Recently, the original premium income data of listed insurance companies in the first six months was released, and the cumulative original premium income of 8 listed insurance companies was 1.83 trillion yuan. Among them, Sunshine Insurance, Zhongan Online, Ping An of China, Chinese Life, Chinese People's Insurance and China Pacific Insurance increased by 12.73%, 5.34%, 4.66%, 4.13%, 3.34% and 2.37% year-on-year respectively; Guohua Life Insurance and New China Insurance decreased by 13.28% and 8.36% year-on-year respectively.
In the first half of the year, the premium scale of 8 listed insurance companies showed a pattern of "six rises and two decreases", with China Life Insurance ranking first in terms of premium scale, and Ping An Life ranking second in terms of premium scale, but ranking first in terms of growth rate. The premium scale of Chinese Insurance and China Pacific Insurance has also maintained growth.
Among the 7 listed life insurance companies, 4 of them had a year-on-year increase in original premium income in the first six months. In the month of June, the overall premium growth rate of life insurance companies continued to improve, and only Guohua Life's original premium income fell by 4.42% year-on-year.
The original premium income of the five listed property and casualty insurance companies all increased year-on-year in the first six months, with the growth rates of Sunshine Property Insurance and CPIC Property Insurance reaching 12.41% and 7.7% respectively. In the month of June, only Zhongan Online fell 12.55% year-on-year.
01
In the first six months, the premium income growth rate of listed life insurance companies continued to improve, and Sunshine Life increased by 36.49% in a single month
In the first six months, the cumulative original premium income of seven listed life insurance companies, including China Life Insurance, Ping An Life, Taibao Life Insurance, PICC Life Insurance, Xinhua Insurance, Sunshine Life Insurance and Guohua Life, was 1.2 trillion yuan, a year-on-year increase of 2.17%. In addition to the growth of Sunshine Life, China Life Insurance, Ping An Life and PICC Life Insurance, the original premium income of the remaining three companies all declined, of which Guohua Life Insurance fell by 13.28%, Xinhua Insurance fell by 8.36%, and Taibao Life Insurance fell by 1.23%.
Specifically, the original premium income and year-on-year growth rate of the seven listed life insurance companies in the first six months were as follows:
China Life Insurance 489.6 billion yuan, 4.13%;
Ping An Life 300.784 billion yuan, 5.08%;
CPIC Life Insurance 153.159 billion yuan, -1.23%;
Xinhua Insurance 98.832 billion yuan, -8.36%;
PICC Life Insurance 79.056 billion yuan, 0.31%;
Sunshine Life Insurance 51.756 billion yuan, 12.89%;
Guohua Life Insurance was 24.608 billion yuan, -13.28%.
In June, the original premium income of 7 life insurance companies totaled 195.811 billion yuan, a year-on-year increase of 8.15%, and only Guohua Life's original premium income decreased by 4.42% year-on-year, and the remaining 6 companies all achieved positive growth. Among them, Sunshine Life Insurance increased by 36.49%, in addition, PICC Life Insurance and Ping An Life Insurance increased by 30.08% and 16.2% respectively.
Specifically, the monthly premiums and year-on-year growth rates of the seven companies are as follows:
China Life Insurance 73.900 billion yuan, 3.21%;
Ping An Life 47.625 billion yuan, 16.20%;
CPIC Life Insurance 30.869 billion yuan, 2.29%;
Xinhua Insurance 20.263 billion yuan, 3.20%;
PICC Life Insurance 11.940 billion yuan, 30.08%;
Sunshine Life Insurance 7.215 billion yuan, 36.49%;
Guohua Life Insurance was 3.999 billion yuan, -4.42%.
In the first half of this year, the overall premium growth rate of life insurance companies continued to improve. Sunshine Life's premium income increased by 12.89% year-on-year; Ping An Life increased by 5.08% year-on-year; China Life Insurance increased by 4.13% year-on-year; PICC Life Insurance increased by 0.31% year-on-year. The growth rate of life insurance premiums of the remaining listed insurance companies in the first half of the year has not yet turned positive, but the decline has narrowed significantly, and the monthly premiums of some companies have been growing positively for many consecutive months.
In the first six months of this year, Guohua Life's cumulative original premium income was 24.608 billion yuan, down 13.28% from the same period last year. Tianmao Group said that its holding subsidiary, Guohua Life Insurance, promotes business development in accordance with the overall idea of "firmly transforming and developing, highlighting value growth, comprehensively improving capabilities, and moving towards a mature insurance company", deeply cultivates value business, and continues to promote the optimization of business structure.
In the first half of this year, the growth rate of life insurance premiums slowed down compared with the same period last year. The slow growth of new orders may be the main reason. In Ping An Life's life and health insurance business, the new business of individual insurance business and group business decreased by 5.69% and 1.26% year-on-year respectively. CPIC's new insurance business in the agency channel increased by 3.4% year-on-year, while the new insurance business in the bancassurance channel and the group government channel decreased by 29.7% and 21.1% year-on-year, respectively.
The sharp decline in new orders in the bancassurance channel may be mainly affected by the "integration of newspapers and banks". According to the analysis of the brokerage research report, looking forward to the future, the pressure on the growth of new life insurance orders in the third quarter is expected to ease. On the one hand, the implementation of the grading system for individual insurance channel agents will help improve the level of employees and per capita production capacity, and enhance the value contribution of channels. The bancassurance channel is expected to become the main contributor to premium growth in the second half of the year by continuing to standardize the handling fee payment process and relaxing the restrictions on the number of insurance companies that can cooperate with bank outlets.
On the other hand, in July this year, some insurance companies began to list increased whole life insurance with a predetermined interest rate of 2.75%, which is expected to be conducive to the continuous release of demand to a certain extent in the short term and alleviate the pressure on the growth of new orders in the third quarter.
02
The premium income of listed property and casualty insurance companies in the first six months increased by 4.85% year-on-year, and only Zhongan Online fell by 12.55% in a single month
In the first six months, the cumulative original premium income of the five listed property insurance companies of PICC Property Insurance, Ping An Property Insurance, CPIC Property Insurance, Sunshine Property Insurance and Zhongan Online was 625.312 billion yuan, a year-on-year increase of 4.85%. The premium income of the above-mentioned companies all increased year-on-year, of which Sunshine Property Insurance and CPIC Property Insurance increased by 12.41% and 7.7% respectively.
Specifically, the premium income and year-on-year growth rate of the five listed property and casualty insurance companies in the first six months were as follows:
PICC property insurance 311.996 billion yuan, 3.68%;
Ping An Property & Casualty Insurance 160.397 billion yuan, 4.06%;
CPIC property insurance 113.028 billion yuan, 7.7%;
Sunshine Property & Casualty Insurance 24.652 billion yuan, 12.41%;
Zhongan Online 15.239 billion yuan, 5.34%.
In the month of June, the original premium income of 5 property insurance companies totaled 122.335 billion yuan, a year-on-year increase of 5.86%, of which the premium income of 4 companies increased year-on-year, and only Zhongan Online fell 12.55% year-on-year. Specifically:
PICC property insurance 62.875 billion yuan, 6.12%;
Ping An Property & Casualty 31.129 billion yuan, 6.45%;
CPIC property insurance was 21.104 billion yuan, 7.96%;
Sunshine Property & Casualty Insurance 4.384 billion yuan, 2.54%;
Zhongan Online was 2.843 billion yuan, -12.55%.
In the first half of the year, motor insurance grew at a low rate, and the premium growth rate of the property insurance sector of listed insurers in June further increased, which is expected to be mainly driven by non-motor insurance business.
According to the announcement, the cumulative original premium income of PICC property insurance in the first six months was 139.364 billion yuan, a year-on-year increase of 2.5%. PICC's property and casualty non-motor insurance business maintained a growth momentum, mainly benefiting from the significant increase in the growth rate of health insurance, agricultural insurance and corporate property insurance, with the monthly premium growth rates of agricultural insurance, health insurance, liability insurance and motor insurance being 9.7%, 12.0%, 3.2% and 1.8%.
According to the analysis of the brokerage research report, the auto insurance market may usher in steady development in the future, which is conducive to the increase of market share of leading insurance companies with their strong brand effect and refined pricing capabilities, and the Matthew effect of the industry may intensify; With the continuous increase in the penetration rate of new energy vehicles, if the independent pricing coefficient of new energy vehicle insurance is expanded, the higher average vehicle premium of new energy vehicle insurance is also expected to drive further growth in the overall premium income of the industry.
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