加快保险资管产品发展 业界期待统一政策出台

Core Viewpoint - Insurance asset management institutions should actively embrace the wealth management market by leveraging their advantages to cultivate high-net-worth clients, expand funding sources and sales channels, enrich product categories, develop tool-based products, and provide corresponding asset allocation consulting services [1] Group 1: Development of Insurance Asset Management Products - The scale of combination insurance asset management products has grown rapidly, increasing from 12.5 trillion yuan at the end of 2019 to 34.5 trillion yuan by the end of March 2022, with an annual growth rate of 57.02% [2] - The main funding sources for these products are bank self-operated and wealth management, accounting for approximately 51% and 40% respectively [2] - In terms of investment performance, stock and mixed insurance asset management products have shown high average returns over the past three years, while fixed-income products have demonstrated stable performance, with pure bond insurance asset management products outperforming public funds [2] Group 2: Advantages and Disadvantages Compared to Public Funds - Combination insurance asset management products have advantages over public funds, including stable funding sources and longer funding durations, which provide relative advantages in risk control, long-term fund management, and asset allocation [2] - However, they face disadvantages such as a relatively single funding source and weaker distribution channels, primarily due to past regulatory restrictions on insurance asset management sales [3] Group 3: Future Outlook and Recommendations - The insurance asset management industry is expected to respond to the evolving wealth management market by expanding funding sources through pensions and high-net-worth clients, and by developing distribution capabilities [3] - The article highlights several challenges, including tax burden discrepancies and lower allocation ratios for stock subscriptions compared to public funds, which reduce the attractiveness of insurance asset management products [4] - It is recommended that regulatory bodies review the financial and tax policies applicable to the asset management industry to ensure fair competition among all market participants [5]