年内险资资产支持计划登记规模同比增长56.5%

Core Insights - The insurance asset management sector is experiencing significant growth in asset-backed plans, with a total registration scale of 160 billion yuan disclosed by Zhongbao Insurance Asset Registration Trading System Co., Ltd. [1] - As of May 29, 2023, 13 insurance asset management institutions have registered 30 asset-backed plans, totaling 1,315.96 billion yuan, representing a year-on-year increase of 56.5% [2][3] Group 1: Growth in Asset-Backed Plans - The asset-backed plan business, often referred to as "insurance version ABS," has seen a consistent annual growth rate of over 50% from 2020 to 2023, with a slight slowdown expected in 2024 [2] - The recent registrations include two major plans, each with a scale of 80 billion yuan, managed by Dajia Asset Management Co., Ltd. and Everbright Yongming Asset Management Co., Ltd. [2] Group 2: Demand for Long-Term Assets - There is a notable gap in the domestic market for long-term assets, which aligns with the long-term matching needs of substantial insurance funds [3] - Asset-backed plans typically have longer durations, making them suitable for insurance companies to optimize risk-return profiles and improve cash flow [3] Group 3: Diversification of Underlying Assets - The types of underlying assets for registered asset-backed plans are expanding, with a shift towards consumer finance and micro-loan assets, which have become the dominant asset type since 2022 [4] - In 2024, micro-loan assets are expected to account for over 50% of the underlying assets, with supply chain and financing lease assets following [4] Group 4: Need for Enhanced Skills - Insurance asset management institutions are encouraged to improve their capabilities in identifying, analyzing, and judging underlying assets to further diversify risks and enhance overall returns [5]