中国保险资产管理业协会 recently released the "2023 China Insurance Asset Management Industry Development Report" (hereinafter referred to as the "Report"). This report provides a comprehensive analysis of insurance fund operations in 2022, covering key areas such as asset allocation, investment returns, investment strategies, financial product investments, equity investments, investment governance, and talent development.

According to the Report, insurance funds maintained a stable investment strategy in 2022. Fixed-income bonds (including government and corporate bonds) and bank deposits accounted for the largest share of assets, collectively representing approximately 52.2% of total investments. Notably, there was a significant increase in allocations to combination products (primarily fixed income), cash and liquid assets, and real estate investments, with growth rates exceeding 20% for all three categories. Equity investments emerged as the fourth-largest asset class, reflecting a growing emphasis on diversification strategies.

Looking at investment returns, the overall yield rate of insurance funds in 2022 showed a slight decline compared to 2021. The financial investment yield was notably higher than the comprehensive investment yield, with the former concentrated within a 3% range.

The Report reveals that as of the end of 2022, China's insurance industry had total assets of 27.15 trillion yuan, up by 9.08% year-on-year. The total amount of insurance fund investments reached 25.05 trillion yuan, an increase of 7.85% from the previous year.

Among the 196 participating insurers surveyed for the Report, combined investment assets totaled 23.86 trillion yuan, growing by 9.96% from the previous year. The survey included 12 insurance groups, 86 life insurance companies, 86 property insurance companies, and 12 reinsurance companies.

Investment strategies varied slightly by company type. Life insurers showed a significant preference for government bonds and corporate bonds, accounting for approximately 30.7% and 13.9% of their assets respectively. Property insurers focused more on corporate bonds, bank deposits, and government bonds, with allocations of around 18.7%, 14.8%, and 13.1%. Insurance groups primarily invested in equity assets, which made up about 38.3% of their portfolios. Reinsurers allocated nearly half of their investments to bonds, with corporate bonds and government bonds representing 28.5% and 14.4% respectively.

Examining the broader asset allocation structure, insurance funds maintained a focus on fixed-income assets such as government bonds, corporate bonds, and bank deposits (including cash and liquid assets), which collectively accounted for 55% of total investments, similar to the previous year's level.

Breaking down specific asset classes, cash and liquid assets represented 4.3%, while bank deposits accounted for 8.5%. Bonds made up 42.2%, followed by stocks at 7.5%, public funds (excluding money market funds) at 5.4%, equity investments at 7.8%, bond investment plans at 5.5%, insurance asset management products at 5.1%, trust plans at 5.7%, and overseas investments accounting for roughly 2%. Over the three-year period from 2020 to 2022, government bonds saw a significant increase in allocation, rising by 6.2 percentage points. Combination products (fixed income) also saw a modest increase of 0.9 percentage points. Meanwhile, corporate bonds and trust plans saw reductions of 3.1 and 2.1 percentage points respectively.

Among the major asset classes, the largest year-on-year growth in investment规模 was observed in combination products (fixed income), which increased by 36.52%. Cash and liquid assets grew by 21.71%, followed closely by real estate investments at 20.85%.