Claudia Wang domestic a19et liability management of insurance companies has just started

Claudia Wang: all life Chief Actuary mathematics professional reporter Zhao Xiaofei was born, later becoming an actuary; working abroad for a dozen years, starting from the initial assessment of product pricing and reserve, turn to asset-liability management and economic capital model; return over investment, wind control; return after joining hezhong actuarial, and later became responsible for group insurance. He is the all incumbent Chief Actuary Claudia Wang Shou, he inadvertently saying: "not quite the same as with others, I like to attend to the matter. "Recommended reading insurance weekly: Storm safe involvement haixin shares owned pipe investigation storm disaster danger-don't forget to vote Wade was the protection of health is expected within months of funds granted 1 billion insurance product specification for more selling short China insurance regulatory Commission to be more variable annuity insurance into a bear market life-saving straw tendencies on the other side of risk capital investment balance? Deciphering the trader password, grasp the main trends go Actuarial Mathematics: "the better the prospects of actuarial" winter 1977, closing 11 years of college-entrance examination and finally open again, this is the only time in the history of the Republic of college entrance examination in winter. 5.7 million candidates participated in the examination, Claudia Wang is one of this year, he was 15 years old. The next spring, he took admission notice of China University of science and technology, Jiangsu Yangzhou left home, to attend schools in Hefei, Anhui Province. "University degree I read is a mathematics major. "And father of Claudia Wang is Chinese teacher," during the cultural revolution, many liberal arts people suffer persecution, so father speak " see mathematical ". I was young, I also interested in mathematics, from the primary IV began to learn Mathematics, to junior high school when it began to learn high school and College math courses. "In 1982, Wang Qing graduated from the University, obtained Bachelor's degree in mathematics at the University of science and technology in China. After him to United States University of Wisconsin (UniversityofWisconsinatMadison), study for a masters and PhD in mathematics. After graduation in 1990, Claudia Wang entered United States Lincoln national corporate actuarial department, officially began its actuarial career. During 1995, Claudia Wang qualify as North American actuarial Association of Actuaries (FSA,FellowofSocietyofActuaries). Later, in order better to engage in investment and other related work, he has to pass the United States Association for CFA chartered financial analyst qualification. "Shifting from mathematics to actuarial and self-learning. Prospects may not be so good is that mathematics, actuarial is better. "Being an actuary, one of the main work is involved in product design. A product can bring much to insurance company profits, Claudia Wang describes: "die products profit from spreads, difference and difference, spreads were pricing assumptions of investment income and actual income, the difference is by far the main source of profit. "Asset-liability management:" China has only begun to "studying, working, in the United States Claudia Wang stayed there for 20 years, until the summer of 2002, leaving United States CNA insurance companies, joining Korea Samsung life. However says, engaged in a dozen years in the insurance industry in foreign countries, Claudia Wang did not up to actuarial in the traditional sense, but asset and liability management. From 1994 to 2002, worked for United States CNA insurance companies, serving as Vice President of asset-liability management Assistant post. "Asset-liability management is commonly referred to as a branch of risk management. Main job is to do some mathematical model, using the appropriate variables to analyze the size of the risk. In China, this has only just begun. "Introduction to Wang Qing, insurers often face major risks include asset-liability matching risk, investment risk, operational risk and insurance product itself run the risk of mortality, morbidity, and four more. Asset-liability matching risk on the company's overall financial situation of these most. Asset-liability matching risk, also include investment income rate risk and duration matching risk of assets and liabilities. The former refers to the pricing of insurance products assumption when differences in investment income rate and the actual rate of return on investments the latter refers to the period of insurance funds and insurance product matches the period of risk. "Pricing of insurance products at present assumed investment rate of return is about 4.5%, basic can achieve. Therefore, maximum duration risk is the risk of investment assets. "Introduction to Claudia Wang, currently 80% of insurance funds to invest in bonds, bond is generally 7-15-year period, very few long-term bonds and it's difficult to buy. And insurance period many life insurance products are far more than 15 years, and many are life insurance, guarantee period can be up to 100 years. History had proved that risk exists. The mid 90, under the background of inflation, market interest rates over 10%, some insurance companies take advantage of introduction of 6%~10% guaranteed rate of return of products. Since then, with lower market interest rates, investment yields guaranteed rate of return cannot be overwritten, forming a huge negative interest rate spread, the insurance company for this part of the high interest rate policy no small price to pay. November 2010, the China insurance regulatory Commission issued guidelines on the implementation of the life insurance company-wide risk management, companies are requested for the first time before late on October 1, 2013 to establish risk management committee. Among them, the asset-liability management chapter lists. However, "currently the risk management of insurance companies are still primarily focused on operational compliance risk control, asset liability management in China has just started, in the short term it is hard to be a breakthrough. "" On one hand, China's long-term bonds are less; on the other hand, at present the company it is difficult to establish their own mathematical models, historical data are not adequate, the parameters are also unstable. "" But in this regard in the future, most companies should do. "Claudia Wang suggested that regulators and actuarial associations to strengthen training in asset-liability management, personnel trained in relevant; learn foreign advanced experiences for reference; domestic companies also need to strengthen exchanges between. Group insurance: "has turned to profit-oriented" in 2005, Claudia Wang to return home. Prior to joining hezhong, Claudia Wang in the two insurance companies have made investments and wind control. Currently, all life, not including served as Chief Actuary, Claudia Wang also served as Deputy Director of the company's investment authority. However, there is also a new work that is responsible for the company's group insurance business. When it comes to group insurance, the industry are more pessimistic. Since 2005, SASAC requires State-owned enterprises can only purchase the annuity. 2006 Enterprise annuity is stripped of life insurance companies. The end of 2009, the Treasury requirements "enterprise to employeesStrategic place of purchase to pay tax, under a series of factors, encounter bottlenecks for the development of the insurance business in the last three or four years. "A short comparison of insurance business development stable, a slight increase, the growth rate between about 5%--10%. Long insurance business by extrusion of enterprise's annuity, pension insurance, have basically gone. "Meanwhile," group insurance business in the industry at present, apart from three insurance companies, other companies can realize profits is very easy. "The main reason is the relatively high fixed cost of group insurance, health insurance payment rate is difficult to control, and low pay rate of casualty insurance because the competitive fees have remained high. Under the market-oriented model of development, "do better thanks to the more. "Among the insurance companies on the development mode of group insurance for change. At present, "most of the company has turned to profit-oriented. "Introduction to Wang Qing, current profit oriented management model there are two main kinds: one overall rationing, a mode is managed at cost. The so-called complete rationing system, is to individually branch group insurance business assessment, require costs plus payment cannot exceed a certain percentage of the premium, usually between 80%--87%. Once more than the proportion branch to find a way to solve yourself, responsible person has to be accountability. "This pattern to control the payment, urged insurance company profits was a great help. But in management Shang has must of difficulties, because once appears excess lost pay, is responsible for people was asked accountability, branch of stability development on will was effect; on the, many situation Xia, excess lost pay is by accident factors caused of, at this time on is difficult to distinction responsibility; some insurance company even to this overall rationing implementation to support company, a support company total of premium on not more, once occurred excess lost pay, support company by effect on will is large. "Cost control model was mainly on two aspects of the control, one is a fixed cost, another of the most important thing is cost of sales. If the payment rate is high in the policy, then, would be appropriate to reduce cost of sales. Because of the group insurance payment rates vary for different products, or even the same product in different areas of payment rates are not the same, this will require underwriting staff with high professional, to determine reasonable rates. The other hand, taking into account the delay of the payment, in the group insurance business accounting branch profits, accounting methods also need to make adjustments accordingly. "A more mature insurance company should adopt this management model", in 2010, in cost control mode, all the group insurance business profits for the first time. 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