The five major A-share listed insurance companies have fully disclosed the data of original insurance premium income from January to November 2021, realizing a cumulative original insurance premium income of 2312.681 billion yuan, a slight decrease of 0.62% year-on-year.
In terms of income scale, Ping An Insurance (Group) Company Of China Ltd(601318) still ranks first; From the perspective of premium growth, except that Ping An Insurance (Group) Company Of China Ltd(601318) premium income decreased by 5.22% year-on-year, the premium growth of other listed insurance companies achieved positive growth. In the first 11 months, 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) and New China Life Insurance Company Ltd(601336) realized original insurance premium income of 593.4 billion yuan, 531.89 billion yuan, 691.62 billion yuan, 341.359 billion yuan and 155.113 billion yuan respectively, with a year-on-year increase of 1.23%, 2.17%, – 5.22%, 0.81% and 1.67% respectively.
From January to November, the growth rate of life insurance premiums of the five listed insurance companies improved slightly. The original insurance premium income of China Life Insurance Company Limited(601628) , PICC Life Insurance, Ping An Life Insurance, CPIC life insurance and New China Life Insurance Company Ltd(601336) was 593.4 billion yuan, 92.362 billion yuan, 416.68 billion yuan, 2012.96 billion yuan and 155.113 billion yuan respectively, with a year-on-year increase of 1.23%, 2.19%, – 3.95%, – 0.64% and 1.67% respectively.
Liu Xinqi and Xie Yusheng, researchers of Guotai Junan Securities Co.Ltd(601211) , released a research report that the life insurance premiums of listed insurance companies improved slightly from January to November 2021 due to the delayed start of 2022 and the impact of the sprint in 2021. Under the influence of supply-demand mismatch, the influence of the new channel is weakened, and the improvement of short-term channel capacity can not offset the decline of manpower scale. It is expected that the pressure of new orders for high-value businesses will continue for a long time. The growth of short-term new orders is mainly brought by low-value savings, single payment and other businesses, and the level of value contribution is low.
Let’s look at the performance of property insurance companies. In the first 11 months, the premium income of PICC Property Insurance, Ping An Property Insurance and CPIC property insurance was 405.228 billion yuan, 243.320 billion yuan and 140.063 billion yuan respectively, with a year-on-year increase of 1.58%, – 7.29% and 2.97% respectively.
Liu Xinqi and Xie Yusheng believe that the recovery of auto insurance promotes the significant increase of property insurance premiums, and the comprehensive reform plus the new regulations for new energy vehicles is expected to benefit the improvement of leading market share. Under the influence of the comprehensive reform and the new regulations on new energy vehicles recently launched, the underwriting profit space of auto insurance will be narrowed in the future.
Yesterday, the China Insurance Industry Association also announced the exclusive provisions for commercial insurance of new energy vehicles (Trial), which made it clear that if the self-use charging pile suffers losses due to natural disasters, accidents, theft or damage by others, it can be compensated within the insured amount.
In addition, PICC Property Insurance also disclosed the classification details of the premium income of the original insurance. As a “leader” in the industry, the company’s 1-11 month auto insurance premium income was 2268.94, a year-on-year decrease of 5.4%, and has not achieved positive growth. Compared with auto insurance, the company’s non auto business achieved rapid growth. In the same period, its non auto business premium income was 178.334 billion yuan, a year-on-year increase of 12.15%.
(China Economic Net)
