\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 318 Ping An Insurance (Group) Company Of China Ltd(601318) )
Key investment points
In October 2021, Ping An New Bancassurance team was officially established, which is a wealth management team with “high quality, high production capacity and high income” and understanding of insurance led by Ping An Bank Co.Ltd(000001) to open up a new track for the sustainable growth of private banking and wealth management business. The team will combine the resource advantages of Ping An Bank Co.Ltd(000001) and Ping An Life Insurance, focus on customers, provide all-round asset allocation planning and one-stop comprehensive financial solutions, and release the value potential of Bancassurance in the upgrading of life insurance reform channels.
Ping An Bank Co.Ltd(000001) retail transformation beneficial exploration. Insurance products help to meet the all-round and multi-level needs of customers’ wealth management, improve the bank’s medium income, deepen the retail transformation and tap customers’ value. At present, the supervision is exploring the exclusive cooperation between bancassurance and Ping An Bank Co.Ltd(000001) has the foundation of in-depth cooperation with Ping An Life Insurance to explore long-term mutual benefit. The bank has natural account advantages and rich customer resources. The new Bancassurance team takes the diversified asset allocation of customers as the starting point, rather than the channel as the king of traditional life insurance Ping An Bank Co.Ltd(000001) nearly 1.1 million wealth customers, the penetration of insurance products is less than 10%, and there is huge room for cooperation between the two sides.
An active attempt to transform Ping An Life Insurance channel. Ping An continues to promote the reform strategy of “4 channels + 3 products”. The new Bancassurance team is not only an active attempt to transform the company from a single channel to a multi-channel, but also a useful exploration for the company to get out of the current life insurance dilemma. Ping An New Bancassurance team is equipped with the basic law of transformation. Compared with the traditional bancassurance channel team, it has the unique formal staffing in the industry and higher performance incentives than its peers; Compared with the traditional personal insurance channels, it has more competitive advantages in team management efficiency, and the team has only a three-tier structure. At present, about 45% of the team has management experience in high-quality and high-capacity teams, and about 36% of the individual performance has reached MDRT standard or above. The company breaks the original product-oriented sales logic, takes customers as the center, improves customers’ all-round configuration needs through the horizontal system of “product + ecology” and the product portfolio of health, health care and trust.
We calculated the impact of Ping An New Bancassurance team on the new business value of Ping An Bank Co.Ltd(000001) Zhongshou, Ping An Life Insurance and health insurance and the offset of group expenses by internal transactions. We expect the number of Ping An New Bancassurance team to increase from 300 at the end of 2021 to 2000 at the end of 2022, to 10000 in 2025 and to 28000 in 2030. For Ping An Bank Co.Ltd(000001) , we expect the insurance revenue from Ping An New Bancassurance team to reach 784 million yuan by 2025 and 2.725 billion yuan by 2030. For Ping An Life, we expect that the first year premium scale of Ping An New Bancassurance team will reach 2.4 billion yuan by 2025, and the total contributed premium will reach 5.062 billion yuan, corresponding to the contribution of 576 million yuan of new business value in 2025 and 1.966 billion yuan of new business value in 2030. For the group, internal transactions offset the group’s expenses. We expect to save the group’s pre tax profit of 455 million yuan by 2025 and 1.581 billion yuan by 2030.
Profit forecast and investment rating: Ping An New Bancassurance team has important strategic significance in improving the bank’s medium income, meeting customers’ diversified asset allocation needs and optimizing the structure of life insurance channels. Due to the sharp fluctuations in the equity market since the beginning of the year and the overall pressure on the investment income, we slightly lowered the company’s profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 142.8, 157.6 and 171.9 billion yuan (the original forecast was 151.9, 171.6 and 188 billion yuan). As of April 14, the share price corresponding to P / EV from 2022 to 2024 was 0.58, 0.54 and 0.50 times respectively, maintaining the “buy” rating.
Risk tip: the scale and effectiveness of the new Bancassurance team is lower than expected, and the recovery of demand for guaranteed products slows down
