In February, the decline of single month life insurance premium converged, and the property insurance premium maintained a rapid growth. The epidemic repeatedly affected the purchasing power and future income expectation, inhibited the consumption demand of insurance policies, superimposed the loss of insurance enterprise agents, and the liability end of the industry is still under pressure. From January to February 2022, the insurance industry realized an original premium income of 129614 billion yuan, a year-on-year decrease of 2.03%, 0.95 percentage points lower than the previous value (January: – 2.98%). According to the monthly data, the margin of life insurance premiums has improved and property insurance premiums have continued to pick up. In February, the original insurance premium of the insurance industry reached 316871 billion yuan, a year-on-year increase of 1.04%, and the growth rate became positive (previous value: – 2.98%). Among them, the premium income of life insurance business was 173379 billion yuan, a year-on-year decrease of 0.99%, and the decline converged by 4.78 percentage points month on month; The premium income of property insurance business reached 64.825 billion yuan, a year-on-year increase of 9.39% and a month on month decrease of 0.65 percentage points; The premium income of health insurance business was 72.296 billion yuan, a year-on-year decrease of 0.66% and a month on month decrease of 1.11 percentage points; Accident insurance business achieved a premium income of 6.371 billion yuan, a year-on-year decrease of 1.42%, and the decline converged by 1.05 percentage points month on month.
Life insurance premiums are well differentiated, and insurance premiums continue to pick up. In January February, January February, Ping An Insurance (Group) Company Of China Ltd(601318) insurancepremiums for life insurance premiums are well differentiated. In January February January January February, January February, January January February, 601 Ping An Insurance (Group) Company Of China Ltd(601318) insurancepremiums for listed companies that are listed. Life insurance premiums have been well differentiated, and insurance premiums have continued to pick up. In 135622.22 / 2411212.00.00.00 / 738.88 / 738.88 / 463.84 / 463.84 / 674674.4.88 billion billion billion billion billion billion yuan in January February, comparedwith the previous value, the change is -0.99pp / + 0.27pp / + 3.47pp / + 1.62pp / – 0.75pp. The impact of the comprehensive reform of automobile insurance has subsided, and the property insurance premium has continued to improve. From January to February, Ping An Insurance (Group) Company Of China Ltd(601318) , The People’S Insurance Company (Group) Of China Limited(601319) , China Pacific Insurance (Group) Co.Ltd(601601) achieved property insurance premium income of 47.5319175830954 billion yuan respectively, with a year-on-year increase of + 10.97% / + 13.65% / + 16.33% respectively, and the growth rate was + 2.76pp / – 0.13pp / + 3.01pp compared with the previous value.
The scale of industrial assets expanded, and the proportion of fixed income asset allocation increased. By the end of February 2022, the total assets of the insurance industry were 25.47 trillion yuan, an increase of 2.36% over the end of the previous year; The net assets were 2.89 trillion yuan, down 1.24% from the end of the previous year; The balance of capital utilization was 23.39 trillion yuan, an increase of 0.69% over the end of the previous year. The asset allocation structure of insurance enterprises was adjusted, the proportion of fixed income assets increased, and the proportion of equity assets decreased. By the end of February 2022, the allocation proportion of fixed income assets (bank deposits + bonds) was 51.00%, an increase of 0.69 percentage points over the end of the previous year; The allocation proportion of equity assets (stocks and funds) was 12.60%, a decrease of 0.11 percentage points over the end of the previous year; Other investments accounted for 36.41%, a decrease of 0.58 percentage points over the end of the previous year.
On March 25, a spokesman for the China Banking and Insurance Regulatory Commission said in response to a reporter’s question that the national pension insurance company was officially opened, focusing on the development of innovative pension financial businesses such as pension annuity insurance, exclusive commercial pension insurance and commercial pension plans. The pilot of exclusive commercial pension insurance and pension financial products is progressing smoothly, and the pilot of pension savings is about to start. The development of commercial endowment insurance is conducive to enriching product supply, meeting the diversified pension needs of the people, expanding the source of premium income, innovating product design and developing the endowment insurance market.
Investment suggestion: it is difficult to make up for the negative impact of scale loss in the short term due to the increase of agent capacity of insurance enterprises. The transformation of life insurance still needs to be promoted, and it still takes time to improve the value of new orders and new businesses. The impact of the comprehensive reform of automobile insurance has subsided, the property insurance has continued to pick up, and the boom is upward. The current price corresponds to the P / EV of the insurance sector in 2022, which is between 0.40x-0.58x, and the valuation is at a historical low. It is recommended to pay attention to the configuration value. In terms of individual stocks, we continue to recommend China Property Insurance (2328. HK), Ping An Insurance (Group) Company Of China Ltd(601318) ( Ping An Insurance (Group) Company Of China Ltd(601318) . SH), China Pacific Insurance (Group) Co.Ltd(601601) ( China Pacific Insurance (Group) Co.Ltd(601601) . SH).
Risk warning: the risk of continuous downward movement of the long end interest rate curve; Risk of insurance product sales falling short of expectations.
