What is the difference between securities companies and insurance companies investing in industries and trust companies?

Trust companies are more flexible than the former two, and face fewer policy restrictions in product structure and investment direction. However, the amount of funds of insurance companies is relatively large, and the policy has been relaxed recently. The new regulations allow insurance premium investment, and the insurance industry can create income by purchasing wealth management products and buying trusts. The amount of funds in the trust industry will soon surpass the insurance industry and become the second in the financial industry. However, the introduction of the above provisions should make the two industries have certain competition. As for securities companies, they can't invest in industry, mainly relying on ipo, underwriting securities, and brokers collecting commissions. I wonder if you are satisfied with the answer?