香港正考虑针对所谓资产密集型再保险制定新规，为保险市场最火热的细分领域之一提供清晰指引，知情人士透露。
Kong is considering new rules for so-called asset-intensive reinsurance, offering clarity to firms in one of the hottest segments of the insurance market, according to people familiar with the matter.
知情人士称，香港保险业监管局（Insurance Authority）近几个月来就规则修订征求业界意见，其中包括首次专门针对资产密集型再保险的新增条款。近年来，再保险市场在全球范围内备受瞩目，KKR和阿波罗全球管理公司（Apollo Global Management Inc.）等机构完成了数十亿美元规模的交易。
The Hong Kong Insurance Authority has in recent months sought industry feedback on changes to its rules, including additions that for the first time specifically target asset-intensive reinsurance, the people said. The reinsurance market has come into the spotlight around the world in recent years, as firms like KKR & Co. and Apollo Global Management Inc. closed deals worth billions of dollars.
资产密集型再保险为保险公司提升回报提供了一种途径，但也增加了风险。从最基本的层面来看，保险公司将管理一篮子资产和负债的责任转移给第三方，后者可将资金投向他处以提高收益。再保险公司已成为私人信贷市场的重要需求来源，该市场在经历多年繁荣后引发了市场担忧。
Asset-intensive reinsurance offers a way for insurers to juice their returns, but it also adds risks. At the most basic level, insurers shift responsibility for managing a pool of assets and liabilities to a third party, which can invest the money elsewhere to boost returns. Reinsurers have become an important source of demand for private credit, a market that has caused jitters after a yearslong boom.
根据香港拟议规则，视乎情形，保险公司只需通知监管机构或寻求批准。例如，当再保险公司超过一定信用评级门槛，且保险公司的整体分出资产与其长期负债相比并不重大时，保险公司与第三方签订资产密集型再保险合同只需告知监管机构，而无需获得明确批准。知情人士称，需要批准的交易将根据信用评级、抵押品和法律可执行性等因素进行评估。
Under Hong Kong’s proposed rules, insurers would either just notify the regulator or seek approval depending on the scenario. For example, insurers entering into asset-intensive reinsurance contracts with third parties need only inform the regulator — rather than get explicit approval — when the reinsurer exceeds a certain credit rating threshold, and when the firm’s overall reinsured assets aren’t material compared with their long-term liabilities. Deals that require approval will be assessed on factors including credit rating, collateral and legal enforceability, the people said.
香港保险业监管局在回应彭博新闻社询问时表示，咨询已结束，正在审阅反馈意见。该监管机构称，修订后的指引预计将于2027年生效。
Hong Kong’s Insurance Authority said in response to inquiries from Bloomberg Newsthat the consultation has ended and it is reviewing the feedback. The revised guideline is expected to take effect in 2027, the regulator said.
由日本生命保险公司拥有的再保险公司Resolution Life今年早些时候表示，已在香港完成两笔再保险交易。据其中两位知情人士透露，交易对手方为汇丰控股旗下人寿保险业务和恒生人寿保险有限公司。其中一位知情人士称，双方各自与该再保险公司达成了一笔10亿美元的交易。
Resolution Life, a reinsurer owned by Japan’s Nippon Life Insurance Co., said earlier this year that it had closed two reinsurance transactions in Hong Kong. HSBC Holdings Plc’s life insurance arm and Hang Seng Life Ltd. were on the other side of the deals, two of the people said. Each did a $1 billion deal with the reinsurer, one of the people said.
上个月，Pacific Life Re宣布已在香港完成其首笔资产密集型再保险交易。据一位知情人士透露，分出公司为富卫集团。
Last month, Pacific Life Re announced it had done its first asset-intensive reinsurance deal in Hong Kong. The ceding insurer was FWD Group, one of the people said.
据咨询公司安永估算，过去五至七年间，香港保险公司通过资产密集型再保险向国际再保险市场分出了100亿至200亿美元的负债。该公司亚洲寿险再保险资本解决方案主管曾浩然表示，对收益率的追求、更广泛地进入私募市场以及监管变化支撑了这一需求。
Hong Kong insurers have used asset-intensive reinsurance to cede between $10 billion and $20 billion of liabilities to international reinsurance markets over the past five to seven years, according to estimates by consultancy Aon. The search for yield, greater access to private markets and regulatory changes have supported this demand, said Helbert Tsang, capital solutions leader for Asia life reinsurance at the firm.
Resolution Life、Pacific Life Re和富卫的代表均拒绝置评。汇丰和恒生未回应置评请求。
Representatives for Resolution Life, Pacific Life Re and FWD declined to comment. HSBC and Hang Seng didn’t respond to requests for comment.
据知情人士当时透露，去年，日本金融监管机构对寿险公司进行了调查，以审视其将保单负债转移给由全球投资公司支持的再保险公司这一日益增长的做法所带来的风险。
Last year, Japan’s financial regulator surveyed life insurers to examine risks tied to their growing practice of transferring policy liabilities to reinsurers backed by global investment firms, people familiar with the matter said at the time.
在全球范围内，国际保险监督官协会已指出，寿险行业结构性变化带来的风险，包括跨境资产密集型再保险交易的增加。
Globally, the International Association of Insurance Supervisors has pointed to risks stemming from structural changes in the life insurance industry, including an increase in cross-border asset-intensive reinsurance transactions.