Insurance investment trust plan stock size is the first negative growth

A few days ago, the China Insurance Asset Management Association issued the "China Insurance Assets Management Industry Development Report (2022)" (hereinafter referred to as the "Report"). The "Report" pointed out that with the pressure of financing trusts, the growth rate of investment in insurance companies to collect fund trust plans has also decreased significantly.

Since the investment trust plan at the end of 2012, the scale of allocation has increased from 29.4 billion yuan to 1645.7 billion yuan at the end of 2020, an increase of about 56 times. In 2021, the number of stocks increased negatively year -on -year. The year-on-year growth rate was only -14.2%.

The year-on-year growth rate is only -14.2%

The "Report" summarizes the comprehensive research results of 194 insurance companies and 32 insurance asset management companies, and systematically demonstrates the latest industry data for insurance funds and insurance asset management.

According to the survey data of 194 insurance companies, as of the end of 2021, the total investment scale of insurance companies' financial product investment was 277.2465 billion yuan, a year -on -year decrease of 75.108 billion yuan; 1.41 percentage points.

From the perspective of the investment distribution of financial products, the financial products invested by insurance companies are mainly based on the financial trust plan and the debt investment plan, which accounts for 95.18%of the two. Among them, the collection fund trust plan was 1411.9 billion yuan, a year -on -year decrease of 233.72 billion yuan, accounting for 51%; the debt investment plan was 1227 billion yuan, a year -on -year increase of 169.514 billion yuan, accounting for 44%. 100 million yuan, accounting for 3%; bank wealth management products were 50.15 billion yuan, a year -on -year decrease of 39.8 billion yuan; debt -to -equity investment plans to be 3.731 billion yuan.

With the decline in the scale of financing trusts, the growth rate of insurance companies' investment in funding trust plans has also decreased significantly. Since the investment trust plan at the end of 2012, the scale of allocation has increased from 29.4 billion yuan to 1645.7 billion yuan at the end of 2020, an increase of about 56 times. In 2021, the number of stocks increased negatively year -on -year, with a scale of 1411.9 billion yuan at the end of the year. The year-on-year growth rate was only -14.2%, a year-on-year decrease of 17.74 percentage points. Compared with 2019, the growth rate has decreased by 22.05 percentage points compared to 2019, reflecting the current industry's configuration pressure.

In addition, at the end of 2021, the asset allocation structure of 32 insurance asset management companies focused on fixed income assets. From the perspective of financial product allocation, at the end of 2021, 32 insurance asset management companies allocated 3.17 trillion yuan in financial products. Among them, the debt investment plan is 1.85 trillion yuan, accounting for 58.45%; the collection fund trust plan is 1.10 trillion yuan, accounting for 34.79%.

The "past and present life" of insurance capital and trust

In 2012, the gate of insurance fund investment trusts was regulated. In that year, the "Notice on Investment in Investment of Investment in Insurance" was issued, and insurance funds were allowed to invest in financial products such as trust companies that can be invested in the domestic trust company in accordance with the law.

In 2014, the "Notice on the Related Matters of Insurance Fund Investment Collection Trust Program" was issued. It is clear that insurance funds can only invest in collecting trusts, not to invest in single trusts, and set up a series of conditional restrictions on insurance institutions' investment collecting funds trust plans.

Public data shows that as of the end of the second quarter of 2014, 78 insurance companies (groups) invested a total of 739 trust plans, involving 32 trust companies, with a cumulative investment balance of 280.5 billion yuan, accounting for 2.99%of the total assets of the insurance industry at the end of the quarter. Compared with the end of the first quarter, it increased by 76.8 billion yuan, an increase of 37.7%, an increase of 136.3 billion yuan from the end of the previous year, an increase of 94.5%.

With the increase in investment in trust plans for insurance capital, some risks have gradually exposed. In October 2014, the former Insurance Regulatory Commission issued the "Notice on the Risks of Investment Company's Investment Trust Products", which pointed out that there were some outstanding risks at that time, including: rapid investment growth rate, high investment concentration, high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration, and high investment concentration. There are risks, unclear basic assets, and incomplete credit rating mechanisms.

However, the former Insurance Regulatory Commission also mentioned in the above notification that in general, the overall size of insurance funds investment trusts accounted for a small share of the industry's total assets, and the risks were basically controllable.

At present, in the context of the adjustment of regulatory policies and tremendous changes in the economic environment, the above two advantages of trust products have weakened the attractiveness of insurance funds. According to data from Yiyi Financial Trust Research Institute, as of July 2022, the average expected return of non -standard trust products was 6.85%, which maintained at a relatively low level, and real estate risks were still in the middle of the Qing Dynasty, and real estate trusts were still a "breach of contract".

In May of this year, the CBRC held a special meeting to propose to give full play to the long -term investment advantage of insurance funds, solve the problem of "long money and shortcomings", and further reduce the proportion of non -standard assets. Establish and improve the long -term assessment mechanism of insurance funds, enrich the channels for insurance funds to participate in the capital market investment, encourage insurance asset management companies to increase the issuance of combined insurance asset management products, and guide insurance institutions to allocate more funds to equity assets.

Daily Economic News

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