The third-party business, which is regarded as the “touchstone” of asset management institutions, has attracted more and more attention from insurance asset management and achieved rapid development.
According to the statistics of the reporter of the securities times, the four insurance asset management institutions with data available, such as Guoshou assets, Ping’an asset management, Taibao assets and Taikang assets, had a total third-party business scale of nearly 2.9 trillion yuan by the end of 2021, an increase of nearly 600billion yuan in one year, an increase of more than 25%; If PICC assets are added, the third-party business scale of these five insurance asset management has exceeded 3 trillion yuan.
third party business:
new growth pole of insurance asset management
Large insurance institutions dominated by listed insurance companies have taken the initiative to disclose the management of third-party business in recent years, which can be seen from the degree of attention they receive.
The data show that by the end of 2021, the third-party asset management scale of PICC group was 621187 billion yuan, an increase of 33.6% over the beginning of the year; The entrusted asset management scale of Ping an asset management reached 4.05 trillion yuan, of which the third-party asset management scale reached 512072 billion yuan, an increase of 32.7% over the beginning of the year; The third-party assets under CPIC asset management amounted to 267120 billion yuan, an increase of 5.5% over the end of last year.
In addition, the official website of Guoshou assets disclosed that the scale of its consolidated assets under management exceeded 4.4 trillion yuan, and the total scale of third-party assets exceeded 500 billion yuan; The official website of Taikang assets disclosed that at the end of 2021, the entrusted management scale of the company exceeded 2.7 trillion yuan, of which the scale of third-party assets exceeded 1.6 trillion yuan (including 640 billion yuan of pension management scale).
The third-party business of some small and medium-sized insurance asset management companies has developed more prominently, such as Huatai assets, Minsheng Tonghui assets, Everbright Yongming assets, etc. The Securities Times reporter learned that at the end of 2021, the management scale of Huatai assets exceeded 510 billion yuan, of which the third-party business outside Huatai Insurance System accounted for about 90%.
“The third-party business is the touchstone to test the ability of insurance asset management in all aspects and an important sign that insurance asset management really moves from internal entrustment to marketization. It is planned that the proportion of the company’s third-party assets under management will be greatly increased in the next 3-5 years, and strive to surpass the internal entrustment scale.” The head of a large insurance asset management company had previously said.
Huang Yong, chairman of Ping an asset management, also said in an interview with the securities times that the company has been doing third-party business since 2006 and has been growing steadily year by year. At present, the third-party customers include banks, insurance, large and medium-sized enterprises, overseas institutions and so on. In terms of proportion, at present, the third-party business accounts for more than 10%, and the long-term goal is to gradually increase this proportion. The third-party business of some well-known international insurance background asset management companies accounts for more than half.
Wang Junhui, President of Guoshou assets, proposed at the working meeting held by the company at the beginning of this year that he hoped to “double pole growth and build a new pattern of diversified and coordinated development of the company”, that is, firmly grasp the golden development opportunity period of the asset management industry, adhere to the equal emphasis on one-party business and three-party business, and vigorously cultivate a new growth pole of bigger and stronger three-party business.
development mode:
cohesion product line improvement
Insurance asset management develops third-party business in a variety of forms, including special account management, asset management products, asset securitization, pension products, etc. Among them, portfolio asset management products have become the most important starting point for institutions to develop tripartite business in recent years, and their number and scale have increased rapidly.
According to the data of China Banking and Insurance Regulatory Commission, by the end of 2021, the balance of portfolio insurance asset management products issued and managed by insurance asset management companies was 3.2 trillion yuan, mainly invested in bonds, stocks, etc. China baodeng previously disclosed that at the end of 2020, the net assets of portfolio insurance asset management products reached 2.14 trillion yuan, a year-on-year increase of 71.21%. This means that the scale of portfolio insurance asset management products will increase by at least about 50% in 2021.
In terms of quantity, there is no data for the whole year of 2021 at present, but according to the data of the first half of 2021 disclosed by China baodeng, the industry has completed the registration of 336 portfolio products, including 211 fixed income products, 72 equity products and 53 mixed products.
In addition, according to the statistics of the securities times, in the first half of last year, the institutions with the highest registration volume of portfolio products were Zhongyi assets, Taikang assets and Huatai assets, and the number of registered products was close to or more than 30; Sunshine assets, Centennial insurance asset management, Minsheng Tonghui assets, Everbright Yongming assets, PICC assets, Xinhua assets and other registered quantities are also large, all about 20.
After years of accumulation and development, the portfolio business product line of insurance asset management companies has also tended to be improved. For example, China Pacific Insurance (Group) Co.Ltd(601601) 2021 annual report disclosed that facing institutional customers, CPIC assets improved the existing strategic system products, strengthened the traditional advantageous products, and the business scale of fixed income and liquidity products continued to rise, gradually building a full risk return ladder fof product line with the characteristics of CPIC assets.
Li Quan, CEO and President of New China Life Insurance Company Ltd(601336) New China Life Insurance Company Ltd(601336) , also introduced that with his expertise in fixed income, the portfolio asset management products of Xinhua assets have also attracted more than 100 institutional investors; At the end of 2021, the number of portfolio products reached 100, and the product line was further improved. At present, the scale of portfolio asset management products exceeds 266 billion yuan.
business composition:
organization based individual walking slowly
The clients of the third-party business of insurance asset management are mostly institutional investors, including the peers of insurance companies, as well as bank financial subsidiaries, trust companies, securities companies, etc. After the release of QFII business at the policy level in 2020, the insurance asset management industry has started the pace of personal business, but it is generally “small and slow”.
In terms of institutional investors, it is understood that among the investors of portfolio insurance asset management products, the amount of funds of institutional investors inside and outside the industry is roughly the same. According to the data at the end of 2020, the holding scale of institutions in the insurance industry is 1.08 trillion yuan and that of institutions outside the industry is 1.02 trillion yuan.
It is worth mentioning that although the bank’s wealth management subsidiary has not been established for a long time, it has been one of the main investors in insurance asset management products. The person in charge of a large insurance asset management told the securities times that at present, the scale of the bank’s wealth management sub purchasing its products has exceeded 100 billion yuan, and the types of products involved include both fixed income and equity.
In an interview with the reporter of the securities times, Huang Yong said that after the new regulations on asset management, the net worth transformation of bank wealth management sub is under great pressure, and there is an urgent need for products with low volatility and absolute return characteristics. The ability advantage of insurance asset management can meet the configuration needs of bank wealth management and provide more diversified products and investment advisory services for wealth management sub. at present, 80% of bank wealth management sub has become the customers of Ping an asset management.
In terms of individual customers, since the second half of 2020, Taikang assets, Huatai assets, everyone assets and other insurance asset management companies have successively opened personal businesses for high net worth customers.
Recently, according to the relevant person in charge of Taikang assets, Taikang assets adheres to the idea of “steady and steady” in this kind of business, and has successively launched a number of exclusive products for individual qualified investors. In addition, the company also cooperates with the private banking department of major banks in portfolio insurance asset management products to provide asset management services for high net worth customers.
According to the interview of the securities times, the current forms of personal business carried out by insurance asset management companies are mainly indirect ways such as TOF. The structure of this business is to issue a trust plan, with the insurance asset management company as the investment adviser of the trust plan, and the trust plan funds are invested in the insurance asset management products. The original design intention of this “customized” insurance asset management product is to raise funds for high net worth people.
At the same time, the reporter of the securities times also learned that at present, the progress of insurance asset management companies in carrying out high net worth customer group business is different. In some large insurance asset management companies and market-oriented small and medium-sized insurance asset management companies, some companies have not actually defined the mode of carrying out personal business.
