Buying 1 billion shares can save 120 million capital?The ability to pay for insurance companies is tightening, and how to see how small and medium -sized insurance companies are "carefully calculated"

For an insurance company, if you invest 1 billion yuan in stocks, you must consider whether there is sufficient capital to prevent market risks. So, what is the minimum capital? The answer may be 400 million yuan or 280 million yuan. The key depends on how to invest.

This requires that the person in charge of the insurance company not only considers what investment, but also think about how much capital consumes each investment. After investing, is it enough for capital? How to save capital on this basis?

As the main body of operating risks, insurance companies need to have "capital" to carry out business and ensure sufficient solvency. Corresponding regulatory rules -the second -generation second -generation rules have been implemented for 9 months. This set of rules that emphasize the authenticity of capital and penetrate supervision have been more emphasized. The capital management of the insurance industry has become more refined. A clear change.

The Chinese reporter in China learned that small and medium -sized insurance companies have taken care of capital saving capital, and there are also business in the market that helps insurance companies' festivals.

Investing in 100 billion stocks, saving 120 million?

The second -generation system determines the capital requirements of insurance companies with risks, quantify the risk of insurance companies, and requires insurance companies to have sufficient capital. An insurance company needs to consider the relevant risks and calculate the minimum capital. In other words, the insurance company requires capital to make capital to prevent risks from making a policy and an investment.

The second -generation second -generation and second -generation rules that have been implemented this year emphasize the authenticity and penetration supervision of capital. This also allows insurance companies, especially small and medium -sized insurance companies with tight capital, to pay more and more attention to the fine management of capital. Capital occupation must be more carefully calculated.

As for how the insurance companies refine the capital, some people in the industry introduced to the Chinese reporters of the brokerage firms. In terms of stock investment, the lowest capital risk is the product risk exposure and risk factor. Risk exposure can be understood as the market value of investment projects. Risk factor is determined by basic factor and regulatory K factor. The higher the basic factor and K factor, the more corresponding minimum capital.

According to the second -generation and second -generation rules, if the stock investment of the insurance company is carried out through the model of a securities dealer or fund special account, then the investment needs to penetrate the measurement. The corresponding capital factors are the stock factors of the stock Creative boards and GEM stocks are 0.45, while the CSI 300 Index ingredients have a certain preferential treatment. The set K factor is -0.05, that is, the investment of 300 stocks in the Shanghai and Shenzhen 300 stocks can allow its minimum capital to measure at a ratio of 95%.

If the above -mentioned stock investment is carried out through insurance asset management products and hiring funds as an investment advisory model, it can achieve the effect of saving capital. The reason is that insurance asset management products can exempt penetration, and the factors of insurance asset management products are lower -the basic factor of the hybrid product is 0.23, and the equity product factors are 0.28.

How much will this play in reality? If an insurance company invests 1 billion yuan in stocks and adopts a one -to -one special account model, under the factors of 0.4, the corresponding minimum capital is 400 million yuan. And if the investment advisory model of insurance asset management products is based on the basic factors of 0.28, the corresponding minimum capital is 280 million yuan. The two models compare each other, with the minimum capital difference of 120 million yuan.

Chinese reporters from brokers learned that after seeing such differences, small and medium -sized insurance companies with tight paid capacity have put forward demand and seek capital conservation solutions in the market.

At present, the market has appeared in the market to help insurance companies save capital. "In the context of the implementation of the second -generation second -generation phase, some insurance asset management institutions recommend a new investment model to the insurance company, which can indeed be partially relieved of the pressure of life insurance companies." Said an insurance company. It is reported that there are currently highly market -oriented small and medium -sized insurance asset management companies and head insurance asset management companies, which have launched relevant solutions for this.

Some people from small and medium insurance companies admit that in the past, in terms of equity investment, they mainly cooperate with fund companies through one -to -one special account model. In fact The cost -effectiveness should also be added to the role of insurance asset management company. "Multi -contact and more partners may increase a certain financial cost. However, because you have the opportunity to save capital consumption, as long as you calculate the account, it will be cost -effective."

More than 20 insurance companies have tightened solvency

The insurance company has a fine calculation of capital occupation, which is not related to its solvency.

According to statistics from Chinese reporters from securities firms, among the insurance companies that announce the solvency report in the second quarter, insurance companies with no standards at the end of the second quarter or less than 70%of the core solvency and a comprehensive solvency of less than 150%have reached 26. At the same time, there are more than a dozen issues of insurance companies that have not disclosed their solvency reports.

Although the second -generation second -generation phase of the second -generation period has obviously stricter the capital supervision, it has given the insurance industry a certain transitional policy. Due to the new and old rules switching, the core solvency adequacy ratio or comprehensive solvency adequacy ratio decreases significantly, or the critical point of the regulatory action significance (such as the comprehensive solvency adequacy ratio drops to less than 150%, below 120%, or less than 100%. Insurance companies with core solvency adequacy ratios to less than 75%, less than 60%, or less than 50%) can reflect the relevant situation to the CBRC. The CBRC will determine the transition period based on the actual situation, allow relevant insurance companies to step step by step in some regulatory rules, and urge the company to formulate a transition period and strictly implement it. At the latest in 2025, it will be fully implemented in place since 2025. Essence According to relevant media, at least 6 insurance companies such as Bohai Property & Casualty Insurance, Dubang Property & Casualty Insurance, Chang'an Liability Insurance, Pacific Health Insurance, Hengqin Life, and Fosun United Health Insurance have disclosed their application for transitional policies. The comprehensive solvency adequacy ratio of the six companies at the end of the second quarter of 2022 was 120.74%, 138%, 122.05%, 294%, 171.68%, and 139.35%, respectively.

These insurance companies are sufficient, that is, there are reasons for the new rules after applying for a transitional policy.

Among them, one of the insurance companies admitted that "Although the new regulations for the second -generation second -generation and second -generation stages have a huge impact on the company, our company has successfully applied for the transitional policy, so that the minimum capital occupation has not improved significantly. While reducing capital consumption while operating goals, our company will explore and take corresponding measures on a single asset allocation, transaction opponent selection and transaction settlement timeliness arrangement. "

The person in charge of the relevant departments of the Banking Insurance Regulatory Commission said in early September to the reporter about the supervision measures of the next step of solvency, saying that it will support the investment assets formed by the support of insurance funds and implement the national strategic decision -making deployment. Capital requirements to enhance the ability of the insurance industry to serve the overall situation.

Responsible editor: Yang Yucheng

School pair: Yao Yuan

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