13 222 issues of the research report using the latest recorded data:
14 reinsurance companies in 2022 business performance ranking: China Re's life insurance scale and efficiency are the first!
Let's start with the conclusion:
1. In 2022, the reinsurance industry's reinsurance premium income will be 228.8 billion yuan, a year-on-year increase of 3.7%.
In fact, reinsurance companies also have split premiums, with a scale of 80.8 billion yuan, an increase of 10.5% year-on-year. The scale of ceded premiums accounts for about 1/3 of its repremium income.
2. The net profit level of the reinsurance industry in 2022 will only be 1.8 billion yuan, down 70% year-on-year; Among them, the total investment income was 8.1 billion yuan, down 40.5% year-on-year.
In 2022, the ROE of the reinsurance industry will be 2.0%, which is lower than that of life insurance (9.7%) and property insurance (8.7%).
3. The total return on reinsurance investment in 2022 will be 2.5%, which is also low compared with the property insurance industry (3.2%) and the life insurance industry (3.9%).
In 2022, the comprehensive return on reinsurance investment was 1.1%, the lowest level in nearly five years, and also lower than that of the property insurance industry (1.5%) and the life insurance industry (1.8%).
4. Among the 13 secondary risk indicators of the minimum capital of reinsurance, the highest proportion of structure is premium and reserve risk, accounting for about 31%; Counterparty default risk accounted for 22%, ranking second; The risk of loss accounted for 12%, ranking third.
On the one hand, the property insurance business accounts for about two-thirds of the reinsurance business, making the premium and reserve risk the primary position in the minimum capital risk structure of the reinsurance industry;
On the other hand, considering the necessity of temporal and spatial risk diversification, reinsurance companies will also diversify their risks through international reinsurance, so counterparty default risk also occupies an important position in the minimum capital risk structure of the reinsurance industry.
5. "13 Jing" gives the ranking of six types of indicators, including premium scale, net profit level, return on net assets (ROE), total investment return, comprehensive investment rate of return and proportion of the lowest capital secondary risk index.
Among them, China Re Life Insurance has two indicators that rank first; In addition, General Reinsurance, Taiping Reinsurance and XL Re respectively led the ROE, total return on investment and comprehensive return on investment indicators.
Body:
"13 Jing" has collected data indicators for reinsurance companies for six consecutive years.
Last year, "13 Jing" made a special analysis of the business performance of reinsurance companies, which shows the operating performance ranking of 14 reinsurance companies in 2021.
This time, we will summarize and compare the operating performance of 14 reinsurance companies in fiscal 2022.
1
The scale of operations in the reinsurance industry
In 2022, the reinsurance industry's reinsurance premium income will be 228.8 billion yuan, a year-on-year growth rate of 3.7%.
In fact, reinsurance companies also have split premiums, with a scale of 80.8 billion yuan, an increase of 10.5% year-on-year. The scale of ceded premiums accounts for about 1/3 of its repremium income.
From the information disclosed by each company, we cannot accurately judge the ratio of life insurance to property insurance.
However, we can find from the statements of life insurance companies and property insurance companies in the "13 Jing" database that life insurance has a premium of 82 billion yuan; Property insurance is 152.5 billion yuan, and the premium of life insurance is lower than that of property insurance, and the relationship between the two is about 1:1.8.
The total amount of the two is 234.5 billion yuan, which is larger than the reinsurance company's reinsurance company's reinsurance premium income, which may be mainly affected by the carved-out business in the international market.
In addition, we have also sorted out the proportion of the original insurance business in the insurance industry, which has always remained at about 5.4%.
Among them, in 2022, the proportion of property insurance and life insurance will be 2.8%.
Although the proportion of property insurance separation is high and the scale is large, from the perspective of structural proportion, it first declines and then increases; The life insurance industry, on the other hand, rises first and then falls.
The proportion of property insurance industry decreased from 13.1% in 2010 to 8.9% in 2017, and gradually recovered to 10.4% in 2022.
The proportion of life insurance industry carve-off increased from 1.9% in 2016 to 3.4% in 2020, and then fell to 2.8% in 2022 for two consecutive years.
2
The operating performance of the reinsurance industry
In 2022, the net assets of the reinsurance industry reached RMB88.4 billion, down 4.4% year-on-year. The scale of investment assets was 322.5 billion yuan, a year-on-year growth rate of 3%.
In 2022, the net profit level of the reinsurance industry will be only 1.8 billion yuan, down 70% year-on-year; Among them, the total investment income was 8.1 billion yuan, down 40.5% year-on-year.
In 2022, the ROE of the reinsurance industry will be 2.0%, which is lower than that of life insurance (9.7%) and property insurance (8.7%).
The total return on reinsurance investment in 2022 was 2.5%, which is also low compared to the property insurance industry (3.2%) and the life insurance industry (3.9%).
In 2022, the comprehensive return on reinsurance investment was 1.1%, the lowest level in nearly five years, and also lower than that of the property insurance industry (1.5%) and the life insurance industry (1.8%).
3
Reinsurance companies ranked in the main operating indicators
The secondary risk structure of the quantitative risk minimum capital in the reinsurance industry is as follows:
Through comparison, it is not difficult to see that the minimum risk structure of the reinsurance industry is slightly different from that of the property and life insurance industry.
Among the 13 secondary risk indicators of the minimum capital of reinsurance, the highest proportion of structure is premium and reserve risk, accounting for about 31%; Counterparty default risk accounted for 22%, ranking second; The risk of loss accounted for 12%, ranking third.
On the one hand, the property insurance business accounts for about two-thirds of the reinsurance business, making the premium and reserve risk the primary position in the minimum capital risk structure of the reinsurance industry;
On the other hand, considering the necessity of temporal and spatial risk diversification, reinsurance companies will also diversify their risks through international reinsurance, so counterparty default risk also occupies an important position in the minimum capital risk structure of the reinsurance industry.
Next, we will systematically compare the operating performance indicators of 14 reinsurers.
4
Reinsurance companies ranked in the main operating indicators
The "13 Jing" gives the ranking of six types of indicators, including premium scale, net profit level, return on net assets (ROE), total investment return, comprehensive investment return and proportion of the minimum capital secondary risk index.
Table 1 shows the ranking of reinsurance companies' reinsurance premium income. In 2022, China Re Insurance reinsurance reinsurance premium income was RMB66.3 billion, the largest among the 14 companies, followed by China Re Property & Casualty Insurance with RMB47.75 billion.
Table 2 shows the ranking of net profit levels of reinsurers. In 2022, the net profit level of reinsurance was 820 million yuan, ranking first, followed by German General Re with 460 million yuan.
Table 3 shows the ROE ranking of reinsurers. General Re's ROE of 17% in 2022 was the highest of all companies, followed by XL Re's 11.1%.
Table 4 shows the ranking of reinsurers' total return on investment. In 2022, Taiping Re's total return on investment was 4.6%, the highest among all companies, followed by XL Reinsurance at 4.4%.
Table 5 shows the ranking of the combined return on investment of reinsurance companies. XL Re's consolidated investment yield of 4.4% in 2022 is the highest of all companies, followed by Hannover Re at 4.3%;
Table 6 shows the structure of the minimum capital secondary risk capital of reinsurance companies.