Insurance Asset Manager Rankings

Insurance Asset Manager Rankings

2016 MEDIA EDITION

TOP 10 RANKINGS

December 31, 2015 Global Non-Affiliated GA Assets Stated in $Billions

Rank Insurance Asset Manager 1 BlackRock

AUM (in $Billions) 243.9

2 Deutsche Asset Management

176.8

3 Goldman Sachs Asset Management

138.9

4 Amundi

116.8

5 Wellington Management Company

103.1

6 Guggenheim Investments

97.5

7 PIMCO

79.2

8 J.P. Morgan Asset Management

77.6

9 Delaware Investments

73.7

10 Conning

71.8

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The Insurance Investment Outsourcing Report

Full Report Available

COMPLIMENTARY COPIES FOR INSURANCE COMPANIES

Full Report Content

Top Ten Rankings Letter from the Editors

Asset Manager Rankings

Category 1: Global Non-Affiliated GA Insurance Assets

Category 2: North America Domiciled Non-Affiliated GA Insurance Assets

Category 3: Ex-North America Domiciled Non-Affiliated GA Insurance Assets

Category 4: Global Affiliated GA, Non-Affiliated GA and Variable Annuity/UnitLinked Assets Category 5: Ex-US Domiciled Non-Affiliated GA Insurance Assets by Region

UK/Europe

APAC

Offshore

Category 6: GA Non-Affiliated Insurance Assets by Strategy

Multi-sector Fixed Income

Convertible Bonds

High Yield Bank Loans Emerging Market Debt

Cash

Equity categories (Active, Passive, Divid e nd ) MLPs

Municipal Bonds

Real Estate

Crossover Portfolios

Private Debt

Structured Products

Private Equity

Corporate Bonds

Hedge Funds

Government Bonds

Tactical Asset Allocation

Profiles of Insurance-focused Investment Managers

Includes breakouts of each manager's AUM and client counts by region and company type, services offered, and featured products for insurers

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The Insurance Investment Outsourcing Report is published jointly by:

InsurerAM News

Alex McCallum is a financial writer and editor who specializes in covering investment management trends and developments at insurance companies and external insurance asset managers, in North America and worldwide. For further information about McCallum and his work, click into his blog at .

Contact: Alex McCallum, Editor

Email: Alex@

Phone: 603 778 8179

Web:

The Insurance Asset Outsourcing Exchange provides unique, actionable knowledge about third party insurance asset management. Our information is provided for the benefit of investment managers, insurance companies and investment consultants. The Exchange is a service of Eager, Davis & Holmes.

Contact: David Holmes

Email: Dholmes@

Phone: 502 657 6479

Web:

Insurance AUM is an independent specialty consulting firm that partners with leading asset managers, hedge funds, and private equity firms to grow their insurance general account assets. Our experience from raising and managing $25 billion of insurance general account assets gives us a deep understanding of both investments and insurance. We work confidentially with our clients to efficiently and effectively unlock AUM growth.

Contact: Stewart J. Foley CFA Email: Stewart@

Phone: 847 868 0044 Web:

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The Insurance Investment Outsourcing Report

Letter from the Editors

Despite headwinds, insurance asset managers achieved a creditable performance in holding onto and building their asset levels. This year's Insurance Investment Outsourcing Report (IIOR) shows 43 managers with non-affiliated general account assets totaling $1.68 trillion, as of Dec. 31, 2015.

For the second year running, and providing one-third of the non-affiliated global total, the top three managers were BlackRock, Deutsche AM and Goldman Sachs AM. First-time participant Amundi took fourth place, ahead of traditional contenders (in top ten ranking order) Wellington, Guggenheim, PIMCO, J.P. Morgan, Delaware and Conning.

When managers are ranked geographically under North America and ex-North America categories, interesting changes take place in the leadership positions. North America is headed by Guggenheim, and GR-NEAM, Western and Wells climb into the top 10. Schroders, Insight Investment, and AXA join Amundi in the ex-North America top 10.

In terms of winners and losers year-to-year, Goldman Sachs was a standout winner, gaining $27.3bn on a global basis, with a nice mix of N. America ($16.1bn) and ex-N. America ($11.2bn). Wells ($7.1bn) and Wellington ($6.6bn) also achieved significant AUM growth. Other managers show flat or a decline in total non-affiliated AUM over the past year, which is indicative of the headwinds third party managers face. Insurance-centric third party investment managers continue to win new mandates and grow client relationships, but also experience asset losses due to insurance company mergers, acquisitions and insourcing.

Taking the 43 managers as a whole, a comparison with the $1.40 trillion total in 2014 would be misleading, because twelve managers did not report year-earlier figures. A more accurate assessment can be obtained from the 31 participants who reported for both years. Their 2015 total was $1.38 trillion, indicating a year-to-year decline of 1.2%. Therefore, aside from just a handful of significant winners and losers, most managers experienced only modest changes in general account assets under management -an ironic, but reasonably satisfying, finish to a volatile twelve months!

It is still too early to make a confident forecast about outsourced insurance asset growth in 2016. Managers continue to adjust constructively to the prolonged low yield environment by bringing new product and strategy solutions to the industry. In addition, managers have an increasingly global environment in which to compete for business, as confirmed by the AUM numbers in this report. No less than 44% of general account assets are ex-N. America, a percentage that will undoubtedly increase.

Ten years ago, as of Dec. 31, 2005, a predecessor survey to the IIOR reported forty-one managers handling $634.2bn in non-affiliated general account assets. The 2-1/2 times advance in the past decade to $1.68 trillion is a reminder that many insurers have increasingly expressed confidence in working with external managers for quite some time, and this long-term will undoubtedly continue. As for the managers themselves, they stay loyal to this business. For example, the top three in 2005 were Deutsche, BlackRock and Conning, and eight out of the top 10 ten years ago were still there in 2015.

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The Insurance Investment Outsourcing Report

Please note that IIOR (Insurance Investment Outsourcing Report) was expanded this year to include affiliated GA assets and variable annuity/unit-linked assets, which are covered in our Category 4 rankings. These rankings are useful because they indicate the scale and its associated benefits that third party managers offer insurers. Investment managers' non-affiliated GA AUM managed in each specific investment strategy is ranked in Category 5. This will be useful when seeking managers having a specific expertise. Inside this year's report, along with the major rankings, you will find detailed one-page manager profiles with answers to the following questions: client numbers, types, sizes, regional breakouts and featured products. We have tried to cover the bases.

Thank you, Alex McCallum David Holmes Stewart Foley

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