Reinforcement assets in an exclusive interview: Based on the main business of re -insurance, the main business is looking for low -cost liabilities sources and cost -effective allocation opportunities

21st Century Business Herald reporter Li Zhihong Zheng Jiayi Sun Shihui Beijing report

Insurance funds have the advantages of long term, large volume, and stable funding sources. By the end of June 2022, the balance of insurance funds was nearly 25 trillion yuan, which is gradually becoming an important institutional forces that promote the development of the capital market and maintain the stability of the capital market.

Reinsurance, as "insurance insurance", is both a special form of insurance and the attributes of insurance funds. At the same time, based on the basic attributes of the business itself, it has distinctive characteristics in terms of funding sources, capital costs and risk preferences.

A few days ago, Li Wei, vice chairman, party committee secretary and general manager of China Zai Asset Management Co., Ltd., said in an exclusive interview with the 21st Century Business Herald reporter that in the face of new situations, new changes and new requirements, the insurance industry is experiencing rapid years from many years The development of development has entered a stage of in -depth adjustment; the re -insurance industry has undergone profound changes, and is changing from insurance underwriters to the insurance industry and the real economy. It is transformed to risk management product services and support for innovation leaders.

Li Wei said that from the perspective of long -term perspective, in the process of upgrading and innovation development in China, there is a continuous innovation ecosystem. Long -term attention.

At the asset side, China Reinforcement will continue to adhere to the "two -wheel drive and two -way force" of the investment side and the product side, focusing on key areas, key areas, key industries, and key enterprises. Provide diversified investment tools and business products such as supplies and water conservancy infrastructure, and strive to promote the improvement of the effectiveness of the real economy.

Li Wei emphasized that re -insurance has multiple functions of investment and financing, risk management and social management, which can better empower the development of the industry. China Reinforcement will further collaborate with China and re -bizarre advantages to explore Establish a new format for serving the real economy with the characteristics of reinsurance asset management companies, expand the service area, and provide diversified capital channels for major strategies, self -reliance of science and technology, modernization of industrial chain supply chain, and green low -carbon development.

Create a stable and sustainable income for the main business of insurance

"21st Century": What are the uniqueness of re -insurance?

Li Wei: The characteristics and characteristics of different funds have formed differentiated business models and investment styles. The unique debt characteristics of the "reinsurance" put forward higher requirements for the investment capacity of China -Reinusted assets, and also accumulated a unique ability advantage.

Reinsurance, as a channel for insurance institutions to resolve risks in a larger scale, must be able to slowly release huge risks to impact the insurance industry and become a "stabilizer" to ensure the development of the real economy.

The "three -stage superposition" of the macroeconomic cycle, the insurance industry cycle and the financial market cycle, international rating and domestic "second -generation" regulatory policies such as "two constraints", have put forward higher requirements for reinsurance funds investment management and risk control.

Looking back on the process of re -asset investment management, I also spent high "tuition fees" accumulated lessons in the early years, but also deepened the company's understanding of the macro cycle and the capital market, especially the grasp of the laws of reinsurance liabilities.

Compared with direct insurance, re -insurance funds are used as "second -hand funds", with relatively high costs, diverse capital structures, and more obvious cyclical characteristics. Compared with mature insurance institutions abroad, domestic institutions generally depend on investment income as the main source of profit. How to cross the cycle and create a stable and sustainable income for the main business of reinsurance is the core task faced by re -assets in recent years.

"21st Century": What are the explorations of China -Reinusted assets in investment?

Li Wei: After nearly ten years of exploration and development, the company has gradually established and improved a complete set of investment systems from personnel teams, management systems (including investment, risk control, compliance, law, accounting, valuation, etc.) to the construction of information system construction It has formed a close multi -dimensional coordinated mechanism from research to investment, from level to second, from equity to solid income, and operates smooth business processes and professional and efficient decision -making systems.

After continuous accumulation and iteration, a closed -loop management model of asset allocation, strategy management, variety investment and risk management control was gradually formed. In terms of asset allocation, we adhere to the long -term value investment thinking of cross -cycle, and dynamically manage the dynamic management thinking of cross -assets and multi -strategies, rationally carry out dynamic adjustment and re -balance of asset allocation, and continuously increase the benefits of Beta's benefits of asset allocation.

Among them, fixed income investment always adheres to the combination of long -term and short cycles, and continues to play the role of "cockpit stones" through steady allocation; public rights investment adhere to the concept of value investment, flexibly seize structural opportunities, and effective strategy implementation; other investment adheres to the middle of the country. No matter how the "Fund+Direct Investment" investment strategy, IRR exceeds 20%, and the market influence remains active.

During the "Thirteenth Five -Year Plan" period, the return rate of China Reinstation Trustment funds was 5.42%, and the comprehensive yield rate was 5.70%. It surpassed the average level of the industry for the year, and contributed a stable investment income cash flow to the main insurance industry of the group. In the first half of 2022, the major assets of major categories of assets won the market benchmark index.

Find the opportunity for low -cost liability sources and cost -effective allocation

"21st Century": What are the layouts of China -Zai Assets in internationalization?

Li Wei: The re -insurance business has natural international attributes. China -Zai Group's overseas institutions have expanded to 11 countries and regions, and international business premium income is nearly 20%. In the process of participating in service reinsurance business, China Reinstallation has also become the earliest insurance asset management institution in the industry to participate in QDII investment, the industry's first overseas alternative investment, and the first batch of Hong Kong stocks. Priority advantage and continuous growth opportunities.

In order to better use the "two markets and two resources" coordinated advantages, continuously expand the boundaries of asset allocation, and China Reinforcement (Hong Kong) was established in 2015. In April 2019, Zhongjie Group successfully achieved 100%equity acquisition of British Bridge. China Zai Assets (Hong Kong) began to steadily undertake the trustee management of the US dollar assets of the Laoshe Bridge Group, marking the in -depth integration of Zhongjie Group's wholly -owned acquisition of Bridge Society from insurance business to asset management. The full coverage of the main overseas institutions of the Group.

After seven years of development, China -Reinforcement (Hong Kong) has initially possessed the investment management capabilities of "multi -assets, multi -market, multi -currency, and multi -account". To the five major areas of fixed income, long -term equity investment, secondary equity, alternative investment and derivatives, the management scale is nearly 60 billion Hong Kong dollars, accounting for nearly 20%of the group's asset management scale.

"21st Century": What experience has accumulated from it?

Li Wei: From the perspective of investment management experience in overseas insurance companies, actively expanding the direction of international allocation in the process of interest rate center trend is a very good means to disperse risks and increase income. China Reinforcement will use the advantages of dual -platform insurance and asset management dual platforms and asset management, through cross -market linkage, seize the opportunities for macro cycles and market stages, find the opportunity for low -cost liabilities and high cost -effective allocation, and provide strong support for the Group's development strategy Essence

Third -party business from scratch, from small to large

"21st Century": What are the new development plans for China -Reinstation assets?

Li Wei: The "Fourteenth Five -Year Plan" further clarified the investment capacity and management experience formed in the process of service reinsurance business, and transformed into wealth management capabilities and product creation capabilities; ability.

Since the second half of 2021, China Reinstal Assets Promote the layout of the product line of the combination of ballands, optimize the company's asset strategies and multi -asset strategies with company advantages and characteristics, improve the traditional solid income and equity strategies. , FOF and other special products, the product supply system is becoming increasingly complete.

For example, after the establishment of Rongtong Property & Casualty, the client group, including fund trustees and major bank financial management subsidiaries, chose the customer base to expand rapidly.

By the first half of 2022, the third -party business of China -Reinusted assets exceeded the size from scratch, from small to large, and the scale exceeded 100 billion yuan, accounting for 20%of the group's asset management balance, and the scale growth rate ranked 3rd in the same industry institution.

"21st Century": How to view the changes and development of the wealth management market?

Li Wei: It should be seen that the wealth management market is undergoing profound changes. New layout, new concepts, new tracks, and new battlefields have emerged endlessly. Assets, product side, channel side, server -side, and operating end multi -format coexist.

Wealth management demand and pension have emerged in the field of pensions, and huge growth potential has emerged. Head insurance groups and some foreign insurance companies have formed their own characteristic business models around these needs. The investment income goals, risk preferences and allocation structures of such funds have strong similar attributes with insurance funds and reinsurance funds. Value -preserving is the basis and is compared to "long -distance running".

In the future, China -Reinusted assets will be based on the "stable" style, the ability to "enter", and meet the personalized and diversified investment needs of investors with different levels and different needs, and realize the value preservation and appreciation of funds.

In the target of comprehensive financial groups at home and abroad, excellent asset management business can not only improve the overall valuation of the group, but also have a more stable level of valuation, which can contribute stable value growth to the group company. China Reinforcement will accelerate the professional layout of the "two -wheel drive and coordinated development" of service group system funds and third -party asset management to enhance the overall value of the group and the high -quality development of the service group.

(Manuscript coordination: Ma Chunyuan)

- END -