As of the 29th, the disclosure of the first quarter performance report of the five major A-share listed insurance companies had been completed. Overall, the life insurance premiums of the five insurance companies increased slightly year-on-year, and the property insurance premiums increased by 12% year-on-year. However, affected by the downturn of the capital market, the investment income of listed insurance companies decreased, dragging down the growth of net profit. The total net profit of the five insurance companies was 51.36 billion yuan, a year-on-year decrease of 36.4%.
property insurance premium increased by 12% at the same time
investment income generally decreased
In terms of business income, in the first quarter, the total life insurance premiums of the five major A-share listed insurance companies increased by 0.7% year-on-year, and the thrill maintained a positive growth, but the warmth was not obvious; The total premium of property insurance increased by 12% year-on-year. Insurance enterprises have better controlled the comprehensive cost rate by controlling the comprehensive cost rate and other measures.
With regard to the pressure on the growth of the life insurance industry, Zhou Jin, a management consulting partner of PWC China’s financial industry, told the Securities Daily that the current problems faced by the life insurance industry are essentially the reasons for the development of the industry itself. The underlying problems of the operation of the insurance industry have not been solved, the direction of the industry transformation is not clear enough, and the effect of the transformation has not yet appeared. At the same time, the repeated epidemic in the short term, consumers’ expectations of income and consumption, and the loss of agents are all direct factors affecting the current premium growth.
From the perspective of property insurance business, in the first quarter, under the influence of multiple factors such as the gradual elimination of the impact of comprehensive reform of automobile insurance and the rapid development of non automobile insurance business, the premium growth rate of the three listed property insurance companies was more than 10% year-on-year.
Specifically, CPIC property insurance realized an insurance business revenue of 49.864 billion yuan in the first quarter, a year-on-year increase of 14%. Among them, the auto insurance premium was 24.438 billion yuan, an increase of 11.8% year-on-year; Non auto insurance business income was 25.426 billion yuan, a year-on-year increase of 16.2%. The comprehensive cost ratio was 99.1%, a year-on-year decrease of 0.2 percentage points, of which the comprehensive loss ratio was 70.4%, a year-on-year increase of 1.8 percentage points; The comprehensive expense rate was 28.7%, a year-on-year decrease of 2 percentage points.
In the first quarter, PICC Property Insurance realized a premium income of 152139 billion yuan, a year-on-year increase of 12.2%; The underwriting profit was 4.316 billion yuan, a year-on-year increase of 10.8%. The comprehensive cost rate was 95.6%, a year-on-year decrease of 0.1 percentage points. Among them, the comprehensive loss ratio was 70.5%, with a year-on-year increase of 0.2 percentage points; The comprehensive expense rate was 25.1%, a year-on-year decrease of 0.3 percentage points.
In the first quarter, the premium income of Ping An Property Insurance reached 73.018 billion yuan, a year-on-year increase of 10.3%. The comprehensive cost rate was 96.8%, with a year-on-year increase of 1.6 percentage points. Ping An Property Insurance said that it was mainly affected by covid-19 pneumonia, and the compensation expenditure of insurance business increased.
From the perspective of net profit, in the first quarter, the net profit attributable to the shareholders of the parent company of listed insurance companies generally decreased year-on-year. Among them, New China Life Insurance Company Ltd(601336) net profit attributable to parent company was 1.344 billion yuan, down 78.7% year on year China Life Insurance Company Limited(601628) net profit attributable to the parent company was 15.178 billion yuan, a year-on-year decrease of 46.9% China Pacific Insurance (Group) Co.Ltd(601601) realized a net profit attributable to the parent company of 5.437 billion yuan, a year-on-year decrease of 36.4% Ping An Insurance (Group) Company Of China Ltd(601318) realized a net profit attributable to the parent company of 20.658 billion yuan, a year-on-year decrease of 24.1% The People’S Insurance Company (Group) Of China Limited(601319) realized a net profit attributable to the parent company of 8.744 billion yuan, a year-on-year decrease of 12.9%.
When talking about the reasons for the year-on-year decline in net profit, several listed insurance companies without exception said that the investment income decreased mainly due to the fluctuation of the capital market, New China Life Insurance Company Ltd(601336) also mentioned that the base of last year was high, which also affected the year-on-year growth rate of net profit in the first quarter of this year to a certain extent.
fali bancassurance channel
with the highest growth of nearly 900%
From the perspective of the life insurance business of listed insurance companies, the growth of personal agency channel business was still under pressure in the first quarter. For example, New China Life Insurance Company Ltd(601336) personal insurance channel premium income was 42.793 billion yuan, a year-on-year decrease of 5.3%. The personal insurance channel of CPIC life insurance realized an insurance business income of 79.320 billion yuan, a year-on-year decrease of 10.0%.
Under the pressure of individual insurance channel business, large insurance enterprises have made efforts in bancassurance channel. For example, in the first quarter, New China Life Insurance Company Ltd(601336) bancassurance channel achieved a total premium of 21.241 billion yuan, a year-on-year increase of 25.7%. Among them, the first year premium of long-term insurance was 15.247 billion yuan, a year-on-year increase of 8.4%; The renewal premium was 5.988 billion yuan, a year-on-year increase of 112.3%.
CPIC life insurance said that it built a diversified channel pattern, focused its bancassurance business on strategic channels, focused on value, and accelerated the construction of the “core” business model. In the first quarter, the bancassurance channel achieved an insurance business revenue of 11.666 billion yuan, a year-on-year increase of 892.9%.
Ping An Life Insurance said that it continued to promote the construction of the professional business system of “channel + product + technology” in the bancassurance channel, further deepened the cooperation with Ping An Bank Co.Ltd(000001) to build an exclusive product system and share training resources. The quality of the new talent team in the bancassurance channel was continuously optimized and the performance contribution was gradually improved.
Industry insiders believe that with the change of business environment, at present, large insurance enterprises and small and medium-sized insurance enterprises continue to pay more attention to bancassurance channels, expand the scale of premiums, and improve the value contribution of Bancassurance channels through product structure adjustment. It can be predicted that the bancassurance channel will contribute more premium and value to insurance companies, and the competition for resources in this channel will be more intense.
