At a time when the concept of "good start" is gradually fading, what kind of answer will the insurance industry deliver?On December 25, the premium income data released by the State Administration of Financial Supervision showed that unlike the steady growth of property insurance, life insurance premiums in November were still hovering in negative year-on-year growth, and the premium income of the month fell by 067% to 16975.6 billion yuan. However, the types of insurance represented by life insurance have gradually ushered in the dawn, and in November it has reversed to a positive year-on-year growth.
Since August, with the reduction of the scheduled interest rate, the phased "speculation and suspension of sales" has bid farewell to the market, and the growth rate of life insurance premiums has dropped significantly. In addition, the "good start" of insurance companies has entered a critical period, and various factors are intertwined, and the follow-up trend of the insurance industry, especially the life insurance industry, has attracted much attention.
Life insurance "recovery".
The latest premium data for the insurance industry is out. On December 25, the State Administration of Financial Supervision released the operating conditions of the insurance industry in November 2023.
In November, the insurance industry's premium income was 2,7433.1 billion yuan, a slight increase of 2 year-on-year01%, bid farewell to the negative year-on-year growth in October. Among them, the premium income of property insurance was 10457.5 billion yuan, a year-on-year increase of 667%。Unlike property insurance, life insurance premiums continue to grow negatively. However, compared with October, life insurance premiums rebounded in November, with premium income of 1,6975.6 billion yuan, down 067%。
The recovery is also reflected in the life insurance business. In November, the life insurance premiums of life insurance companies bid farewell to negative growth, with premium income of 11940.6 billion yuan, down 7 from the same period last year in October51% reversed to a year-on-year increase of 036%。
However, other major types of life insurance companies have not yet extricated themselves from negative growth, among them, the premium income of accident insurance in November was 265.9 billion yuan, down 7 percent year-on-year16%, health insurance premium income 3918.5 billion yuan, down 2 percent year-on-year77%。The overall premium income of life insurance companies was also affected, with a premium income of 1,611 in November600 million yuan, down 055%。
Different from the rollercoaster ups and downs of life insurance, the growth rate of property insurance companies' premiums, especially motor insurance premiums, tends to be stable. In November, property and casualty insurers continued to grow steadily, with premium income of 1,1317.1 billion yuan, a year-on-year increase of 588%。In addition to health insurance, other major types of insurance are growing, of which agricultural insurance is 15The year-on-year growth rate of 54% led the way, followed by auto insurance, which had a premium income of 742 in November6.9 billion yuan, a year-on-year increase of 566%。
Due to the restriction that premiums cannot be collected in advance in advance, the growth rate of premiums has picked up under the adjustment of the rhythm of the good start, and the growth rate of life insurance and accident insurance has rebounded. "For the premium income in November, Founder ** Research Institute pointed out in the research report.
Although it is in the cold winter season, the insurance company is always full of enthusiasm in the fourth quarter of each year, and it is off to a good start. However, this year's heat is not the same. Previously, the issuance of a paper document cooled down the "good start". In October, the "Notice on Strengthening Management to Promote the Steady and Healthy Development of Life Insurance Business" (hereinafter referred to as the "Notice") issued by the regulator issued early warning of common violations in the process of promoting the "good start" of life insurance companies from four aspects: scientifically formulating annual budgets, strictly implementing the "integration of newspapers and banks", standardizing sales behaviors, and increasing investigation and punishment.
In addition, judging from the "mental journey" of the life insurance market during the year, the early release of demand for savings insurance and the recent impact of the "integration of newspaper and bank" of bancassurance will inevitably lead to a slowdown in the growth rate of premiums of life insurance companies.
Premium income fell in November, but the scheduled interest rate remained at 30. The adjustment trend of the market since the launch of the product. Song Zhanjun, deputy secretary-general of the China Insurance Research Institute of Beijing Technology and Business University, said that in June and July this year, insurance companies took 3The removal of the 5% predetermined interest rate product from the shelves has taken the opportunity to collect a considerable part of the customer premiums for the whole year in advance.
The annual growth rate is geometric.
In the context of the current transformation of the life insurance market and the coexistence of growth pressure, the life insurance sector is also facing certain opportunities. The most representative is the reduction of deposit rates, which may further stimulate the sales of savings insurance products.
Recently, the state-owned banks ushered in the third deposit rate cut in the year, in the eyes of the industry, to 3Life insurance products represented by 0% pricing interest rate will continue to be favored by the market due to their advantages such as capital protection. According to the research report released by the Soochow ** Research Institute, it is expected that after the adjustment of the fixed deposit interest rate, it will give a greater boost to the savings business such as annuity and increased whole life insurance.
The research report released by the Founder Research Institute also believes that in the medium and long term, 12 national joint-stock banks have lowered the listed interest rate of RMB deposits, and the competitive advantage of insurance products over similar products has continued to strengthen, and it is still an important contribution to bank income, and life insurance is still expected to continue to grow in the first quarter of 2024.
Although the current "good start" of insurance companies is slightly quiet, coupled with the volatility of the investment market, regulatory correction and bancassurance channels and other factors continue to have an impact, the annual premium growth rate and the coming year will not be too affected.
The recovery momentum of life insurance liabilities is expected to continue, and the supply-side reform is good for value performanceProperty insurance premiums are expected to continue to perform well, and cost reduction, efficiency improvement and risk reduction are expected to open up profit margins. The research report released by Cinda ** pointed out that the scheduled interest rate adjustment of product pricing has been gradually implemented, reducing the cost of debt is conducive to the long-term development of the industry, and at the same time, the supervision of the "integration of reporting and banking" of banking and insurance, strictly controlling the commission fee of bancassurance channels, and preventing and solving the risk of potential "fee difference". The product value ratio is expected to continue to increase after the reduction of commission expenses, driving the growth of new business value in the insurance industry.
Judging from the latest data, in the first 11 months of this year, the insurance industry's original insurance premium income was 479 trillion yuan, a year-on-year increase of 963%。Among them, the original insurance premium income of property insurance is 124 trillion yuan, a year-on-year increase of 75%；Life insurance premium income355 trillion yuan, a year-on-year increase of 1039%。
Song Zhanjun believes that the insurance market in the first 11 months has laid a solid foundation for the recovery growth of the whole year, and overall, the insurance market will show a medium-to-high growth trend in 2023.
Beijing Business Daily reporter Hu Yongxin.