Recently, A-share listed insurance companies have disclosed premium data for the first two months of 2022 Six 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) , Guohua life insurance ( Hubei Biocause Pharmaceutical Co.Ltd(000627) ) and others, achieved a total premium income of 746783 billion yuan, an increase of 3.47% year-on-year and 1.07 percentage points higher than 2.4% in the same period last month.
Among the six companies, only China Life Insurance Company Limited(601628) one company’s premium still had negative growth, the growth rate of Ping An Insurance (Group) Company Of China Ltd(601318) premium increased by 1.22% year-on-year, and the growth rate of the other four insurance companies exceeded 5%.
life insurance is recovering hard, and the growth is still under pressure
Specifically, in the first two months of 2022, China Life Insurance Company Limited(601628) achieved a premium income of 241.2 billion yuan, a year-on-year decrease of 5.04%.
The People’S Insurance Company (Group) Of China Limited(601319) realized a premium income of 159246 billion yuan from the original insurance, with a year-on-year increase of 17.04% China Pacific Insurance (Group) Co.Ltd(601601) (life insurance and property insurance business) realized 104842 billion yuan of premium income of original insurance, with a year-on-year increase of 5.94% New China Life Insurance Company Ltd(601336) realized 46.384 billion yuan of premium income of original insurance, with a year-on-year increase of 5.20%; Guohua life insurance realized a premium income of 11.957 billion yuan, a year-on-year increase of 56.20%.
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, there are signs of recovery, but there is still pressure in the short term, and the performance of insurance companies is differentiated.
For example, China Life Insurance Company Limited(601628) , which has always been the largest in the industry in terms of the scale of life insurance premiums, decreased by 5.34% year-on-year in January this year, but the decline narrowed in February, and the decline in premium income in the first two months fell to 5.04%. Ping An Life Insurance, which ranked second in life insurance premium income, realized a premium income of 128788 billion yuan in the first two months, down 1.61% from the same period last year, a slight increase from January this year.
CPIC life insurance stopped falling and rebounded, and the original premium income increased by 2.3% from a year-on-year decrease of 1.1% last month New China Life Insurance Company Ltd(601336) ‘s premium growth further increased from 3.57% to 5.2%.
The People’S Insurance Company (Group) Of China Limited(601319) its life insurance and health insurance businesses have achieved substantial growth, of which the original insurance premium income of PICC Life Insurance in the first two months was 53.384 billion yuan, a year-on-year increase of 26.45%; The original premium income of human health insurance was 14.104 billion yuan, an increase of 7.64% year-on-year. However, the first year premium of long-term insurance of health insurance companies still decreased by 8.5%, and the regular renewal and short-term insurance increased by 17.7% and 26.8% year-on-year respectively, becoming the main driving factor for the growth of human health insurance premium income.
In addition, Guohua life insurance realized a premium income of 11.957 billion yuan, a year-on-year increase of 56.20%. 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 the first two months of 2021, Guohua life insurance realized an original insurance premium income of 7.655 billion yuan, a year-on-year decrease of 16.25%.
property insurance industry continues to recover
In terms of property insurance, the momentum of continuous recovery is still continuing. In addition to the bottom of auto insurance business, non auto insurance business has also maintained a good growth trend. The premium income of the “three major players” – PICC Property Insurance, Ping An Property Insurance and CPIC property insurance increased by more than 10% in the first two months.
In the first two months of this year, PICC Property Insurance realized a premium income of 91.758 billion yuan, a year-on-year increase of 13.6%, of which the premium of automobile insurance increased by 14.6%, and the accidental injury and health insurance, agricultural insurance and liability insurance all increased by more than 14%.
Previously, affected by the comprehensive reform of auto insurance, the monthly premium growth of PICC Property Insurance Auto Insurance slowed down, and even showed negative growth for several months. Since the end of 2021, it has continued to grow significantly and positively, helping the overall premium growth of the company to pick up.
China Merchants Securities Co.Ltd(600999) analysis: since October 2021, the growth rate of the company’s auto insurance premium has changed from negative to positive (consistent with the industry trend) and achieved stable growth for five months. The fundamental reason lies in the year-on-year recovery of average auto premium and the stable growth of auto ownership. The fundamental reason for judging the sustainability of subsequent premium growth lies in the change of average auto premium. The analysis shows that the current market competition has gradually returned to rationality, The subsequent auto insurance rate is expected to continue to stabilize.
This trend is also evident in other large property insurance companies.
In the first two months of this year, CPIC property insurance business (including CPIC property insurance and CPIC Anxin agricultural insurance) achieved an original insurance business revenue of 30.954 billion yuan, a year-on-year increase of 15.7%, further improving compared with the increase of 12.7% in January. The premium of Ping An Property Insurance increased by 10.97% year-on-year, which was also higher than the growth rate of 8.21% in January.
In addition to mainland insurance stocks, Zhong’an online, which is listed in Hong Kong stocks, realized an original insurance premium income of 3.353 billion yuan in the first two months, a year-on-year increase of 8.34%.
