China Net Finance, February 23 (Reporter Guo Weiying) Recently, China Post Life Insurance Co., Ltd. *** hereinafter referred to as "China Post Insurance") released the solvency report for the fourth quarter of 2023.
According to the report, the total assets of China Post Insurance in 2023 will reach 4819500 million yuan, a year-on-year increase of 8%. In 2023, China Post Insurance's insurance business revenue will exceed 100 billion yuan for the first time, achieving 1098 insurance business income700 million yuan, a year-on-year increase of 202%。
In terms of net profit, according to the solvency report, compared with 2022, China Post Insurance will turn from profit to loss in 2023, with a loss of 114700 million yuan. China Post Insurance said in an interview that this was mainly due to the discount rate of reserves and investment income less than expected. In 2023, the discount rate of reserves will directly reduce the profit by 112100 million yuan. At the same time, due to the impact of multiple factors such as the capital market being less than expected, in the process of continuous optimization of asset allocation, the net value of investment income fluctuated greatly, and the stage was lower than the expected target.
From the perspective of business structure, according to China Post Insurance data, the value of new business will reach 82 in 2023700 million yuan, a year-on-year increase of 16%, ranking 5th in the industry; The debt cost ratio of new orders is 391%, a year-on-year pressure drop of 18 bps, down to less than 4%; The future surplus of the policy was 20.5 billion yuan, and the marginal balance was 40 billion yuan, an increase of 11.7 billion yuan from the beginning of last year.
It is understood that under the overall framework of "outstanding value and transformation and development", China Post Insurance will realize a new construction of a multi-channel development pattern of "one main and multiple auxiliaries" in 2023.
First, the quantity and quality of the main channels have risen. There are 504 full-time lecturers, 2,450 part-time lecturers, 2,927 insurance planners, and 74 "health stations" have been put into use. The scale and value of PSBC's main channel business reached a record high, with new policy premiums of RMB38.9 billion, up 24% year-on-year, of which whole life insurance premiums paid for 5 years or more accounted for 87%, an increase of 13 percentage points year-on-year.
Second, the new channel has been comprehensively broken. Bancassurance outreach, group insurance, and intermediaries achieved a total of 5.4 billion yuan in new single premiums, accounting for more than 10% of new single premiums in one year. Among them, the number of national banks cooperated with bancassurance has expanded to 4, and the new policy premium has reached 37500 million yuan; The premium of group insurance exceeded 1 billion yuan, a year-on-year increase of 84%, and the reform of the group insurance division achieved profitability two years ahead of schedule; 15 intermediary channels cooperated, achieving a premium of 5600 million yuan; The new type of individual insurance has entered the stage of market-oriented verification.
As the head institution of a bank-based insurance company, how will China Post Insurance lay out in the next step? In this regard, China Post Insurance told the financial reporter of China.com that the deep integration of bancassurance channels is no longer a simple market choice, but will become a strategic consideration. In the original "shelf-style" marketing model, it is actually difficult to deeply empower banks and insurance companies. For example, a long-term complex product will inevitably require more specialized knowledge than the average marketer. In the future, bank-based insurance companies will definitely have more synergy and integration in product development and customer co-operation, and will further accelerate the trend of deep integration of banking and insurance in the context of the integration of newspapers and banks.
In addition, in 2023, China Post Insurance will also officially establish an asset management company, becoming the 34th insurance asset management company in the industry. At the same time, the first real estate investment - Beijing Andingmen project was completed.