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Behind the real danger of personal rebound
Beijing Business DailyMeng Fanxia Li Yujie
Every January is an important time for all personal insurance companies to hit the goal of “opening the door”. After experiencing a loss of 24.7% year-on-year in personal insurance premiums in January 2018, the data for the same period of this year “rebounded”. According to the latest disclosure data of the Banking Insurance Regulatory Commission, in January 2019, the insurance industry's personal insurance premium income was 699.1 billion yuan, a year-on-year increase of 24.8%. The Beijing Business Daily reporter was informed that in the impact of the scale of premiums in January, the various insurance companies have their own points of emphasis, some fight ordinary life insurance, some fight for dividend insurance, and some fight for serious risks, all kinds of data changes also Reflecting the personal insurance market is accelerating the transformation.
Judging from the January 2019 premium data released by the Banking Insurance Regulatory Commission, this year's insurance industry can be described as a beautiful “turning over”. The original premium income totaled 850 billion yuan, a year-on-year increase of 24.1%. Among them, January personal insurance premiums were 699.1 billion yuan, accounting for more than 80% of the total industry premiums, an increase of 24.83%.
In terms of breakdown, life insurance premiums were 627.2 billion yuan, accident insurance and health insurance premiums were 6.74 billion yuan and 65.1 billion yuan respectively. The three types of premiums increased by 23.5%, 10.8% and 41.41%. Among them, life insurance business accounts for the bulk of personal insurance premium income.
In the major categories of life insurance products, there are common types, dividends, omnipotence and investment-linked types. During the opening period, dividend insurance is more attractive to the market. The data shows that the new single premium for January dividends reached 172.546 billion yuan, a year-on-year increase of 43.09%, of which new single-pay premiums accounted for more than 80%, up 224.06% year-on-year; ordinary life insurance premiums were not bad, reaching 118.04 billion yuan. , a year-on-year increase of 29.5%, but the new single-pay premiums were 9.453 billion yuan, down 82.36% year-on-year.
In the personal business, the new single premium business was 290.265 billion yuan, a year-on-year increase of 37.34%, of which the new single-pay premiums accounted for more than half, and the growth rate reached 55.5%. In the new single premium business, the proportion of annuity insurance reached 42%, more than 40%, the performance was inferior to the same period in 2018. The data showed that the new single insurance premium for January annuity insurance was 121.974 billion yuan, down 15.19% year-on-year, among which new Single-guarantee premiums fell by more than 90% year-on-year, to only 3.582 billion yuan.
In the entire group insurance business, the performance in January was not good. Among them, the new single premium was 424 million yuan, down 10% year-on-year; the new single-pay premium was 234 million yuan, down 35.85% year-on-year.
It can be seen that during the opening period, traditional annuity insurance is still the mainstream product. Insurance industry analysts pointed out that from a holistic perspective, during the 2019 opening period, most companies' main products are the dual-primary insurance model of dividend-type annuity insurance + universal products. However, with the improvement of people's awareness of protection, health insurance and critical illness insurance have also become the main types of products that are the main driving force. There are also insurance companies that use a variety of products to provide customers with choices. This is also the result of January annuity insurance premium income. The reason for shrinking.
The opening in 2019 was later than in previous years, and it was also low-key. Comprehensive comparison, the traditional big company's personal insurance channel in 2019, the product is still continuing the style of the previous year, that is, the main three-year, five-year short-term payment and the pricing interest rate of 4.025% of the fee to change the traditional annuity, dividend annuity products. However, in the first month of opening in 2019, various insurance companies have different performances due to product strategies and business strategies.
It is understood that as an insurance giant,China Life Insurance(Hong Kong stocks 02628) in 2019, the first to open a "open door", the launch of "Guo Shou Xin enjoy Jinsheng annuity insurance", Taiping Life Insurance launched "Tai Ping Excellence Zhisheng Life Annuity Insurance", Ping An Life "open the door" series of products including Jin Hao life , Jinrui Life, Ping An Fu and other products, the first two are annuity products, the latter is a serious illness insurance.
Among them, the reporter found that “Guo Shou Xin enjoys Jinsheng Annuity Insurance”, “Taiping Excellence Zhisheng Life Annuity Insurance (Dividend Type)” and “Ping An Jin Jin Life (Adult Edition, II) Annuity Insurance” products can be divided into three years. , five-year, ten-year payment, and have a universal insurance account, have a death insurance.
Taikang Insurance prepares for “opening the door” to lend to the old-age community, and the high-profile online version of the “Happy Happiness” annuity product. It is understood that Taiping Life’s annuity products also include the benefits of qualifying for the elderly community. For the opening business,Xinhua Insurance(Hong Kong stocks 01336) is dominated by health insurance, and additional risks are an important growth point. Annuity insurance is a supplementary strategic advancement. At the same time, the “1+N” product portfolio model is launched, and additional insurance for cardiovascular and cerebrovascular diseases is launched to fill the market gap.
In January 2019, China Life Insurance, Ping An Life Insurance, CPIC Life Insurance and Xinhua Insurance premium income were 157.8 billion yuan, 121.2 billion yuan, 51.6 billion yuan and 19.9 billion yuan, up 24.4%, 5.2%, 2.9% and 6.9% respectively. Regarding the large difference in premium growth rate, Wanlian Securities pointed out that China Life continued its early strategy in the past year, and the main products had higher yields and stronger market competitiveness. The new singles boosted the growth rate of premiums, which was significantly better than the peers. Ping An’s new insurance list was 31.2 billion yuan, with a negative growth year-on-year in a single month, with a growth rate of -20.2%. The new single premiums experienced negative growth, mainly due to the policy adjustment of the opening products, and the opening products were mainly based on annuity and critical illness products. Relatively conservative, the pricing rate is up to 3.5%.
Minsheng Securities further analyzed that the growth of personal insurance premiums may show a divergent situation, which reflects the differences in the formulation of listed companies' strategies for insurance opening. Some insurance companies continue to follow the aggressive sales strategies of previous years, and some insurance companies choose to take advantage of the trend. The annual premium income is dependent on the opening products.
Rational view of the red door
The increase in premiums in January has brought confidence to the industry, but it also needs to look at this brilliant performance rationally. Zhu Junsheng, deputy director of the Insurance Research Office of the Development Research Center of the State Council, said that there are many reasons behind the eye-catching growth rate of premiums in January. First, due to the relatively low performance in January 2018; second, the negative growth is gradually decreasing after the start of the year. The monthly data is getting better and better. In addition, the companies invested more during the opening period in 2019, and they also considered more products and cost-effectiveness, which helped to achieve a major breakthrough in January premiums. In addition, from the perspective of market players, in addition to the high growth rate of individual large companies, the main contribution to incremental premiums is mainly asset-driven debt-based companies.
It is reported that due to the influence of the "No. 134" document issued two years ago, the opening of the life insurance industry in 2018 was particularly low-key, which also broke the trend of continuous change and positive growth. Data show that in January 2018, 86 life insurance companies totaled 560.041 billion yuan in original insurance premiums, down 25.5% from the same period of the previous year, the first negative growth since 2013.
In addition, Zhu Junsheng mentioned that the January premium data changed the trend of relatively low market, indicating that all insurance companies are trying to adjust and actively make changes in response to market changes, but also need to care about some risks behind premium growth. For example, the annuity product booking rate reaches the upper limit of 4.025%.
The above-mentioned industry analysts said that the annuity insurance gives a high interest rate of 4.025%, especially considering that the investment returns of the entire industry will decline in 2018, and the market's expectation of future investment returns is relatively pessimistic. If the policy's liability cost is high, but the investment income declines, then there will be a spread loss. In addition, the period of the annuity policy is relatively long, and once there is a spread loss, it may bring a big hidden danger.
However, some industry executives pointed out that the annual opening campaign is actually not conducive to the balanced development of the entire life insurance industry. With the return of the industry, the reduction of wealth management products, the growth of security services, the opening of the business or the dilution, business development is gradually returning. reason.
Editor in charge: Fu Jianqing RF13564
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