保险资管三类业务2025年登记信息出炉：债权计划连跌4年 股权计划规模增12.52%

Core Insights - The insurance asset management sector has registered a total of 314 debt investment plans, equity investment plans, and insurance private equity funds in 2025, with a total scale of 510.44 billion yuan, representing a year-on-year decrease of 20.71% in quantity and 26.08% in scale [1] Debt Investment Plans - The number and scale of registered debt investment plans have decreased for four consecutive years, with 285 plans registered in 2025, a 24% year-on-year decrease, and a scale of 441.91 billion yuan, down 28.46% year-on-year [3] - The registration numbers are only about 50% of the peak in 2021, when the scale exceeded 960 billion yuan and the number reached 528 plans [3] - The decline in debt investment plans is attributed to changes in financing structures, particularly in traditional sectors like real estate and infrastructure, which are undergoing adjustment cycles [3] - The average investment yield for newly registered debt plans in 2025 is 3.61%, with investment periods averaging 7.6 years [5] Equity Investment Plans - The insurance asset management sector's equity investment plans and private equity funds are still in a phase of exploration, with significant fluctuations in the number and scale of registered products [6] - In 2025, 22 equity investment plans were registered, marking an 83.33% increase year-on-year, with a total scale of 33.53 billion yuan, up 12.52% year-on-year [6] - The scale of individual equity investment plans varies significantly, with some as low as 100 million yuan and others as high as 10 billion yuan [6] Private Equity Funds - In 2025, seven insurance private equity funds were registered, with a total scale of 35.01 billion yuan, reflecting a year-on-year decrease of 22.22% in quantity and 18.61% in scale [6][7] - The number of insurance private equity funds registered has decreased after a peak period from 2019 to 2022, where the number of funds increased significantly [7] - The decline in new registrations is attributed to existing funds entering operational phases and gradually implementing investment projects [7]