On March 22, China Insurance Industry Association released the analysis report on the operation of Internet insurance business of life insurance companies in 2021 and the analysis report on the operation of life insurance telemarketing industry in 2021, outlining the panorama of the operation of Internet insurance industry and life insurance telemarketing industry of life insurance companies.
In 2021, compared with 2020, the top ten companies in the Internet life insurance market have changed their ranking and market share to some extent, China Life Insurance Company Limited(601628) replaced PICC Health into the top five, Taikang Life, PICC Life and union life replaced Taiping Life, Ping An Health and Hongkang life into the top ten, and ICBC AXA Life, PICC Health and Ping An life all declined.
In the same period, according to the top ten companies in the scale and premium of life insurance e-marketing market, Ping An Life and China Merchants CIGNA life have ranked in the top two for five consecutive years; The third to tenth ranked companies are consistent with 2020, but their ranking and market share have changed slightly compared with 2020. Among them, Taiping Life rose from the fifth to the third, and Peking University Founder life rose from the ninth to the sixth.
Internet health insurance has grown steadily for seven consecutive years
According to statistics, a total of 60 life insurance companies carried out Internet insurance business in 2021, one less than that in 2020, accounting for 65.9% of the total number of life insurance member companies of the Insurance Association.
Among them, there are 38 Chinese funded companies and 22 foreign-funded companies, accounting for 63.3% and 36.7% respectively. From the perspective of scale premium, Chinese companies still occupy a dominant position, with a market share of 83.2%, down 1 percentage point from 2020; The market share of foreign-funded companies is 16.8%.
In 2021, the Internet life insurance business achieved a total scale premium of 291.67 billion yuan, an increase of 38.2% over the same period in 2020. From the perspective of the growth rate of scale premium, the scale premium of 35 companies has achieved positive growth in varying degrees, among which bank of China Samsung Life and China United life have the largest growth.
In 2021, the market shares of the top three, top five and top ten companies in the Internet life insurance market were 28.9%, 45.2% and 73.4% respectively. Compared with 2020, the market share of the top three, top five and top ten companies has decreased, but the market concentration is still high.
China Post life, ranked first, has achieved a total scale premium of 33.48 billion yuan, accounting for 11.5% of the market share, down 6.5 percentage points from 2020; The second is Guohua life insurance, with a total market share of 20.2%, down 10 percentage points from 2020; The third to sixth ranked companies have a market share of 7% to 9%; Companies ranked seventh to tenth have a market share of between 3% and 7%.
From the situation of the top ten companies, compared with 2020, the ranking and market share have changed to some extent, China Life Insurance Company Limited(601628) replaced PICC Health into the top five, Taikang Life, PICC Life and union life replaced Taiping Life, Ping An Health and Hongkang life into the top ten, and ICBC AXA Life, PICC Health and Ping An life have declined.
In 2021, the proportion of various types of insurance in the Internet life insurance business changed to a certain extent. Among them, life insurance is still the main type of insurance, accounting for 65.1%, an increase of nearly 10 percentage points over the same period in 2020; Health insurance replaced annuity insurance as the second largest type of insurance, accounting for 18.9%, an increase of 1.1 percentage points over the same period in 2020; Annuity insurance accounted for 14.2%, a year-on-year decrease of 9 percentage points over 2020; Accident insurance accounted for 1.8%, a year-on-year decrease of 1.6 percentage points compared with 2020.
From the perspective of premium scale, life insurance achieved a scale premium of 189.93 billion yuan, an increase of 61.8% over the same period in 2020; The scale premium of health insurance was 55.1 billion yuan, a year-on-year increase of 47% over 2020; Annuity insurance realized a scale premium of 41.43 billion yuan, a year-on-year decrease of 15.5% over 2020; Accident insurance realized a scale premium of 5.21 billion yuan, a year-on-year decrease of 28% compared with 2020.
In 2021, Internet health insurance achieved steady growth for seven consecutive years, and its proportion in Internet Life Insurance continued to increase. Among them, the total scale premium of expense reimbursement medical insurance was 34.78 billion yuan, a year-on-year increase of 51.8%, accounting for 63.1% of the total scale premium of Internet health insurance; Major disease insurance realized a scale premium of 12.07 billion yuan, a year-on-year increase of 38%, accounting for 21.9%.
The sales manpower of life insurance telemarketing industry continued to decline
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. From the perspective 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.
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%.
In 2021, the market share of scale premium of the top three, top five and top ten companies in the life insurance telemarketing market was 66.6%, 78.3% and 93% respectively; Compared with 2020, the share of the top three markets decreased slightly, and the share of the top five and top ten markets 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%.
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.
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, a year-on-year increase of 10.7% over 2020, 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% compared with 2020, accounting for 18.4%, a year-on-year decrease of 2.6 percentage points compared with 2020, but it is still the second largest type of insurance. The scale premium of health insurance was 1.81 billion yuan, a year-on-year decrease of 32% compared with 2020, accounting for 14.7%. The scale premium of accident insurance was 1.2 billion yuan, a year-on-year decrease of 29.8% compared with 2020, 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.
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; The largest number of people fell off in January, 13488 people fell off in that month, with a fall off rate of 22.1%; The shedding manpower in February was the least. 8447 people fell off in that month, and the shedding rate was 14.8%.
