保险资管市场化提速 组合类产品成抓手

Core Viewpoint - The implementation of the "Regulations on the Management of Insurance Asset Management Companies" starting September 1 is expected to accelerate the market-oriented and professional development of insurance asset management institutions, particularly through the growth of portfolio insurance asset management products [1][2]. Group 1: Market Growth and Trends - The scale of portfolio insurance asset management products has surged from 1.35 trillion yuan at the end of 2019 to over 3 trillion yuan by the end of 2021, indicating rapid development [2]. - As of the end of 2021, the total asset management market in China reached 134 trillion yuan, with insurance asset management becoming increasingly competitive alongside other financial products [2]. - In the first half of the current year, over 380 new portfolio insurance asset management products were registered, reflecting a growing trend in this sector [2]. Group 2: Product Composition and Performance - As of August 11, there were over 810 publicly disclosed portfolio insurance asset management products, with fixed income products dominating the market at 528, followed by equity products at 148 and mixed products at 132 [4]. - The highest annualized return for fixed income products this year was 17.95%, while the median return was 2.09%. For equity products, the highest return was 18.23%, with a median of -19.46% [4]. - Over the past three years, the median return for mixed bond secondary insurance asset management products was 21.13%, outperforming other fixed income types [4]. Group 3: Third-Party Business Development - There is a consensus among insurance asset management companies to enhance the proportion of third-party asset management business, which is seen as a key strategy for competing in the broader asset management landscape [6][7]. - Companies like Taiping Asset and Ping An Asset are focusing on expanding their third-party business, with strategies that include developing a comprehensive product system and collaborating with other financial institutions [7]. - Domestic insurance asset management institutions are encouraged to leverage their strengths in asset allocation and investment management to meet the needs of high-net-worth and pension clients, thereby expanding their third-party business [7].