保险资管行业：上半年业绩向好，第三方业务与外资入局成焦点

Core Insights - The insurance asset management industry in China has shown significant growth in the first half of 2025, with five major firms reporting a total revenue of 7.788 billion yuan, a 14.78% increase year-on-year, and a total profit of 3.884 billion yuan, up 30.7% from the previous year [1][3][4] Group 1: Revenue and Profit Growth - China Life Asset Management achieved a revenue of 3.554 billion yuan, a 23.4% increase from 2.88 billion yuan in the same period last year [3] - Other firms like Taikang Asset Management reported revenues exceeding 3 billion yuan, while PICC Asset Management, Sino-Italian Asset Management, and Allianz Asset Management reported revenues of 864 million yuan, 216 million yuan, and 146 million yuan respectively, with Allianz showing a year-on-year growth of approximately 37% [3][4] - Allianz Asset Management turned a profit of 13.3624 million yuan in the first half of the year, recovering from a loss of 6.51 million yuan in the same period last year [3] Group 2: Drivers of Growth - The growth is driven by three main factors: the release of industry dividends due to steady premium income and a recovering capital market, a shift in business models towards third-party operations, and upgrades in risk control and investment research capabilities [3][4] - The insurance asset management sector is increasingly focusing on third-party business, which has been rising in proportion, indicating a shift from traditional internal funding management to attracting external funds [5][6] Group 3: Trends in Third-Party Business - The total asset management scale in China's asset management industry reached approximately 163.16 trillion yuan by the end of 2024, with insurance funds accounting for 33.26 trillion yuan, the largest share in the industry [5] - Companies like China Life Asset Management and Taikang Asset Management are actively expanding their third-party business, with China Life managing over 930 billion yuan in third-party assets and Taikang managing over 4.5 trillion yuan in total assets, including 2.6 trillion yuan in third-party assets [6][7] Group 4: External Influences and Market Dynamics - The entry of foreign investment firms is intensifying competition and collaboration within the insurance asset management sector, with recent approvals for new foreign asset management companies [8] - The influx of foreign firms is expected to enhance market transparency and regulatory alignment, pushing domestic firms to adopt differentiated strategies and improve their service capabilities for high-quality development [8]