Abstract: Abstract: Life insurance securitization refers to the financing or risk transferring process in which a life insurance company issues asset-backed securities based on its operating cash flows. Like asset securitization, life insurance securitization has three basic principles of risk restructuring, risk isolation and credit enhancement with the characteristics of life insurance business. According to the items on the balance sheet of a life insurance company, life insurance securitization can be categorized into the followings three types: (1) embedded value securitization converts intangible assets such as acquisition costs and cash values embedded in insurance policies into cash to reduces the financial pressure and increases underwriting capacity; (2) reserve securitization releases excess reserves, reduces the reserve pressure, and fulfills the regulatory reserve requirements; (3) different from the financing purpose of embedded value securitization and reserve securitization, risk transfer securitization aims to transfer extreme mortality risk and longevity risk into the capital market.