PM的保险公司的风险exposure

嗨，努力学习的PZer你好：

同学你好，讲义上关于insurance 的描述为 

说的是寿险公司的投资组合跟市场风险更为相关，对于寿险公司他需要将投资者的保费进行投资，通过资产配置达到自己的收益以及客户的保险理赔。 

关于market risk 以及non-market risk，原版书有以下表述：

Life insurance and annuities have stronger ties to the fnancial markets, even
while retaining distinct mortality-based risk profles. Life liabilities are very long and
the reserves that insurers are required to maintain by insurance regulators are highly
dependent on discount rate assumptions. Non-fnancial inputs include assumptions
about mortality and which policyholders will either tap into options in their policy to
add coverage at a given level or cancel their policy. Annuities produce returns based
on fnancial assets, with some extra optionality driven by any life insurance elements
embedded in the policy. Tese activities are paired with long-term investment portfolios in a variety of assets that are designed to help the insurer meet future claims.
相比于财险公司，寿险公司因为其对于未来收益率的假设所以受到市场风险的影响更大，因为寿险公司的投资期会比较长需要折现率算准备的reserve（准备金）。其non-market risk指的是寿险是基于死亡率的测算及，这个假设的不成立也会对寿险公司有影响。

同学第三个问题指的是年金，annuity就是年金，比如你现在买月付2000块，等到你六十岁退休后每个月可以领1000，领二十年。对于寿险公司他要通过将投资者的保费进行投资来支付将来稳定的收益，他的资产端收益是不确定的，但是20年后的负债是确定的，这就存在着mismatch。

同学关于你的问题，将在cfa三级部分我们有详细的讲解，同学可以了解课上老师强调的内容，三级加深理解。

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努力的时光都是限量版，加油！