Sou Hu Cai Jing·2025-11-07 06:51Core Viewpoint - China Life Insurance has announced the renewal of two related transactions with Guoshou Investment Insurance Asset Management Co., which will enhance its alternative investment strategy and strengthen its collaboration with Guoshou Anbao Fund Management Co. [1][3] Group 1: Transaction Details - The first announcement involves the renewal of the alternative investment management cooperation, effective from January 1, 2026, to December 31, 2028, with a maximum signing amount for new entrusted investment management assets set at 120 billion, 140 billion, and 150 billion yuan for the years 2026 to 2028 respectively [1] - The management service fees for new projects will be uniformly calculated at 0.08% annually, with total service fee caps of 1.1 billion, 1.2 billion, and 1.3 billion yuan for the same years [1][2] - The second announcement pertains to the continuation of the business cooperation with Anbao Fund, focusing on fund product subscription, redemption, and private asset management, with annual caps for subscription and redemption amounts set at 2 billion yuan and management fees at 20 million yuan for the years 2026 to 2028 [2] Group 2: Historical Data and Performance - In 2023 and 2024, the newly entrusted asset signing amounts were 76.76 billion and 64.96 billion yuan respectively, with service fees of 770 million and 730 million yuan [2] - For the first half of 2025, the signing amount reached 21.52 billion yuan, with related service fees amounting to 330 million yuan [2] - The historical data for fund subscriptions shows amounts of 140 million yuan in 2023 and 2024, and 175 million yuan in the first half of 2025, while redemptions were 140 million, 350 million, and 70 million yuan respectively [2] Group 3: Company Background - Guoshou Investment, established in 2007, is a specialized alternative investment platform under China Life, with a registered capital of 3.7 billion yuan and a cumulative signing scale exceeding 950 billion yuan as of the end of 2024 [3] - Guoshou Anbao Fund, founded in October 2013, is the first public fund management company in China with insurance background, managing over 340 billion yuan as of June 2025, but facing an asset structure imbalance with over 95% in fixed-income and money market funds [4]