China’s insurance asset management group gave top marks to almost two-thirds of third-party investment managers, a higher share than for internal managers.
The Insurance Asset Management Association of China (IAMAC) says it assessed 88 external managers, including fund houses and asset management arms of securities firms, which collectively manage 99% of the country’s 500 billion-plus RMB (US$78.69 billion) of outsourced insurance assets.
It gave the highest five-star rating to 54 firms, or 61.4% of the total, on the overall performance of their segregated accounts and investment management capabilities, the industry group says in a statement on December 3.
By comparison, it gave top marks to 28, or 58%, of China’s 48 insurance asset managers.
Another 26 third-party managers were rated four stars and eight were given three stars.
“Through the development of a communication channel [with the industry], we will further bolster the collaboration between insurance firms and external custodians to better safeguard insurance assets, and promote healthy growth for the industry,” IAMAC says.
China had 20.12 trillion RMB of insurance investable assets as of December 2020, according to figures from the group.
