中国人寿保险股份有限公司投资优化管理研究 

摘要

保险资金投资是保险公司得以生存和发展的主要支柱，投资得好，保险公司的偿付能力就高，企业经营的稳定性就高。中国人寿保险股份有限公司（以下简称：中国人寿）是我国最大的商业保险集团，也是中国资本市场最大的机构投资者之一，研究其投资问题对公司的发展具有重大的现实意义。2011年，中国人寿总保费收入达到3182.76亿元，占境内寿险业务市场份额为34.75%，总资产达到1.96万亿元，总投资收益率为3.51%。随着保险资金进入资本市场越来越广泛和深入，增加了利润增长点的同时，也扩大了经营风险。本文首先介绍了保险资金的主要投资方式，银行存款、债券、基金和股票，还有其它新兴的投资方式，如不动产投资和境外投资等；其次，从中国人寿2008年到2011年年度报告中分析中国人寿的投资规模、结构和收益状况；再次，指出中国人寿投资中存在的问题，如投资收益率低、投资结构不合理、资产负债期限匹配程度不高、新的投资方式尚未充分发挥作用等，并针对这些问题进行了原因分析；最后，结合我国投资环境和中国人寿现状，总结并提出了主要优化策略。

关键字：中国人寿 投资方式 投资收益 匹配管理 

 

Study on the Optimal Investment Management of China Life Insurance Company Limited   

Abstract

The investment of insurance funds is the main pillar of the insurance company's survival and development.If the investment were better,the solvency of the insurance companies would be higher,and higher the stability of insurance business.China Life Insurance Company Limited (hereinafter referred to as:China Life) is the largest commercial insurance group and is one of the largest institutional investors in capital market in China.In 2011,the total premium income reached 318276000000 yuan,market share of domestic life insurance business for 34.75%,the total assets reached 1.96 trillion yuan,and the total investment returned rate of 3.51%.With the development of the insurance funds to enter the capital market more and more deeply and widely,it not only increases profit point of growth,but also expands the business risk.This paper first introduces the main investment modes of insurance funds,bank deposits,bonds,funds and stocks,and other emerging investment mode,such as real property investment and overseas investment;secondly,from the China Life from 2008 to 2011 Annual Report of China Life insurance investment scale,structure and profit situation;thirdly,pointed out existing problems in Chinese Life insurance investmen,such as the rate of investment income is low,investment structure is irrational,the duration of assets and liabilities matching degree is not high, new investment has not yet fully played its role,and analyses the reasons for these problems;finally,combined with China's investment environment and the status of China Life insurance,it summarizes and puts forward the main optimization strategies.

Key words: China Life Investment mode Investment profit Matching management

目录

前言…………………………………………………………………………………1

一、保险资金的投资方式…………………………………………………………1

（一）银行存款…………………………………………………………………1

（二）债券投资…………………………………………………………………1

（三）基金投资…………………………………………………………………2

（四）股票投资…………………………………………………………………2

（五）其它方式…………………………………………………………………3

二、中国人寿投资现状……………………………………………………………3

（一）资金管理…………………………………………………………………3

（二）投资规模…………………………………………………………………3

（三）投资结构…………………………………………………………………4

（四）收益状况…………………………………………………………………5

三、中国人寿投资存在的问题……………………………………………………5

（一）投资收益率偏低…………………………………………………………5

（二）投资结构欠合理…………………………………………………………6

（三）资产负债期限匹配程度不高……………………………………………6

（四）新的投资方式尚未发挥作用……………………………………………7

（五）缺乏专业化的投资人才…………………………………………………7

四、中国人寿投资存在问题的原因分析…………………………………………7

（一）资产负债管理理念与技术比较落后……………………………………7

（二）金融市场产品种类与期限结构不太合理………………………………8

（三）利率调整频率和幅度加大，投资收益不稳定…………………………8

（四）缺乏完善的资产负债匹配风险监管机制………………………………9

五、中国人寿投资优化策略………………………………………………………9

（一）完善国内投资环境………………………………………………………10

（二）加大基础建设项目的投资，增加中长期投资比例……………………10

（三）加强资产负债匹配管理…………………………………………………10

（四）合理利用新的投资渠道，提高收益率…………………………………11

（五）培养和吸引专业化投资人才……………………………………………11

结束语 ……………………………………………………………………………12

  参考文献…………………………………………………………………………13

致谢………………………………………………………………………………14