On the 21st, the China Insurance Industry Association (hereinafter referred to as the insurance industry association) released the analysis report on the operation of life insurance telemarketing industry in 2021. Based on the operation data of life insurance telemarketing (hereinafter referred to as life insurance telemarketing) business submitted by 21 life insurance companies to the statistical system of the Insurance Association, the report analyzes the operation of life insurance telemarketing industry in 2021 from the aspects of operation subject, premium scale, product type and sales manpower. The following are the specific contents of the report:
I. maintain the stability of business entities
In 2021, a total of 21 life insurance companies were engaged in life insurance telemarketing business, including 12 Chinese funded companies and 9 foreign-funded companies, accounting for 57% and 43% respectively, which was consistent with the end of 2020, and the business entity remained stable. In terms of scale premium, the life insurance telemarketing market is still dominated by Chinese companies, with a market share of 73.1% and a market share of 26.9% for foreign companies. The market share of Chinese and foreign companies is basically the same as that in 2020.
II. Scale premium continues to decline
In 2021, the life insurance telemarketing industry achieved a total scale premium of 12.33 billion yuan, a year-on-year decrease of 9.3% compared with 2020. From the perspective of the growth rate of scale premium, compared with last year, five companies achieved positive growth of scale premium, an increase of three compared with 2020. The growth rate of scale premium of China Life Insurance and Zhonghong life insurance was faster, reaching more than 80%.
From the monthly situation, affected by the good start of each company, the operation of life insurance telemarketing industry was the best in January, and the scale premium reached 2.14 billion yuan; In February, affected by the Spring Festival holiday, the scale premium was only 660 million yuan. Compared with 2020, only January, February and December achieved positive growth of scale premium, and other months showed varying degrees of decline, of which August had the largest decline, with a year-on-year decrease of 34.3%.
III. high degree of marketization and concentration
In 2021, the market shares of the top three, top five and top ten companies in the life insurance telemarketing market were 66.6%, 78.3% and 93% respectively. Compared with 2020, the market shares of the top three decreased slightly, and the market shares of the top five and top ten increased. Ping An Life Insurance, ranked first, has achieved a total scale premium of 6.16 billion yuan, with a market share of 50%, an increase of 0.5 percentage points over last year, and accounts for 60.1% of the market share together with China Merchants CIGNA life insurance, ranked second. The third to fifth ranked companies have a market share of 5% - 7%; Companies ranked sixth to tenth have a market share of between 2% and 5%.
Judging from the top ten companies in terms of scale premium, Ping An Life Insurance and China Merchants CIGNA life insurance have ranked the top two for five consecutive years; The companies ranked third to tenth are consistent with 2020, but their ranking and market share have changed slightly compared with 2020. Among them, Taiping Life Insurance has risen from fifth to third, and Peking University Founder life insurance has risen from ninth to sixth.
IV. self built institutions still occupy a dominant position
In 2021, 16 companies achieved a total scale premium of 7.63 billion yuan through self built institutions, a year-on-year decrease of 10.2%, accounting for 61.9% of the total scale premium of life insurance e-marketing, which decreased slightly compared with 2020. 18 companies achieved a total of 4.7 billion yuan of scale premium through cooperative institutions, a year-on-year decrease of 7.8%, accounting for 38.1% of the total scale premium of life insurance e-marketing. Among them, Ping An Life, Caixin Jixiang life and Guohua life carry out business only through self established institutions; Fude life, Zhonghong life, Tongfang global life, BOCOM life and BOC Samsung Life carry out business only through cooperative institutions.
V. continuous adjustment of product structure
In 2021, the structure of life insurance e-Marketing products continued to adjust. Annuity insurance has achieved a total scale premium of 7.05 billion yuan, an increase of 10.7% year-on-year, accounting for 57.2%, which is still the main type of insurance. Life insurance achieved a scale premium of 2.27 billion yuan, a year-on-year decrease of 20.6%, accounting for 18.4%, a year-on-year decrease of 2.6 percentage points compared with 2020, but it is still the second largest insurance type. The scale premium of health insurance was 1.81 billion yuan, a year-on-year decrease of 32%, accounting for 14.7%. The scale premium of accident insurance was 1.2 billion yuan, down 29.8% year-on-year, accounting for 9.7%.
Since 2019, annuity insurance has maintained steady and sustained growth under the condition of weak growth of life insurance e-marketing and other types of insurance. In 2021, the scale premium of life insurance non pension annuity insurance was 6.86 billion yuan, an increase of 10.5% year-on-year compared with 2020, and the scale premium of pension annuity insurance was 190 million yuan, an increase of 18.8% year-on-year.
Vi. sales manpower continued to decline
In 2021, the sales manpower of life insurance telemarketing industry continued to decline. By the end of December, the total sales manpower was 52307, a year-on-year decrease of 18.7% compared with the end of 2020.
In terms of the increase and loss of monthly sales manpower, the minimum number of new sales manpower in January was 6822, and the maximum number of new sales manpower in April was 12249; In January, 13488 people fell off, with a fall off rate of 22.1%. In February, 8447 people fell off, with a fall off rate of 14.8%.
