I. Business Overview
In February 2005, ICBC was the first of its kind in the banking sector to provide custody service for insurance assets. Over the past 19 years, ICBC has developed into a leading custodian bank for insurance assets in the country. It provides insurance companies and insurance asset management companies with custody services for assets such as investment securities, funds and financial derivatives. ICBC provides innovative investment asset custody services such as asset management programs for insurance funds investment fund companies, bank wealth management products, credit asset-backed securities for banking financial institutions, collective fund trust plans for trust companies, special asset management programs for securities companies, infrastructure creditor investment programs, and real estate investment programs. ICBC also provides financial products such as asset management products and asset-backed programs for insurance asset management companies, as well as other investment asset custody business for insurance funds approved by the National Financial Regulatory Administration (NFRA). Investment fields cover market investment linked to various insurance institutions and exchanges, interbank market investment, open-ended fund investment, equity investment and debt investment.
As at the end of 2023, ICBC established custody partnership with 149 insurance institutions including insurance companies and insurance asset management companies, taking a leading position in terms of size of assets under custody in the banking sector.

II. Target Customers
Insurance companies
Insurance asset management companies
Insurance brokers and other insurance institutions.

III. Scope of Services
i. Basic services
1.Asset custody: Provide safe asset custody service, and ensure that the insurance assets under custody are independent of proprietary assets and other types of assets under custody;
2.Open an account: Open special bank deposit account and various asset accounts for customers, including Shanghai and Shenzhen stock exchange securities account, interbank bond account, open-ended fund account and investment bank deposit account, and hand over related assets;
3.Clearing and delivery: Provide clearing and settlement services for insurance assets involved in various OTC/exchange-traded investment activities according to the third-party data from CSDC, CCDC and fund companies or investment instructions of insurance companies or insurance asset management companies;
4.Investment supervision: Supervise the investment and operation of insurance companies and insurance asset management companies, and ensure that entrusted assets are invested according to regulatory requirements and agreed entrust requirements;
5.Accounting: Apply complete and standardized accounting to insurance assets under custody according to relevant laws and regulations as well as the accounting methods agreed with clients;
6.Asset valuation: Valuate the insurance assets under custody on a regular basis according to relevant laws, regulations and requirements of clients, to reflect the fair value of assets;
7.Preparation of reports: Provide various reports on custody service for insurance assets, for clients and regulatory authorities to understand the investment and operation of insurance assets under custody;
8.Custody reports: Prepare custody reports on a regular basis according to related agreement, to reflect the basic information about investment and operation of assets under custody, and send the reports to customers of insurance assets;
9.Record keeping: Keep intact custody records, account books, reports and other related materials in connection with insurance assets for 15 years above.
ii. Value-added services
ICBC provides tailored performance evaluation reports, investment consulting service, accounting outsourcing service, report service, online custody service platform for customers and market information.

IV. Product Advantages
i. ICBC, a leading insurance product agency and the largest and the most active institution providing money market business transaction service in China, plays a significant role in the areas of interbank placement, bond repurchase, other local currency financing business and pricing of money market interest rate.
ii. Comprehensive and good-quality cash management service. ICBC’s internet banking system can offer multiple functions including integrated payment and collection, regular automatic fund collection and allocation, irregular fund collection and allocation through corporate ERP system, account balance reservation and electronic reconciliation information service, to meet the cash management needs of corporate customers such as fund inflow, internal fund flow and fund outflow in an all-round manner.
iii. By adhering to the service philosophy of optimizing basic service, innovating value-added service and providing comprehensive financial service, ICBC keeps optimizing and upgrading the quality of custody service for insurance assets:
1.Multiple services can be provided to customers, including opening of various types of securities accounts, green channel for real-time clearing, multilevel securities accounts, accounting and asset valuation subject to multiple currencies and standards, and automatic investment supervision, so as to improve the quality of day-to-day basic services;
2.Customers can choose value-added services such as various performance evaluation reports, tailored reports, and online customer service platform for custodian business as needed. By choosing investment consulting services, the efficiency of using custody account funds can be improved, and investment accounting can be outsourced to reduce enterprise costs.

V. Business Guide
i. Business contact: Insurance companies which have demands for custody of insurance assets can contact the Asset Custody Department of the Head Office or local branches of ICBC;
ii. Signing of agreement: An appropriate custody plan will be designed and a custody agreement will be signed based on mutual communication and customer’s demands;
iii. Opening of account: Fund custody account, securities account, interbank bond account and open-ended fund account for insurance asset custody will be opened as required by regulatory authorities;
iv. Custody operation: Services including insurance asset custody, accounting, asset valuation, clearing and delivery will be provided according to custody agreement, and investment and operation of assets under custody will be supervised, with issue of reports to insurance companies on a regular basis.

VI. Contact Information
If you would like to apply for any service, please contact the Entrusted Asset Division II of Asset Custody Department of ICBC.
Contact: Zhou Juqing
Tel.: (8610) 81012302
E-MAIL: juqing.zhou@icbc.com.cn