November 19, 20, China Life, China Pacific Insurance (601,601, it shares), Ping An of China (601,318, it shares) have been released in October premium income, the Bank of channels to tighten security and risk everything in interest rates Dual role, the life insurance premium income dropped significantly.
China Life premium income in October this year for the first time less than 20,000,000,000 yuan. China Pacific Insurance (601,601, it shares) fell more evident, the month in October Taibao life insurance premium income 4.3 billion yuan, down 7.62 percent. Ping An Life Insurance in October with an income of around 7.1 billion, a slight increase of 9%, well below the growth rate in September.
Even in the vote, the universal appeal of the decline at the same time, from January next year dividend insurance policy dividend has not announced the date, if the level of dividends is not ideal, premium income may decline.
Growth rate of decline in life insurance
In mid-November, the China Pacific Insurance, China Life, Ping An of China (601,318, it shares) have been released in October premium income, life insurance premiums in particular, premium income growth rate decreased, and even negative growth.
China Pacific Insurance on November 19 announcement, the company's subsidiary, China Pacific Life Insurance Co., Ltd., China Pacific Property Insurance Co., Ltd. in the first 10 months of the original total of insurance premium income of 58.9 billion, 24,000,000,000 yuan.
China Pacific Insurance in the first 10 months to achieve premium income of 58.9 billion yuan, up 46.5 percent, but the company in October alone, only to realize 4.3 billion premium income, the chain dropped 17.3 percent.
"October's monthly life insurance premium fell 7.95 percent, in September not only the continuation of a downward trend in growth, and has entered a phase of negative growth." Ping An Securities analysts believe that, "Taibao in July, August, September Single premium for the month year-on-year growth of 53.6%, 57%, 21.4%. "
Orient Securities analyst Wang Xiaogang will Taibao reasons for the decline in premium income for the China Insurance Regulatory Commission to control the size and Security Bank of Taibao to improve product mix.
"Taibao in the three major life insurance companies, Bank and Insurance Business highest proportion of over 50% more affected. Taibao At the same time, active control universal insurance product sales, silver and security risks of a universal moratorium on the sale of insurance products have been essential, and In October last year, omnipotent risk driving under the 63% year-on-year growth. "
China Life Insurance announced in October of premium shows that in October alone on premium income of 16,206,000,000 yuan, up 41.6 percent, down from September's 52.9 percent year-on-year growth rate levels, and continued in a single month since July by premium income Speed down the situation.
Ping An Securities analysis of the China Life Insurance premium growth rate of the reasons for that: "First, to comply with the guidance of the China Insurance Regulatory Commission. Insurance Regulatory Commission requiring the company to appropriately control the rhythm of Banks and Insurance business. Second, universal insurance settlement of the reduction in interest rates.'s Been a panacea Insurance settlement from the interest rate in March down from 6.05 percent the highest in August of 4.05 percent. "
China Ping An announcement on the 20th, before October's total premium of about four subsidiaries 108,200,000,000 yuan. In which a subsidiary of China Ping An Life Insurance Company Limited, China Ping An Property Insurance Co., Ping An Health Insurance Co., Ltd. and Ping An Endowment Insurance Company Limited in the first 10 months of the original total of insurance premium income, about 84,520,000,000 yuan, 22,620,000,000 yuan, 0.26 billion and 1.04 billion yuan.
Compare before the data available in September, China Ping An Life Insurance in October with an income of around 7.1 billion, a slight increase of 9%, well below the growth rate in September.
A dividend problem
Even in the cast remains in the doldrums with universal insurance settlement of a decline in interest rates, dividends become immediate risk of the most attractive insurance, the past nine months, a number of insurance product sales strategy has been adjusted, the new dividend policy to open up or risk Will be a dangerous enterprise to seize the market share of the major bargaining chip.
In October, Standard Life Heng, International Assurance Company, and other companies have introduced a new dividend-insurance products. In recent days, China Life Insurance, Pacific Life, Pacific Life, and so on have also introduced a new insurance product Dividend, the main idea is to have more financial management functions.
But not last, in January next year from the current dividend policy dividend risk has not announced the date, if the level of dividends is not ideal, premium income may decline.
The industry believes that in January 2009 was China Life insurance dividends to be announced dividend policy, China Life will be faced with the real to maintain a high level of dividends and lower net profit of the company, or substantially reduce the level of dividends in the future at the expense of premium income growth Dilemma.
CICC researcher Zhou said: "Since the 2008 dividend risk is not satisfactory return on investment is expected in 2009 will not be a very high level of dividends, unless the insurance companies for the use of dividend risk of the Special Reserve, but easy to hurt the company's profits."
Guoxin Securities research report also pointed out that: "The rate of return lower the risk of weakening the appeal of dividend-risk, the new policy will be difficult to continue or increase."
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