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Bank life insurance company is difficult to "weaning" more than half of the original premium income decline

February 11, 2019 10:43
source: International financial newspaper

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China Banking Regulatory Commission released the latestInsuranceThe industry transcript shows that in the whole year of 2018, the insurance industry realized the original premium income of 3.8 trillion yuan, a year-on-year increase of 3.92%. Among them, the life insurance company's original premium income was 2.6 trillion yuan, achieving a positive growth of 0.85%.

It is worth noting that 9bankAmong the life insurance companies, more than half of the companies still have not been able to get rid of the negative growth situation. As the income of the bancassurance channel is over-represented, how to accelerate the adjustment of the business structure has become a top priority for the “banking” life insurance company.

  1

  A few happy couples

The reporters of the International Finance News found that the performance of the nine “banking” life insurance companies in 2018 showed a significant differentiation. Among them, four companies had positive year-on-year growth in their original premium income, and five companies fell year-on-year.

Specifically, China Post Life Insurance's original premium income in 2018 was 57.658 billion yuan, up 40% year-on-year, ranking 11th among 91 life insurance companies, up 3 places from 2017.

InvestmentCIGNALife insurance premium income of life insurance was 15.062 billion yuan, up 17.5% year-on-year; Everbright Life Insurance's original premium income in 2018 was 10.344 billion yuan, up 46.1% year-on-year; Sino-Dutch Life Insurance's original premium income in 2018 was 4.694 billion yuan, up 16.7% year-on-year.

On the contrary, ICBC Ansheng Life Insurance, Jianxin Life Insurance, Agricultural Bank of China Life Insurance, Bank of Communications Kanglian Life Insurance and BOC Samsung Life Insurance have all experienced a decline.

Among them, ICBC AXA Life's original premium income in 2018 was 33.681 billion yuan, down 15.1% year-on-year; Jianxin Life Insurance's original premium income was 24.907 billion yuan, down 15.7% year-on-year; ABC Life's original premium income was 17.638 billion yuan, down 26% year-on-year. The original premium income of Bank of Communications Kanglian Life Insurance was 8.018 billion yuan, down 38.9% year-on-year; the original premium income of BOC Samsung Life Insurance was 2.866 billion yuan, down 26% year-on-year.

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  Cheng also sells on behalf of the company, defeat is also consignment?

I have to admit that the bancassurance channel that once relied heavily on insurance companies has been out of sight, and the “banking” life insurance company, which is backed by the big tree of banks, has become more and more obvious.

According to the insurance industry data for the whole year, except for the scale premiums of the two companies of BOC Life Insurance and Sino-Dutch Life Insurance, which are less than 10 billion yuan, the insurance premiums of the other 7 banking insurance companies have exceeded 10 billion yuan.

Just,shareholderBank insurance sales premiums accounted for more than 50% of the “bank-based” life insurance company's scale premiums. China Post Life Insurance and Bank of Communications Kanglian Life Insurance accounted for more than 90%.

China Post Life Insurance and the largest shareholder of China Postal Savings Bank (hereinafter referred to as "Postal bank") The "Affiliate Agreement on Insurance and Employment Agency Agreement (Product Agreement)" signed that as of the end of December 2018, China Post Life and the Postal Savings Bank had incurred a total of 57.47 billion yuan in related transactions, accounting for a total of 57.663 billion yuan in 2018. 99.67%.

In addition, the announcement of related party transactions issued by BOCOM Kanglian Life Insurance also showed that as of the end of the fourth quarter of 2018, BOCOM Kanglian Life Insurance sold a total of 11.353 billion yuan through the Bank of Communications agent, accounting for 98.3% of the 2018 scale premium of 11.544 billion yuan. .

In addition, the related party transactions issued by BOCOM Kanglian Life InsuranceannouncementIt also shows that as of the end of the fourth quarter of 2018, BOCOM Kanglian Life Insurance passedBank of CommunicationsThe agency sales insurance premium totaled 11.353 billion yuan, accounting for 98.3% of the 2018 scale premium of 11.544 billion yuan.

According to data from China Merchants Cigna Life Insurance, as of the end of the fourth quarter of 2018, the cumulative amount of related transactions between the company's insurance business and insurance agency business was approximately 11.8 billion yuan, accounting for 77.89% of the 2018 scale premiums of 15.15 billion yuan.

Earlier, a number of insiders analyzed the "International Finance News" reporters, "banking" insurance companies in the bancassurance channel itself has an "innate" advantage over the general insurance company. Before obtaining an insurance license, the bank has an insurance agent channel to sell products of different insurance companies. For the sake of profit, the powerful banks will put their own insurance company's products into their own bancassurance channels for sales through the participation of insurance companies, and customers choose the bancassurance channel.Insurance ProductsAt the time, due to the trust in the bank, it is naturally more inclined to "banking."

According to the above-mentioned industry insiders, the bancassurance channel generally prefers the sales process to be relatively simple and time-saving.Financial managementType insurance products, but as the China Insurance Regulatory Commission strictly regulates the short-term insurance business, as the home sales of short-term wealth management insurance products, the bancassurance channel has contracted, mainly through the “bank system” insurance companies that sell insurance through shareholder banks. Therefore, it is affected.

In their view, the top priority for the “Banking” life insurance company is to adjust the business structure in a timely manner, expand sales channels, and always adhere to the “insurance surname” position to ease the uncertainty in the operation.

(Article source: International Finance News)

                (Editor: DF052)

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