Core Insights - KKR Group reported a stable investment income of $24 billion, despite a slowdown in asset sales [1] - The company raised $28 billion in new capital, contributing to a 14% year-over-year increase in assets under management (AUM) to $686 billion [1] - KKR has $115 billion in available capital and benefits from stable contributions from its Global Atlantic insurance business, positioning the firm towards its $1 trillion AUM target by 2029 [1]

Core Viewpoint - iFAST Group reported a net profit of 41.1 million SGD for the first half of 2025, with expectations for continued growth in its Hong Kong operations in the second half [1] Financial Performance - The company's revenue for Q2 reached 12.02 million SGD, representing a year-on-year increase of 28.3% [1] - Net profit for Q2 was 22.1 million SGD, showing a year-on-year growth of 37.9% [1] - Assets Under Administration (AUA) grew by 5.9% to 27.2 billion SGD in the same quarter [1] - Customer deposits in the UK banking business increased by 25.8% quarter-on-quarter to 1.4 billion SGD [1] Business Outlook - iFAST's eMPF project in Hong Kong is entering an accelerated phase, with more trustees expected to come online in Q3 and Q4, driving quarterly profit growth [1] - The company has revised its full-year pre-tax profit guidance for its Hong Kong business from 500 million HKD to 380 million HKD, achieving approximately 43.1% of this target with 163.7 million HKD realized in the first half [1] - Galaxy International has raised its earnings per share forecast for iFAST for 2025 to 2027 by 2.6% to 4.1% and increased the target price from 7.70 SGD to 9.20 SGD, maintaining a "Buy" rating [1] - The projected compound annual growth rate for net profit over the next three years is expected to reach 27.8% due to the scale effects of the eMPF project and growth in the UK banking business [1]

Core Insights - The Monetary Authority of Singapore (MAS) projects that Singapore's asset management industry will grow by 12.2% year-on-year in 2024, surpassing SGD 6 trillion for the first time [1] Group 1 - The asset management scale in Singapore is expected to reach SGD 6 trillion, marking a significant milestone for the industry [1] - The projected growth rate of 12.2% indicates a robust expansion in the asset management sector, reflecting increasing investor confidence and market opportunities [1]

Core Insights - The insurance asset management industry has shown overall growth in revenue and net profit for 2024, with 34 institutions reporting a total revenue of 41.6 billion yuan, an increase of 14.4%, and a net profit of 18.4 billion yuan, up by 18.1% [1][3] Group 1: Performance of Major Institutions - China Life Asset Management remains the leader in both revenue and net profit for 2024, achieving a revenue of 6.703 billion yuan, a year-on-year increase of 27.5%, and a net profit of 3.857 billion yuan, up by 34.1% [3][4] - TaiKang Asset ranks second in both revenue and net profit, with a revenue of 6.282 billion yuan, a growth of 23.1%, and a net profit of 2.843 billion yuan, increasing by 36.6% [3][4] - Ping An Asset's revenue and net profit have declined, with figures of 4.045 billion yuan and 2.451 billion yuan respectively, leading to a drop in rankings [3][4] Group 2: Industry Trends and Challenges - The total asset management scale of the top three insurance asset management companies exceeds 16 trillion yuan, with at least eight companies managing over 1 trillion yuan [2][6] - The majority of institutions have reported growth, but some, like Zhongying Yili Asset, have seen significant declines, with revenues and profits dropping by approximately 40% and 80% respectively [5][6] - The industry faces challenges in alternative asset management, particularly in debt investment plans and equity investment business, which are struggling due to low withdrawal rates and a cooling primary market [5][6] Group 3: Asset Management Scale - As of the end of 2023, eight insurance asset management institutions have surpassed a management scale of 1 trillion yuan, including China Life Asset, Ping An Asset, and TaiKang Asset [6][7] - The median asset management scale among 35 institutions is 326.8 billion yuan, indicating that half of the companies manage less than this amount [7][8]