中文摘要：

近些年来，公司风险管理的思想越来越多的应用于保险集团管理实践。本文以公司风险管理的视角，对保险集团最优投资和承保比例进行研究，建立了保险集团最优投资和承保比例模型，并以中国人寿保险集团、中国人民保险集团和中国平安保险集团为例进行了实证分析，通过实证分析发现三家保险集团的最优高风险投资比例均低于5％，且进一步多样化承保业务的比例可以增加保险集团的权益资本。因此，未来我国保险集团除了应该进一步坚持多样化战略以外，还应该坚持将大部分资产配置于低风险资产，将少量资产配置于高风险资产的资产配置策略。

英文摘要：

The concepts of Enterprise Risk Management have been more and more applied in the management practices of insurance group companies. This paper studied the optimal investment and insurance underwriting proportions from the perspective of Enterprise Risk Management, and built an optimal investment and underwriting proportion model for insurance group companies. It chose China Life Insurance （Group） Company, People＇ s Insurance Company （Group） of China and China Ping An Insurance （Group） Company as examples to conduct the empirical analysis. It arrived at the conclusion that the optimal proportion of high-risk investment for the three groups was no more than 5%, and diversification of insurance business lines could increase their equity capital. Therefore, while diversifying their business lines continuously, Chinese insurance group companies should allocate most of their assets to low risk investments and only a small proportion of assets to high risk investments.