As of now, except for a few special approvers, the vast majority of property and life insurance companies have disclosed the solvency report for the third quarter of 2021. Compared with the previous quarter, the operating conditions of insurance companies in the third quarter generally declined, which is also in line with the long-term business habits and laws of the insurance industry.
Considering that insurance companies in the fourth quarter will generally focus on the "opening red" operation in the second year, the first three quarters can basically reflect the overall situation of the industry and companies this year.
According to incomplete statistics, in the first three quarters of 2021, the net profit of the property insurance industry was 42.7 billion yuan, an increase of 2.5 billion yuan year-on-year; the net profit of the life insurance industry was 165.6 billion yuan, a year-on-year decrease of more than 50 billion yuan.
Behind the seemingly double heavens of ice and fire, they all cover up their own actual hardships and different winter rhythms.
Here, we briefly sorted out the situation of property and life insurance companies, and took stock of the operating information disclosed in the solvency report of insurance companies in the third quarter.
<h1 class="pgc-h-arrow-right" data-track="14" >1 Property and casualty insurance: differentiation intensified, the single quarter loss of National Life Property Insurance exceeded 1 billion yuan, and the three giants ate 90% of profits</h1>
In the third quarter of 2021, among the top ten property insurance companies in the single quarter of insurance business revenue, we can already see obvious differentiation, and the quarterly premium of PICC property insurance that ranks first is more than 20 times that of Huaan Property Insurance, which ranks tenth.
In addition to Taiping Property & Casualty insurance and ZhongAn Property & Casualty Insurance, insurance business revenue generally grew negatively sequentially, and in addition to Dadi Property & Casualty insurance and Taiping Property & Casualty Insurance, single-quarter profits were not as good as in the previous quarter. The net profit of China Life Property & Casualty Insurance co., LTD. of -1.19 billion yuan in a single quarter not only became the company with the highest loss amount among the top ten companies in the current quarter, but also directly affected its performance in the first three quarters of 2021, and the net profit of China Life Property & Casualty Insurance in the first three quarters of 2021 was 407 million yuan, which was 1.5 billion yuan less than the 1.909 billion yuan in the same period last year.
In the first three quarters, the top ten companies in the insurance business revenue of property insurance companies were consistent with the situation in the third quarter, and the differentiation and gap were more obvious. On the whole, except for Ping An and Dadi, other companies still maintain positive growth, and Taiping Property Insurance and ZhongAn Property Insurance even reach double digits.
From the perspective of profits, in the first three quarters, the profits of PICC, Ping An and CPIC were as high as about 37 billion yuan, accounting for nearly 90% of the profits of the entire property insurance industry, and all of them increased by more than 1 billion yuan year-on-year, and the three companies increased by more than 5.7 billion yuan overall compared with last year.
This also means that in addition to the unexpected property insurance companies of these three giants, the overall profit is less than 3 billion yuan. It can be said that under the high degree of differentiation, the performance of the giants has masked the downturn and struggle of other market players.
In fact, yingda Taihe, the fourth most profitable in the first three quarters, made a profit of less than 10 yuan, while the top ten property insurance companies with losses in addition to Sunshine Credit Insurance either turned profits into losses or expanded losses, which also shows that for most entities in the property insurance industry, 2021 is not a warm year.
With the deepening of the comprehensive reform of automobile insurance and the delay in the effective breakthrough of non-automobile insurance, the Matthew effect of the property insurance industry is bound to become more obvious, and the situation of most small and medium-sized companies will be more difficult, or it can be said that 2021 may be the best year compared to the future.
<h1 class="pgc-h-arrow-right" data-track="91" >2 Life insurance: Ping An's single-quarter profit rose sharply from the previous quarter, and the annual profit plummeted, stirring up the entire industry</h1>
Very similar to the property insurance industry, in the third quarter of 2021, the revenue and net profit of the single quarter insurance business of life insurance companies were generally not as good as in the previous quarter. The top ten companies in terms of premium income, with the exception of Taikang, ICBC AXA and Jianxin Life, all had negative growth sequentially, while profits, excluding Ping An and ICBC AXA, declined from the previous quarter.
In this quarter, Ping An Life's single-quarter net profit was 15.894 billion yuan, a sharp increase of 7.474 billion yuan over the second quarter profit. However, in the first three quarters, Ping An's profit due to the Huaxia Happiness Event decreased by 44.483 billion yuan compared with the same period last year, which was also the main reason for the sharp decline in profits in the life insurance industry.
Judging from the premium income of life insurance companies in the first three quarters, the top ten insurance companies in terms of insurance business revenue have basically maintained a stable scale, and there are companies such as Fude Life whose insurance business revenue has increased by more than 30% year-on-year. However, considering the characteristics of life insurance operations, the stability of the premium scale of most companies actually means the decline in new policy premiums, and when the agent reform reaches the deep water period, it seems that there are still companies that have successfully explored the direction of transformation, which also makes the seemingly relatively stable premiums also hide the anxiety of the entire industry.
In addition to Ping An Life's alleged sharp reduction in profits caused by investment losses, among the top ten life insurance companies in the first three quarters, Taikang, Taibao, Xinhua and AIA maintained a year-on-year increase in profits, while China Life, Taiping, PICC Life Insurance, Sunshine and China Post experienced a year-on-year decline, almost maintaining a pattern of half and half.
The top four companies in the entire life insurance industry in the first three quarters of the year were all profitable enterprises in the same period last year, of which Evergrande Life lost 1.115 billion yuan, the profit decreased by 2.453 billion yuan compared with the same period last year, and the loss of Ping An Pension was 976 million yuan, and the profit was reduced by 2.923 billion yuan compared with the same period last year. The vast majority of other loss-making top ten insurance companies are also old-faced small and medium-sized enterprises.
These also reflect the more complex situation of the current life insurance industry, large companies in the dark wrestling, you increase and decrease, small companies are still struggling, and for the entire industry, it is the confusion under the stability, and it is constantly hovering before the threshold of transformation. After all, for the life insurance industry, if you don't enter, or even if you enter slowly, you are retreating.
It is worth noting that in the third quarter of the life insurance industry, the profit behind the smoothing of reserves with giants as the core fell sharply. During the period, there are worries about the future compensation of serious illness insurance, and there are also hidden worries about the downside risk of profits. This may also be a heavy prediction of the future.
<h1 class="pgc-h-arrow-right" data-track="92" >3 13 new coaches have taken office, and 37 companies are still missing presidents</h1>
Changing coaches and changing horses is the eternal theme of the insurance market.
This is also another light and shadow layout that shows the three quarterly reports. According to the incomplete statistics of "Today Insurance", about 13 insurance companies were newly coached in the third quarter.
At the same time, 37 life insurance companies are still missing the position of president. During this period, there are new vacancies and there are also those who have been vacant for a long time.
During this period, there were many subsidiaries of large insurance groups, such as PICC Health and PICC Life Insurance, which has not been disclosed as a president candidate. After experiencing the storm of Huashan's resignation, PICC Health intends to serve as Shao Liduo, the former vice president of PICC Property & Casualty Insurance, in charge of car insurance. However, another important subsidiary, PICC Life Insurance, has been appointed as the interim head of vice president Wang Wen after the former president Fu Anping transferred to the group in the first half of this year, and the new president has not been disclosed.
After the departure of the former chairman Of the Company li has been, the local legal person insurance company Three Gorges Life insurance company has faced a double situation without a chairman and a president. Subsequently, Deputy General Manager Xu Yongwei served as the interim person in charge.
Another company that has attracted much attention in the market in the past few years, Centennial Life, also faced a double situation without chairman and president after Shan Yong left his job. Vice President Sun Xiaohong serves as the interim person in charge, but there are also media reports that Liu Zhaohui, the new chairman of Wanda, is about to be in place.
Two silver and postal insurance companies, after The departure of China Merchants Cigna, Vice President Gao Weidong served as the interim person in charge, and no president candidate has yet been disclosed. China Post Life, which has been vacant for nearly a year, has not yet had a president in the third quarterly report. Interestingly, Dang Junzhang, the former president of China Post Life Insurance, who left at the end of last year, was recently approved to become the chairman of Yimin Fund. At the same time, the new president of China Post Life insurance has also surfaced.
In other companies, except for a few large companies and foreign-funded insurance companies, the vacancies of presidents are mainly problem companies. For example, in terms of property insurance companies, Zhejiang Commercial Property Insurance, Anxin Property Insurance and other enterprises that were once heavily punished by supervision have still not seen a president candidate. In terms of life insurance, Hetai Life has not seen the disclosure of the new president after the resignation of the former president Li Yuquan. After finally resuming business and launching new products, Sino French Life has not seen the disclosure of the president's candidate after changing its name to Xiaokang Life.
Of course, in addition to this list, there are also those who were approved after three quarters. For example, after returning to Hongkang Life for 2 years, Zhou Yuhang was finally approved as the president of Hongkang Life.
Such as the above 50 companies, or new coaches to take office, or waiting for new coaches, and even new shareholders, when there is a different personnel story. It is foreseeable that around the positions of the above more than 30 presidents and possible changes in the future, this will inevitably be a lively scene in the process of entering the winter.