前三季度“保险版ABS”登记规模超2700亿元

Core Insights - The registration of asset-backed plans by insurance asset management institutions has shown significant growth, with a total of 66 plans registered in the first three quarters of 2025, amounting to 274.58 billion yuan, representing a year-on-year increase of 25.1% [1][2] Group 1: Registration Growth - A total of 15 insurance asset management institutions registered 66 asset-backed plans in the first three quarters of 2025, with a combined registration scale of 274.58 billion yuan, marking a 25.1% year-on-year increase [1][2] - Minsheng Tonghui Asset Management Co., Ltd. led in the number of registered plans with 12, while Everbright Yongming Asset Management Co., Ltd. had the largest registration scale at 60.55 billion yuan [2] - Ten out of the 15 institutions registered asset-backed plans with a scale of 10 billion yuan or more this year [2] Group 2: Characteristics of Asset-Backed Plans - Asset-backed plans are characterized by stable cash flows and long durations, aligning with the long-term investment needs of insurance funds, making them attractive to insurance asset management institutions [1][3] - The growth of asset-backed plans has been robust, maintaining over 50% year-on-year growth from 2020 to 2023, with a rebound in growth rate observed in 2025 [2] Group 3: Diversification of Underlying Assets - The underlying assets of registered plans in the first three quarters of 2025 include inclusive finance, infrastructure revenue rights, financial leasing, and supply chain assets [4] - The expansion of the range of underlying assets is driven by the strong demand for ABS-type assets in a low-interest-rate environment and policy support for investments in new energy sectors [4] - The diversification of underlying assets is expected to continue, with an anticipated growth in registration scale and improved risk management capabilities among insurance asset management institutions [4]