As of February 22, the premium income of the five major A-share listed insurance companies in January 2024 (referring to the premium income of the original insurance, the same below) has been released. According to the data, in January 2024, the five major listed insurance companies collected a total of 5,505 premiums9.6 billion yuan, the premium income of the five major listed insurance companies "rose and fell four times" compared with the same period last year.
In terms of types, in January 2024, the total premium income of the life insurance business of the five major listed insurance companies decreased compared with the same period last year, and the total premium income of property insurance business achieved positive year-on-year growth. Looking ahead, industry insiders believe that savings insurance is still competitive under the influence of factors such as strong demand for capital preservation and savings.
Life insurance business premium income was under pressure
In January 2024, the five major listed insurance companies achieved a total premium income of 5,5059.6 billion yuan, down 258%。Among them, only Chinese life premium income achieved positive year-on-year growth, with premium income of 206.6 billion yuan, a year-on-year increase of 223%。Ping An of China, Chinese People's Insurance Company, China Pacific Insurance and Xinhua Insurance achieved premium income of 13775.6 billion yuan, 1060300 million yuan, 703200 million yuan, 298900 million yuan, down from the same period last year04%。
Overall, the year-on-year decline in premium income of the top five listed insurers in January was mainly dragged down by the decline in premium income of life insurance business. In January 2024, the life insurance business of the five major listed insurance companies achieved a total premium income of 4,1236.4 billion yuan, a year-on-year decrease of 458%。The life insurance business revenue of the five major listed insurance companies also "rose and fell four times" compared with the same period last year, except for Chinese Life, which achieved positive year-on-year growth, the other four all declined to varying degrees compared with the same period last year. Among them, the premium income of CPIC Life Insurance, Xinhua Insurance and PICC Life Insurance fell by more than 10% compared with the same period last year.
Why is the overall premium income of life insurance business under pressure? Wang Yifeng, Chief Analyst of Everbright** Financial Industry, believes that there are two main reasons: on the one hand, the supervision has guided the steady development of the life insurance business, and the preparations for the "good start" of insurance companies have weakened at the end of 2023, and the strict supervision of the bancassurance channel has also had a continuous impact on the sales of the bancassurance business; On the other hand, in the context of the transformation of the individual insurance channel in recent years, the pressure on new business in the past has led to a decrease in renewal business.
Property and casualty business performed steadily
Unlike the life insurance business, the overall performance of the property insurance business of the five listed insurers was relatively stable. In January 2024, PICC P&C, Ping An Property & Casualty, and CPIC P&C achieved a total premium income of 1,2065.4 billion yuan, a year-on-year increase of 351%。
Specifically, PICC Property Insurance, Ping An Property Insurance, and CPIC Property Insurance achieved premium income of 628 respectively2.8 billion yuan, 3243.3 billion yuan, 2539.3 billion yuan, a year-on-year increase respectively93%, all of which achieved positive growth over the same period last year. "As the economy continues to recover, the consumption attributes of the property and casualty insurance business make it have better premium income elasticity. Guoxin** non-bank analyst Kong Xiang said.
Among them, PICC P&C also disclosed the premium income of each segment of the business. Among them, the premium income of motor vehicle insurance was 2843.6 billion yuan, a year-on-year increase of 29%。The premium income of non-motor insurance business was 3439.2 billion yuan, a year-on-year increase of 26%。Wang Yifeng said that the increase in PICC property and casualty insurance auto insurance premiums in January expanded compared with the same period last year, mainly due to the year-on-year acceleration of retail sales of narrow passenger cars.