Abstract: Under the restriction of the investment ratio of major regulatory policies，we studied the investment allocation portfolio model of insurance funds with underwriting factors based on the Markowitz model and introduced the quadratic programming algorithm of the model. On this basis，we focused on analysing the bilateral investment model and the freedom and effectiveness of the use of insurance funds improving. The results show that the bilateral investment model significantly promotes the freedom of insurance fund allocation under specific compensation requirements and further enhances the investment efficiency of insurance funds.

Key words: insurance fund, optimal portfolio, Markowitz model, main class assets supervision, BP neural network