Insurance Funds Shift Anchor: A 100% Hard Regulatory Threshold Could Push How Much Capital Toward Dividend Assets?

The "Administrative Measures on the Assets and Liabilities of Insurance Companies" has officially taken effect, with the market's most closely watched change being the inclusion of the net investment income coverage ratio for life insurance into hard regulatory indicators, requiring it to be no less than 100%. Against the backdrop of declining long-end interest rates and the continued maturity of existing high-yield assets, dividend income is rising in regulatory value as a stable source of net investment returns. Based on different assumptions, the potential additional allocation by insurance funds to high-dividend assets over the coming years could reach hundreds of billions to trillions of yuan. Could this become the most important long-term institutional buying force for dividend assets in the next phase?