Research On Asset Liability Management Of Life Insurance Companies In My Country

With the improvement of residents' living standards and risk aversion awareness,the insurance market is developing rapidly,and the systematic importance of the insurance industry is more prominent.By the end of the first half of 2020,the total asset of insurance companies is 22.0 trillion yuan,including 2.4 trillion yuan for property insurance companies,18.6 trillion yuan for life insurance companies and 64.3 billion yuan for insurance asset management companies.With the rapid development of China's life insurance companies,the problems such as fierce competition in the insurance market,radical investment in some companies,weak capability of asset liability management,common mismatch,and constant accumulation of industry risks have become increasingly obvious.In order to make up for the short board of supervision,manage the market chaos and promote the healthy development of the industry,China's regulatory agencies continue to improve the asset liability management supervision system.In March 2018,the original CIRC issued the "insurance asset liability management supervision rules(No.1-5)",which is an important historical event in the history of China's insurance supervision.This paper studies the impact of this important change on the asset liability management of China's life insurance companies.It is of great theoretical and practical significance for both the insurance industry and the life insurance companies to understand the impact of the new asset liability supervision system and how life insurance companies carry out asset liability management.Through historical,comparative and country comparative analysis,this paper combs the evolution law of asset liability management supervision system of insurance industry in developed economies,compares and analyzes their asset liability management supervision system and their impacts on asset liability management,and focuses on the background,formulation ideas,main contents of "insurance asset liability management supervision rules(No.1-5)" and its impact on China's life insurance industry.Then,using the combination of theory and demonstration,qualitative and quantitative methods,under China's new asset liability management and supervision system,taking dividend insurance and universal insurance as examples,this paper establishes the asset liability linkage management model respectively,and proves the effectiveness of the model on the business decision-making of life insurance companies through numerical simulation,This paper empirically analyzes the transmission mechanism and path of the changes of key variables on the asset liability management of life insurance companies,and verifies the impact of the introduction of the new regulatory policy on the operating efficiency of life insurance companies.Finally,the paper puts forward suggestions on improving the asset liability management supervision system of life insurance industry and the asset liability management ability of life insurance companies.The main content of this article is consisted by the following seven parts:The first part is the introduction which mainly introduces the research background and significance of the paper,summarizes the research situation at home and abroad,expounds the research content,ideas and methods,and makes clear the main innovation of the paper.The severe situation of the capital market,the white hot horizontal competition,the business environment with increased uncertainty and the lessons of the failure of some enterprises remind that China's life insurance industry should pay more attention to asset liability management than ever before.The establishment and implementation of the new asset liability management supervision system with the core of "insurance asset liability management supervision rules(No.1-5)" is of great significance in the history of insurance supervision.However,there are few researches on the new asset liability management supervision system and its impact on the asset liability management of insurance industry and insurance companies.Under the new regulatory system,how to reduce the mismatch risk and realize the steady growth of enterprises by improving the management framework and technology and establishing a quantitative model is particularly worth studying.The second part is the theory of asset liability management of life insurance companies.In the first place,we compare and analyze the traditional and expanded asset liability management technology,the risk return asset allocation model represented by "mean variance" and BL and the asset allocation model considering only risk.And then we summarize the characteristics and applicable conditions of various management technologies and allocation models which lay a research foundation for the following paper.The third part is the basis of business research,namely Chapter 3 and Chapter 4.At present,the main developed economies still adopt the asset liability supervision system with solvency as the core.The third chapter compares and studies the most widely used and influential asset liability management supervision system with RBC and Euro II as the core in the world,and expounds its impact mechanism on the asset liability matching management of life insurance companies.Taking the insurance giants in the United States,Japan,France and Germany as the research object,this chapter analyzes the behavior choice of micro subjects,and finds that asset liability management is more important to life insurance companies,asset liability linkage management models are more and more adopted,and there are limitations in asset liability management supervision with solvency as the core.The fourth chapter expounds the necessity,design principle,index system and the relationship with China's solvency supervision system.Then it analyzes its impact mechanism on the asset liability management of China's life insurance companies,in order to provide research support for the construction of the asset liability management framework of life insurance companies under the new asset liability management supervision system.The fourth part is to construct the asset liability linkage management model of life insurance companies and conduct simulation analysis,including Chapter 5 and Chapter6.This paper selects dividend insurance and universal insurance,which are representative of life insurance companies and have great difficulty in asset liability management,as the research object,and constructs an asset liability management strategy based on the regulatory rules for insurance asset liability management(No.1-5).Combined with the research basis of the previous chapters,this part first introduces the principles of selecting the model,summarizes the main constraints such as solvency,investment scope,and then expounds in detail the setting ideas of various variables and parameters on the investment side and liability side.Finally,it constructs a model and carries out numerical simulation,analyzes the transmission path of key index changes on the company's business decision-making,and compares the impact on the company's business efficiency before and after the introduction of the policy,in order to provide strong support for the insurance company to carry out asset liability management reasonably and scientifically.At the same time,based on the simulation results,this paper puts forward some suggestions on the new deal,hoping to reduce the risk of asset liability mismatch in the industry and better promote the healthy,orderly and sustainable development of the life insurance industry.The fifth part is the seventh chapter,which summarizes the full text and puts forward some suggestions.