Core Insights - The report indicates that by the end of 2024, the total assets under management (AUM) of 34 insurance asset management companies will reach 33.3 trillion yuan, reflecting a year-on-year growth of 10.6% [1] - The total revenue for the year is projected to be 31.83 billion yuan, with a growth rate of 7.31% [1] - However, there are concerning trends in the sources of managed funds and the structure of insurance asset management products, with a decline in third-party fund growth and a negative growth rate in insurance asset management products for the first time in five years [1][2] Fund Sources and Third-Party Funds - The growth rate of third-party funds, including third-party insurance funds and external funds, has declined, with third-party insurance funds experiencing a negative growth rate of -1.5%, down 13.42 percentage points year-on-year [2] - Pension fund growth has decreased by 44.26 percentage points to 22.93%, while bank funds have seen a significant drop of -11.73%, down 89.1 percentage points [2] - The proportion of internal insurance funds has decreased from 73.04% in 2022 to 70.56% in 2024, indicating a decline in the share of third-party funds [2] Product Management and Market Trends - By the end of 2024, the balance of insurance asset management products is expected to be 8.07 trillion yuan, a decrease of 461.3 billion yuan, marking a -5.41% growth rate, the first negative growth in five years [4] - The balance of combination-type insurance asset management products has decreased by 3.87%, while the total issuance of debt investment plans has dropped by 36.76% [4] - The decline in product attractiveness is attributed to increased market volatility and competition, leading to a shift in funds towards long-term interest rate bonds [4][5] Future Outlook - Experts predict that from 2025 onwards, the impact of new deposit regulations will diminish, and pension fund growth will continue to exceed 20%, becoming a key stabilizing factor for third-party funds [5] - The insurance asset management industry is expected to maintain a dominant position of internal funds, while the scale of non-standard asset management products will continue to shrink [5] - There is an anticipated recovery in third-party funds, particularly in equity-related products, as the capital market stabilizes [5]