Visual China.
Recently, the State Administration of Financial Supervision disclosed the unaudited operation of the insurance industry in 2023. The data shows that in 2023, the insurance industry will achieve a premium income of 512 trillion yuan, a year-on-year increase of 914%, an increase of 4 from 202256 percentage points. This is also the second consecutive year of growth since the deep transformation of the insurance industry. Industry's original insurance payouts189 trillion yuan, a year-on-year increase of 2194%。
By the end of 2023, the total assets of the insurance industry were 2996 trillion yuan, a year-on-year increase of 1035%, and the balance of funds used reached 2767 trillion yuan, a year-on-year increase of 1047%。
Further, the increase in premiums in the industry is mainly due to life insurance. In 2023, the life insurance business will achieve a premium income of 376 trillion yuan, a year-on-year growth rate of 991%。Property insurance business original insurance premium income 136 trillion yuan, a year-on-year growth rate of 704%。
In terms of the use of funds, as of the end of December 2023, the total assets of the insurance industry were 2996 trillion yuan, a year-on-year increase of 1035%, an increase of 1 from last year27 percentage points. The balance of funds used is 2767 trillion yuan. Among them, bank deposits, bonds, and investment insurance industry accounted for the proportion of the balance of funds02%。Compared with last year, the proportion of bank deposits increased by 148 percentage points, while bonds, investments, and investments all declined.
Specifically, the property and casualty insurer's annual original premium income reached 159 trillion yuan, a year-on-year increase of 673%。The payout for the indemnity is 107 trillion yuan, a year-on-year increase of 1780%。Among them, the scale of motor vehicle insurance, liability insurance, agricultural insurance, and health insurance premiums were 867.3 billion yuan, 126.8 billion yuan, 143 billion yuan, 175.2 billion yuan, and 50.9 billion yuan respectively, and the premium growth rate of motor vehicle insurance was 563%, and the premium growth rate of both liability and health insurance was more than 10%, respectively86%。It should be noted that in recent years, the scale of agricultural insurance premiums has continued to rise, ranking first in the world since 2020, and the premium growth rate in 2023 will be as high as 1725%。The annual premium size of life insurance companies is 354 trillion yuan, according to the comparable caliber, the original insurance premium income increased by 10% year-on-year25%。
Huafu ** research report pointed out that since 2023, after years of transformation and adjustment in the life insurance industry, the quality of human resources, product structure, and channel development have undergone obvious changes, and the debt side has shown obvious signs of recovery in the first half of the year, while the investment side has been slightly pressured by the downward trend of long-term interest rates and fluctuations in the equity market. However, on the whole, the current life insurance industry is entering a new round of growth cycle, and will continue to recover after the value bottoms out.