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]

编者按： 在保险资管行业从"产品导向"向"客户导向"深度转型的当下，百年保险资管董事长杨峻提出的"投顾服务四部曲"，不仅勾勒出以客户人生规划为起点的服 务蓝图，更揭示了保险资管行业在"资产端-负债端"协同中的独特价值。作为百年人寿旗下的保险资管公司，百年保险资管公司与母公司百年人寿的协同 关系，恰恰是"四部曲"理念在行业实践中的生动映射：百年人寿作为负债端，聚焦于保险产品的设计与客户需求的洞察，构建起对用户人生目标的深度理 解；而百年资管作为投资端，则基于这些目标，通过专业的资产配置与产品选择，实现长期稳健的财富增值。在百年人寿高质量发展的战略引领下，百年 保险资管公司坚守服务实体经济和社会民生的初心，完善资产负债平衡管理体系，秉持长期投资、价值投资理念，深化资产端与负债端的联动匹配。未 来，公司将持续提升资产管理规模与市场影响力，致力于建设具有核心竞争力的一流保险资管机构。 其次是做财务规划，把具体的人生目标翻译成清晰的财务数字，计算出实现这些目标需要多少资金，每年需要多少现金流。 第三再做资产配置，基于财务目标设计一个配置的结构，核心是稳健与可靠，目标是平稳达成计算出的回报率，而非冲击市场最高点。 第四才 ...

Core Insights - The insurance asset management industry in China has shown significant growth, with total assets under management reaching 33.3 trillion yuan by the end of 2024, marking a year-on-year increase of 10.6% [1] - The overall income of 34 insurance asset management companies amounted to 31.83 billion yuan in 2024, reflecting a growth rate of 7.31% [1][6] Group 1: Asset Management Overview - As of the end of 2024, the insurance asset management industry maintained a diversified structure, with internal insurance funds amounting to 23.5 trillion yuan, accounting for 70.56% of total managed assets [2] - The management of third-party insurance funds has seen a decline in proportion over the past two years, while the management of pension funds has increased [2] - The growth rate of internal insurance funds was 15.4%, while third-party insurance funds experienced a decline of 1.5% [2] Group 2: Investment Allocation - The total investment assets of insurance asset management companies reached 32.68 trillion yuan in 2024, representing a year-on-year growth of 25% [4] - The allocation structure included 15.18 trillion yuan in bonds (46%), 6.66 trillion yuan in financial products (20%), and 2.17 trillion yuan in stocks (7%) [4] - Stock investments saw a growth rate of 36%, indicating a strong shift towards equities [4] Group 3: Performance and Revenue - In 2024, 21 institutions reported a comprehensive return rate exceeding 5%, with 10 institutions surpassing 8% [6] - The total revenue for the industry reached 31.83 billion yuan, with a compound annual growth rate (CAGR) of 8.48% from 2016 to 2024 [6][7] - The revenue from specialized account business grew by 19.21%, while the income from bond investment plans decreased by 16.82% [7] Group 4: Workforce and Growth - The number of employees in the insurance asset management sector increased to 7,631, reflecting a growth rate of 1.76% compared to the previous year [7]

Core Viewpoint - The wealth management industry is currently facing challenges related to clients' sense of fulfillment, which can be addressed through a structured advisory service that aligns with clients' life goals [2][3]. Group 1: Wealth Management Challenges - The main pain points in the wealth management industry include insufficient client satisfaction, unclear relationships between wealth and life goals, and difficulties in overcoming human weaknesses such as greed and fear [2]. - The lack of professional knowledge and investment discipline among clients further exacerbates these issues [2]. Group 2: Advisory Service Framework - The advisory service can be divided into four essential components: life planning, financial planning, asset allocation, and product selection, all of which are interdependent [2][3]. - The first step, life planning, involves helping clients define their life goals and clarify their true aspirations [3]. - Financial planning translates these life goals into specific financial figures, determining the necessary funds and cash flow required to achieve them [3]. - Asset allocation is then designed based on financial goals, focusing on stability and reliability to achieve calculated returns rather than chasing market peaks [3]. - Finally, product selection is based on the asset allocation strategy, ensuring that clients feel more secure and clear about their investments [3]. Group 3: Role of AI in Wealth Management - While AI can effectively handle the latter parts of the advisory process, the first step of life planning requires human involvement to build deep trust with clients [3]. - The value of discussing life planning emerges from the dialogue and interaction between the advisor and the client, highlighting the importance of human connection in the advisory process [3].

李云泽强调，银行保险资管机构要深入贯彻落实党的二十届四中全会精神，践行金融工作的政治性、人 民性，紧扣"十五五"时期的战略任务和重大举措，抓紧布局、科学谋划，深入做好金融"五篇大文章"。 要坚持人民至上，着力构建财富管理新格局，深化改革创新，不断激发行业发展"新动能"。要筑牢安全 防线，切实构筑稳健发展的"防火墙"，以行业高质量发展助力金融强国建设，为服务中国式现代化贡献 更大力量。 李云泽要求，协会要切实增强政治意识、大局意识、责任意识，持续加强规范管理，进一步发挥服务会 员、辅助监管作用。要全面加强党的建设，优化治理结构，强化自律管理，维护市场信誉，助力行业发 展行稳致远。 民政部社会组织管理局负责同志出席会议。驻金融监管总局纪检监察组办公室、金融监管总局相关司 局、中国银行保险资产管理业协会有关负责同志，银行理财公司、保险资产管理公司、保险公司以及与 银行保险资产管理业相关的机构等会员单位代表参加会议。 来源：国家金融监督管理总局 李云泽出席中国银行保险资产管理业协会更名暨第四届会员代表大会并讲话 11月26日，中国银行保险资产管理业协会更名暨第四届会员代表大会在北京举行。金融监管总局党委书 记、局长李 ...

李云泽强调，银行保险资管机构要深入贯彻落实党的二十届四中全会精神，践行金融工作的政治性、人 民性，紧扣"十五五"时期的战略任务和重大举措，抓紧布局、科学谋划，深入做好金融"五篇大文章"。 要坚持人民至上，着力构建财富管理新格局，深化改革创新，不断激发行业发展"新动能"。要筑牢安全 防线，切实构筑稳健发展的"防火墙"，以行业高质量发展助力金融强国建设，为服务中国式现代化贡献 更大力量。 李云泽要求，协会要切实增强政治意识、大局意识、责任意识，持续加强规范管理，进一步发挥服务会 员、辅助监管作用。要全面加强党的建设，优化治理结构，强化自律管理，维护市场信誉，助力行业发 展行稳致远。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 韩宋辉）在11月26日的中国银行保险资产管理业协会更名暨第四届会员代 表大会上，金融监管总局局长李云泽表示，中国保险资产管理业协会更名为中国银行保险资产管理业协 会，将银行理财公司纳入自律管理和服务范围，是健全理财行业自律管理体系的重大举措，也是促进两 类资管机构协同发展的重要支撑，标志着我国银行保险资管行业自律管理进入了新阶段。 ...

Core Points - The China Insurance Asset Management Association has been renamed to include "Bank," indicating the full inclusion of bank wealth management companies [1][2][6] - The association now has 30 bank wealth management companies as members, with only two companies yet to join [1][6] - The new name reflects the establishment of a self-regulatory organization for the bank wealth management industry [1][4] Group 1: Association Changes - The association's name change signifies a major shift in its future development direction [2] - The association is a national, industry-specific, non-profit organization that operates under the guidance of the National Financial Supervision Administration and the Ministry of Civil Affairs [4] - A member meeting was held in August where the name change proposal was approved [6] Group 2: Membership and Training - As of now, 30 out of 32 bank wealth management companies have joined the association [6] - The association has conducted training sessions for bank wealth management companies, enhancing their operational capabilities [6] Group 3: Wealth Management Market Overview - The total scale of bank wealth management products has exceeded 32 trillion yuan, with wealth management companies generating 150.9 billion yuan in returns for investors [7][9] - As of the third quarter, the number of wealth management products in the market reached 43,900, with a year-on-year increase of 10.01% [7] - The proportion of wealth management products managed by wealth management companies is 91.13%, with a significant year-on-year growth of 15.26% [7] Group 4: Insurance Asset Management Industry - The insurance asset management industry has 34 companies managing a total of 33.3 trillion yuan, reflecting a year-on-year growth of 10.6% [10][12] - The majority of managed assets are from insurance funds, accounting for 70.56% of the total [12] - The revenue of these companies reached 31.83 billion yuan, with a year-on-year growth rate of 7.31% [12]

Core Viewpoint - The China Banking and Insurance Asset Management Association has been renamed and is now including bank wealth management companies in its self-regulatory management and service scope, marking a significant step in the self-regulatory management system of the wealth management industry and supporting the collaborative development of two types of asset management institutions [1] Group 1 - The renaming of the association signifies a new phase in self-regulatory management for the banking and insurance asset management industry in China [1] - The inclusion of bank wealth management companies is a major initiative aimed at enhancing the self-regulatory management framework [1] - This move is expected to promote the collaborative development of banking and insurance asset management institutions [1]

Group 1 - The "11th Asset Management Summit and Trustworthy Financial Institutions Ceremony" was successfully held in Beijing, focusing on the theme "Asset Management Towards Excellence: Smartly Initiating a New Journey" [1] - The event gathered over a hundred guests, including representatives from financial regulatory bodies, leaders of top asset management institutions, academic authorities, and industry experts, to analyze the transformation paths of the asset management industry under global economic changes [1] - China’s asset management industry is entering a critical phase of high-quality development, with a shift in competition logic from scale expansion to quality enhancement, emphasizing compliance, product innovation, and ecological collaboration as key competitive indicators [1] Group 2 - CITIC Prudential Asset Management has maintained strong operational performance since its establishment, with total assets under management nearing 370 billion as of the end of Q3 2025, serving a diverse client base including insurance institutions, banks, and high-net-worth clients [2] - The company is actively exploring new avenues in the green finance sector, leveraging its unique advantages to focus on environmental protection, renewable energy, and energy-saving industries, providing stable and long-term financing support for green projects [2] - In the digital finance sector, the company is applying AI models to investment decision-making and has initiated the construction of four major platforms to enhance investment returns [2] Group 3 - The "Trustworthy Financial Institutions" selection process was conducted by a professional review panel, evaluating institutions based on compliance, core asset management capabilities, financial technology innovation, green finance practices, and social responsibility [3] - The evaluation involved multiple rounds of data verification, field research, and cross-validation to identify exemplary cases that contribute to the real economy and align with national strategies [3] - Moving forward, CITIC Prudential Asset Management will continue to focus on innovation and core business areas while strengthening its compliance and risk control systems to support national strategies and achieve sustainable growth [3]

来源：中国银行保险报 11月21日，中国银行保险资产管理业协会发布《中国保险资产管理业发展报告(2025)》(以下简称《2025 年报》)内容摘要，系统展现201家保险公司、34家保险资产管理公司最新行业数据、趋势特征和发展成 效。《2025年报》显示，截至2024年末，34家保险资产管理公司管理资金规模合计33.3万亿元，同比增 长10.6%；投资收益率显著高于上一年度，21家机构当年综合收益率超5%；34家机构当年收入合计 318.3亿元，增速为7.31%。 管理资金规模33.3万亿元 从近3年各类资金占比看，管理第三方保险资金规模占比连续两年下降，管理养老金规模占比连续两年 上升。从近3年管理各类资金规模增速看，系统内保险资金和养老金呈增长态势，其他资金增速均有所 下降，其中养老金增速最高，达22.93%。 债券配置超四成，股票增速最快 《2025年报》显示，2024年，保险资产管理公司投资资产总规模32.68万亿元，同比增长25%。从资产 配置结构看，截至2024年末，保险资产管理公司配置债券规模15.18万亿元，占比46%；配置金融产品 (含保险资产管理产品)规模6.66万亿元，占比20%；配置银行 ...