险资加大ABS布局力度，前三季登记规模增超25%

Core Insights - Insurance asset management companies are increasingly focusing on asset-backed securities (ABS), with a notable growth of over 25% in registration scale during the first three quarters of 2023 [1][4] - The first batch of five insurance asset management companies received pilot qualifications for ABS and REITs in October 2023, but no new qualifications have been granted since then [1][2] - The insurance version of ABS, which is less liquid than exchange-listed ABS, is gaining traction due to its alignment with the long-term investment needs of insurance funds [3][4] Group 1 - In the first three quarters of 2023, 15 insurance asset management institutions registered 66 asset-backed plans, totaling 274.578 billion yuan, representing a year-on-year increase of 25.1% [1][4] - The most registered asset-backed plans were from Minsheng Tonghui Asset Management Co., Ltd., with 12 plans, while Everbright Yongming Asset Management Co., Ltd. had the largest registration scale at 60.55 billion yuan [4] - Ten out of the 15 insurance asset management institutions registered asset-backed plans with a scale exceeding 10 billion yuan this year [4] Group 2 - The demand for stable cash flow assets suitable for long-term investment has led insurance funds to show increased interest in ABS since the pilot program began [2][4] - The regulatory environment remains cautious, with insurance funds facing challenges in obtaining exchange ABS qualifications, as the primary players in this market are still brokerage firms [2][3]