The scale of enterprise annuity funds exceeded 2.7 trillion for the first time in the first half of the year

　　Securities Times reporter Liu Jingyuan

　　Recently, the results of the first half of 2022 of the enterprise annuity fund were released.

Data show that the scale of enterprise annuity funds exceeded 2.7 trillion yuan for the first time, an increase of about 120 billion yuan in the first half of the year.

　　Compared with the double-digit or even more than 20% growth rate in recent years, the growth of enterprise annuity funds has slowed down in the first half of this year, which is affected by both the decline in new annuity funds and changes in investment returns.

Under the fierce market competition, the leading institutions in the enterprise annuity trust business and investment business also experienced obvious ranking changes.

It exceeded 2.7 trillion yuan for the first time

Positive returns for 10 consecutive years

　　According to the data on enterprise annuity funds in the second quarter released by the Ministry of Human Resources and Social Security, as of the end of the first half of the year, the scale of enterprise annuity funds exceeded 2.7 trillion yuan for the first time, reaching 2.76 trillion yuan, up 4.4% from the beginning of the year; At the beginning of the year, it increased by 4.75%, and the growth scale was about 120 billion yuan.

　　The data also shows that a total of 123,300 enterprises have established enterprise annuities, the number of participating employees has increased to 29.54 million, and the number of established annuity combinations has exceeded 5,000, reaching 5,297.

　　In the first half of the year, under the circumstance that the capital market fluctuated greatly, the investment income of enterprise annuity was under certain pressure, and the investment income was -16 billion yuan.

However, the second quarter has been significantly better than the first quarter. The investment income in the second quarter was 56.645 billion yuan; the weighted average rate of return in the first half of the year was -0.69%, and the rate of return in the second quarter was 2.13%.

　　From a long-term perspective, the investment yield of enterprise annuity funds has remained stable in recent years, and market-based entrusted investment has played an important role in maintaining and increasing the value of enterprise annuity funds, contributing considerable returns to annuity funds.

Since 2007, the average annual return of enterprise annuity has reached 7.17%; especially since 2012, regardless of the equity market conditions, enterprise annuity funds have maintained positive returns for 10 consecutive years.

　　As of the end of the second quarter, the single-plan assets of the enterprise annuity fund amounted to 2.42 trillion yuan, accounting for the vast majority of the fund's assets.

The weighted average rate of return of a single plan in the first half of the year was -0.75%, of which the rate of return of the fixed-income portfolio was 1.68%, and the rate of return of the portfolio with equity was -0.99%.

　　In addition, the scale of the collective plan at the end of the second quarter was 251.4 billion yuan, and the weighted average rate of return in the first half of the year was -0.11%; the rate of return of the fixed-income portfolio was 1.09%, and the rate of return of the portfolio including equity was -1.03%.

Trusted Market:

Taikang Pension rose to fourth

　　Among the four major businesses of enterprise annuity entrusted management, account management, custody and investment management, entrusted management is regarded as one of the important businesses.

Over the years, there have been 13 institutions with corporate annuity fund legal person trustee qualifications. Last year, as the Ministry of Human Resources and Social Security refused to renew the enterprise annuity trusteeship of Hwabao Trust, the number of trustee management institutions was reduced to 12, including 6 insurance institutions, 4 Bank, 1 pension company, 1 trust company.

　　Among the leading institutions in the entrusted management business, the entrusted management scale of China Life Pension increased by RMB 33.3 billion in the first half of the year and increased to RMB 579.3 billion at the end of the second quarter, maintaining the first place in the entrusted market; Ping An Pension increased by RMB 9.2 billion to RMB 416.8 billion in the same period. Yuan, ranking stable at the second place; Industrial and Commercial Bank of China increased by 14.7 billion yuan, and the entrusted scale increased to 220 billion yuan, maintaining the third place in the entrusted market; Taikang Pension's entrusted management scale increased by 14.9 billion yuan to 153 billion yuan. The ranking of the entrusted scale increased by 1 place to the fourth place.

　　Judging from the situation in the first half of the year, the increase in the scale of the top four institutions exceeded or approached 10 billion yuan, reflecting a certain Matthew effect.

Investment management business:

Newly promoted to China Life Pension

　　Judging from the situation of enterprise annuity investment managers, the scale of investment management in the first half of the year has increased or decreased.

　　Among them, the investment management scale of 7 institutions including China Life Pension Insurance, E Fund Fund, Taikang Assets, Southern Asset Management, ICBC Credit Suisse Fund, PICC Pension Insurance, and Huatai Assets increased by more than 10 billion yuan compared with the beginning of the year.

　　In the first half of the year, the scale of China Life's pension investment management increased by 32.1 billion yuan to 335.5 billion yuan, the largest increase, with an increase of 10.6%.

Among enterprise annuity investment managers, China Life Pension has risen one place in investment management scale, from third in the market to second, with a management share of about 12.5%, an increase of 0.7 percentage points from the beginning of the year.

　　The scale of enterprise annuity investment management of Taikang Assets and E Fund Fund has also increased significantly.

In the first half of the year, the investment and management scale of Taikang Assets increased by 24.8 billion yuan to 460.3 billion yuan, maintaining the first place in the market; bit.

　　There are still 10 managers with an investment management scale exceeding 100 billion yuan. In addition to the “top three” Taikang Assets, China Life Pension, and Ping An Pension, they also include ICBC Credit Suisse Fund, E Fund Fund, China Asset Management, China Southern Asset Management, Taiping Pension Insurance, CITIC Securities, Changjiang Pension Insurance.

Among them, the fourth-ranked ICBC Credit Suisse Fund, the investment management scale exceeded 200 billion yuan for the first time.

　　In the enterprise annuity investment management market in the first half of the year, the ranking of many institutions has changed, indicating that the industry competition is relatively fierce.

For example, among the top ten institutions, China Life Pension rose from third to second, China Asset Management rose from seventh to sixth, and Southern Asset Management rose from eighth to seventh.

Investment income:

Huatai Assets performed the most

　　Judging from the investment performance of investment managers in the first half of the year, fixed income portfolios generally have positive returns, while portfolios containing equity assets generally have negative returns, but there are also stable and excellent performers.

　　Among them, Huatai Assets performed well, achieving positive returns in both fixed-income portfolios and equity-containing portfolios of single plans and collective plans, becoming the only investment manager that achieved positive returns in various types of annuity plans.

Huatai Asset Management's single plan with equity portfolio weighted average yield of 0.55% is the only institution in the same portfolio that has recorded positive returns.

　　In addition, the single-plan portfolio with equity managed by 12 institutions showed negative returns in the first half of the year, but the rate was less than 1%. Among them, Ping An Pension (-0.08%) and CCB Pension (-0.18%) performed better. )Wait.

　　In the management collective plan including equity portfolio, 3 institutions achieved positive returns, including Huatai Assets, Ping An Pension, and Cathay Pacific Fund. The weighted average returns in the first half of the year were 0.85%, 0.33%, and 0.03%, respectively.

　　Judging from the performance of the fixed income portfolio of a single plan, Changjiang Pension, HFT Fund, China Merchants Fund, CCB Pension and other institutions all achieved a yield of more than 2% in the first half of the year, taking the lead.

In addition, the average investment yields of Huatai Assets, Cathay Pacific Fund, and Ping An Pension are also relatively high.