In the complex market environment, the performance of insurance asset management companies is divided in 2023.

As of April 30, except for the suspension of disclosure of Huaxia Jiuying assets annual report, other insurance asset management companies have disclosed their 2023 annual reports. Among the 34 insurance institutions (including 1 old-age insurance company) counted by Chinese journalists, 33 have comparable data (except postage management). These 33 companies have a total operating income of 36.3 billion yuan in 2023, an increase of 4% over the same period last year.Earntoplaycrypto.3%EarntoplaycryptoThe total net profit was 15.5 billion yuan, an increase of 5% over the same period last yearEarntoplaycrypto.8%.

The average return on assets (ROE) of the 34 insurance institutions in 2023 was 16.1 per cent, with a wide gap between different institutions, the highest of 83 per cent.

Most insurance regulators achieved revenue and profit growth in 2023, with four of them doubling their profits.

The top three profits are all over 2 billion.EarntoplaycryptoGuoshou ranks first in assets

In 2023, the head structure of insurance asset management institutions remains stable, and the three largest companies under management-Guoshou assets, Ping an Asset Management and Taikang assets are still the top three in revenue and profit, with net profits of more than 2 billion yuan.

However, there has been a change in the earnings rankings of the Big three, with Guoshou assets at the top of the revenue and profit rankings in 2023 for the first time since insurance managers began disclosing their annual reports in 2019.

Specifically, the consolidated revenue and net profit of Guoshou assets in 2023 were 5.257 billion yuan and 2.876 billion yuan respectively, an increase of 9.1% and 21.8% respectively over the same period last year, achieving faster growth than the previous year. The company's ROE was 16.91% in 2023, slightly higher than the industry as a whole. By the end of 2023, the assets under management of Guoshou exceeded 5.37 trillion yuan, including 720 billion yuan of third-party business.

In 2023, Ping an Capital Management achieved revenue of 4.275 billion yuan and net profit of 2.704 billion yuan, showing a slight decline. The company's ROE is 32.30%, which is the highest among large and medium-sized insurance assets management. In terms of management scale, according to the 2023 annual report of Ping an of China, the asset management scale of Ping an at the end of 2023 was 5.03 trillion yuan, of which the third party assets were 528.4 billion yuan.

The revenue of Taikang assets in 2023 was 5.103 billion yuan, an increase of 15.6% over the same period last year, and the net profit was 2.08 billion yuan, an increase of 22.7% over the same period last year. Its ROE is 27.48%, which is also a higher level among large and medium-sized insurance asset management companies. According to the official website of Taikang assets, the company has a management scale of more than 3.4 trillion yuan, including third-party assets of more than 2 trillion yuan and pension management of more than 840 billion yuan.

In 2023, Guoshou Investment Company continued to maintain the fourth place in revenue and profit, with revenue of 3.302 billion yuan and net profit of 986 million yuan, a decline compared with the same period last year. Taiping assets and Taibao assets ranked fifth and sixth in the profit table, while Sunshine assets, Xinhua assets, Huatai assets and PICC assets ranked seventh to 10th in the industry.

Of the 34 insurance institutions, 2 suffered losses, namely Allianz Capital Management and Pacific Capital, which lost less in 2023 than in the previous year.

2023 is the first year of our annual report on asset recovery disclosure. In 2023, the company has an operating income of 542 million yuan and a net profit of 238 million yuan, and its revenue and profit are in the top 1 of the insurance asset management agencies.

In 2023, the insurance asset management industry ushered in a new main body, namely China Post Insurance Asset Management Co., Ltd. (referred to as China Post Asset Management), which was set up by China Post Insurance with a contribution of 500 million yuan. From October 27 to December 31, 2023, China Post Capital Management achieved an operating income of 81 million yuan and a net profit of 19 million yuan. China Post Insurance has total assets of about 480 billion yuan at the end of 2023. China Post's official website shows that it is a leading insurance asset management company in China.

Performance growth of 21 companies: net profit of 4 companies doubled

Compared with the previous year, the performance of insurance asset management companies varies. Of the 33 insurance companies that have comparable data, 12 have declined profits and 21 have increased profits. The profits of four companies, including Yongcheng assets, Great Wall Wealth Management, China re-assets and Guohua Xingyi, have more than doubled compared with the previous year. Among them, there are not only the reasons of low base, but also the reasons of rapid business growth.

Of these, Yongcheng assets had revenue of 217 million yuan and net profit of 116 million yuan in 2023, up 141.1% and 285.6% respectively over the same period last year. The company's management fee income in 2023 was 196 million yuan, an increase of 170.7 percent over the same period last year. According to public information, Yongcheng assets began to carry out third-party portfolio product business in November 2021, and by the end of 2023, the scale of portfolio insurance asset management products has risen to the upper and middle level of the insurance asset management industry.

In terms of China re assets, the net profit in 2023 was 279 million yuan, an increase of 138.7% over the same period last year, and the operating income was 750 million yuan, an increase of 52.7% over the same period last year. According to the 2023 annual report of China re, the assets under management were 724.5 billion yuan at the end of 2023, including 345.4 billion yuan in total investment assets within the group and 379.1 billion yuan in third-party assets managed by China re assets, an increase of 270% over the same period last year.

In addition, the net profit of China Merchants Cigna assets, CITIC Prudential assets, PICC Capital and Life assets also increased rapidly in 2023. Among them, Cigna assets, which opened in October 2020, had a business income of 410 million yuan in 2023, an increase of 42.4% over the same period last year, and a net profit of 108 million yuan, an increase of 57.5% over the same period last year. According to Chinese reporters from the brokerage industry, China Merchants Cigna assets in recent years registered claims plan number in the forefront of the insurance asset management industry.

In more than a dozen insurance asset management institutions with declining revenue and profits, most of them have a decline in management fee income. From the perspective of the development of insurance asset management companies in recent years, the scale of asset management is mostly increasing year by year, and the decline in management fee income is mainly caused by business adjustment or performance management fee decline and other reasons.

ROE average 16.1%: Minsheng Tonghui has a big lead

In addition to profitability, ROE indicators are also concerned by some asset regulators, which can reflect an institution's ability to return shareholders, and is also related to the degree of marketization and the degree of incentive mechanisms that can be achieved.

Brokerage Chinese journalists estimate that the overall ROE of 34 institutions in 2023 is 16.1%, which has declined for three consecutive years, but is still at a relatively high level. At the same time, there is a large gap in ROE between different institutions.

Among them, Minsheng Tonghui assets had the highest ROE in 2023, as high as 83%. Minsheng Tonghui assets is a highly profitable small and medium-sized insurance asset management company, ROE has been in the leading level in the insurance asset management industry for many years. Its net profit was 300 million yuan in 2021, increased to 377 million yuan in 2022, and decreased to 272 million yuan in 2023. At the same time, the company is an insurance asset management institution with small net assets, and its equity is the lowest 100 million yuan of the insurance asset management company, and the shareholders' equity at the beginning of 2023 and the end of the year are 310 million yuan and 340 million yuan respectively.

　　同时，永诚资产、平安资管2023年ROE达到30%以上，泰康资产、太平资产、光大永明资产、建信保险资产、工银安盛资产、华泰资产、阳光资产ROE都在20%以上，都属于较高水平。