Where does the increased premium come from？
List of listed life insurance companies’ life insurance transformation
Where does the increased premium come from?
List of listed life insurance companies’ life insurance transformation
Listed insurance companies are currently at different stages of development.
Han Renfei Photo Source: Vision China Since the policy guidance of “Return to Insurance Guarantee” was put forward in 2016, life insurance companies have generally begun the transition to return to guarantee.
This is reflected in the addition of an insurance channel business, expansion of the bancassurance channel business, and optimization of the premium structure to improve business quality.
From this perspective, listed insurers are currently at different stages of development. Some listed insurers have realized that the quality of their business has now been successfully transformed. Some listed insurers have sharply optimized their premium structure in recent years, while others should adopt policies.The call has just begun and there is still a long way to go.
At present, CPIC (601601.
SH), Ping An of China (601318.
SH), China Life (601628.
SH), People’s Insurance Group of China (01339.
HK), China Taiping (00966.
HK) and Xinhua Insurance (601336.
(SH) Six listed insurers own life insurance business. Interface News sorted out the premium structure of these six companies, as shown in the table above.
From the perspective of the proportion of business in each channel, in addition to PICC, the other five listed insurance companies use individual insurance channels as the main source of premium income.
Among them, CPIC’s individual insurance channels accounted for the highest proportion, reaching 87.
“China Pacific Insurance is probably the first company in the industry to transition to various risks. After 2011, the company started a strategic transformation, proactively abandoning low-value bancassurance business and concentrating resources to lay out high-value individual insurance business.” Industry observers analyzeThe company completed 1 last year.
The 0 transformation is the enterprise with the highest proportion of insurance channels in the industry, and the quality of business has fundamentally changed.
Ping An also accounts for more than 80% of the individual insurance channels. The insurance channel achieved 404.9 billion yuan in premium income, accounting for 85.
“Ping An of China is also an insurance company with the highest income in the 南京桑拿网 insurance channel, even surpassing China Life, the leading life insurance company,” said the above observers. This is due to the company’s stable growth in manpower in recent years, while its production capacity and revenue have steadily increased.
Xinhua Insurance, which has transformed in the past two years, has made great progress in optimizing its premium structure last year. The company ‘s individual insurance channel business accounted for 79%.
96%, realized premium income of nearly 87.4 billion yuan.
“The basic transformation of the business structure has been completed. The introduction of the business rhythm phenomenon introduced by premiums will gradually increase the pressure on subsequent cash flows.
“Tianfeng Securities said.
China Life Insurance and China Taiping’s individual insurance channels accounted 北京夜网 for more than 60%. They are considered as the third echelon of listed insurance companies. With the first echelon of China Pacific Insurance and China Ping An as a reference, there is still much room for optimization.
China Life’s business structure is in a state of slow adjustment. Last year, each insurance channel realized a premium income of 353.7 billion yuan, accounting for 69.
China Taiping has accelerated the expansion of its insurance team in the past three years, and has now become the largest source of revenue. In the future, the company will continue to optimize the quality of its business and increase the proportion of long-term savings businesses.
In terms of growth rate, the average income of individual insurance channels of listed insurance companies has maintained a growth rate of more than 10% for ten years.
The growth rate is China Pacific Insurance, which has the highest proportion of insurance channels, with an annual increase of 33.
6%; followed by rising star China Taiping, reaching 31.
88%; Ping An of China, the growth rate of an insurance channel of China Life is more than 25%; the growth rate of Xinhua Insurance and China Life Insurance’s individual insurance channel is relatively 20%.
In contrast, listed insurance companies are generally reducing their banking and insurance channel business.
The bancassurance channel is suitable for the sales of universal insurance and savings products. The reduction in the proportion of bancassurance channels also means that listed insurance companies have shifted their sales focus to the protection products of individual insurance channels, which is more in line with the function of insurance protection.
In terms of percentage, Ping An’s bancassurance channel business accounted for the lowest proportion, only 3.
In fact, it is the same figure of CPIC at the same time, and the proportion of other channel businesses including the bancassurance channel is 9.
And China Life and China Taiping Bank Insurance channel business income is still the company’s second largest business source, accounting for 20% to 30%.
PICC’s transformation started later, with the proportion of bancassurance channels reaching 49.
69%, still the company’s largest source of business.
In terms of growth rate, Xinhua Insurance cut its bancassurance the most last year, and its bancassurance channel business income gradually decreased by 47.
CPIC, Ping An and PICC are in the second place, and are slowly compressing their bancassurance business, with an average horizontal width of about 10%.
And China Life and China Taiping’s bancassurance channel business still maintained positive growth.
In addition, China Life, Ping An and China Taiping also disclosed data on the power grid sales channels. China Ping An Power Grid sales and other channel businesses eventually achieved a premium income of 358.
4.5 billion, an annual increase of 60.
69% was accelerated in all channels, accounting for 7%.
China Life’s other channel businesses including grid sales and critical illness insurance business achieved premium income of 185.
USD 8.6 billion, an increase of 22 per year.
35%, accounting for 3.
And China Taiping’s diversified sales (mainly telemarketing) achieved a premium income of 272.
300 million US dollars, an annual increase of 23.
36% is the company’s second fastest growing business.
Although listed insurers are actively transforming and adjusting their business structures, China Pacific Insurance, China Ping An has begun early and has now completed the transformation, and has now reached the stage of further improving the quality of its business. In recent years, Xinhua Insurance has determined to rapidly adjust its business structure.PICC is still in the process of slow adjustment.