Interface News Reporter | Zou Wenrong
The disclosure of the 2023 annual report of insurance asset management companies is coming to an end.
As of press time, 28 of the 34 insurance asset management companies have released their financial reports before May Day. The total operating income of the 28 insurance asset management companies was 32.8 billion yuan, an increase of 6.2% year-on-year, and the total net profit was 14.490 billion yuan, an increase of 8.61% year-on-year.
Sun Life Everbright Asset Management, Yingda Asset Management, CCB Insurance Asset Management, and Dajia Asset Management have not yet been disclosed. China Post Asset Management opened at the end of October 2023 and has no annual report released, and ChinaAMC Jiuying Asset Management has suspended its disclosure for two consecutive years due to the risk disposal period.
In terms of total assets, China Life Investment, China Life Assets, Taikang Assets and Ping An Assets ranked the top four in terms of total assets, and the total assets of the four companies exceeded 10 billion yuan. Among them, the total assets of China Life Investment and China Life Assets are more than 20 billion yuan.
In addition, according to the 2023 semi-annual report of CCB Insurance Asset Management, as of the end of June 2023, the total assets of CCB Insurance Asset Management have reached 25.216 billion yuan, or it has locked in the top 1 position of the total asset scale of insurance asset companies in advance.
Compared with the previous year, as of the end of 2023, the total assets of 22 insurance asset management companies have increased, and their ability to resist risks has been further enhanced. Among them, 14 institutions have increased their total assets by more than double digits.
For example, the total assets of Yongcheng Asset Management in 2023 increased by 61.93% compared with 2022 to RMB447 million, making it the only insurance asset management company with a growth rate of more than 50%.
However, there are also institutional assets that have failed to "expand", with Hezhong Assets and Minsheng Tonghui Assets both less than 1 billion yuan by the end of 2023, and the total assets of both have declined by more than 20% compared with the end of 2022.
From an operational perspective, in 2023, in the face of multiple complex capital market environments, a number of insurance asset management institutions will achieve performance growth with the recovery of asset management fee income.
Up to now, China Life Assets (5.257 billion yuan), Taikang Assets (5.103 billion yuan), Ping An Assets (4.275 billion yuan) and China Life Investment (3.302 billion yuan) are temporarily among the top four in terms of operating income. However, only China Life Assets and Taikang Assets maintained positive revenue growth, while the total revenue and net profit of Ping An Assets and China Life Investment both declined year-on-year.
As the largest pillar of revenue, the increase or decrease of asset management fee income has a particularly significant impact on total revenue.
During the reporting period, the asset management fee income of China Life Asset Management and Taikang Asset Management both increased year-on-year, while Ping An Asset Management and China Life Investment declined.
In addition, Ping An Asset's net interest income and other items are also declining year-on-year, although investment income has increased compared with 2022, it accounts for less than 2% of revenue, and the net cash flow generated by investment activities is negative, with the corresponding net cash flow of -824 million yuan, which is the only negative insurance capital of the four institutions.
In contrast, in 2023, although the number of entrusting parties who signed "one-to-one" trustee contracts with China Life Asset Management will decrease, the asset management fee income of the corresponding project will increase by more than 10%, and the corresponding management fee income will also increase due to the increase in the number of asset management plans and public fund entrustors in the third-party outsourcing business.
In terms of net profit, among the 28 insurance asset management institutions, the number of institutions with a year-on-year increase in net profit has reached 20, while in 2022, only 15 institutions recorded growth after the statistics of Sun Life Everbright Asset Management, Yingda Asset Management and CCB Insurance Asset Management. In addition, in 2023, the net profit of 3 institutions will double, and the number of institutions that have doubled has reached the same level as last year (3 in 2022).
In terms of the scale of net profit, among the heads, China Life Assets, Ping An Assets, and Taikang Assets are among the top three, with net profits exceeding 2 billion yuan in 2023, and the year-on-year growth rate of net profits of China Life Assets and Taikang Assets is also above 20%.
Among the top 10 institutions in terms of net profit, Taiping Asset Management and Huatai Asset Management are the other two insurance asset management institutions with a year-on-year net profit growth rate of more than 20%.
Splitting the details of the operating income and operating expenses of the two, it is not difficult to find that in the case of a slight year-on-year decrease of 0.7% in revenue and income, the net profit growth of Taiping Assets is mainly achieved by reducing operating expenses, and in 2023, Taiping Assets' operating expenses will decrease by more than 26% year-on-year.
In contrast, in 2023, Huatai Asset's operating expenses will increase by 17.17% year-on-year, but in the same period, the company's asset management fee income, net interest income, fair value change profit and loss, investment income and other multi-line income "blossomed", and finally achieved increased revenue and profit.
It is also worth mentioning that from the year-on-year growth rate of net profit, in 2023, the net profit of many small and medium-sized institutions will grow by leaps and bounds.
The net profit of Yongcheng Assets in 2023 will increase by 285.57% year-on-year compared with 2022, and the net profit will also leapfrog into the threshold of 100 million yuan, ranking among the top 20 in the net profit list. According to the financial report, during the same period, the company's asset management fee income rose by 171% year-on-year.
In addition, the net profit growth rate of Great Wall Wealth Asset Management, China Re Asset Management and Guohua Xingyi Asset Management also reached 178.78%, 138.74% and 108.80% respectively.