As of February 17, the premium income of the five major A-share listed insurance companies had been released in January 2022. According to the statistics of the reporter of the international finance news, 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) achieved a total premium income of about 572 billion yuan in January this year, with a year-on-year increase of 1.86%.
According to the analysis of Guosheng securities, the current premium inflection point of the property insurance sector appears, and the premium growth rate and profitability will enter a cycle of continuous improvement, which is expected to be continuously verified at the data level, and the valuation is also at a low point in recent years; Although the liability side of the life insurance sector has not improved, the improvement of the investment side makes the overall fundamentals bottom up, and the valuation has a very high safety margin, which is an excellent time point for long-term value allocation.
It is gratifying that since the beginning of the year, the share prices of the five listed insurance companies have shown an upward trend, Ping An Insurance (Group) Company Of China Ltd(601318) led by an increase of 6.43%, with an increase of 7.19% on the 60th.
total premium 572 billion yuan
In January this year, five listed insurance companies achieved a total premium income of 571.961 billion yuan, a year-on-year increase of 1.86%. Only China Life Insurance Company Limited(601628) premium unexpectedly declined, and the other four showed an upward trend. The growth of The People’S Insurance Company (Group) Of China Limited(601319) was even more gratifying, with a double-digit growth rate.
Specifically, in January 2022, the original premium income of Ping An Insurance (Group) Company Of China Ltd(601318) (Group) was 136.486 billion yuan, a year-on-year increase of 1.21%; The original premium income of The People’S Insurance Company (Group) Of China Limited(601319) (Group) was 115.512 billion yuan, a year-on-year increase of 17.89%; The original premium income of China Pacific Insurance (Group) Co.Ltd(601601) (Group) was 76.895 billion yuan, a year-on-year increase of 2.29%.
Among the two listed companies with life insurance as the main body, China Life Insurance Company Limited(601628) January premium income was 207.2 billion yuan, down 5.34% year-on-year; New China Life Insurance Company Ltd(601336) the original premium income was 35.868 billion yuan, a year-on-year increase of 3.57%.
negative growth of life insurance premiums
In January, the total premiums of listed life insurance companies were significantly under pressure. China Life Insurance Company Limited(601628) , Ping An Life Insurance, CPIC life insurance, New China Life Insurance Company Ltd(601336) and PICC Life Insurance realized a total original premium income of 444.145 billion yuan, a year-on-year decrease of 0.21%, and showed a differentiation trend of “three decreases and two increases”.
Specifically, the premium income of China Life Insurance Company Limited(601628) in January was 207.2 billion yuan, a year-on-year decrease of 5.34%; Ping An Life Insurance realized a premium income of 98.574 billion yuan, a year-on-year decrease of 0.63%; CPIC life insurance realized a premium income of 55.884 billion yuan, a year-on-year decrease of 1.13%; New China Life Insurance Company Ltd(601336) realized a premium income of 35.868 billion yuan, a year-on-year increase of 3.57%; PICC Life Insurance realized a premium income of 46.619 billion yuan, a year-on-year increase of 30.16%.
Gf Securities Co.Ltd(000776) said that the overall negative growth of life insurance was in line with market expectations for three reasons: first, the base was high, and the sales of old products peaked due to the switching of the definition of old and new serious diseases in January last year; Second, the epidemic has led to pessimistic expectations of residents’ income, and preventive savings have caused a certain delay in the demand for indemnificatory products; The third is the negative feedback to the new orders due to the decline of agents month on month in 2021.
Looking forward to the later stage, Gf Securities Co.Ltd(000776) believes that the base has decreased significantly, especially the base of high-value products. After the superposition of the stabilization of the scale of agents, the increase of production capacity is expected to make up for the decline of scale. In addition, due to the tightening of Internet insurance supervision and other comprehensive factors, it is expected that the growth rate of premium income in the second half of the year is expected to be close to positive growth.
the growth rate of property insurance premium is gratifying
Overall, the growth rate of auto insurance exceeded expectations, driving the recovery of property insurance premiums. In January this year, the three listed property insurance companies achieved a total premium income of 114.22 billion yuan, a year-on-year increase of 11.93%.
Among them, PICC Property Insurance, Ping An Property Insurance and CPIC property insurance realized a premium income of 60.432 billion yuan, 32.787 billion yuan and 21.011 billion yuan respectively, with a year-on-year growth rate of 13.78%, 8.21% and 12.67% respectively.
Take PICC Property Insurance as an example. In January, the scale of PICC motor insurance was 27.58 billion yuan, with a year-on-year growth rate of 14.5%, which continued to expand compared with 10.3% in December 2021. The logic of premium improvement was verified month by month. The main reason was that the impact of comprehensive reform of motor insurance on average vehicle premium had passed, while the ownership of motor vehicles and commercial insurance coverage rate and other factors promoted the growth of vehicle insurance premium. PICC non auto insurance grew by 13.2% year-on-year, maintaining a relatively stable growth.
Looking forward to the whole year of 2022, Gf Securities Co.Ltd(000776) believes that the auto insurance premium benefits from the growth of motor vehicle ownership, the improvement of commercial insurance coverage rate and other comprehensive factors, and the annual growth rate is expected to reach 10%; The growth expectation of non auto insurance is about 15%. It is estimated that the premium of the property insurance industry is expected to increase by 12%, much higher than the growth rate of 0.7% in 2021, return to the era of double-digit growth and improve the roe of the industry.
In terms of health insurance companies, PICC Health achieved a premium income of 8.461 billion yuan in January, a year-on-year decrease of 6.56%, which is also the first decline. Ping An Health achieved a premium of 2.409 billion yuan in January, a sharp increase of 31.42% year-on-year, still maintaining a high level.
