On January 28, the business evaluation results of legal person institutions of insurance companies in 2020 were released!
Based on the evaluation results over the past six years, China Life Insurance Company Limited(601628) , CPIC life insurance, Taikang Life Insurance and Taiping Life Insurance have been rated as class A for six consecutive years, and five property insurance companies such as PICC Property Insurance, Ping An Property Insurance, CPIC property insurance, Sunshine Property Insurance and land insurance have been rated as class A for six consecutive years.
39 companies rated as a
There are 158 insurance companies in this announcement, including 78 Property insurance companies and 80 life insurance companies. The evaluation results show that the operation of insurance companies is relatively stable. The categories of 104 companies are consistent with the previous year, and the change range of 54 companies is level I. The category of property insurance companies increased by 7 and decreased by 16; The category of life insurance companies increased by 19 and decreased by 12.
Among the property insurance companies, there are 15 class A, 3 less than that of the previous year; 54 in category B, a decrease of 1 over the previous year; 7 in category C, an increase of 1 over the previous year; There were 2 in Category D, an increase of 2 over the previous year. Among life insurance companies: 24 class A, an increase of 6 over the previous year; 46 in category B, a decrease of 6 over the previous year; 10 in category C, an increase of 1 over the previous year; No class D.
It is worth mentioning that the insurance industry association has been responsible for the specific implementation of the evaluation of legal person institutions of insurance companies for six consecutive years. Nine companies have received class a evaluation for six consecutive years.
Four of them are life insurance companies, namely China Life Insurance Company Limited(601628) , CPIC life insurance, Taikang Life Insurance and Taiping Life Insurance. Five are property insurance companies, namely PICC Property Insurance, Ping An Property Insurance, CPIC property insurance, Sunshine Property Insurance and land insurance.
It is understood that the business evaluation object is the legal person institutions of insurance companies that have operated for a complete accounting year as of December 31, 2020 (reinsurance companies, pension insurance companies that do not operate insurance business and policy insurance companies are not applicable).
The evaluation content includes three aspects: speed and scale, benefit quality and social contribution. The evaluation index system of property insurance companies consists of 12 indexes, such as premium growth rate, comprehensive cost rate and risk guarantee contribution; The evaluation index system of life insurance companies consists of 14 indexes, including premium growth rate, comprehensive investment return rate and risk guarantee contribution.
In the evaluation results, A-class companies refer to companies with good operating conditions in terms of speed, scale, benefit quality and social contribution; Class B companies refer to companies that operate normally in terms of speed, scale, efficiency, quality and social contribution; Class C companies refer to companies that have problems in speed, scale, benefit quality and social contribution; Class D companies refer to companies with serious problems in speed, scale, benefit quality and social contribution.
premium scale keeps growing
In 2020, with the global premium falling by 1.4%, the premium of China’s insurance industry maintained growth. The growth rate of premium income of property insurance and life insurance companies was 4.27% and 9.20% respectively. Among the 78 Property insurance companies, 54 companies achieved positive growth in premium income; Among the 80 family life insurance companies, 69 companies achieved positive growth in premium income. The growth rate of total assets of property insurance companies and life insurance companies was 7.87% and 17.70% respectively.
In addition, the quality and efficiency of the insurance industry continued to improve. In 2020, the return on investment of insurance companies will remain at a high level, and the comprehensive return on investment of property insurance and life insurance companies will be 5.97% and 5.47% respectively. The compensation level of property insurance companies has been continuously improved, and the degree of protection is more sufficient. The comprehensive compensation rate is 62.90%, the highest in recent five years. Life insurance companies accelerated their return to the source of guarantee, increased the proportion of guarantee insurance products, and promoted the continuous decline of surrender rate. The comprehensive surrender rate was 3.77%, a year-on-year decrease of nearly 50%. The surrender rate has declined for two consecutive years, which is conducive to the long-term and stable operation of the company. The 13-month policy continuation rate was 87.60%, an increase of 3.29 percentage points year-on-year.
Social contribution has also been further improved. As an economic booster and social stabilizer, insurance plays an important role in promoting the coordinated development of economy and society. In 2020, the insurance industry continued to improve the quality and efficiency of serving the real economy, providing 8710 trillion yuan of insurance, a year-on-year increase of 34.6%; The compensation expenditure was 1.4 trillion yuan, a year-on-year increase of 7.9%.
