Xiao Yuanqi, deputy director of the General Administration of Financial Regulation, said at the Asian Insurance Forum 2025 on December 8 that the correlation between non-bank financial asset investment and insurance investment has further increased. According to him, since the 2008 global financial crisis, with the easing of the financing environment, non-bank financial intermediaries other than insurance have developed rapidly, and the asset ratio has grown rapidly. According to some data, the scale of global private equity credit alone has now exceeded 2 trillion US dollars. He analyzed that insurance companies, as important suppliers of capital, on the one hand, have increased investment channels, improved the balance and liability structure, and the yield has increased accordingly. However, on the other hand, because of the complex structure and low transparency of such assets, they often lack ratings or are not high. Borrowers themselves usually also have high leverage ratios, the probability of leaving the market in default is relatively high, and the credit risk faced by insurance companies is also relatively high.

Xiao Yuanqi, deputy director of the General Administration of Financial Regulation, said at the Asian Insurance Forum 2025 on December 8 that the correlation between non-bank financial asset investment and insurance investment has further increased. According to him, since the 2008 global financial crisis, with the easing of the financing environment, non-bank financial intermediaries other than insurance have developed rapidly, and the asset ratio has grown rapidly. According to some data, the scale of global private equity credit alone has now exceeded 2 trillion US dollars. He analyzed that insurance companies, as important suppliers of capital, on the one hand, have increased investment channels, improved the balance and liability structure, and the yield has increased accordingly. However, on the other hand, because of the complex structure and low transparency of such assets, they often lack ratings or are not high. Borrowers themselves usually also have high leverage ratios, the probability of leaving the market in default is relatively high, and the credit risk faced by insurance companies is also relatively high.