On the evening of December 15, CPIC issued an announcement on the premium income for the previous 11 months. So far, the premium income of the five leading A-share listed insurance companies in the first 11 months has been announced.
From January to November 2023, Chinese Life, Chinese People's Insurance, Ping An of China, China Pacific Insurance, and Xinhua Insurance achieved a total premium of about 252 trillion yuan, compared with 24 trillion yuan, a year-on-year increase of about 533%, the growth rate continued to decline.
Ping An** pointed out that on the liability side, the certainty of positive growth in life insurance performance in 2023 is highIt is expected that the "good start" of life insurance in 2024 is still expected to achieve new orders and NBV (new business value) growth, and it is expected that the premium will increase steadily and the COR (comprehensive cost ratio) will improve in 2024.
On the asset side, it is expected that China's 10-year treasury bond yield will have little room to fall, while the current low valuation level of A-shares and the increase in structural opportunities will help insurance companies improve their investment yields and net profits.
Total Premium252 trillion.
From January to November 2023, the five listed insurance companies achieved a total premium income of 25,2467.6 billion yuan, a year-on-year increase of 533%, a slight decrease in the increase, continuing the downward trend in the second half of the year.
From January to July, January to August, January to September, and January to October, the year-on-year growth rates of premium income of the five insurance companies were respectively. 7%。
Specifically, from January to November, Ping An's premium income was 73837.8 billion yuan, a year-on-year increase of 452%；Chinese Insurance premium income 61322.6 billion yuan, a year-on-year increase of 732%；CPIC premium income of 39873.4 billion yuan, a year-on-year increase of 751%。
The other two listed insurance companies, with life insurance as the main body, also achieved positive growth. Chinese's life insurance premium income was 614.6 billion yuan, an increase of 3 percent year-on-year92%；The premium income of Xinhua Insurance is 15973.8 billion yuan, a year-on-year increase of 191%。
China Securities Construction Investment said in the research report that looking forward to 2024, the value of new business in the life insurance industry is expected to continue to grow, the Matthew effect in the property insurance industry is expected to be further strengthened, and it continues to be optimistic about the head insurance companies.
Guolian** said that in the context of strict supervision, the head company is expected to further expand its competitive advantage with more standardized and refined management capabilities, and the industry concentration is expected to increase again.
Life insurance continued its downward trend.
Let's start with the performance of life insurance companies. According to the data, the total premium income of the five life insurance companies from January to November was 15,2953.1 billion yuan, a year-on-year increase of 494%。
Specifically, the cumulative premium income of Chinese Life from January to November was 614.6 billion yuan, a year-on-year increase of 392%；Ping An Life's cumulative premium income from January to November was 4,3394.9 billion yuan, a year-on-year increase of 68%；The cumulative premium income of CPIC Life Insurance is 22397.7 billion yuan, a year-on-year increase of 44%；The cumulative premium income of Xinhua Insurance is 15973.8 billion yuan, a year-on-year increase of 191%；The cumulative premium income of PICC Life Insurance is 9726.7 billion yuan, a year-on-year increase of 97%, which is the highest growth rate of life insurance companies.
Among the two listed health insurance subsidiaries, PICC Health's cumulative premium income from January to November was 4325.9 billion yuan, a year-on-year increase of 81%；The cumulative premium income of Ping An Health Insurance is 1408.7 billion yuan, a year-on-year increase of 112%。
Ping An Pension Insurance Company, a subsidiary of Ping An of China, has a cumulative premium income of 166 from January to November9.5 billion yuan, down 6 percent year-on-year3%, the premium growth rate is the lowest.
Guotai Junan's non-bank financial team believes that the NBV growth of life insurance will be rapid in 2023, and it is expected that the increase in product value rate will become the main driver of NBV growth in 2024. On the market side, it is expected that the demand for health insurance will also be gradually stimulated.
The growth rate of property insurance is seriously differentiated.
Let's look at the performance of property insurance companies. The three property insurance companies, PICC Property Insurance, Ping An Property Insurance, and CPIC Property Insurance, achieved a total premium income of 9,211 from January to November0.4 billion yuan, a year-on-year increase of 601%。
Specifically, the cumulative premium income of PICC property insurance from January to November was 472.7 billion yuan, a year-on-year increase of 68%；Ping An Property & Casualty Insurance achieved a premium income of 27364.7 billion yuan, a year-on-year increase of 14%, the growth rate is at the bottom;CPIC Property & Casualty achieved a premium income of 1,7475.7 billion yuan, a year-on-year increase of 118%, the growth rate is still the highest.
China Securities Construction Investment said that with the continuous recovery of auto sales and the gradual fading of policy impact, premium income has returned to the growth track, and the premium of auto insurance and non-auto insurance is expected to achieve a year-on-year growth rate of more than 6% and more than 10% respectively throughout the year. Under the influence of factors such as the resumption of automobile travel, the year-on-year occurrence of natural disasters, and the intensification of competition among insurance companies in the first half of the year, COR may return to normal, but the competitive advantages of leading insurance companies are still prominent.
Looking forward to 2024, Ge Yuxiang, a non-bank financial analyst at Soochow, said that the overall development of the property insurance industry is expected to maintain a steady and rising trend in 2024, with the growth rate of auto insurance premiums in the whole industry being about 5% and non-auto insurance premiums growing by about 10%. From the perspective of different business types, the motor insurance business is still a red sea market with stock competition, and it is expected that the business involving green insurance and other fields will usher in considerable development.