believes that insurance funds mainly come from various reserves formed from policy liabilities. "in recent years, we have established and improved interest rate transmission and liability cost adjustment mechanisms, urged insurance companies to strengthen asset-liability linkage, and continue to improve cross-market and cross-cycle investment management capabilities. by the end of august, insurance funds were allocated to bonds, bank deposits and other types of fixed income assets in the category exceed 21 trillion yuan, and equity assets such as stocks, securities investment funds, and unlisted corporate equities exceed 6 trillion yuan. the overall allocation of major asset classes is stable and balanced, and the overall risk is controllable.”

in addition, the state administration of financial supervision supports insurance funds to serve major national strategies, key areas and key projects through various methods.

the investment methods of insurance funds are relatively diverse, including bonds, stocks, securities investment funds, insurance asset management products, trust plans, unlisted corporate equity, public infrastructure securities investment funds, etc.

luo yanjun listed the contribution of insurance funds to major national strategic tasks: "in terms of serving major national strategies, the registered scale of insurance asset management products and insurance private equity funds supporting the development of the yangtze river economic belt exceeds 1.7 trillion yuan, and the registered scale of supporting the coordinated development of beijing-tianjin-hebei the scale is nearly 750 billion yuan, and the registered scale of products supporting the construction of the guangdong-hong kong-macao greater bay area exceeds 430 billion yuan; in terms of supporting technological innovation, insurance funds are provided to the public through listed company stocks, direct equity investment, venture capital funds, private equity funds, etc. technology companies have invested more than 600 billion yuan. in addition, insurance funds have continued to increase financing support for infrastructure projects such as water conservancy, water transportation, highways, and logistics, investing in highways, subway construction, cold chain logistics, air transportation and other fields. a number of typical projects have been formed.”

cultivate true patient capital

insurance funds will actively support the steady development of the capital market.

luo yanjun told reporters present: "insurance funds naturally have the attributes of patient capital."

in recent years, china has successively issued a series of regulatory policies, allowing insurance funds to invest in public infrastructure securities investment funds, canceling the industry scope of financial equity investment, canceling restrictions on the scale of investment in a single venture capital fund, and supporting insurance companies to play their role as value investors. and the role of institutional investors to help increase the proportion of direct financing.

up to now, long-term equity investment of insurance funds has reached 2.8 trillion yuan, and investment in stocks and stock funds has exceeded 3.3 trillion yuan.

luo yanjun said: "in the next step, we will continue to optimize the regulatory policies for the use of insurance funds, guide insurance companies to improve their internal long-cycle assessment mechanisms, increase investment in strategic emerging industries, advanced manufacturing, new infrastructure and other fields, and more serve the development of new productive forces well.”

on september 8, the state council issued the "several opinions on strengthening supervision, preventing risks and promoting high-quality development of the insurance industry" (hereinafter referred to as the "several opinions"), which clarified the guiding ideology, main principles and principles for promoting high-quality development of the insurance industry. development goals. the "several opinions" propose that by 2029, a high-quality development framework for the insurance industry will be initially formed with steadily expanding coverage, increasingly comprehensive protection, continuous improvement of services, stable and balanced asset allocation, sufficient solvency, and sound and effective governance and internal control. by 2035, a new landscape for the insurance industry will be basically formed with a complete market system, rich and diverse products and services, scientific and effective supervision, and strong international competitiveness.

(editor: hao cheng review: wu kezhong proofreader: yan jingning)