| With the deepening of the reform of the insurance market,Chinese insurance industry has entered a fast track of development.During the past three years,the insurance funds has increased with the annual growth rate of two digits.Due to the increasing competition of the insurance underwriting side,improving the level of investment income has become an important goal of insurance companies.This paper mainly focuses on the life insurance funds,because of its distinctive characteristics,such as long-term and high interest rate sensitivity,and the amount of the life insurance funds account for more than 60% of all insurance funds,so study on the investment of life insurance funds is of great significance.This paper reviews the regulatory policy related to the use of insurance funds,which is more and more relax,and finds that Chinese life insurance funds investment portfolio has the following trends: bank deposits and bonds,these two fixed income assets are having a decreasing proportion,and the proportion of stocks and funds,these traditional equity assets,is fluctuating significantly with the stock market.However,the proportion of alternative investment,such as infrastructure debt planning,real estate and private equity funds,is increasing rapidly,even in 2016 it has become the largest investment channel of Chinese life insurance funds.This paper studies problems of Chinese life insurance funds in the investment environment of current financial market,mainly including: asset liability maturity mismatch,the rate of return on investment to be lacking in stability,facing greater interest rate risk.Then analyses the experience of life insurance fund investment in mature market countries.This paper uses the Markowitz’s mean-variance model,dividing life insurance funds’ investment assets into bank deposits as the representative of the risk-free assets and bonds,stocks,funds,real estate and infrastructure debt planning as the representative of risk assets,then calculates the optimization investment portfolio of life insurance funds,and contrasts the empirical results with actual portfolio of the four big life insurance companies to put forward suggestions to optimize the allocation of insurance funds.In the end,this paper researches on infrastructure investment plan,mezzanine funds and overseas allocation,three popular alternative investment channels in China.In the market environment of low interest rates and profitable asset shortage,alternative investment channels can be a suitable choice for life insurance funds to improve the investment efficiency. |
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