CONCORD, Mass. — Insurance companies outsourced $481 billion to non-affiliated investment management firms during 2003, an increase of 15.4% from 2002, according to a survey by Insurance Finance & Investment newsletter.
Deutsche Asset Management, New York, led all investment management firms with $119.8 billion in non-affiliated general account insurance assets under management at the end of 2003, an increase of 41.5% from $84.6 billion at the end of 2002.
Other top firms included: BlackRock Inc., New York, with $62.4 billion, up 35.2% from 2002; Conning Asset Management Co., Hartford, Conn., $41.1 billion, up 35.1%; and Wellington Management Co. LLP, Boston, $33.5 billion, up 23.4%.
When adding non-affiliated and affiliated subadvised accounts managed by asset management firms, the total was $1.06 trillion at the end of 2003, up 24.6% from $850.4 billion.
The survey, which collects the data of 37 participating firms, has been tracking the outsourcing of insurance assets since 1998.