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Insurance premium inventory of listed insurance companies: auto insurance business is "turning point", life insurance to achieve positive growth

via:AI财经社     time:2022/1/20 15:01:02     readed:178

Weekly article | the world of finance and economics NiYuPing

Knitting | sun yue

Recently, appear on the market insurance enterprise disclosed the annual insurance premium income circumstance one after another. In 2021, China Life insurance, Xinhua Insurance, PICC, Ping An Of China, China Taiping and Guohua Life Insurance achieved their original premium income of 620 billion yuan, 163.47 billion yuan, 581.047 billion yuan, 760.331 billion yuan, 182.926 billion yuan and 37.841 billion yuan respectively.

Among them, The premium income of Guohua Life Insurance increased by more than 16% year on year, which was the fastest growth among listed insurance companies. Ping An's premium income fell 4.64 per cent year on year. China Life insurance, New China Insurance, PICC and China Taiping have maintained growth rates of about 1 to 4 per cent.

In terms of business structure, the life insurance business is still showing positive growth, but experts cautioned that the business performance of listed insurance companies is generally better than the industry, which may cover the "challenges faced by the industry as a whole". It is necessary to pay attention to the data of new order premiums. Property insurance business, to picC property insurance for example, auto insurance business premium income decline has narrowed," Has been a good inflection point "; , represented by accident and injury insurance, agricultural insurance, etc., the non-auto business grew rapidly.

上市险企保费盘点:车险业务现“向好拐点”,寿险实现正增长

The life insurance business has finally achieved positive growth

Life insurance, a number of research reports previously believed that life insurance industry is still in the throes of pain. Ping an Securities once analyzed in the research report, "life insurance transformation continues to wear bottom"; Open source securities, Dongwu securities on the listed insurance enterprise insurance premium income data in November comments said that life insurance premiums are still under pressure.

From the data disclosed by listed insurance companies, in 2021, the overall life insurance premium income showed positive growth. Among them, The premium income of China Life, Xinhua Insurance and Taiping Life increased by 1.16%, 2.48% and 3% year on year, realizing the premium income of 620 billion yuan, 163.47 billion yuan and 148.695 billion yuan, the premium exceeded 100 billion mark. Guohua Life Insurance rose 16.29% from a year earlier, the fastest among the insurers that have disclosed data so far.

Ping An China is in a situation of slowing down. According to its disclosure, Ping An property insurance, Ping An life insurance and Ping An pension decreased by 5.53%, 4.00% and 16.00% respectively compared with the same period in 2020, while Ping An Health achieved 18.26% growth.

The insurance industry experienced significant layoffs in 2021. According to public data, the semi-annual report of 2021 shows that China Life Insurance, Ping An Of China, China Pacific Insurance, Xinhua Insurance and PICC life Insurance together reduced insurance sales staff by about 830,000 people. In the third quarter, China Life disclosed that its total sales force was 171,000 fewer than in the middle of the year.

It is worth noting that in 2021, the CBRC issued a document to stop the disorderly sales of "self-insured parts" and "mutual insured parts", which also squeezed out the "moisture" of underwriting data in the industry to a certain extent. Zhu Junsheng, research director at the China Insurance and Pensions Research Centre at Tsinghua University's Wudaokou School of Finance, warned that while listed insurers were showing positive growth, the total premium data could mask "challenges facing the industry as a whole". "Personally, I think [the development of insurance companies] should not only look at the growth of total premiums, but also pay attention to the data of new premiums, because the new premiums determine the potential growth of premium income in the future."

Zhu Junsheng pointed out that the current human qingxu has not yet reached the bottom, the industry is still facing greater challenges. In terms of product structure, the new growth point of the whole industry remains to be excavated. "The development of serious illness insurance is facing a bottleneck, and some insurance companies have actively explored the annuity, endowment and increased whole life insurance markets. This is a correct direction of development, but it still needs a certain process."

However, Yang Zeyun, a teacher in the finance department of Beijing Union University, thinks that although insurance agents suffer serious losses because of various reasons, insurance industry actively explores insurance technology and embraces the Internet, and Internet life insurance business develops rapidly, which also greatly offset the negative impact brought by the loss of insurance agents. So even if overall life insurance premiums rise, it makes sense.

Car insurance has been turning a good point

上市险企保费盘点:车险业务现“向好拐点”,寿险实现正增长

Property insurance plate is clearly differentiated. Among the listed insurance companies that have disclosed premium income, PICC property insurance achieved premium income of 438.384 billion yuan, up 3.8% year on year. Taiping property insurance and Ping An Property Insurance saw a decrease respectively, with a year-on-year decrease of 2.13% and 5.53% compared with 2020.

In specific business, car insurance business shrinks ceaselessly. Figures released by PICC and Ping An showed their auto insurance business fell 3.9 per cent and 3.73 per cent respectively. It is worth noting that the decline in PICC's auto insurance business has narrowed: in the first three quarters of 2021, its auto insurance premium income fell by 8.2%.

This year, the auto insurance industry at the same time experienced the "auto insurance comprehensive reform" and new energy auto insurance double test. In September 2021, the first anniversary of the implementation of the comprehensive reform of auto insurance, according to the data released by the China Banking Insurance Regulatory Commission, by the end of September, the comprehensive expense ratio of auto insurance in China was 27.8%, down 13.5 percentage points year-on-year. Auto insurance business and management expense ratio of 19.8%, down 7.1 percentage points year-on-year. The comprehensive loss ratio of auto insurance increased to 73.2% from 56.9% before the reform. Three months later, the new energy car insurance exclusive provisions issued, new energy car insurance through 12 property insurance companies to the market underwriting. Compared with traditional fuel vehicles, the additional expense rate of new energy vehicle insurance is reduced from 25% to 15%. At the same time, because the risk rate and maintenance cost of new energy vehicles are higher than traditional models, the underwriting profit margin of property insurance companies is small. Wang Xujin, director of the Insurance Research Center at Beijing Technology and Business University, believes that it is difficult to judge the compensation situation at present. Launching new energy auto insurance is an important measure for insurance companies to deal with the changing trend of auto insurance market.

Under the reform, cost compression has become the common choice of property insurance companies. According to the people close to the auto insurance business elaborated, the cost expenditure mainly concentrates in the product, claims, manpower and so on, as the product gap between the insurance enterprises shrinks continuously, manpower and other comprehensive expenses become the focus of compression.

In addition, with the in-depth adjustment of auto insurance business, non-auto business is regarded as a new growth point. Among them, agricultural insurance business, accident injury and health insurance business, liability insurance business and other insurances grew rapidly. These changes are also reflected in the premium income changes of PICC: In the first 12 months of 2021, CASUALTY and health insurance, agricultural insurance and liability insurance of PICC increased by 21.9%, 19.3% and 16.4% year on year, leading the growth changes among all insurance categories.

Oriental Securities research report pointed out that the first year of comprehensive reform of auto insurance, premium decline, comprehensive cost rate rise, the industry as a whole under pressure, but the current auto insurance has turned a turning point, is expected to improve the quality of business will enter the channel, large-scale insurance enterprises scale advantage is expected to gradually appear. The non-auto business has strong demand, and credit insurance has taken the initiative to reduce the scale and control risks. The proportion of non-auto business has increased and become an important growth point. It is expected that under the common force of auto insurance and non-car, it is expected to realize dual wheel drive and drive the overall development of property insurance.

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