Recently, five A-share listed insurance companies have disclosed their premium data for the first 11 months. As of the end of November, the total premium income of Chinese People's Insurance Company, Ping An of China, China Pacific Insurance, Chinese Life Insurance Company and Xinhua Insurance was 25,2467.6 billion yuan, a year-on-year increase of 533%。Overall, the premium growth rate of life insurance and property insurance companies improved compared with October. Life insurance: premiums show a trend of "two rises and three decreases".
In terms of life insurance, in the first 11 months, the five A-share listed insurance companies achieved premium income of 15,2953.1 billion yuan, a year-on-year increase of 1485%。Among them, the premium income of Chinese Life Insurance Company, Ping An Life, Taibao Life Insurance, Xinhua Insurance and PICC Life Insurance was 614.6 billion yuan and 433.9 billion yuan respectively4.9 billion yuan, 22397.7 billion yuan, 15973.8 billion and 9726.7 billion yuan, a year-on-year increase of respectively. 91% and 969%。Judging from the data, the premiums of the five listed insurance companies in the first 11 months have all achieved positive growth, but only looking at the single month of November, the life insurance business of the five listed insurance companies showed a differentiated pattern of "two rises and three declines". Among them, the premium income of Ping An Life and PICC Life Insurance achieved positive growth, with 250 respectively6.9 billion and 275.7 billion yuan, an increase of 2 percent year-on-year94% and 277%。According to the analysis of Guotai Junan** research report, it is expected that the positive growth of PICC life insurance premiums is mainly due to the improvement of renewal business brought about by the optimization of the premium structurePing An Life took the initiative to adjust its business structure in the context of the steady development of the year under the guidance of the regulatory authorities. The growth rate of monthly premiums of the remaining three companies in November was under pressure. Chinese Life Insurance Company, Taibao Life Insurance and Xinhua Insurance achieved original premium income of 16.7 billion yuan and 94.4 billion yuan respectively in November4.7 billion yuan, 681.8 billion yuan, with a year-on-year growth rate of -118%、-19.01%、-12.2%。Cinda ** believes that, on the whole, although the major insurance companies are affected by the predetermined interest rate switch, the bancassurance channel "newspaper and bank integration", "good start" pre-collection restrictions, etc., the premium income is under pressure in stages, but the insurance products have "savings" and "protection" attributes in the current financial environment is still attractive, from the perspective of similar competing products, the recent wealth management companies have intensively lowered the performance benchmark of wealth management products, and the bank listed interest rate has been frequently lowered, 3The demand for insurance products with a predetermined interest rate of 0% is still expected to continue to be released, and the premium base at the beginning of 2023 is under limited pressure for a "good start" in 2024, and the performance of life insurance premiums of major insurance companies is expected to gradually recover. Property insurance: The premiums of the "old three" have all achieved positive growth
In terms of property insurance, the "old three" collected a total of 9,211 premiums in the first 11 months0.4 billion yuan, a year-on-year increase of 601%。Among them, PICC Property Insurance, Ping An Property Insurance, and CPIC Property Insurance achieved premium income of 472.7 billion yuan and 273.6 billion yuan respectively4.7 billion yuan, 17475.7 billion yuan, a year-on-year increase. 8%。In terms of monthly premiums, the premium income of the "old three" has achieved positive growth. In November, the monthly premium income of PICC Property Insurance, Ping An Property Insurance, and CPIC Property Insurance was 328 respectively800 million yuan, 2424.7 billion yuan, 1375.7 billion yuan, a year-on-year increase. 1%, the overall premium growth rate increased slightly. In terms of car insurance,According to the data of the Passenger Car Association, in November, the retail sales of passenger cars reached 2.08 million units, a year-on-year increase of 26% and a month-on-month increase4%。Among them, the retail sales of new energy vehicles are 8410,000 units, a year-on-year increase of 398%, an increase of 89%。Thanks to the growth of new energy vehicles and the clearance of some fuel vehicles, the auto market continued to increase in November, which promoted the release of consumer demand for car purchases. In terms of non-car insurance,With policy support and broad space, non-motor insurance premiums are expected to maintain a relatively high rate of growth. Looking forward to 2024, GF** expects that benefiting from the rigid demand attribute, property insurance premium income is expected to grow steadily through the cycle. At the same time, the return of natural disaster losses to a steady state and the continuous promotion of risk reduction are expected to promote the gradual optimization of the loss ratio, while the expense ratio is expected to benefit from the high-pressure situation of the regulatory authorities, the competition is expected to decline, and the development environment of property insurance companies is improving. Everybody is watching
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