On December 9, Waterdrop Inc. (WDH.US) and Deutsche Bank Insurance officially held a press conference for the family office, announcing the establishment of a joint family office to continuously explore innovative cooperative models for insurance protection and wealth management services. At the meeting, the "Heritage Series" products specially customized by Waterdrop and Deutsche Bank Insurance were also officially unveiled for the first time.

Attendees included Waterdrop Inc. founder and CEO Shen Peng, Deutsche Bank Insurance Director and General Manager Yin Xiaosong, Assistant General Manager, Chief Information Officer, and Chief Operating Officer of Deutsche Bank Insurance Xiao Ping, Waterdrop Inc. Partner Guo Nanyang, General Manager of National Investment Tai Kang REITs Family Trust Division Gao Fei, member of the expert committee of Peking University Research Center for Insurance and Social Security, Professor Zhu Junsheng, as well as over a hundred industry elites and scholars.

Explore the blue ocean of "family office" space, providing comprehensive, professional, and personalized wealth management solutions.

China's wealth management industry is entering a new development stage, with high-net-worth clients' demand for global asset allocation and wealth inheritance continuously expanding. The new "National Ten Guidelines" mentioned to "leverage the family protection and wealth inheritance functions of life insurance" and "better meet the growing insurance protection and wealth management needs of the public," affirming the function of insurance wealth management. As a unique guardian of wealth security for high-net-worth families, the development of insurance family offices is timely.

The joint family office announcement by Waterdrop Inc. and Deutsche Bank Insurance aims to maximize the utilization of both parties' resources and complement advantages through shared resources, creating a synergy effect of "1+1>2." Both parties will fully leverage their client base and market channels to jointly provide comprehensive services for high-net-worth clients, including insurance, wealth management, trust planning, education planning, and retirement services. They will also launch the "Heritage Series" customized products, achieving high leverage, lifelong protection, ultra-flexibility, and inheritable insurance protection solutions through a combination of annuities and life insurance.

Deutsche Bank Insurance was jointly established in ShanDong in 2013 by ShanDong State Investment Company, German Deutsche Bank Group, and Deutsche Bank Insurance, and has been deeply involved in the Chinese insurance market for eleven years, possessing rich insurance service experience. Its comprehensive product line can meet clients' needs in wealth preservation and asset inheritance. Since 2019, Deutsche Bank Insurance has established a sustained long-term stable cooperation with Waterdrop. Yin Xiaosong, Director and General Manager of Deutsche Bank Insurance, stated that currently, the country is strongly guiding the industry towards high-quality development transformation. Deutsche Bank Insurance adheres to the excellent risk control and asset management century-old gene of the German Deutsche Bank Group, fully integrates quality resources from shareholders and internal and external sources, and promotes a value proposition of co-building and win-win with channels. It has newly launched the "Heritage" family office brand of Deutsche Bank Insurance, dedicated to providing personalized and refined high-value services to high-net-worth clients.

The founder and CEO of Waterdrop Inc., Shen Peng, stated that the establishment of the joint family office not only reflects Waterdrop Inc.'s profound insight into market demand, but also serves as a precise response to customer needs. Given that it is difficult for a single service institution to comprehensively address various needs of high-net-worth individuals, the establishment of the joint family office can better provide one-stop, customized wealth management solutions for high-net-worth clients.

Lay out Waterdrop Stars, expanding integrated services for high-net-worth groups offline, including "Insurance, Health Care, and Heritage."

According to the "2024 China Wealth Management Industry White Paper," by the end of 2022, China's residents' personal financial assets approached 250 trillion yuan, and it is expected to grow steadily at an annual compound growth rate of 9% over the next decade, potentially reaching 571 trillion yuan by 2032. The wealth of residents in our country continues to grow, and the high-net-worth client group is receiving increasing attention. The practical needs for family protection and wealth inheritance among middle-class families and high-net-worth individuals are continuously expanding.

To better meet the needs of this segment of users, Waterdrop has launched a new brand called "Waterdrop Stars" offline, established a national innovation family office, and intensified efforts in the high-net-worth market. In October of this year, "Waterdrop Stars" upgraded from "Insurance Service Expert" to "Insurance, Health Care, and Heritage," aiming to create a differentiated product ecosystem and a professional service ecosystem that respond to the demands of high-net-worth clients.

In terms of high-client services, Waterdrop has actively collaborated with the Chinese Will Library, China Investment and Life Insurance Trust, and others, aiming to create a six-service system in health services, wealth management, legal consultation, tax planning and charity, identity planning, and wealth inheritance, empowering insurance practitioners to provide more comprehensive family wealth risk management services for high-net-worth clients.

At the press conference, Gao Fei, general manager of the family trust division at China Investment and Life Insurance Trust, stated that the unique and flexible structural design of family trusts and insurance trusts fully highlights the indispensable key advantages of insurance in family wealth management strategies. It is believed that with the innovative attempt of the "Joint Family Office" between Waterdrop Inc. and Dehua AnGu Life Insurance, there will be opportunities to integrate both parties' professional advantages in insurance product innovation, family wealth inheritance, asset management, etc., jointly providing more comprehensive and personalized wealth management solutions for high-net-worth clients.

Zhu Junsheng, a member of the expert committee at Peking University's Center for China Insurance and Social Security Research and a professor, pointed out that the joint creation of a family office by insurance companies and intermediaries is a new form of family office associated with insurance and can integrate the experiences and advantages of both parties. Among them, insurance companies have a natural advantage in risk management and asset inheritance, while intermediaries have an independent position, which helps to meet diverse client needs. To promote the sustainable development of insurance-related joint family offices, on one hand, it is necessary to be client-centered, surpassing the single insurance sales logic, providing personalized comprehensive wealth management solutions. On the other hand, it can enhance the professional capabilities of internal teams, strengthen cooperation with external professional institutions, and attract and cultivate versatile senior talents who adhere to long-termism, have outstanding talents and experience, and are trustworthy.

Yin Xiaosong stated that the "prestigious family" and Waterdrop Inc. established a joint family office, which is both a positive exploration of wealth management and a solid expansion of the depth and breadth of services in the Insurance industry. Looking ahead, Waterdrop Inc. and Deutsche Wohnen Life Insurance's joint family office will adhere to the principles of professionalism, innovation, integrity, and win-win collaboration, moving forward hand in hand. In building the service ecosystem, Waterdrop will continuously expand partnerships in professional fields such as Medical, REITs, legal, Education, and charitable Funds, jointly exploring how to deeply reach and fulfill the inheritance needs of high-net-worth clients.

"Benefitting others as well as oneself, working together for a far-reaching goal. In the future, Waterdrop will continue to be customer-centric, continually exploring product and service models; through the construction of a middle platform system, continuously empowering the offline high-end advisor team. At the same time, we also look forward to collaborating with more industry partners to jointly advance the family office service industry, which is still in its infancy," said Shen Peng.