At present, five A-share listed insurance companies have fully disclosed the premium data in 2022. The total revenue of the five listed insurance companies was 1007474 billion yuan, up 3.52% year-on-year from 973178 billion yuan last year.
how about the premium performance of listed insurance companies
According to the 21st Century Business Herald reporter, in the first quarter of 2022, the premium income of Ping An Insurance (Group) Company Of China Ltd(601318) original insurance of listed insurance companies with the group as the main body was 246477 billion yuan, an increase of 1.11% year-on-year compared with 243775 billion yuan in the same period last year.
Among them, Ping An Property Insurance was 73.018 billion yuan, a year-on-year increase of 10.34% over 66.175 billion yuan in the same period in 2021; Ping An Life was 162614 billion yuan, up from 166397 billion yuan in the same period last year; Ping An pension was 6.7 billion yuan, 7.818 billion yuan in the same period last year; Ping An Health reached 4.146 billion yuan, up 22.47% from 3.385 billion yuan in the same period last year.
The People’S Insurance Company (Group) Of China Limited(601319) original insurance premium income was RMB 232375 billion, up 14.24% year-on-year from RMB 203402 billion in the same period last year. Among them, PICC Property Insurance was 152139 billion yuan, up 12.24% year-on-year from 135552 billion yuan in the same period last year; The income of PICC Life Insurance was 59.75 billion yuan, up 17.94% from 50.66 billion yuan in the same period last year; The income from PICC Health was 20.486 billion yuan, up 19.17% from 17.19 billion yuan in the same period last year.
China Pacific Insurance (Group) Co.Ltd(601601) original insurance premium was 148732 billion yuan, up 7.23% year-on-year from 137809 billion yuan in the same period last year. Among them, CPIC life insurance was 99.45 billion yuan, a year-on-year increase of 4.23% over 95.417 billion yuan in the same period last year; CPIC property insurance was 49.282 billion yuan, a year-on-year increase of 13.84% over 43.292 billion yuan in the same period last year.
China Life Insurance Company Limited(601628) original insurance premium income was 315 billion yuan, down 2.75% from 323.9 billion yuan in the same period last year.
New China Life Insurance Company Ltd(601336) original insurance premium income was 64.89 billion yuan, up 2.36% year-on-year from 63.392 billion yuan in the same period last year.
For the performance of listed insurance companies in the first quarter of 2022, Guotai Junan Securities Co.Ltd(601211) non bank financial industry chief analyst Liu Xinqi believes. The life insurance channel strategy is differentiated, and it is expected that the value of new orders and new businesses will continue to be under pressure under the epidemic situation; In March, affected by the epidemic, the growth rate of auto insurance slowed down, and the non auto premium increased steadily; Improve the cost performance of serious diseases, vigorously promote the increase of lifetime life, and meet the needs of customers.
improve the cost performance of serious diseases and promote increased lifetime
At present, the life insurance premium strategies of listed insurance companies in the first quarter of 2022 are differentiated, and the sales of individual insurance channels are still under pressure. Some companies promote the growth of premiums by vigorously developing bancassurance channels.
Liu Xinqi said that the mismatch between supply and demand in the industry led to the continuation of the personal insurance sales dilemma in the first quarter of 2022. Superimposed on the repeated impact of the epidemic in some parts of China in March on the agent’s offline exhibition industry, it is expected that the value of new orders and new businesses of listed insurance companies will be under pressure in the first quarter. In addition to the decline of new orders, the product structure is adjusted from serious illness to savings / life insurance, which is expected to have an impact on the value rate.
Liu Xinqi said that the core focus of the current transformation of insurance companies is to provide products + services that meet the needs of customers. Improve the cost performance of seriously ill products, vigorously promote the increase of lifetime life with high-yield certainty, and meet the protection and savings needs of customers. “Life insurance is still in the throes of transformation. We are optimistic about the development prospect of the industry to meet the needs of customers’ health security, wealth management and pension inheritance for a long time.”
For example, CPIC life insurance and AIA China upgraded serious illness products and launched Jinfu hejiahuan and youruyi (peace of mind and glory version) respectively; At the same time, on the basis of annuity + omnipotence, increased lifetime with higher income certainty is launched, such as Ping An Life Insurance “Shengshi Jinyue”, ” China Life Insurance Company Limited(601628) ” Zhenxiang heirloom “,” New China Life Insurance Company Ltd(601336) “glorious lifetime”, etc.
Taking Ping An Life Insurance “Shengshi Jinyue” as an example, according to the introduction, as a lifelong life insurance with double growth of cash value and annual insurance amount, the cash value begins to increase year by year by about 3.5% after a certain year of payment expiration. The annual insurance amount will increase by 3.5% every year from the second policy year. The longer the time, the higher the annual insurance amount.
various companies have different types of driving non vehicle insurance
In the field of property insurance, Liu Xinqi said that in March, affected by the epidemic in some regions, the sales volume of new retail Passenger Cars in a narrow sense was – 10.5% year-on-year, which was transmitted by the slowdown in the growth of vehicle insurance premium, which is expected to be mainly due to the slowdown in the growth of the number of insured vehicles. Under the low base of vehicle average premium in the same period in 2021, the vehicle average premium in March is expected to still increase year-on-year.
The non vehicle premium maintained a stable growth, and the driving insurance types of various companies were different. Among them, the non vehicle driving insurance type of China property insurance was mainly agricultural insurance, and the driving insurance type of Ping An Property Insurance was mainly Italian health insurance.
Soochow non bank research report shows that it is expected that the auto insurance underwriting profit of listed insurance companies in the first quarter of 2022 will still improve year-on-year. The drag of repeated epidemic on the performance of non auto underwriting remains to be seen, but the improvement trend of overall underwriting profit will not be changed.
