The monthly return rate of investment insurance continued to fall sharply, the timing mismatch, fear 安顺学院教务处

Investment linked insurance monthly yield dropped the maturity mismatch – buried bitter fear Sohu financing reporter Li Chao data show that, despite the 2015 overall risk even achieved absolute return of 21.90%, but the average income in January 2016 has declined, partial shares of class account performs significantly better than the partial debt accounts. Analysts believe that the second half of 2015, with investor risk aversion, fixed income type income relatively stable investment accounts even won the favor of the market, government policy support related stock movements for fixed income investment linked insurance products to provide a broader space for development. But it can not be ignored that some investment insurance products to match the deadline to maintain high returns, easy to lead to liquidity risk. The average earnings fell sharply in China recently issued securities investment linked insurance research report shows that in 2015 300, the Shanghai and Shenzhen SME board, the gem refers to the cumulative increase of 5.58%, 53.70%, 84.41%, 68.72%, 121.52%, the amplitude reached 177.26%. At the same time, 2015 investment insurance continued to achieve a total of 21.90% of absolute income. From the view of the distribution of performance, TPL – growth strategy (stock) yields more than 100%, 14 (accounting for 8%) account yields between 50%-100%, 60 (34%) account yields between 20%-50%, 98 (accounting for 55%) account yields between 0-20%, 5 (accounting for 3% failed to get a positive return account). Warburg Securities Research Report shows that in December 2015, the independent insurance continued to pay an additional 4 billion 649 million 732 thousand and 700 yuan. Among them, Sun Life Everbright new investment linked insurance premium account in the first place, for 2 billion 448 million 792 thousand and 300 yuan, China Life Insurance and Taikang Life followed; joint venture capital investment, even added the largest Citic-Prudential, ranked fifth. However, from the yield point of view, into 2016, investment insurance performance has shown "inflection point", a decline. In January 2016, investment linked insurance accounts monthly average yield of -10.72%; and from May 2015 to December 2015 period, the relevant investment account overall average returns were 8.71%, -5.85%, -6.67%, -5.66%, -0.33%, 6.35%, 2.49%, 2.14%. Specific account performance, in January into the Warburg securities statistics of 185 accounts, only 41 accounts to obtain positive returns. Some of the products keep the liquidity risk of the State Securities analyst Yao Jinqiong said the partial shares of such investment linked insurance accounts to follow the market trend, yield fluctuations, in 2015 the average yield of 33.64%. All kinds of partial shares of such investment linked insurance accounts are outperforming the Shanghai and Shenzhen 300 index, behind the small board and gem index index, stock investment linked insurance accounts to yield 39.04% won, mixed partial shares, flexible configuration in second and third, respectively, 30.37%, 30.65%, "stock index" the lowest is 16.36%. That time, partial debt class investment company.

投连险月度收益率陡降 期限错配恐埋苦果-搜狐理财   本报记者 李超  数据显示,尽管2015年投连险整体取得了21.90%的绝对收益,但2016年1月的平均收益却出现下降,偏股类账户表现显著优于偏债类账户。分析人士认为,2015年下半年起,随着投资者避险情绪升温,类固定收益型等收益较为稳定的投连账户获得市场青睐,扶持政 相关公司股票走势 策也为类固定收益型投连险产品提供更为广阔的发展空间。但不容忽视的是,一些投连险产品以期限错配来维持高收益,极易导致流动性风险。  平均收益大幅下滑  国金证券近期发布的投连险研究报告显示,2015年沪深300、中小板指、创业板指累计涨幅分别为5.58%、53.70%、84.41%,振幅分别达到68.72%、121.52%、177.26%。与此同时,2015年投连险整体取得了21.90%的绝对收益。  从业绩分布看,太平人寿-策略成长型(股票型)的收益率超过100%,14个(占比8%)账户收益率介于50%-100%,60 个(34%)账户收益率介于20%-50%,98个(占比55%)账户收益率介于0-20%,5个(占比3%)账户未能取得正收益。  华宝证券研究报告显示,2015年12月,投连险独立账户新增交费464973.27万元。其中,光大永明新增投连险账户保费居首位,为244879.23万元,国华人寿和泰康人寿紧随其后;合资险资中,投连新增规模最大的为信诚人寿,排名第五。  不过从收益率来看,进入2016年,投连险业绩却显现“拐点”,出现下降情况。2016年1月,投连险账户单月平均收益为-10.72%;而2015年5月至2015年12月期间,相关投资账户总体平均回报率分别为8.71%、-5.85%、-6.67%、-5.66%、-0.33%、6.35%、2.49%、2.14%。具体账户表现方面,1月纳入华宝证券统计的185个账户中,仅41个账户取得正收益。  部分产品存流动性风险  国金证券分析师姚晋琼表示,偏股类投连险账户跟随市场走势,收益率波动较大,2015年平均收益率为33.64%。各类偏股类投连险账户均跑赢沪深300指数,落后中小板指数和创业板指数,股票型投连险账户以39.04%的收益率拔得头筹,混合偏股型、灵活配置型位居第二和第三,分别为30.37%、30.65%,“股票-指数”型最低,为16.36%。彼时,偏债类投连险账户的每月收益均在-3%-4%区间徘徊,2015年平均收益为10.16%。其中,混合偏债型最高,为19.03%;债券型次之,为9.02%;受降息降准影响,货币型最低,为3.86%。  姚晋琼分析,从收益指标看,无论是短期(近一年)、中期(近两年),还是长期(近三年),各类投连险账户平均收益率均为正,偏股类账户表现显著优于偏债类账户,股票型账户平均收益始终最高,时间越长,优势越显著。股票型、混合偏股型、债券型账户在不同时间段的最低收益均有负收益出现。从风险指标来看,股票型、“股票-指数”型账户的风险指标小于中证500,但与沪深300比较接近,其它各类账户的风险指标均小于沪深300和中证500;混合偏债型账户的风险指标显著高于债券型和货币型。综合收益和风险来看,灵活配置型的风险调整后收益水平最高,“股票-指数”型的风险调整后收益水平最低。  华宝证券分析师李真认为,2016年1月激进型投连险指数收益率为-20.19%,沪深300指数收益率为-21.04%,截至1月31日,激进型投连险指数收于133.01点,调整后的可比沪深300指数收于55.17点。“2015年投连险新增保费出现了大幅上涨,主要得益于2015年上半年资本市场走强,吸引了一大批风险偏好资金。同时随着2015下半年投资者避险情绪升温,类固定收益型这类收益较为稳定的投连账户获得市场青睐。”  李真表示,在投资运作方面,类固定收益型投连险账户表现依然抢眼,很多投连险产品纷纷借助互联网平台拓宽销售渠道。中国保监会开放投连险非标的投资限制,使得投连险成为市场上唯一可以投资非标资产的低门槛理财产品,为类固定收益型投连险产品提供更为广阔的发展空间,保险公司走向公募产品管理之路越来越丰富。但同时,一些投连险产品以期限错配来维持高收益,很容易导致流动性风险。随着保监会对保险公司资产配置开展审慎监管,这类高现金价值的类固定收益账户可能受到一定程度的影响。相关的主题文章: