As of April 30, 2026, the number of insurance institutions holding investment management capabilities remains at 114, unchanged from the same period in 2025. However, the total number of capabilities has decreased from 263 to 262, a reduction of one.
Recently, the China Insurance Association released a report on the investment management capability development of insurance groups and companies. While the overall number of institutions appears stable, a closer look reveals significant shifts in the structure of capabilities, particularly in direct and long-term investment areas.
Specifically, the number of institutions with credit risk management capabilities decreased from 73 to 71, and those with equity investment management capabilities dropped from 32 to 30. Conversely, capabilities in direct equity investment increased from 55 to 56, while indirect equity investment capabilities fell from 35 to 33. Direct investment in real estate capabilities saw the most notable increase, rising from 48 to 53 institutions. Capabilities for investing in real estate financial products decreased from 17 to 16, and the number of institutions with derivative application management capabilities remained unchanged at 3.
This shift occurs against a backdrop where recent data from the National Financial Regulatory Administration showed that the proportion of insurance funds allocated to stock investments in Q1 2026 reached a peak since data disclosure began in 2022. Despite this market trend, the number of insurers qualified for stock investment on this capability list has declined. Industry insiders suggest the 2026 list reflects a move towards greater stability. Given factors like credit bond differentiation, equity market volatility, and declining long-term yields, the contraction in stock investment and credit risk management capabilities is unsurprising. Insurers are increasingly prioritizing capabilities that can "weather economic cycles." The significant increase in direct real estate investment capabilities stands out in this context.
At the institutional level, Ping An Pension is the most comprehensively equipped in 2026, being the only institution holding all five capability types. Twenty companies possess four or more capabilities, including Ping An Pension, PKU Founder Life, Caixin Jixiang Life, Soochow Life, Guolian Life, Haigang Life, Heng An Standard Life, Li An Life, Lujiazui Cathay Life, Taiping Pension, Xintai Life, Xingfu Life, China Life Pension, Sino-Dutch Life, China United Insurance Group, Zhonghui Life, BOC Samsung Life, Zhongying Life, Yong An P&C, and Zijin Property.
Regarding institutional changes, four new entities joined the list in 2026. Fuzhou Life entered with three capabilities: credit risk management, indirect equity investment, and direct real estate investment. Huahai Property & Casualty added two capabilities: direct equity investment and direct real estate investment. Ruizhong Life gained direct real estate investment capability, and CITIC Prudential Life acquired direct equity investment capability.
Conversely, four institutions exited the list, balancing the number of new entrants. These were Junkan Life, Tongfang Global Life, Cigna & CMC Life, and Zhujiang Life. China Export & Credit Insurance Corporation changed its classification from a property insurer to a policy-oriented insurer but retained its credit risk management capability.
Most institutions that increased their capabilities are life insurers. For instance, PKU Founder Life expanded from three to four capabilities by adding real estate financial product investment. Dajia Life grew from two to three with the addition of credit risk management. Fosun United Health increased from two to three capabilities by adding real estate financial product investment. Guolian Life rose from three to four capabilities, also adding real estate financial product investment. HSBC Life expanded from two to three with new indirect equity investment capability. Lujiazui Cathay Life increased from three to four by adding direct real estate investment. On the property and casualty side, Huahai Property & Casualty, as a new entrant for 2026, is not detailed further.
Several institutions saw capability reductions. Bohai Life experienced the most significant change, dropping from four to two capabilities. It added real estate financial product investment but lost equity investment, indirect equity investment, and direct real estate investment capabilities. AIA Life also decreased from four to two capabilities, losing credit risk management and equity investment management. PICC Health dropped from two to one capability, losing direct equity investment. Among property insurers, Chengtai Property and Yingda Taihe P&C both decreased from two to one capability, each losing real estate financial product investment capability.
Another type of change involved capability substitution without altering the total count. For example, Bohai Property maintained one capability but switched from indirect equity investment to equity investment. Dinghe Property retained three capabilities but shifted from direct to indirect equity investment. Among life insurers, Soochow Life kept four capabilities but replaced direct equity investment and real estate financial product investment with indirect equity investment and direct real estate investment. Everbright Ming Life maintained three capabilities, switching from real estate financial product investment to direct real estate investment. Li An Life retained four capabilities, shifting from indirect to direct equity investment. Great Wall Life kept two capabilities, also moving from indirect to direct equity investment.