Core Insights - The insurance ABS market is experiencing growth, with 11 insurance asset management institutions registering a total of 28 ABS products in Q3, an increase of 9 products compared to Q2, amounting to a total scale of 944.82 billion yuan [1][2] Group 1: Registration Activity - July was the most active month for registrations, with 12 products registered, totaling 417.81 billion yuan, dominating both in number and scale [1] - Registration activity significantly slowed in August and September, with numbers dropping to 5 and 11 products, and scales of 143.07 billion yuan and 383.94 billion yuan, respectively [1] Group 2: Active Institutions - Minsheng Tonghui Asset Management Company was the most active, registering 6 products, leading in quantity among other institutions [1] - Other active institutions included Renmin Capital, Century Insurance Asset Management, ICBC-AXA Asset Management, China Life Investment, and Everbright Yongming, each registering 3 products [1] Group 3: Product Scale - In Q3, Minsheng Tonghui registered the largest product scale at 184.81 billion yuan, followed by China Life Investment and Taikang Asset Management, each with 110 billion yuan [1][2] - The largest single product registered in Q3 was 80 billion yuan, with four major plans including Everbright Yongming and Renmin Capital [2] Group 4: Market Trends - The registration scale of insurance asset management institutions has maintained over 50% year-on-year growth from 2020 to 2023, although a decline is expected in 2024 [3] - The cash flow stability, long duration, and relatively lower risk of asset-backed plans align with the investment needs of insurance capital, making them attractive to some institutions [3]