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Insurance Asset Manager Annual Survey 2005 Edition
Insurance Asset Manager LLC, Sep 2005, Pages: 36
An annual survey of specialist investment firms that manage $1.5 trillion in outsourced insurance company assets.
The results of the 2005 edition include rankings by general account and subadvised assets, affiliated and non-affiliated assets, as well as the firms recording the fastest asset growth year-on-year. Client numbers are listed by company type and line of business.
The survey also features detailed asset allocation charts for the insurance asset management firms; samples of unconstrained allocation strategies; an article titled 'An Outsourcing Checklist for Insurers'; and a list showing the ownership status of all 33 firms participating in the survey.
Highlights of Survey
- The top ten firms managing outsourced non-affiliated 'general account' insurance assets, the most closely-watched category of investments, were (in order): Deutsche Asset Management (DeAM), BlackRock, Inc., Conning Asset Management, General Re-New England Asset Management, Wellington Management, Western Asset Management, Evergreen Investment Management, AllianceBernstein, PIMCO and Standish Mellon Asset Management.
- Counting all outsourced insurance assets, including affiliated as well as non-affiliated assets, the grand total came to $1.45 trillion at end-2004 compared with $1.24 trillion a year earlier.
- A 'general account' is an insurance company's primary investment account that contains the assets that back the cash value accumulations of policyholders and surplus.
- 'Subadvised' accounts are an insurance company's separate account insurance product portfolios. Assets are defined as 'affiliated' if a 5% or higher ownership interest exists in the insurance company/investment firm relationship, unless the assets have been bid for on a competitive basis.
- Strong gains among the middle-ranking firms were also posted by AAM (30% to $11 billion and 12th place), Wells Capital Management (15% to $7 billion and 15th place), and Prime Advisors (27% to $6 billion and 16th place).
- Despite this competition, the top ten insurance asset managers as a group retained 'a formidable 90% share of outsourced non-affiliated general account insurance assets, with DeAM alone commanding a 28% share with $124 billion in general account assets'. DeAM's dominance increased further in the first quarter of 2005 when it recorded a 21% increase in general account assets to $151 billion.
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