Recently, five listed insurance companies successively disclosed the premium data of the first three months. In the first quarter, listed insurance companies achieved a cumulative original premium income of 1007474 billion yuan, a year-on-year increase of 3.52% The People'S Insurance Company (Group) Of China Limited(601319) , China Life Insurance Company Limited(601628) , Ping An Insurance (Group) Company Of China Ltd(601318) , China Pacific Insurance (Group) Co.Ltd(601601) , New China Life Insurance Company Ltd(601336) , New China Life Insurance Company Ltd(601336) respectively realized the premium income of original insurance of RMB 232375 billion, RMB 315 billion, RMB 246477 billion, RMB 148732 billion and RMB 64.890 billion, with a year-on-year increase of 14.24%, - 2.75%, 1.11%, 7.23% and 2.36%, showing the pattern of "four increases and one reduction",
Specifically, the life insurance business of listed insurance companies is still under pressure, with differentiated performance. Brokerage analysts believe that under the comprehensive influence of negative factors such as the high base of the same period, the continuous decline of manpower and the epidemic situation, the growth rate of new single premium and new business value are under great pressure.
The performance of property insurance business is relatively bright. The premium income of all property insurance companies in the first quarter achieved a year-on-year double-digit growth, but the growth rate of single month premium generally slowed down in March, mainly due to the impact of the epidemic and the decline in the growth rate of automobile insurance and Italian health insurance.
life insurance business performance differentiation, new single premium in the first quarter may still face negative growth
In terms of life insurance business, the performance of listed insurance companies is differentiated. In the first quarter, PICC Life Insurance performed well, achieving an original premium income of 59.75 billion yuan, a year-on-year increase of 17.94%, far ahead of the growth rate. The premium income of CPIC life insurance was 99.45 billion yuan, a year-on-year increase of 4.23% New China Life Insurance Company Ltd(601336) premium income was 64.89 billion yuan, a year-on-year increase of 2.36%.
China Life Insurance Company Limited(601628) and Ping An Life Insurance showed negative growth in premium growth in the first quarter, of which, China Life Insurance Company Limited(601628) premium income was 315 billion yuan, a year-on-year decrease of 2.75%; The premium income of Ping An Life Insurance was 162614 billion yuan, a year-on-year decrease of 2.27%.
In terms of the life insurance premium income of each company, China Securities Co.Ltd(601066) analysts believe that the business structure of PICC Life Insurance is improving. In the first quarter, on the basis of the quick return products such as "excellent Jinsheng" all inclusive insurance and other quick return products, the sales of "worry free life" serious illness insurance were added, and the value rate is expected to increase; The premium of CPIC life insurance in March is expected to be mainly driven by the positive growth of renewal, while the value of new orders and new businesses is still under pressure New China Life Insurance Company Ltd(601336) in the first quarter, the bancassurance channel developed significantly, the single payment type of wendefu all risks insurance made a great contribution, the expected value rate was limited, and the individual insurance channel products were relatively rich China Life Insurance Company Limited(601628) in the first quarter, the main products are from short-term reserve annuity (Xinyu Jinsheng) to medium and long-term annuity (Xinyu Zun enjoys 10-15-year annuity), and since February, two all risks insurance of increased lifetime (Zhenxiang heirs), lifetime (xinzunbao) + Xin account have been launched. Due to the high level of increased lifetime value rate of about 50%, the first year premium is expected to rise with the value of new business in a single month in March; Ping An's premium growth improved in March, and it is expected that the premium in the first year has achieved positive growth.
Looking back, in 2021, the new business value data of various listed insurance companies declined to varying degrees. The industry generally believes that the transformation of life insurance has entered the deep-water area, which is also closely related to the adjustment and transformation of the agent team. From a macro perspective, due to the decline of labor force and the changes in customer demand, all insurance institutions are actively promoting the transformation of personal insurance channels from "crowd type" to "professional type", so as to build a three high agent team with "high quality, high performance and high quality". However, the team building needs long-term cultivation. In 2022, the personal insurance channels are still under pressure.
Guotai Junan Securities Co.Ltd(601211) Liu Xinqi believes that the core focus of the current transformation of insurance companies is to provide "products + services" to meet the needs of customers, improve the cost performance of seriously ill products, vigorously promote the increased lifetime with high-yield certainty, and meet the protection and savings needs of customers. In the first quarter, major listed insurance companies improved the product cost performance through the strategy of n-1 payment period for serious diseases, such as CPIC life insurance and AIA China upgrading their serious disease products, and introducing increased lifetime with higher income certainty on the basis of "annuity + omnipotence", which is expected to better meet the protection and savings needs of customers and promote the recovery of new orders.
Haitong Securities Company Limited(600837) analyst sun Ting pointed out that in the first quarter, under the combined influence of negative factors such as the high base in the same period, the continuous decline of manpower and the epidemic situation, all insurance companies faced great pressure on the growth of new insurance premiums and new business values, and new life insurance orders may still face negative growth. It is expected that the decline will be significantly narrowed with the decline of the base after March. In the future, with the decline of the base and the gradual success of epidemic prevention and control, The pressure of new single growth may ease.
auto insurance business keeps the good trend, and non auto insurance focuses on optimizing business quality
In the property insurance business, the premium income of PICC Property Insurance, Ping An Property Insurance and CPIC property insurance achieved double-digit growth year-on-year. Among them, the original insurance premium income of PICC Property Insurance, Ping An Property Insurance and CPIC property insurance was 152139 billion yuan, 73.018 billion yuan and 49.282 billion yuan respectively, with a year-on-year increase of 12.24%, 10.34% and 13.84% respectively.
However, the premium growth of property insurance companies in March was slower than that in the previous two months. The premium growth rates of PICC Property Insurance, Ping An Property Insurance and CPIC property insurance in March were 10.15%, 9.18% and 10.88% respectively, which fell significantly compared with the monthly growth rates of 13.39%, 17.64% and 22.53% in February.
Since March, the epidemic has been repeated in many places, resulting in certain resistance to offline marketing, production, transportation and delivery of vehicles. According to the data of the passenger Federation, the retail sales of passenger vehicles decreased by 10.5% year-on-year in March 2022, dragging down the auto insurance. Taking PICC Property Insurance as an example, its monthly auto insurance premium in March increased by 4.6% year-on-year, down 10.3 percentage points from 14.9% in February. If the epidemic continues, it may inhibit the sales of new cars and auto insurance in the short term.
China Merchants Securities Co.Ltd(600999) research report believes that the core reason for the marginal decline in the growth rate of auto insurance premiums in March lies in the impact of the epidemic. In March, the epidemic spread in many places across the country, including Shanghai, Guangdong, Jilin, Hunan, Tianjin and other places, with a large-scale epidemic, which had an impact on various economic activities. On the one hand, the epidemic spread caused many auto dealers to suspend business, resulting in a decline in new car sales, On the other hand, due to the impact of the epidemic on the renewal of car owners and the exhibition industry of marketers, the new insurance business of auto insurance declined in March and the renewal and re insurance premiums of customers were affected. It is expected that the impact is a short-term factor, and the premium growth rate will recover after the subsequent epidemic improves.
"The total monthly premium of listed property insurance companies in March increased by 10% year-on-year, down 6 percentage points from the growth rate in February. We judge that it is mainly caused by the decline in the growth rate of auto insurance and Italian health insurance". Sun Ting pointed out that the good trend of auto insurance business remains unchanged. With the relief of short-term pressure on auto production and sales, it will maintain stable growth in the future, and non auto insurance will maintain rapid growth as a whole. It is expected that non auto insurance business will focus more on business quality optimization.
Soochow Securities Co.Ltd(601555) analyst Ge Yuxiang believes that in the first quarter of 2022, the auto insurance underwriting profit of listed insurance companies will still improve year-on-year. The drag of repeated epidemic on the performance of non auto underwriting remains to be seen, but the overall underwriting profit improvement trend will not be changed.
In the equity market, the downward interest rate and market fluctuations put pressure on the investment section of insurance enterprises. However, the marginal improvement of the real estate industry + the re mention of supervision encouraged the allocation of equity assets to insurance funds, which formed support for the investment side of insurance institutions. On April 11, the CSRC and other three departments again proposed to encourage insurance and other institutions to allocate more equity assets. With the gradual recovery of the follow-up epidemic, the equity market may usher in valuation repair. (blue whale insurance Li Danping) [email protected]. )
