13个精算师·2025-06-10 22:37Core Viewpoint - The insurance asset management industry in 2024 shows significant growth in revenue and profit, with major players like China Life, Taikang, and Ping An leading in net profit rankings. The overall operating income increased by 14.6% year-on-year, while net profit rose by 17.4% [2][4][11]. Group 1: Industry Performance - In 2024, the total operating income of the insurance asset management sector reached 40.1 billion yuan, reflecting a year-on-year increase of 14.6% [4][11]. - The net profit for the insurance asset management companies was 18 billion yuan, which is a 17.4% increase compared to the previous year [4][11]. - The operating net profit margin was 45%, consistently exceeding 40% over the past eight years [6][13]. Group 2: Revenue Composition - Management fee income accounted for 79.4% of the total operating income, with an average management fee rate of 0.11% for entrusted assets [8][12][25]. - Taikang Asset Management has an entrusted asset management scale exceeding 4.2 trillion yuan, with a management fee rate estimated at 0.14% [9][26]. Group 3: Profitability Metrics - The return on equity (ROE) for insurance asset management companies was 17.6%, up by 1 percentage point year-on-year, indicating high profitability compared to life insurance, property insurance, and reinsurance companies [16][19]. - The total investment return rate for the associated insurance companies was 3.6%, an increase of 0.9 percentage points, while the comprehensive investment return rate was 7.9%, up by 4.1 percentage points [19][21]. Group 4: Company Rankings - The top three insurance asset management companies by net profit in 2024 were China Life Asset Management (3.86 billion yuan), Taikang Asset Management (2.84 billion yuan), and Ping An Asset Management (2.45 billion yuan) [28][29]. - The ROE for these companies was 19.7% for China Life, 33.6% for Taikang, and 25.9% for Ping An, showcasing their strong financial performance [28][29].