近年来，我国保险资产规模快速增长，中短存续期产品爆发导致庞大的资 产聚积，随着投资渠道逐步拓宽而利率下行压力有增无减，保险公司经营风险 不断增多。此外，部分保险公司深受顶层设计不清晰、市场份额孝盈利能力 弱、风控水平低、公司治理薄弱、产品和服务差异化程度低等问题困扰陷入发 展陷阱。为有效防范和化解保险风险，促进保险回归本源，原中国保监会于 2017年正式启动保险资产负债管理监管制度建设工作，并自2018年发布实施 《保险资产负债管理监管规则（1－5号）》《保险机构资产负债管理监管暂 行办法》，标志着我国保险资产负债管理监管制度总体框架已基本建成。在宏 观审慎监管不断强化的背景下，面对更加复杂多变的内外部环境，防范资产负 债错配风险已成为保险公司风险管理核心内容之一，资产负债管理能力已成为 保险公司战略规划发展实施有效保障。因此，构建适合我国财产保险公司资产 负债管理体系，不断优化财产保险公司内部资产负债管理更具理论和现实意 义。 本文以A财产保险公司为案例对象，采用文献研究、案例分析及调查研 究等方法，在归纳总结财产保险公司资产负债管理相关理论的基础上，以财产 保险公司资产负债管理监管评估要求为切入点，通过资料查阅、访谈调查以及 公开经营数据分析等对A财产保险公司资产负债管理体系、资产和负债结构 及两者匹配管理现状进行系统性地研究和分析。通过研究，发现A财产保险 公司资产负债管理存在以下几个问题：一是资产负债管理体系不健全，资产负 债基础管理薄弱。二是沉淀资金缺口管理能力不足，保险资金运用效率低。三 是成本收益匹配管理能力不高，综合效益低。导致这些问题的原因是A财产 II 保险公司缺乏主动管理意识及专业管理人员、缺乏资金流动性需求分析工具和 管理能力、资产端和负债端资源配置缺乏合理性。基于此，本文对完善A财 产保险公司资产负债管理提出通过健全资产负债管理体系压实管理基储提升 沉淀资金缺口管理能力充分有效运用保险资金、强化成本收益匹配管理水平推 动承保和投资协同发展等建议。希望通过这些建议，帮助A财产保险公司在 宏观审慎的资产负债监管环境下逐步提升资产负债管理水平，并对于保险同业 其他中小财产保险公司提供案例参考和借鉴。 关键词：财产保险公司 资产负债管理 监管规则 III RESEARCH ON ASSET AND LIABILITY MANAGEMENT OF A PROPERTY INSURANCE COMPANY ABSTRACT Rapid growth in recent years, our country insurance asset scale, asset accumulation of large outbreaks resulted in short duration products, with the gradually broaden investment channels have increased downward pressure on interest rates, increasing risk an insurance company management in addition, some insurance companies are the top design is not clear market share low profitability weak low level of risk control of corporate governance is weak low degree of product and service differentiation, and so on problems in developing trap.To effectively prevent and dissolve the insurance risks, promote insurance to return to the origin, in 2017, the China insurance regulatory commission officially launched insurance asset liability management regulation system construction work, and promulgated since 2018, when the insurance asset liability management regulations (1-5) insurance interim measures for assets and liabilities management regulation, marked the our country insurance asset liability management regulatory system framework has been basically completed. Under the background of macro-prudential regulation unceasingly strengthens, facing more complex and changeable internal and external environment, prevent asset liability mismatch risks has become one of the insurance company risk management is the core content, assets and liabilities management ability has become the insurance company strategic planning and development, therefore, to ensure effective implementation IV to construct our country property insurance company assets and liabilities management system, and constantly optimize property insurance company internal assets and liabilities management more theoretical and practical significance. Based on the property insurance company assets and liabilities management related theory as the basis, closely surrounding the assets and liabilities management supervision evaluation system, with A property insurance company as the object of case, by combining the methods of literature research study and case analysis, the basic situation of A property insurance company assets and liabilities structure and its management status and so on carries on the induction and summary, and A deep insight into A property insurance company assets and liabilities management problems and its reason. Through the research, it is found that the asset and liability management of A property insurance company has the following problems: First, the asset and liability management system is not sound, and the asset and liability basic management is weak. Second, the management ability of cost-benefit matching is relatively weak, and the overall operating efficiency of the company is not high. Third, the management ability of precipitation fund gap is poor, and the efficiency of insurance fund is not high. These problems are caused by A property insurance company's lack of active management awareness and professional management personnel, insufficient liquidity demand analysis ability, and unreasonable business planning at both ends of underwriting and investment.Based on this, aiming at the existing problems in asset and liability management of A Property Insurance Company, this paper puts forward some suggestions such as improving business planning and asset allocation management ability, strengthening cost-benefit matching management, improving insurance fund utilization efficiency and liquidity demand analysis, strengthening fund gap management, establishing correct asset and liability management concept, and perfecting asset and liability management system,finally summarizes the design of A property insurance company assets and liabilities management system's overall framework hope to be able to help A property insurance company in the V assets and liabilities of macro-prudential supervision environment gradually enhance the level of assets and liabilities management, at the same time has A certain reference for other companies. KEYWORDS: Property Insurance Company; Asset And Liabilities Management; Supervisory Regulation VI 目 录 摘要 .......................................................... I ABSTRACT ...................................................... III 第一章 绪论 .................................................... 1 1.1 研究的背景与意义 ............................................. 1 1.1.1 研究背景 ................................................... 1 1.1.2 研究意义 ................................................... 2 1.2 相关研究文献综述 ............................................. 2 1.2.1 国外研究文献综述 ........................................... 2 1.2.2 国内研究文献综述 ........................................... 3 1.2.3 文献评述 ................................................... 4 1.3 研究的目的、主要内容及研究方法 ............................... 4 1.3.1 研究目的 ................................................... 4 1.3.2 研究的主要内容 ............................................. 5 1.3.3 研究的主要方法 ............................................. 5 1.4 本文创新点 ................................................... 6 第二章 财产保险公司资产负债管理相关理论研究 ..................... 7 2.1 财产保险公司资产负债管理内涵及特征 ........................... 7 2.1.1 财产保险公司资产负债管理内涵 ............................... 7 2.1.2 财产保险公司资产负债管理特征 ............................... 8 2.2 财产保险公司资产负债管理模式和工具 ........................... 9 2.2.1 财产保险公司资产负债管理模式 ............................... 9 2.2.2 财产保险公司资产负债管理工具 .............................. 10 VII 2.3 我国财产保险公司资产负债管理的监管要求 ...................... 10 2.3.1 我国财产保险公司资产负债管理发展与监管历程 ................ 10 2.3.2 我国现行财产保险公司资产负债管理监管体系 .................. 11 2.3.3 我国财产保险公司资产负债管理监管要求 ...................... 16 2.4 本章小结 .................................................... 17 第三章 A财产保险公司资产负债管理现状 ...........................18 3.1 A财产保险公司资产负债管理体系 ............