China News Service, Beijing, October 31 (Reporter Wang Enbo) China's insurance fund utilization balance has reached nearly 21 trillion yuan, and how to improve the management of insurance funds has attracted much attention.
Luo Yanjun, deputy director of the Fund Utilization Supervision Department of the China Banking and Insurance Regulatory Commission, said in Beijing on the 31st that it is necessary to change the concept of supervision, continue to streamline administration and delegate power, and give market entities more investment autonomy.
"Take charge of those that are in charge, and resolutely delegate power to those that shouldn't."
On the same day, the 2020 Insurance Asset Management Summit Forum co-sponsored by China Insurance Insurance Assets Registration and Trading System Co., Ltd. and Guanghua School of Management of Peking University was held in Beijing. Luo Yanjun said in a speech at the meeting.
She pointed out that after comparative analysis of the differences between insurance funds and public funds, bank wealth management, social security funds, and corporate annuities, it can be found that insurance funds are one of the funds with the longest term, lowest risk appetite, the most restrictive conditions, and the most difficult to manage.
For example, insurance companies are commercial institutions and quasi-public companies that are subject to strong financial supervision and capital constraints. They accept extensive social supervision in terms of investment performance and information disclosure. In particular, listed insurance companies have a stable financial status and continue to operate steadily. high expectation.
Social security funds are policy funds, and they face relatively less social and market pressures in terms of investment performance and information disclosure. It is easier to maintain the initiative of investment operations and practice long-term investment principles.
Regarding how to improve the quality and efficiency of insurance fund investment management and actively integrate into the new development pattern, Luo Yanjun said that it is necessary to deepen reform as the driving force to enhance the professional level of insurance fund management.
At present, the regulatory authorities have cancelled the pre-recording of the investment management capabilities of insurance institutions, cancelled the first approval of portfolio insurance asset management products, simplified the custody or entrusted fund reporting procedures of non-industry institutions, improved the registration efficiency of insurance asset management products, and effectively consolidated the responsibilities of insurance institutions.
She said that the next step is to improve corporate governance, increase the independence of insurance asset management companies, and establish long-term incentive and restraint mechanisms.
Guide the industry to improve its professional capabilities in asset allocation, strengthen macro-level research and research on large-scale asset markets, and improve cross-cycle and cross-market fixed income, equity and portfolio investment management capabilities.
Luo Yanjun also pointed out that insurance funds should give full play to the advantages of long-term funds to provide differentiated financing services for the real economy.
"The formation of long-term funds is the result of years of operation in the insurance industry, and it carries the trust and entrustment of policy holders."
She mentioned that it is necessary to guide the industry to base itself on its own characteristics, give full play to the advantages of compulsory savings, long-term accumulation, and stable income, consolidate and enhance the long-term product design and sales management capabilities that have been accumulated over the years, actively participate in the construction of the third pillar of pension insurance, and promote residents Spontaneously scattered pension savings funds are converted into long-term funds with sustainable growth and economies of scale.
At the same time, it is necessary to steadily increase long-term government bond investment, increase equity investment, and actively participate in the construction of new infrastructure, new urbanization, transportation and water conservancy and other major projects.
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