The analysis of the use of insurance funds and using for reference

The analysis of the use of insurance funds and using for reference
The United States!Zhang Yanyan Wu Ren strong the United States is the world's most important insurance market, the use of insurance funds has the very good reference significance to our country.The U.S. life insurance funds and non-life insurance because of different sources of funds, so to is not the same.The use of insurance funds to present the following characteristics: a wide range of use of insurance funds channel, high stability of insurance investment, multiple insurance funds management mode, to coordinate the insurance investment supervision mode.The use of insurance funds for our country to bring the following enlightenment: corresponds to a financial market environment and the supervision system, to realize matching assets and liabilities management, should pay attention to strengthen the strategic asset allocation, to give full play to the role of the asset management company.

"
Investment is the core of the insurance industry task, no investment is not
The insurance industry.No insurance investment, the insurance industry management is cannot continue, "Morgan Stanley is in (+ + 2 years. In recent years the international practice effectively verify the importance of the application of the capital to the development of the insurance industry, the effective use of insurance funds for the development of the industry contributed money to prepare fully, systematically analyzed
The use of insurance funds,
For the insurance industry in our country play a better financing function.
A profile, the use of insurance funds U.S. insurance consists of life and non-life insurance funds of funds, because of their different sources and so on also different.(a) life insurance fund use situation.Life insurance company's assets is the important source of investment capital to the economy.The last two decades, a steady rise in the life insurance company's assets, an average annual growth rate at a higher level.(+ $% / total assets -. The & $, total assets of (+ + % years (3 + % trillions of dollars, to - && % % in the United States life insurance company assets has amounted to $32 trillion, is (3) + $% years - times. Table (reflects && - year life insurance company is the distribution of financial assets. Comparison shows: life insurance company's stake in the company

Assets increasing year by year, from && - - - &&) has nearly doubled;Municipal bonds have increased significantly, five years growth)) 3 $. 4.In monetary fund, policy loan assets distribution changed little

In general, in recent years, the U.S. life insurance fund use to present the following trend:!"The U.S. life insurance funds into primarily in government and corporate bonds, stocks, mortgages and policy loans; #" the proportion of shares, government bonds, corporate bonds rising year by year, the fastest rising equity investments;$" mortgages and policy loans ratio decrease. (2) application of non-life insurance capital. In the United States of all the insurance business, the non-life insurance premium income accounted for a relatively large share of the world, reached the & $# % % & years "# #".At the same time is also a frequent natural disasters in the world the United States, from the perspective of the actual of insurance business in the us in recent years, the United States of life insurance premium income is not sufficient to pay the insurance compensation and relevant cost, from!To  years, only the # a years have insurance benefits. From the perspective of the statistical data of past years, the United States of life insurance to achieve a higher return on investment, effectively guarantee the solvency of non-life insurance company, to restore stable production, have made great contributions to the society guarantee the stable development of the economy.
Comparing the use of non-life insurance funds in the us in recent years, it is not hard to find:!"Non-life insurance capital source is different from the life insurance funds, on the specific financial investment tool to select the two also have obviously different; #" non-life insurance funds is the main to: government and corporate bonds, stocks, trade accounts receivable, cash and its equivalents.$" non-life insurance company, financial assets, cash and its equivalents ", "municipal" share are significantly higher than the weight in life insurance funds; & "in recent years, the non-life insurance companies in the" municipal bonds "and" company "gradually increase the proportion of investment, and tools in the credit markets," the U.S. government bonds "reduced year by year, corporate bonds and foreign bonds, the proportion of" commercial mortgage "little change.Second, the characteristics of the use of insurance funds in the United States
(a) channels of extensive use of insurance funds.Due to the capital market, highly effective use of insurance funds has a very wide range of channels in the United States.Mainly includes: government bonds, corporate bonds, stocks, mortgages, policy loans, trade accounts receivable, cash and its equivalents.Securities investment in the United States is a major part of the use of insurance funds, and insurance companies in the United States distribution of securities assets, the company owns the largest proportion of bonds and government bonds.(2) the insurance investment pursuit of high stability.Whether from the regulatory level, or from the point of insurance companies in the United States itself, "security" is always the first target of the use of insurance funds to pursue.When choosing foreign assets, for example, the insurance company of choice are dollar-denominated securities;If the investment securities denominated in foreign currencies, they will generally use derivatives (such as currency swaps) to control the exchange rate risk.In addition, in terms of the structure of investment, the use of insurance funds is given priority to with bonds, the bond investment is given priority to with high quality bonds.In the bond investment of life insurance company, high quality bonds accounted for nearly (* '. From the point of investment practice, the average return on investment of insurance funds to keep at a high level, net investment income also is basically

3) multiple insurance fund management model.A $# % % # years & insurance companies into the global * % % strong enterprise, it has more than # % $& home took the asset management mode.These insurance companies in the use of asset management companies "care" money, does not exclude the other funds management mode.Third party asset management, insurance market is widely used in the United States.Due to various reasons, more and more companies tend to outsource part or all of its assets to a third party asset management company to manage, to find a solution to the asset management expertise.If management model has a certain development trend of insurance funds, apparently from the "investment" mode and "insurance fund management company" mode to the entrusted management mode development.Even the same insurance company, it is not only to a single asset management mode, can be more mode coexist.Through such a diversified funds management mode coexist way into competition pressure.On the one hand, to promote marketization of enterprise internal management insurance funds;On the other hand also external fund managers formation pressure, forcing it to reduce fund management fees, customized solutions of capital operation, more actively improve the efficiency of capital operation, more benefit to policy-holder +!,.(4) coordination way of insurance investment supervision.American way for the regulation of insurance funds, insurance is and the United States in different periods of coordinated development.Compared with other developed countries in the world, America's insurance regulation is relatively unique, by the state rather than federal government is responsible for, the states have insurance supervision department, in charge of insurance regulation.The channels in the use of insurance funds and the proportion is relatively strict restrictions.Start from # % s to % s, the loss of a marked increase in the number of insurance company solvency, each year about!'insurance

Companies that make insurance regulators will gradually regulatory focus on the solvency.Over the past twenty years, America's insurance regulatory policy has from the rate, policy content, the use of insurance funds tighter restrictions and regulations gradually turned to the solvency regulation and management of insurance funds.Currently, the insurance association (! "# $) in information exchange, minimum solvency requirements, financial evaluation system, technical and legal aid, and in such aspects as interstate supervision coordination plays an increasingly important role.

Third, the use of insurance funds of our country the enlightenment from % & '(years since our country insurance business recovery, the use of insurance funds has experienced ignore investment stage, disorderly investment stage and marked with "insurance law" was promulgated specification stage gradually. In recent years, under the premise of the standard investment behavior, the state shall implement a insurance investment encouragement and further opening policy. Compare the changes and characteristics of the use of insurance funds, use of insurance funds of our country can gain the following enlightenment: (a) corresponds to a financial market environment and regulatory system. On the surface, a country's use of insurance funds is determined by the country's regulators, but on a deeper level, it reflects the whole insurance industry development intrinsic need, at the same time by the external economic environment, financial system structure and the influence of the area, such as a variety of financial development stage.

From the perspective of the structure of the financial system, financial system around the world can be divided into direct financing is given priority to the financial system, and the principle of indirect financing of the financial system.The financial structure is given priority to with direct financial in the United States, and in the capital market structure is given priority to with bond.Despite the use of insurance funds of the external market environment more mature, but the United States still implement multi-level investment supervision system, emphasizes the system supervision and regulation and individual.The American association of insurance supervision)!"# $* formulated a series of model legislation to control the risk assets, ensure the solvency of insurance company. In order to facilitate regulation,!"# $securities assessment also to credit ratings of corporate bonds, and detailed regulations to include debt securities, portfolio, equity investment, personal property, mortgages, real estate, foreign investment and life insurance company's policy loans, such as the quality and quantity of different forms of investment restrictions +, -.Corresponding to the financial market environment and regulation system, flexible investment of insurance funds in the United States, fund use channels widely, but still is the main funds into bonds.In recent years the global excess liquidity, China appears to be very loose financial market environment for the first time, it also create a lot of opportunities for the development of capital market.From the regulatory level, (() years. In the state council on the several opinions of the reform and development of the insurance industry was also created the conditions for this purpose, to allow insurance funds investment real estate and venture enterprises, joint-stock commercial Banks to encourage insurance funds, encouraging overseas investment of insurance, etc. Broaden the investment channels at the same time, focus on guard against counterparty risk, credit risk and market risk.

* 2 to achieve matching assets and liabilities management.Matching assets and liabilities management is always the core content of use of insurance funds, insurance funds is different from that is where the essence of other funds.Insurance companies in the United States generally in accordance with the repayment amount, time, and interest rate sensitivity, to refine the insurance products, determine the appropriate investment strategies and goals, formulate appropriate asset allocation and investment combination plan, implementation of assets and liabilities
Match the body.Insurance capital is risk averse, pursuit is not a high-risk high-yield, but long-term stability returns, is based on the returns on the assets and liabilities matching + / -.Assets and liabilities matching mainly includes structure matching and duration matching.

% 0 structure matching refers to the structure of the investment of insurance funds should match with its source structure.Specifically 1 source of insurance funds generally can be divided into their own capital, non-life insurance liability reserve funds and life insurance liability reserve funds such as three parts.Different sources of funds shall generally be made of different investment channels to match, form the corresponding investment structure., 0 matching refers to the duration of the investment of insurance funds should match the repayments with its source.It is not hard to see from the practice of the United States, the United States is has the characteristics of long term life insurance liability reserve funds by 1 therefore can be used to invest in long-term investment project 1 as 2 large agreement deposits, bonds, real estate mortgages and stable infrastructure investment, and so on.Rather than life insurance reserves usually has the characteristics of short-term 1 based on duration matching principle should choose liquid funds and corporate bonds, short-term deposits, short-term national debt investment project, etc.

3) should pay attention to strengthen the strategic asset allocation.So-called strategic assets, refers to the long-term investment, the second is to point to this class is very important for the country and the enterprise assets, resources, infrastructure, education and so on are strategic assets.Practice insurance investment from the United States, a large number of insurance assets directly or indirectly, in the construction of local roads, energy, infrastructure and schools.To strengthen the strategic asset allocation and can make use of the characteristics of the assets continue to rise, better response to the economic cycle and the interest rate cycle, at the same time bring good social benefits.The future quite a period of China's economy will maintain rapid development, industrialization and urbanization process is far from complete, huge demand for energy and commodities, will promote asset prices continue to rise.(4) to give full play to the role of the asset management company.Asset management companies have indirect effects on the growth of the insurance industry.Compared with other insurance companies, large insurance company's asset management outsourcing more is targeted at specific asset classes.Although the large insurance companies reluctant to outsource its asset management, but also should gradually began to use it.Nowadays domestic insurance asset management company has not been completely separated from the parent company, only the standardization of the internal management.If can fully realize their management mode, will be more can improve the utilization rate of capital, strengthen risk control.However, from the point of the practice of the United States, successful asset management requires a tailored for the customer strategy, the strategy should be considered a company's financial characteristics, the challenge and opportunity.Its goal is to construct a portfolio, facing in the insurance company established regulatory constraints and liabilities under the premise of providing the best risk benefit balance.