Business mix
- The company's business is divided into two major segments - asset management (collecting management fees and performance compensation, investing in private equity, real estate, infrastructure and other strategies) and wealth solutions (obtaining and allocating long-term capital through the acquisition of life insurance platforms).
- Asset management fee income is highly dependent on the scale of fee base capital. In Q1 2026, fee base capital reached US$613.8 billion, a year-on-year increase of 12%; the insurance assets of the wealth solutions segment increased to US$184 billion after the acquisition of Just Group.
Current key questions
- The balance between rapid asset expansion and finding enough high-quality investment targets, especially in the highly competitive alternative investment field.
- The insurance business needs to strike a balance between underwriting discipline and investment returns. The company aims to underwrite US$25 billion in new policies in 2026 and maintain mid-double-digit returns, but changes in the interest rate environment may affect spreads.
- The company announced that it will merge its listed companies and wealth solutions businesses to simplify its structure and improve capital efficiency, but there are uncertainties about the integration effect and regulatory approval.
