As one of the indispensable roles in the capital market, the investment destination of insurance capital has always attracted much attention.
On the evening of September 20, the Insurance Asset Management Association of China released the "Report on the Development of China's Insurance Asset Management Industry (2024)" (hereinafter referred to as the "2024 Annual Report"), which systematically shows the latest industry data, trend characteristics and development results of insurance capital utilization and insurance asset management.
The 34 institutions have a total of 30.11 trillion yuan of funds under management
As of the end of 2023, there are 34 insurance asset management companies in mainland China, of which one will be added in 2023 - China Post Insurance Asset Management Co., Ltd. The total amount of funds under management of 34 institutions was 30.11 trillion yuan, a year-on-year increase of 22.82%.
From the perspective of the source of funds, the diversified structure of insurance funds as the main source and non-industry funds as the supplement is still maintained. In terms of insurance funds, the insurance funds in the management system were 20.36 trillion yuan, accounting for 67.63%, and the third-party insurance funds under management were 2.01 trillion yuan, accounting for 6.68% overall. In terms of non-industry funds, 4.49 trillion yuan of bank funds were managed, accounting for 14.92%, and 2.38 trillion yuan of pensions were managed, accounting for 7.90%.
Composition of funding sources of insurance asset management companies at the end of 2022-2023
Source: Report on the Development of China's Insurance Asset Management Industry (2024)
Judging from the proportion of various types of funds in the past three years, the proportion of insurance funds has decreased, and the proportion of non-industry funds has increased. Among them, the proportion of insurance funds in the system decreased by 5.41 percentage points year-on-year, the proportion of third-party insurance funds decreased by 0.67 percentage points year-on-year, the proportion of bank funds increased by 4.57 percentage points year-on-year, and the proportion of pension funds increased by 2.09 percentage points year-on-year.
Judging from the growth rate of various types of funds in the past three years, insurance funds have grown steadily, and non-industry funds have grown rapidly. Among them, the scale of bank fund management increased by 77.37% year-on-year, the fastest growth rate; The growth rate of insurance funds in the system was 13.96%; The growth rate of third-party insurance funds was 11.92%.
From the perspective of the composition of the funds managed by each institution, the third-party funds of some institutions account for a relatively large proportion. Among the 34 insurance asset management companies, 23 institutions have third-party funds accounting for more than 20%. Among them, 13 institutions manage about 50% of the third-party funds, including 2 super-large institutions, 2 large institutions, 8 medium-sized institutions, and 1 small institution.
The scale of industry allocation bonds is close to 12 trillion yuan
According to the 2024 Annual Report, in 2023, the total investment assets of insurance asset management companies will be 26.16 trillion yuan, a year-on-year increase of 16.82%.
From the perspective of allocation structure, in 2023, the overall asset allocation of insurance asset management companies will be dominated by bonds, insurance asset management products, and bank deposits, accounting for nearly eighty percent of the total.
2022-2023 asset allocation structure of insurance asset management companies
Source: Report on the Development of China's Insurance Asset Management Industry (2024)
Among them, the allocation of bonds was 11.86 trillion yuan, accounting for 45.36%; the scale of insurance asset management products was 3.80 trillion yuan, accounting for 14.53%; the allocation of bank deposits was 4 trillion yuan, accounting for 15.29%; the allocation of stocks was 1.59 trillion yuan, accounting for 6.09%; the scale of public funds was 1.25 trillion yuan, accounting for 4.80%; the scale of allocated financial products was 1.18 trillion yuan, accounting for 4.31%; The allocation of equity was 414.535 billion yuan, accounting for 1.58%.
Compared with the previous year, the growth rate of allocated bonds, public funds and bank deposits was high, with year-on-year increases of 29.39%, 24.64% and 23.77% respectively; insurance asset management products increased slightly, with a growth rate of 2.34%; Stocks and financial products maintained stable growth, with growth rates of 3.95% and 3.85% respectively; Equity investment decreased by 25.43%.
From the perspective of the allocation structure of public funds, in 2023, the industry will allocate 546.893 billion yuan of bond funds, accounting for 43.58%; allocated equity funds to 324.642 billion yuan, accounting for 25.87%; allocated mixed funds 320.962 billion yuan, accounting for 25.58%; The allocation of currency funds was 61.074 billion yuan, accounting for 4.87%.
From the perspective of investment income, the comprehensive return performance of insurance asset management institutions in 2023 is relatively differentiated.
The income of insurance asset management institutions themselves has performed well. In 2023, 33 institutions will achieve a total revenue of 29.662 billion yuan, a year-on-year increase of 8.18%. Among them, 32 companies with year-on-year data had a revenue growth rate of 3.85%. From 2016 to 2023, the compound annual growth rate (CAGR) of industry revenue is 9.92%.
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Cover image source: Visual China-VCG211298090733 every reporter Yuan Yuan every editor Chen Xu