On April 18, the insurance sector ushered in a rise across the board.
By the close of noon, Xinhua Insurance was up 4%.Christmascarolmegawaysslot.83%, China Life rose 4.14%, and China Pacific Insurance rose 4.04%. As for Hong Kong stocks, as of press time, China Pacific Insurance rose more than 6%, China Taiping and Xinhua Insurance rose more than 5%, and China Ping an rose more than 4.8%.
The performance of listed insurance companies in the first quarter was helped by the rebound of the insurance sector. According to data disclosed by major insurance companies, China Life Insurance, China Life Insurance, China Ping an, China Pacific Insurance and Xinhua Insurance reached a total premium of 1.066423 trillion yuan from January to March this year, an increase of 1.0% over the same period last year.
Although the total premium growth remains positive, the performance of each company is divided, and the growth rate of premium income is "three liters and two declines". Of this total, China Life achieved a premium income of 337.6 billion yuan, an increase of 3.2% over the same period last year.ChristmascarolmegawaysslotPing an of China achieved 264.422 billion yuan in premium income, up 1.6% over the same period last year; PICC achieved 253.031 billion yuan in premium income, up 1.3% over the same period last year; China Pacific Insurance achieved 154.177 billion yuan in premium income, down 0.2% from the same period last year; Xinhua Insurance achieved 57.193 billion yuan in premium income, down 11.7% from the same period last year.
In terms of life insurance, except for China Life and Ping an Life Insurance, which achieved positive premium growth in the first quarter of this year, the other three life insurance companies all declined, with Xinhua Insurance falling the most significantly.
For the positive growth for three consecutive months, a person from the China Life Branch analyzed to the interface news, on the one hand, thanks to the early completion of the business last year, "We have completed last year's premium target in September, and there is plenty of time for the follow-up preparation of 'good start'. The promotion of related products is in place, and the situation of each branch should be similar. On the other hand, the 'integration of newspapers and banks' is also good for large companies with more stringent management. "
Xinhua Insurance explained in the announcement that the company was operating steadily, with a substantial increase in premium income in March compared with the previous month, an increase in the scale and value of individual insurance channel business, and a better optimization and improvement of premium income structure. In the first quarter, the company's business strategy focused on value growth and optimized business structure, and the cumulative original insurance premium income narrowed year-on-year.
For the upcoming quarterly report disclosure, Guojun non-Bank financial team believes that the demand side in the context of interest rate cuts in the bank is expected to deposit insurance is still relatively scarce to meet the high-yield deterministic financial products; supply-side insurance companies to enhance long-term payment products sales optimization term structure, superimposed bancassurance "newspaper and bank integration" and other strict regulatory policies to promote the implementation of channel costs to improve the value rate. The company expects that new orders and improved value rates in the first quarter of 2024 will jointly drive rapid growth in the value of new business.
In terms of property insurance, affected by the sharp increase in monthly premium growth in March, the premium growth rate of the "old three" of property insurance improved in the first quarter compared with the previous two months. In the first quarter of this year, PICC property insurance realized premium income of 62.491 billion yuan, an increase of 8.6% over the same period last year; PICC property insurance realized premium income of 173.977 billion yuan, an increase of 3.8% over the same period last year; and Ping an property insurance realized premium income of 79.076 billion yuan, an increase of 2.8% over the same period last year.
From the sub-area premiums disclosed by Ping an property insurance and PICC property insurance, we can see that the momentum of premium growth comes from auto insurance. PICC's first-quarter auto insurance income was 69.24 billion yuan, an increase of 1.92 percent over the same period last year, while Ping an property insurance earned 51.798 billion yuan in the first quarter, up 3.5 percent from the same period last year.
Retail sales in the passenger car market rose 6% in March from a year earlier, up 52.8% from a month earlier, according to data released by the Federation of passengers. Cinda Securities non-Bank team believes that the high year-on-year and month-on-month growth in March is mainly due to the recovery of post-holiday consumption brought about by the Spring Festival, which also led to a pick-up in car insurance premiums of major property insurance companies in March. At the national level, there are frequent policy guidelines on automobile consumption, especially with the continued introduction of central and local support policies such as promoting new energy vehicles, superimposed trade-in policies and the release of some new models, the company expects passenger car retail to continue to improve after the first quarter and lead to a pick-up in car insurance premiums.
In terms of non-cars, the income of PICC property insurance, accidental injury and health insurance was 56.813 billion yuan, a growth rate of 6.18%, and that of agricultural insurance was 19.964 billion yuan, a growth rate of 3.17%.
On the investment side, Soochow Securities non-Bank team believes that insurance stock investment opportunities are gradually shifting from the left to the right. In the secondary market, the share price of insurance stocks has been adjusted back continuously, and the valuation is at an all-time low. At present, the sword of Damocles, spread loss, is still hanging over the valuation of insurance stocks. However, the policy of activating the capital market has been continuously strengthened, and strict supervision has been made to clean up the market chaos, so as to provide a guarantee system basis for long-term funds to enter the market.
