As of yesterday evening, according to the "Securities Daily" reporters, 80 life insurance companies have disclosed the solvency report for the third quarter of this year. In terms of net profit, in the first three quarters of this year, a total of 44 life insurance companies achieved profit, with a total net profit of 126.4 billion yuan; 36 losses occurred, with a total loss of 7.8 billion yuan. 80 life insurance companies achieved a total net profit of 118.6 billion yuan.
It is worth noting that the Matthew effect of life insurance companies is still significant. As the “six old” of the life insurance market, China Life, Ping An Life, Taibao Life Insurance, Taikang Life Insurance, Taiping Life Insurance and Xinhua Insurance achieved a net profit of 108.7 billion yuan in the first three quarters of this year, accounting for 85% of 44 profitable life insurance companies. 91% of the net profit of 80 life insurance companies.
"Old Six" total net profit of 108.7 billion yuan
Head life insurance companies still show strong profitability.
Specifically, in the first three quarters of 2018, Ping An Life’s net profit reached 53.964 billion yuan, ranking first; China Life Insurance ranked second with 210.78 billion yuan; Taibao Life Insurance ranked third with 10.204 billion yuan; Taikang Life Insurance 99.85 billion yuan ranked fourth; Xinhua Life Insurance ranked the top five in the profit list with 7.626 billion yuan; Taiping Life ranked sixth with 5.845 billion yuan. Overall, the profitability of the “old six” is still very strong.
In fact, in the first half of 2018, the old six “accumulated the original premium market share of 53.7%, an increase of 8% year-on-year, relative to the life insurance industry-2.3% growth rate, leading the growth rate of 10%. At the same time,” the old six Life insurance companies achieved a net profit of 73.675 billion yuan in the first half of the year, accounting for 92.5% of the total net profit of the life insurance market.
China Insurance Association recently releasedresearch reportIt is pointed out that with the adjustment of regulatory policies, the pressure of life insurance industry transformation has increased, large and medium-sized companies have a good foundation and early transformation, and their brand, channel, management and institutional advantages have been further strengthened. The industry has played a leading role, and the Matthew effect has become more prominent. The degree may increase. The business model of small and medium-sized companies will be differentiated, and the specialization, small and beautiful will become the choice of small and medium-sized companies.
Judging from the business model of large and medium-sized insurance companies, the current "six old" are the main risk channels. For example, in recent years, Ping An Life's personal insurance premiums accounted for about 90% of total premium income; on the one hand, China Life Insurance continued to increase its investment in personal insurance; on the other hand, it continued to reduce the income from insurance premiums; It has also continued to increase its investment in private insurance and to reduce the channel of bancassurance.
From the perspective of the future development trend of life insurance companies, China Insurance Association expects that in the next 3 to 5 years, individual insurance will remain the main channel for life insurance sales. However, the decline in the labor force population and the change in customer demand patterns have determined that the traditional way of relying on the growth of the number of agents to promote life insurance development is unsustainable. The problem of matching the professional competence of marketers with customer needs needs to be addressed. At the same time, silver postal agents and online sales will still have a place.
The net profit of 48 insurance companies is less than 100 million yuan
Different from large and medium-sized insurance companies, in the first three quarters of this year, a total of 48 insurance companies had net profit of less than 100 million yuan, of which 36 losses and 17 losses exceeded 100 million yuan.
It is worth noting that among the above-mentioned loss-insurance enterprises, except for a few newly established insurance companies, most insurance companies currently rely on the insurance premiums of the bancassurance channels. The individual insurance channels have not yet developed, but the bancassurance channels and online sales previously relied on them. Channels and other issues are facing new problems.
The above-mentioned China Insurance Association report mentioned that with the tightening of savings substitute products and the hollowing out of bank outlets and the aging of customers, the silver-mail agent channel is facing difficulties. In addition, after the rapid development of the emerging channels such as the Internet, due to product constraints, competition between online and offline channels, and rising complaint rates, development is not always smooth, and efforts still need to be broken.
At the business level, this year, due to the industry's return to the protection, coupled with the regulation of a large number of small and medium-sized insurance products sold by small and medium-sized insurance companies, many insurance companies have ushered in the peak of surrender and cash flow pressure this year.
For example, in the solvency report for the third quarter of this year, Changsheng Life Insurance stated that as of the third quarter of 2018, the company’s short-term surviving products have surpassed the peak of surrender, and the cash flow pressure has been greatly alleviated, and the company’s liquid assets accounted for the end of the quarter. It was about 8.3%, which was basically the same as last quarter. In the coming year, the comprehensive liquidity ratio was 568%. Under the pressure scenario 1 and the stress scenario 2, the liquidity coverage of the company's accounts was 656% and 629%, respectively, which was significantly higher than that of the previous quarter. In addition, as the company no longer sells short-term and long-term products, it is expected that the company's liquidity monitoring indicators will continue to improve in the future, and the liquidity risk is relatively low.
Changsheng Life also stated in the third quarter solvency report that the company closely monitors the liquidity risk of each investment account. The planned risk response strategies include: professional development of products on the debt side, increase of research and development of new products, and sales of various business channels to increase production capacity; the company will continue to actively expand financing channels to ensure that future temporary liquidity will be met. Funding needs.
From the perspective of the industry, the China Insurance Association mentioned that it can start from the following aspects: First, recognize the general trend of the transformation and development of the life insurance industry, reshape the development concept, and eliminate the “regulatory arbitrage innovation”. ". The second is to effectively carry out business services around the customer, to promote it to the company's core strategic level, and throughout the various business links. The third is to fully understand the challenges of channel development and look forward to the development path of each channel. The fourth is to combine the characteristics of "digital original resident" and examine it.Insurance ProductsThe design concept combines the actuarial “professional value” with the “emotional value” of marketing. Fifth, it is recommended that the company's shareholders return to rational thinking and systematically design a medium- and long-term evaluation index system.
Judging from the development potential of the industry, the China Insurance Association mentioned that the life insurance industry plays a relatively limited role in the national economy and still has huge development potential: First, the insurance depth and insurance density are relatively low, compared with developed countries and regions. There is still a big gap. Second, the compensation effect of the life insurance industry in the national economy and personal security is still limited. Third, the concept of public insurance still needs to be further improved.
(Article source: Securities Daily)