Rumors that insurance funds are reducing their holdings due to new solvency regulations are being verified: The new accounting standards' second-generation three-phase solvency policy has not yet been implemented.

Recently, there have been rumors that the market decline is due to small and medium insurance companies reducing their holdings because of the new solvency regulation. In response, reporters verified with multiple sources and found that this claim is not credible. There are three reasons: First, the new accounting standards-based second-generation solvency policy is still in the testing phase and has not been implemented. Industry insiders pointed out, “We are still in the regulatory counter-cyclical implementation stage. Small and medium insurance companies do have solvency pressure leading to reduction behaviors, but these occur every quarter and are not caused by the new regulation. Moreover, the proportion of equity investments by small and medium insurance companies is small, so the impact is controllable.” Second, if insurance funds were selling off, the core reason would be a significant adjustment in the dividend sector, but this is not the case. Third, based on institutional behavior, insurance funds are currently net buyers. Data shows that in 2025, the insurance industry’s investment assets increased by 5 trillion yuan, and since 2026, under the background of “deposit relocation,” the overall incremental premium scale has been large, forming a sufficient new capital supply. (Cailian Press)