国信证券此前指出，险资“破局”关键或集中在权益类资产及长期股权投资等方向。随着资产端长端利率下行，叠加权益市场的持续波动，保险公司资产端显著承压。此外，优质非标资产的陆续到期为险资增厚投资收益带来一定压力。该行预计未来险企将进一步增持具有高分红、高资本增值潜力、高ROE属性上市企业，匹配保险行业资产端长期、稳定的需求。Mainland Insurance Companies fell broadly in the morning session. As of the time of writing, New China Life Insurance (01336) fell by 5.08%, trading at HK$22.4; China Pacific Insurance (02601) fell by 4.76%, trading at HK$24; China Life Insurance (02628) fell by 4.5%, trading at HK$14.02; PICC P&C (02328) fell by 3.59%, trading at HK$11.82.
According to the Zhitong Financial APP, Mainland Insurance Companies fell broadly in the morning session. As of the time of writing, New China Life Insurance (01336) fell by 5.08%, trading at HK$22.4; China Pacific Insurance (02601) fell by 4.76%, trading at HK$24; China Life Insurance (02628) fell by 4.5%, trading at HK$14.02; PICC P&C (02328) fell by 3.59%, trading at HK$11.82.
In the news, the interbank bond market of Bank Of China saw the 30-year government bond yield drop below 1.9%, setting a new record low, while the 10-year government bond fell to 1.65%, also a new record low. AVIC Securities pointed out that the current uncertainty in the Insurance Sector mainly stems from the pressure faced on the Assets side, and subsequent valuation recovery needs to be determined based on the performance of the Bonds market, the Equity market, and the Real Estate market.
Guosen previously pointed out that the key to breaking through for insurance funds may concentrate on equity assets and long-term Private Equity investments. As long-term rates on the Assets side decline, coupled with the ongoing volatility in the equity market, the assets side of insurance companies is significantly under pressure. Additionally, the maturity of high-quality non-standard assets putting pressure on increasing investment returns. The firm expects that in the future, insurance companies will further increase Shareholding in listed enterprises with high dividends, high capital appreciation potential, and high ROE attributes to match the insurance industry's long-term, stable demand on the Assets side.
