Recently, the five listed insurance companies released premium data for the first four months of this year. According to statistics, China Life Insurance Company Limited(601628) , The People’S Insurance Company (Group) Of China Limited(601319) , Ping An Insurance (Group) Company Of China Ltd(601318) , China Pacific Insurance (Group) Co.Ltd(601601) 601 and New China Life Insurance Company Ltd(601336) accumulated premium income of 1174009 billion yuan, a year-on-year increase of 3.45%.
As of April 30, The People’S Insurance Company (Group) Of China Limited(601319) , Ping An Insurance (Group) Company Of China Ltd(601318) , China Pacific Insurance (Group) Co.Ltd(601601) and New China Life Insurance Company Ltd(601336) achieved premium income of 276160 billion yuan, 304645 billion yuan, 173230 billion yuan and 76.474 billion yuan respectively this year, with year-on-year increases of – 13.88%, 0.68%, 6.23% and 3.83% respectively; “Big brother” China Life Insurance Company Limited(601628) achieved a premium income of 343.5 billion yuan, a year-on-year decrease of 2.69%.
In terms of life insurance, in the first four months of this year, PICC Life Insurance continued the premium growth momentum of the previous months, realizing a premium income of 63.227 billion yuan, a year-on-year increase of 17.2%. Thanks to the growth of single premium and short-term insurance business, the original monthly premium of PICC Life Insurance increased by 71% in April.
CPIC life insurance realized a premium income of 111579 billion yuan, a year-on-year increase of 4% New China Life Insurance Company Ltd(601336) achieved a premium income of 76.474 billion yuan, a year-on-year increase of 3.8%; Ping An Life Insurance realized a premium income of 19.38 billion yuan, a year-on-year decrease of 2.42% China Life Insurance Company Limited(601628) achieved a premium income of 343.5 billion yuan, a year-on-year decrease of 2.69%.
Most analysts attribute the growth of life insurance premiums to the strength of Bancassurance channels Guotai Junan Securities Co.Ltd(601211) analyst Liu Xinqi’s team believes that the bancassurance strategies of some insurance companies promote the positive increase of premiums, but their contribution to value growth is limited China Greatwall Securities Co.Ltd(002939) non bank team believes that the development of personal insurance channel is blocked, the construction of Bancassurance channel is vigorous, and the liability side is expected to usher in marginal improvement.
In terms of property insurance, in the first April of 2022, PICC Property Insurance realized a premium income of 186852 billion yuan, a year-on-year increase of 10.3%, including 83.676 billion yuan of auto insurance premium income, a year-on-year increase of 7.6%; The premium income of CPIC property insurance was 61.651 billion yuan, a year-on-year increase of 10.6%, and the premium income of Ping An Property Insurance was 94.928 billion yuan, a year-on-year increase of 8.35%.
Although the data of listed companies’ property insurance increased steadily in the first four months, the growth rate showed an obvious downward trend from the single month data. The monthly premium growth rate of PICC Property Insurance was 2.7%, down 7.5 percentage points from March. The year-on-year growth rate of Ping An Property Insurance decreased by 7 percentage points compared with the previous month, while the growth rate of premium income of CPIC property insurance changed from positive to negative in April, with a year-on-year contraction of 0.6%.
Guotai Junan Securities Co.Ltd(601211) analyst Liu Xinqi team believes that the slowdown in the growth of property insurance premiums is mainly due to the slowdown in the growth of auto insurance caused by the decline in new car sales in some parts of China affected by the epidemic. Under the impact of the epidemic, the national output of narrow passenger cars in April was 969000, a year-on-year decrease of 41.1%, and the number of auto insurance policies is expected to decline generally.
In the long run, the industry is optimistic about the future performance of head property insurance companies Soochow Securities Co.Ltd(601555) non bank team said that the comprehensive reform of auto insurance has been more than one year, the market competition pattern has improved, and the trend of hardening auto insurance rates under the impact of major disasters in the second half of 2021 is expected to continue. The advantages of head property insurance company in economies of scale, risk pricing, business structure and claim settlement service have been verified and consolidated.
Tianfeng non bank team believes that the comprehensive reform of auto insurance has been more than one year, and the pressure on premium growth slows down. The decline in growth in April is mainly due to the short-term fluctuations under the influence of the epidemic. Once the epidemic improves, the industry is expected to usher in growth opportunities.
