西方险企投资在金融危机中的整体表现及原因探析

保险资金投资组合整体上受本轮危机冲击不大,其中美国寿险公司通用账户的整体表现最好。其原因有:险资对次贷关联资产风险暴露十分有限且各类安全性指标出淤泥而不染;对受牵连的高风险资产,险资配置股权比例也低且私募股权账面值不受股指下跌拖累;债券方面,风险溢价上升与基准利率下调产生抵消作用,国企债在很多险资企业债中占上风。主要启示包括:险资资产配置要与波动性承受能力相适应,尤其主力资产要坚守传统安全资产、系统重要性资产。

The overall investment performance of Western insurance companies and an analysis of the reasons

Insurers′ investment portfolio generally weathered the financial turmoil well,in particular,the general accounts of U.S.life insurers proved to perform the best.Possible reasons include insurers′ generally limited direct exposure to subprime debt-related assets and superior safety margins of various natures,limited allocation to high risk assets and equity classes and book value of private equity investment not dragged down by the stock market,and in terms of bond investment,the rising risk premiums cancelled out the effects of decreased benchmark rates and state-owned enterprise debts being main holdings of insurers among various corporate bonds.What we can learn is to allocate insurance funds based on its tolerance of volatility,with the focus on traditional safe investments and systemically important assets.