Beijing Business Daily found that in the first three quarters, Ping An, China Life Insurance and PICC received 626.308 billion yuan, 543.6 billion yuan and 453.617 billion yuan respectively. In addition, the income of Taibao and Xinhua Insurance in the first three quarters was 297.451 billion yuan and 134.4 billion yuan respectively.
In terms of the overall growth rate, Xinhua insurance, as the only one whose growth rate exceeded double digits, had a year-on-year growth rate of 24.5% in the first three quarters. China Life Insurance followed, with a growth rate of 9.38%. The growth rate of premium income of other insurance companies was below 5%, and the growth rates of China Taiping Insurance, PICC and Ping An insurance were 4.13%, 3.74% and 1.88% respectively.
In the life insurance sector with the largest proportion of revenue, China life insurance took the lead, with 543.6 billion yuan in revenue; Ping An Life Insurance, with a premium of 377.586 billion yuan; Taiping Life Insurance, Xinhua insurance and PICC Life Insurance were ranked next, with revenue of 182.841 billion yuan, 134.355 billion yuan and 82.117 billion yuan respectively.
Specific to the growth rate of life insurance sector, the five major life insurance companies show a two up three down trend of differentiation. Among them, the growth rate of Xinhua insurance was the best, and the premium income in the first three quarters increased by 24.5% year-on-year. Another life insurance company with a year-on-year increase in premium income was China Life Insurance, with a growth rate of 9.38%. In addition, Taiping Life Insurance, Ping An Life Insurance and PICC Life Insurance decreased by 1.63%, 4.01% and 5.32% respectively.
At the same time, the growth indicators of health insurance have broken through double-digit, so it can be said that the trend is rapid. In the first three quarters, the premium income of Ping An Health and PICC Health were 7.459 billion yuan and 27.327 billion yuan respectively, with a year-on-year growth rate of 52.52% and 45.44%.
Comprehensive reform of vehicle insurance hinders property insurance
In the first three quarters, the three major property insurance companies received a total premium of 678.273 billion yuan, up 7.93% year on year. In terms of the scale of premium income, PICC Property Insurance achieved a premium income of 344.173 billion yuan, ranking first, followed by Ping An Property Insurance and Taiping property insurance, with premium income of 219.49 billion yuan and 114.61 billion yuan respectively.
In terms of premium growth, the original premium income of PICC and Ping An Property Insurance increased by 14.86% and 11.49% respectively in the first three quarters, both breaking through double digits. The growth rate of the original premium income of PICC was relatively low, 3.74%.
Liu Xinqi, a non banking analyst at Guotai Junan, predicts that the main reason for the high growth of property insurance premium is that on the eve of the comprehensive reform of automobile insurance, the main listed insurance companies are to seize the market, increase cost incentives and customer acquisition, and grasp the last wave of dividends before the comprehensive reform. From January to September, the vehicle insurance premium growth rates of Ping An Property Insurance and PICC Property Insurance were 6.1% and 5.3% respectively.
Focusing on specific business, we can find that the growth rate of vehicle insurance business premium decreased in September. Among them, the growth rates of PICC Property Insurance and Ping An Property Insurance were 7.2% and 9.7%, respectively, which were lower than 11.8% and 11.4% of the previous month. Wang Xiangnan, deputy director of the insurance and economic development research center of the Chinese Academy of Social Sciences, believes that the decline in the growth rate of motor vehicle insurance premiums of the above property insurance companies is mainly due to the reduction of average vehicle insurance premiums of motor vehicle insurance policies due to the implementation of comprehensive reform of vehicle insurance.
For insurance companies how to cope with the decline of premium income caused by the comprehensive reform of automobile insurance, Zhu Junsheng, researcher of China Insurance and Pension Research Center, Wudaokou School of finance, Tsinghua University, suggests gradually applying more risk variables to the pricing of automobile insurance; improving the ability of risk identification and pricing technology; using new technologies such as big data and Internet of vehicles to drive the innovation of insurance pricing; and establishing industry sharing Insurance and claim history database to provide support for vehicle insurance pricing; cooperate with third-party professional companies to jointly improve market efficiency.
Seasonal effect tests fourth quarter revenue
At that time, the company launched Xinyao Dongfang annuity insurance product, and then Taiping Life Insurance launched Xinxiang Shicheng annuity insurance (celebration version) on September 24; Ping An Life Insurance launched the main annuity product Ping An Jinrui life (2021) annuity insurance, and expected to launch Ping An fortune Jinrui 2021 insurance product plan in November; PICC Life Insurance also said that the company was developing in the near futureu201c However, as of press release, PICC Life Insurance did not reply to the issue of when the product will be launched.
Guoshou and Taibao have made a good start in advance, and the product strategy pays more attention to the promotion of scale. Huachuang Securities report said that listed insurance companies launched the above products in advance, indicating that the industry attaches great importance to the good start this year. Huachuang Securities believes that the promotion activities at the good start stage can rapidly improve the insurance premium income of insurance enterprises and boost their morale in the short term.
Generally, the financial attributes of good start products are relatively strong. The company hopes to obtain more premium through relatively high return on investment and yield, so as to lay a good foundation for the overall business growth of the whole year - because according to some experience in the past, the premium in the first three months of good start may account for 40% of the whole year. Zhu Junsheng explained that insurance companies attach importance to good start and what characteristics of good start products exist. He also believes that since the business growth of life insurance companies mainly focuses on individual insurance, the good start can significantly increase the income of salesmen and achieve the effect of stabilizing military morale and encouraging morale.
However, Huachuang securities also pointed out that there are risks of sales not as expected, equity market oscillation downward and long-term interest rate turning downward. Wang Xiangnan also said that a good start ahead of schedule may lead to lower premium income in the next quarter compared with the situation without advance, so the premium and some financial data of Chinas life insurance industry have a unique seasonal effect.
Source: Yang Qian, editor in charge of Beijing Business Daily_ NF4425