According to the solvency report recently disclosed by insurance companies, there are 107InsuranceThe company achieved profitability in the first quarter of 2019. Among them, the profitability and solvency of professional health insurance companies with a large increase in premium income in the first quarter have received much attention. According to the statistics of the Financial Times reporter, in addition to the harmonious health of the solvency report, the six professional health insurance companies in the first quarterNet profitFor the amount of -1.48 billion yuan, the Ruihua Health, which was established only in the second quarter of 2018, was eliminated. The net profit of the five companies increased by 64% year-on-year. This was mainly due to the increase in the net profit of PICC Health and Ping An Health, and the overall premiums faced by health insurance companies. It is not proportional to profitability, and it is still difficult to change in the short term.
Company loses more than profit
In the first quarter, the net profit of six professional health insurance companies was “two surpluses and four losses”. As with the whole year of 2018, the two companies that are profitable are still healthy and safe. However, the two companies have achieved net profit of 263 million yuan and 38 million yuan respectively. Gao increased by 3657%; the other four companies suffered losses of different degrees, Kunlun health loss of 333 million yuan, FosunJoint healthThe loss was 309 million yuan, the security loss of the security group was 58 million yuan, and the health loss of Ruihua was 0.19 billion yuan.
Kunlun Health, which suffered serious losses in 2018, was still shrouded in the “most serious” haze in the first quarter of 2019. Regarding the reasons for the loss last year, Kunlun Health said in an interview with reporters that it was mainly due to the short-term “pain” caused by business transformation. Another reason was that the capital increase was not timely, resulting in limited business and investment, which restricted the company’s operations. development of. The company expects new in the first quarter of this yearshareholderAfter the introduction of the implementation plan, with the settlement of the equity issue, the company will enter the fast lane of development and realize a new jump in value. In view of the current situation, Kunlun Health's first-quarter loss has continued to increase by 0.19 billion yuan from the previous quarter, but the loss has decreased, and the second-quarter earnings performance is worth looking forward to.
At the same time, the reporter noted that the newly opened Ruihua Health's first year net loss in May 2018 was 124 million yuan, and the business and management fees under operating expenses amounted to 140 million yuan, which was dragging down the company.PerformanceAn important factor. However, in the first quarter, Ruihua Health became the company with the least amount of loss, a 32% decrease from the previous quarter's loss of RMB 28 million. Ruihua Health Public Information shows that the company is positioned to respond to the overall requirements of the “Healthy China 2030 Plan” and is engaged in professional health.InsuranceAnd a national company that provides health management services. In the long run, it can be adapted to the development of major national policies.InsuranceThe company should have a lot of room for improvement in the future.
In terms of comprehensive solvency adequacy ratio, six health insurance companies are far above regulatory requirements. PICC Health is 270%, Ping An Health 264.46%, Kunlun Health 131.91%, FosunJoint health171.09%, Taibao Security is 175% healthy, and Ruihua Health is 1333.08%.
Premium and profit are hardly proportional
In developed countries, commercial health insurance is allInsuranceOne of the fastest growing and largest businesses in the product. Although China’s commercial health insurance started late, it has become aInsuranceThe fastest growing business segment. According to the data of the Banking Insurance Regulatory Commission, in 2018, the original premium income of health insurance business was 544.813 billion yuan, a year-on-year increase of 24.12%, much higher than the growth rate of the original premium income of life insurance business.
It is not difficult to find out that the professional health insurance company's premium income has been rising in the past two years, but the net profit situation is not optimistic. For example, Taibao Security is healthy in the first quarter of 2019.InsuranceBusiness income was 1.398 billion yuan, a substantial increase of 114% year-on-year, but net profit was contracted by 8% year-on-year;Joint healthThe premium income reached 530 million yuan, a surge of 982% year-on-year, and the net profit fell by 290% year-on-year.
Why do professional health insurance companies never get rid of the curse that "the scale of premiums is not proportional to the amount of profit?" At present, China's commercial health insurance is mainly mixed with life insurance. In addition to professional health insurance companies, other life insurance and property insurance companies can also sell health insurance products. The competition in sales channels is fierce, resulting in professional health insurance accounting for less overall health insurance premium income, and profits. Squeezed. Central University of Finance and Economics ChinaInsuranceHao Yansu, director of the Market Research Center, pointed out that "professional healthInsuranceThe company does not really have the 'professional' ability, and the comprehensiveInsuranceThe company's products failed to form a differentiation, which led to the more professionalInsuranceCompanies, the pressure to survive is greater. Even if the people who have achieved profitability are healthy and safe, their business results have not reached the company's original expectations.
According to the reporter, health insurance products operated by professional health insurance do tend to be homogenized. People's Health, Harmony, Health and Kunlun Health have previously focused on developing savings-based care insurance. However, with the limited business of short-term and long-term products after 2017, the business focus of these insurance companies is gradually increasing to serious illness insurance and medical insurance. Business transformation. At the same time, the new health insurance company - FosunJoint healthRuihua HealthMain forceThe products also point to the Internet critical illness insurance. RevivalJoint healthIn 2018, premium income increased by 782% year-on-year, while the company’s 2018 annual premium income ranked in the top five.InsuranceAmong the products, the main sales channels of the three types of critical illness insurance products are the Internet, and the total premium income is 268 million yuan, accounting for more than half of the current premium income. In the eyes of the industry, the risk of medical expenses is difficult to control, and the cost of compensation is high. It is the main reason for professional health insurance companies to fight for serious illness insurance.
Profit and premium growth are hardly proportional, another key reason isInsuranceCompanies cannot intervene in medical diagnostic systems to control medical costs. In order to break the difficult situation of profitability, health insurance companies must complete the establishment of the industrial chain as soon as possible, and strive to have more say in the hospital's medical expenses. Only when the relevant products are fully integrated with the health risk management industry chain, forming a closed loop of personal health management from treatment to prevention can change the embarrassing situation of high investment but not profit.
In addition, the industry believes that exploring commercial health insurance companies and the governmentSocial securityThe profit model of cooperation is worth pursuing. With the increase in medical expenses, the government is facing increasing payment pressures, and some provinces have even experienced a situation of unacceptable payments.fundThe risk of “bottoming out” has increased sharply, and there is no need for commercial health insurance to intervene to solve the problem of imbalance in income and expenditure of medical insurance funds. For health insurance companies, cooperation with government basic social security is also conducive to resource sharing, reducing claims costs from the source, and alleviating profit pressure, is a win-win situation.
(Article source: Financial Times)