Statistics show that in August, Tai Hong, Xinhua, peace and people's livelihood, such as second-line life insurance companies have significantly slowed down its premium growth. And just down the implementation of the deposit interest rate and interest tax exempt, listed insurance company profit margins squeezed by the obvious.
"Jian Guanceng under the guidance of small and medium-sized business insurance premium growth in August in a marked slowdown." Everbright Securities researcher Xiao Chao-hu said.
Taiping, Taikang a total premium growth in August were 47%, 111% more than in July, a substantial decline. From a single month in August, Xinhua, Taikang, peace, the people's livelihood growth rate were 95%, 44%, 3% and 168%, respectively, than the decline in Central 33,38,69 and 122 percentage points.
July, Everbright Securities for the first time expressed worries about the future growth of the premium. And pointed out that in 2009 the industry premium income growth will be slowing down, even single-digit growth.
In July this year, investment-type insurance products, the rapid growth of abnormal, making the China Insurance Regulatory Commission to take emergency control combination of boxing, the Bank of security measures introduced to restrict the sale, including on-site inspection, such as window guidance. Combined with the adjustment of the capital market, making universal insurance billing rates have also appeared in a wave of a larger reduction, reduction of up to 200 basis points.
"August in the insurance industry to operate from several big lead, although small and medium-sized business insurance premium growth started to slow down, but the giants to use their strengths to maintain a channel of high-speed growth," said Xiao Chao-hu.
Premium income has been divided, small and medium-sized insurance companies noticeable slowdown in growth, premium income growth inflection point has surfaced.
"At the same time, lower deposit rates of interest exempt from tax, making the cut for life insurance companies, is a non-symmetrical rate cut, the cost of capital life insurance policies did not effectively alleviate the pressure. And the expected rate cut in the supply and demand forces Together, for the foreseeable future, bond yields rose significantly low, the life insurance company profit margins squeezed by the difficulties still grim in the form of "payment from the company's latest report showed.
CICC researcher Zhou said that the rate cut cycle in the first half of the real economy into a recession, life insurance companies do not have the structural investment opportunities.
In his view, the rate cut cycle focus on structural investment opportunities mainly in the final stage of the rate cut cycle, that is, the real economy is about to arrive at the bottom of the down-cycle; rate cut as an in-depth process, the policy makes the cost of capital to ease the pressure significantly; investment income The rate of a certain degree of upgrading. And the process will take time.
The current market for life insurance companies in gold is given "neutral" rating.
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