icefish| Premiums of the five major listed insurance companies increased slightly in the first quarter, premiums increased, and the stock market rebounded! The "spring" for listed insurance companies is here

The top five listed A-share insurance companies handed over their answers in the first quarter. On April 18, a reporter from the Beijing Business Daily found that the combined premium income of China Life Insurance (601628), China people's Insurance (601319), Ping an of China (601318), China Pacific Insurance (601601) and Xinhua Insurance in the first quarter of this year was 10664.Icefish.23 billion yuan, an increase of 0% over the same period last yearIcefish.96%. On the whole, the growth rate of premium income of the five insurance companies is "three liters and two declines". From a sub-sector point of view, life insurance premium income was under pressure in the first quarter of this year, and property insurance business premium income continued to grow.

The end of the first quarter means that listed insurance companies "get off to a good start" one after another, industry analysts pointed out that, on the whole, the performance of premium income of listed insurance companies basically bottomed out. So, on the insurance side, will the rebound become the main theme of the year?Icefish?

Total premiums exceed one trillion yuan.

Unlike the negative premium growth in the first two months of this year, the top five listed A-share insurance companies swept away the previous haze and returned to positive growth in the first quarter. The combined premium income of China Life, China Life Insurance, China Ping an (601318), China Pacific Insurance and Xinhua Insurance (601336) exceeded trillion yuan in the first quarter, to 1.066423 trillion yuan, a slight increase of 0.96% from the same period last year.

Specifically, the premium income of the five insurance companies showed a pattern of "three liters and two declines" in the first quarter, and China Life, Ping an and PICC achieved positive growth.

In terms of premium scale, China Life was in the lead in the first quarter, with a premium income of 337.6 billion yuan, an increase of 3.2% over the same period last year.IcefishPing an of China followed closely with a premium income of 264.422 billion yuan, an increase of 1.6 per cent over the same period last year.

In the first quarter of this year, the growth of the life insurance sector was under pressure. Among the five insurance companies, only China Life and Ping an Life achieved positive growth compared with the same period last year. Of this total, Ping an Life achieved an original premium income of 173.302 billion yuan, an increase of 0.9 percent over the same period last year.

Unlike the premium income of life insurance business rising and falling, property insurance continues to maintain an all-round growth trend. In the first quarter of this year, the total premium income of Taibao property insurance, Ping an property insurance and PICC property insurance reached 315.544 billion yuan, an increase of 4.4% over the same period last year. Among them, the property insurance premium income of Taibao exceeded the overall level, with the company's premium income of 62.491 billion yuan, an increase of 8.6% over the same period last year.

According to the data of car insurance premiums disclosed by PICC and Ping an of China, in the first quarter of this year, the premiums of PICC property insurance and Ping an property insurance, the main types of insurance, both increased, with premium income of 69.24 billion yuan and 51.798 billion yuan respectively, up 1.92% and 3.54% respectively over the same period last year.

Guoxin Securities analysis pointed out that on the whole, the "old three" property insurance business continued the growth trend over the years, and property insurance premium income in March this year increased by 57.3% compared with the same period in 2018. In the first quarter of 2024, under the background of holiday effect and rising consumption, the premium income of property insurance business stabilized.

Keep stable throughout the year

The signs that the market is picking up are also reflected in the A-share and Hong Kong stock markets. On April 18, insurance stocks strengthened across the board. As of the close, Xinhua Insurance, China Life Insurance and China Pacific Insurance rose more than 3%, of which Xinhua Insurance rose 4.35%. As for Hong Kong stocks, by the end of the day, China Pacific Insurance had risen more than 5%, Xinhua Insurance and Ping an of China both rose more than 3%.

Behind the recent rise in insurance stocks, industry insiders analyze that insurance stocks will maintain a good momentum of development and bring more investment opportunities for investors. On the one hand, the big rebound in insurance stocks is inseparable from the positive policy; on the other hand, it is also helpful for listed insurance companies to return to the positive growth track in the first quarter.

Looking forward to the future, whether the performance of the five listed insurance companies can be maintained has become a topic of great concern.

In terms of life insurance business, due to the reduction of scheduled interest rates and other factors last year, Northeast Securities (000686) analyzed and pointed out that the concentrated outbreak of life insurance business demand in the second quarter led to a higher base of life insurance business premium income in the second quarter of last year, and it is expected that life insurance business premium income will be under pressure in the second quarter of this year. However, due to the gradual deepening of the "integration of newspapers and banks", the impact of a larger base may be offset to a certain extent.

Guotai Junan non-bank financial team analysis predicts that in the first quarter of this year, the individual insurance team of life insurance declined slightly, while the per capita production capacity of customers' exuberant savings demand superimposed channels continued to increase under the high-quality transformation, which is expected to promote the rapid growth of new orders. at the same time, some insurance companies are expected to increase the sales of long-term payment products, which are expected to improve the value rate of individual risk. In terms of bancassurance, under the "integration of the newspaper and the bank", it is expected that the new order of the bancassurance channel is under short-term pressure, and the significant improvement in the expense rate is conducive to a significant increase in the value rate.

What needs to be concerned is that the regulatory authorities have recently put forward more sustainable requirements for the universal insurance settlement rate and the level of dividends of life insurance companies. According to Zhi Peiyuan, an enterprise tutor for master's degree students at the School of Management of China University of Mining and Technology (Beijing), these policy adjustments are aimed at guiding insurance companies to optimize their balance sheet structure and reduce operational risks. at the same time, insurance companies are encouraged to enhance market competitiveness through innovative products and services.

In terms of property insurance business, recently, some car companies and localities have corresponding subsidies for trade-in. In addition, 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. Northeast Securities analysis pointed out that car sales may be increased, which is expected to lead to the continued growth of property insurance premium income.

"looking forward to the whole year, the insurance industry is expected to maintain steady growth driven by factors such as economic recovery. However, with the intensification of market competition, the adjustment of regulatory policies and the challenges brought by scientific and technological innovation, insurance companies must constantly adjust their business strategies and strengthen risk management in order to achieve sustainable development. " Support Peiyuan said.

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