The Research On Asset Allocation Of Insurance Asset Management Company A

In recent decades,China's insurance asset management industry has made considerable progress.In the past ten years,the scale of insurance funds has increased at a compound annual growth rate of 30% per year,reaching 16.7 trillion yuan by 2018,and the balance of insurance funds application has ranged from 1.77 trillion yuan to 14.92 trillion yuan.Insurance funds play an important role in China's capital market,and their scale is second only to that of banks and trusts.As of 2018,there are 25 insurance asset management institutions that are operating and have been approved by the CBIRC.There are 15 insurance asset management institutions that are applying for,in addition,173 asset management centers or asset management departments.From the scale of insurance funds and the number of insurance asset management institutions,we can see that the voice and influence of insurance funds in China's financial market are constantly improving.Under this background,this paper takes Insurance Asset Management Company A as the research object,and carries on the analysis and research to its asset allocation business.The asset allocation business is the core business of the company,which is related to the rise and fall of the enterprise.Firstly,this paper analyses the historical background and the policies of the insurance asset management industry,the opportunities to the insurance asset management industry that the relevant laws and regulations brings to.Then it studies the basic principles and theories of asset allocation in insurance asset management.By comparing the asset allocation business of Insurance Asset Management Company A with the other excellent companies in the industry at home and abroad,to analyze the existing problems in the asset allocation business of the company and find out the reasons.From the allocation of standardized and non-standardized assets draw a conclusion on Asset allocation scheme.As for the allocation of standard assets,the classical Black-Litterman model of asset allocation is used to analyze and improve the asset allocation strategy of the Account A in Insurance Asset Management Company A's investment department.All the assets invested of the Account A are all standardized assets.As for the allocation strategy of non-standard assets,this paper focuses on alternative investment.With the liberalization of insurance fund utilization policy,alternative investment has become a very important part of asset allocation.Real estate investment and private equity investment in alternative investment are long-term assets,which effectively solve the maturity mismatch of asset-liability in asset allocation.The innovation of asset allocation scheme lies in the improvement of insurance standardized asset allocation strategy based on Black-Litterman model,which is a combination of modern portfolio theory and insurance asset allocation in China.At the same time,it has positive significance for the expansion of the application of Black-Litterman model.For the determination of the key parameter of Black-Litterman model,investor's viewpoint P.,the ARCH model of time series analysis is adopted.Linking the return rate of standardized assets with macroeconomic data and investor sentiment has a more accurate prediction effect.Finally,this paper hopes that through the in-depth analysis of the asset allocation business of Insurance Asset Management Company A,it can have some enlightenment for the whole insurance asset management industry,and the ultimate goal is to have a positive significance for the healthy and orderly development of China's financial industry.