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

    2019-02-11 06:56:45

    International Finance News Luo Gemei

    The latest insurance industry transcripts issued by the China Banking Regulatory Commission show that the insurance industry realized the original premium income of 3.8 trillion yuan in 2018, 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 more than half of the nine “banking” life insurance companies are still unable to shake off the negative growth situation. As the proportion of bancassurance channel revenue is too heavy, how to accelerate the adjustment of business structure has become a top priority for “banking” life insurance companies.

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    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.

    The original premium income of China Merchants Cigna Life Insurance was 15.062 billion yuan, a year-on-year increase of 17.5%; the original premium income of Everbright Life Insurance in 2018 was 10.344 billion yuan, up 46.1% year-on-year; the original premium income of Sino-Dutch Life Insurance 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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    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.

    However, the shareholder bank's agency sales insurance premiums accounted for more than 50% of the “banking” 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 its first major shareholder, China Postal Savings Bank (hereinafter referred to as “Post Savings Bank”), signed the “Auxiliary Agreement on Insurance and Agency Agreement (Product Agreement)”, showing that China Post Life and Postal Savings as of the end of December 2018 The bank has incurred a total of 57.47 billion yuan in related party transactions, accounting for 99.67% of the total premiums of 60.763 billion yuan in 2018.

    In addition, the announcement of related party transactions issued by BOCOM Kanglian Life Insurance 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, a powerful bank will put its own insurance company's products into its own bancassurance channel for sale through the participation of insurance companies. When customers choose the bancassurance channel insurance products, they trust the bank and naturally Will be more inclined to "banking".

    According to the above-mentioned industry insiders, the bancassurance channel generally prefers the short-term financial insurance products with relatively simple and time-saving sales process. However, as the China Insurance Regulatory Commission strictly regulates the short-term insurance business, it is the home sales of short-term financial insurance products. The insurance channel has contracted, and the “banking” insurance companies that mainly sell insurance through shareholder banks have also been 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.

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    Editor in charge: Li Limeng RF13188

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