On March 23, the official wechat of "China insurance asset management" of China Insurance Asset Management Association released the overall situation of equity investment and direct equity investment of insurance companies. The relevant data came from the 2021 China insurance asset management industry development report, which was formed based on industry research.
According to the survey data, by the end of 2020, the equity investment scale of insurance companies was 1.67 trillion yuan, accounting for 8.31% of the total investment assets, the fifth largest asset allocation category after bonds, financial products, bank deposits and stocks.
The equity investment assets involved in this survey include the equity of unlisted enterprises (insurance enterprises), the equity of unlisted enterprises (non insurance enterprises), equity investment fund (non Insurance Department), equity investment fund (Insurance Department) and equity investment plan.
In terms of asset categories, the investment scale of insurance enterprises and non insurance enterprises in the equity of unlisted enterprises is 360543 billion yuan and 706693 billion yuan respectively, accounting for 21.55% and 42.23% of equity investment assets respectively; The investment scale of insurance funds and non equity funds is RMB 38.06 billion, accounting for 2.67% of the total investment of non equity funds and RMB 2.06 billion respectively; The scale of equity investment plan is 120848 billion yuan, accounting for 7.22%.
From the equity investment of different types of insurance institutions, insurance group companies mainly focus on the equity investment of unlisted enterprises, accounting for 97.58% of the equity investment assets of the group company; The proportion of equity investment of unlisted enterprises of property insurance companies is also high, 65.27%; The shares of unlisted enterprises and equity investment funds of life insurance companies were basically the same, 48.24% and 42.58% respectively; The equity investment plan of reinsurance companies is more prominent, accounting for 35.55%.
From the perspective of insurance institutions of different sizes, among life insurance companies, super large companies are dominated by the equity of unlisted enterprises (non insurance enterprises), accounting for 52.10%; The proportion of equity investment funds (non Insurance Department) of large companies is relatively high, up to 38.45%; Medium sized companies are mainly equity investment funds (non Insurance Department), accounting for 75.67%; Small companies are dominated by equity investment funds (insurance), accounting for 52.49%.
Among property insurance companies, large companies are dominated by the equity of unlisted enterprises (non insurance enterprises), accounting for 62.42%; Medium sized companies are mainly equity investment funds (non Insurance Department); Small companies are mainly unlisted enterprises (insurance enterprises), accounting for 56.53%.
From the perspective of direct equity investment, the direct equity investment of insurance institutions has maintained stable growth for three consecutive years. By the end of 2020, the scale of direct equity investment of 196 insurance companies participating in the survey was 1.15 trillion yuan, with a year-on-year increase of 7.25%.
The direct equity investment of small and medium-sized insurance companies grew rapidly. Among life insurance companies, super large companies are the main force of direct equity investment, and small and medium-sized companies grow rapidly. By the end of 2020, the direct equity investment scale of super large, large, medium and small life insurance companies was 398938 billion yuan, 89.448 billion yuan, 18.276 billion yuan and 313 million yuan respectively, with a year-on-year growth rate of 9.54%, 15.62%, 41.93% and 43.44% respectively. The direct equity investment of property insurance companies and small and medium-sized companies grew rapidly.
The proportion of enterprises invested by super large and large life insurance companies in mature stage and pre IPO is significantly higher than that of other institutions. There are 14 super large life insurance companies and 17 large life insurance companies in the mature stage and pre IPO stage respectively.
The equity investment of insurance institutions is mainly invested in insurance enterprises. According to the feedback from 110 institutions, 73 institutions have participated in the direct equity investment of insurance enterprises, accounting for 29%; 43 institutions reported that they had participated in the direct equity investment of non insurance financial enterprises, accounting for 17%; There are 30 institutions participating in the direct equity investment of medical and health enterprises, accounting for 12%.
