axieinfinitycrash| Premiums of the top five listed insurance companies increased by 1.5% year-on-year in the first four months
As of 20 MayAxieinfinitycrashThe premium data of the top five listed A-share insurance companies in the first four months of 2024 have been released.
According to the reporter, in the first four months of this year, China Life, China Ping an, China people's Insurance, China Pacific Insurance and Xinhua Insurance realized the original insurance premium income (hereinafter referred to as "premium") 1.Axieinfinitycrash.25 trillion yuan, an increase of 1% over the same period last yearAxieinfinitycrash.5%, maintaining positive growth as a whole. Among them, the five major insurance companiesAxieinfinitycrashLife insurance premiums increased by 0.4% over the same period last year, and property insurance premiums increased by 3.8% compared with the same period last year.
Specifically, the premiums of the top five listed A-share insurance companies showed a year-on-year growth rate of "four liters and one drop" in the first four months. Of this total, China Life Insurance was about 371.2 billion yuan, up 3.9 percent from the same period last year; Ping an of China was about 330.4 billion yuan, up 2.4 percent from the same period last year; PICC was about 300.1 billion yuan, up 1.3 percent from the same period last year; China Pacific Insurance was about 181.7 billion yuan, up 1.0 percent from the same period last year; Xinhua Insurance was about 67.2 billion yuan, down 11.7 percent from the same period last year.
Among them, Xinhua Insurance said in the announcement that the company focuses on value growth, structural optimization, and strives to promote high-quality development, especially in the core business of individual insurance channels, excellent manpower and per capita production capacity.
At present, all five listed insurance companies are engaged in life insurance business. in the first four months of this year, the total life insurance premium income of the five listed insurance companies was about 859.42 billion yuan, an increase of 0.4 per cent over the same period last year. Specifically, the year-on-year changes in premiums for China Life, Ping an Life, Pacific Life Insurance, Xinhua Insurance and Life Insurance in the first four months were 3.9%, 1.9%,-3.5%,-11.7% and-2.3%, respectively.
Life insurance mainly includes life insurance, accident insurance and health insurance, among which life insurance accounts for the vast majority of life insurance business. Zheng Junyi, chief financial analyst at Northeast Securities and non-Bank of China, told Securities Daily that since the beginning of this year, the life insurance business performance of the five major insurance companies has continued to pick up, so it has led to the continuous repair of the debt performance of the follow-up insurance companies.
In terms of property insurance, in the first four months of this year, the "old three" of property insurance (PICC property insurance, Ping an property insurance, PICC property insurance) achieved a total premium income of about 391.17 billion yuan, an increase of 3.8% over the same period last year and maintained steady growth. Of this total, PICC property insurance realized premium income of 210.495 billion yuan, up 2.8% over the same period last year; Ping an property insurance realized premium income of 103.529 billion yuan, up 3.1% over the same period last year; and PICC property insurance realized premium income of 77.143 billion yuan, an increase of 7.8% over the same period last year.
In this regard, Cinda non-Bank financial team believes that, on the whole, April is a relatively off-season, various insurance companies are more concerned about the quality of the debt side. In terms of life insurance, insurance companies take the initiative to optimize their product structure, and premiums fluctuate in the short term, but the proportion of long-term insurance premiums and the value rate of new business are expected to continue to rise; in terms of property insurance, the growth rate of monthly property insurance premiums in the "old three" has slowed down in April, mainly due to the seasonal impact of the pace of business and the active compaction of debt quality by insurance companies, which is expected to continue to optimize and improve underwriting profits.
Open source securities analyst Gao also told the Securities Daily that the growth rate of single-month life insurance premiums of most listed insurance companies improved in April, which is expected to be mainly due to an increase in insurance production capacity. Data also show that in April, life insurance premiums of China Life Insurance and China Pacific Insurance both grew by more than 10% year-on-year, while life insurance premiums of China Life Insurance rose 9.7% year-on-year.
Looking to the future, Zheng Junyi believes that as the transformation of the life insurance business of listed insurance companies continues to deepen, and the per capita production capacity of individual insurance channels continues to increase, it is expected that the premium income of life insurance business will continue to pick up, and as the economy continues to recover and grow, property insurance business is expected to maintain positive growth.
Gao said that from the demand side, the demand for old-age savings is strong; from the supply side, the individual production capacity of insurance enterprises continues to rise, "integration of reporting and banking" and product structure optimization drive a substantial increase in the value rate of bancassurance business, and the policy side is actively protecting and reducing the debt costs of insurance companies, and it is expected that the value of new business for the whole year is expected to continue to grow better.
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