Recently, listed insurance companies have disclosed the premium data in January 2022. Six listed insurance companies, including China Life Insurance Company Limited(601628) , The People’S Insurance Company (Group) Of China Limited(601319) , Ping An Insurance (Group) Company Of China Ltd(601318) , China Pacific Insurance (Group) Co.Ltd(601601) , New China Life Insurance Company Ltd(601336) , and Guohua life insurance ( Hubei Biocause Pharmaceutical Co.Ltd(000627) ), achieved a total premium income of 580.4 billion yuan, a year-on-year increase of 2.4%.
Specifically, in January 2022, China Life Insurance Company Limited(601628) realized 207.2 billion yuan of original insurance premium income, a year-on-year decrease of 5.34%; The People’S Insurance Company (Group) Of China Limited(601319) the original insurance premium income was 115.512 billion yuan, a year-on-year increase of 17.89%; Ping An Insurance (Group) Company Of China Ltd(601318) the original insurance premium income was 136.486 billion yuan, a year-on-year increase of 1.21%; China Pacific Insurance (Group) Co.Ltd(601601) (life insurance and property insurance business) achieved a premium income of 76.895 billion yuan, a year-on-year increase of 2.29%; New China Life Insurance Company Ltd(601336) the original insurance premium income was 35.868 billion yuan, a year-on-year increase of 3.57%; Guohua life insurance realized an original insurance premium income of 8.458 billion yuan, a year-on-year increase of 59.68%.
Large insurance companies have always been the wind vane of the achievements of industry transformation. From the life insurance business performance disclosed by listed companies, the industry is divided, and the whole is still under pressure. For example, the insurance premium scale of China Life Insurance Company Limited(601628) , which has always been the largest in the industry, decreased by 5.34% year-on-year in January this year, while the insurance premium income of Guoshou increased slightly by 1.16% year-on-year last year. The premium income of Ping An Life Insurance and CPIC life insurance, which have always been at the forefront of the industry, decreased slightly by 0.62% and 1.1% year-on-year respectively.
The premium income of life insurance and health insurance under the original health insurance business was RMB 466.1 billion and RMB 6016.6 billion respectively, with a year-on-year change of RMB 466.6 billion and RMB 6016.6 billion respectively.
Among the listed companies, New China Life Insurance Company Ltd(601336) in January, the original insurance premium income was 35.868 billion yuan, a year-on-year increase of 3.57%. In addition, Guohua life insurance realized an original insurance premium income of 8.458 billion yuan, a year-on-year increase of 59.68%. It is understood that the substantial growth of Guohua life’s performance has something to do with its small scale and the low performance base in the same period in 2021. In January 2021, Guohua life insurance realized a premium income of 5.297 billion yuan, a year-on-year decrease of 5.6%.
In terms of property insurance, the momentum of continuous recovery is obvious. In January this year, PICC Property Insurance realized a premium income of 60.432 billion yuan, a year-on-year increase of 13.8%, of which the premium of automobile insurance increased by 14.5%, and the accidental injury and health insurance, agricultural insurance and liability insurance all increased by more than 15%. The monthly premium growth of PICC Property Insurance and auto insurance slowed down, and even showed negative growth for several months. Since November 2021, it has continued to increase significantly and positively, helping the overall premium growth of the company to rebound. Ping An Property Insurance and CPIC’s property insurance business also showed strong growth. In January this year, CPIC property insurance business (including CPIC property insurance and CPIC Anxin agricultural insurance) achieved an original insurance business revenue of 21.011 billion yuan, a year-on-year increase of 12.7%.
With the performance differentiation, driven by factors such as the improvement of the epidemic and the rise of interest rates, insurance stocks ushered in a rare rebound this year.
In view of the recent rebound of the insurance sector, Cinda Securities believes that the current insurance sector is at the bottom of historical valuation, the short-term good is the improvement of the epidemic situation, and the increase of agent activity rate has a positive pull on the premium; The strong expectation of the steady growth policy has led to the stabilization and upward movement of interest rates; Real estate risk was mitigated and the investment side of insurance enterprises was improved. In the long run, there is still great pressure on the liability side, and the inflection point needs to be further observed. The agency also believes that there is no clear inflection point on the liability side of insurance.
The debt side performance is the focus of the recovery of the insurance sector. Many analysts believe that the transformation effect of the agent team is difficult to show in the short term, but there is also a certain driving force. For example, under the background of breaking the new regulations of asset management and the decline of interest rate, the advantage of guaranteed interest rate of insurance products will appear.
