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Insurance Asset Manager Annual Survey 2006 Edition
Insurance Asset Manager LLC, Oct 2006, Pages: 44
The flow of global insurance company assets outsourced to unaffiliated U.S. investment firms increased by 31% to a record $886 billion in 2005, and the hot pace is expected to continue in 2006, according to Insurance Asset Manager’s (IAM) newly-published annual survey.
As of December 31, 2005, the total comprised $634 billion of insurance companies’ general account assets* and $252 billion of subadvised assets** – all non-affiliated and assigned on a competitive basis. Including non-competitive affiliated assets of $1.3 billion, the grand total of insurance assets under management by the 41 firms that participated in the survey amounted to $2.2 trillion, also a record.
The top five asset managers in IAM’s principal survey ranking (non-affiliated general account assets) were: Deutsche Asset Management ($142 billion), BlackRock ($91 billion), Conning Asset Management ($53 billion), Wellington Management Company ($50 billion), and General Re-New England Asset Management ($45 billion).
A second ranking, which combines subadvised with general account non-affiliated assets, was headed by Wellington Management Company ($148 billion), Deutsche Asset Management ($144 billion), BlackRock ($117 billion), Western Asset Management ($64 billion), and Conning Asset Management ($53 billion).
“The external insurance asset management market is starting to approach the size of the hedge fund market,” commented Alex McCallum, IAM’s editor who coordinated the survey. “Following the strong year in 2005 for insurance asset managers,” he added, “2006 is shaping up to be even more impressive, based on the provisional data we have collected.”
Results in 2006 will reflect multi-billion dollar asset gains by Western Asset Management and BlackRock as result of Legg Mason’s acquisition of Citigroup Asset Management and the merger of Merrill Lynch Investment Managers (MLIM) into BlackRock. Western Asset is an affiliate of Legg Mason, Inc.
Externally-Managed Insurance Assets (2)
The IAM Survey contains four sets of asset manager rankings, as follows:
Category 1 (Non-Affiliated General Account Insurance Assets)
Category 2 (Non-Affiliated General Account + Subadvised Insurance Assets)
Category 3 (Combined Non-Affiliated + Affiliated Insurance Assets)
Category 4 (Non-Affiliated General Account Non-US Insurance Assets).
Also featured in the survey are:
Asset Allocation Charts
Client Numbers
Client Size Ranges
Active/Passive Ratios
First Quarter 2006 Updates
Ownership Status of Asset Managers
Asset Manager Contact Names
Insurance Asset Manager (IAM) is a news and information service that covers the investment management side of the insurance industry for insurers and their third-party providers -- including asset management firms, investment consultants, custodians, legal advisors and other intermediaries. The IAM service includes the Insurance Asset Manager website, an e-mail service of headline news, a monthly online and printed newsletter, and the IAM annual and semi-annual surveys.
* General Account Assets. An insurance company’s overall investment account that contains the assets that back the cash value accumulations of policyholders and surplus. Excludes assets dedicated to “separate account” insurance products.
** Subadvised Assets. An insurance company’s separate account insurance product portfolios managed by third-party asset management firms.
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