Our reporter Leng Cuihua
Trainee reporter Yang Xiaohan
Except for one pension insurance company managed by an insurance asset management company, the operating results of the other nine pension insurance companies in the first quarter of this year were all announced.
According to the statistics of Securities Daily, 9 pension insurance companies achieved a total insurance business income of more than 20 billion yuan in the first quarter of this year, of which 6 pension insurance companies with comparable data achieved a total insurance business income of 19.829 billion yuan in the first quarter of this year, an increase of 2.8% year on year; In terms of net profit, the total loss was 414 million yuan, of which 5 insurance companies made profits and 4 insurance companies made losses.
Total loss: 414 million yuan
According to the data of China Insurance Industry Association, except for one pension insurance company managed by an insurance asset management company, the other nine pension insurance companies have all disclosed their solvency reports for the first quarter of this year. In terms of net profit, the nine companies suffered a total loss of 414 million yuan.
Specifically, five of the nine pension insurance companies made profits in the first quarter, with a total profit of 924 million yuan; Four insurance companies suffered losses of about 1.338 billion yuan. Among them, Ping An Pension ranked first with a net profit of 499 million yuan, while Guoshou Pension and National Pension ranked second and third with a profit of 277 million yuan and 93 million yuan respectively. Among loss insurance companies, the maximum loss was 1.184 billion yuan.
From the perspective of insurance business income, the two insurance companies, Guoshou Pension and Renmeilao, are not applicable to insurance business income, and there is no year-on-year data for everyone's pension in the first quarter of 2023. Excluding the above insurance companies, the six old insurance companies with comparable data achieved a total insurance revenue of 19.829 billion yuan in the first quarter, up 2.8% year on year. Five of the six companies achieved year-on-year growth in insurance revenue.
Specifically, the highest income of insurance business in the first quarter was Taikang Pension, which was 8.721 billion yuan; The second and third place were Ping An Pension and Taiping Pension, respectively, with insurance revenue of 6.771 billion yuan and 3.115 billion yuan.
In this regard, Li Wenzhong, the former deputy director of the Department of Insurance of Capital University of Economics and Trade and the deputy director of the Rural Insurance Research Institute, told the Securities Daily that from the perspective of net profit, professional pension insurance companies had gains and losses in the first quarter, and there were losses on the whole, which may be affected by fluctuations in the capital market and other aspects.
At the same time, he said that the insurance business income of professional pension insurance companies showed a certain growth trend in the first quarter, indicating that the demand and scale of the pension insurance market were expanding, and the market potential brought by the aging population was continuing to release. At the same time, the growth rate of insurance business income of professional pension insurance companies is relatively low in the entire insurance industry, indicating that the demand for long-term pension insurance products is constrained to a certain extent as the predetermined interest rate of insurance products decreases.
Zhou Jin, a management consulting partner of PricewaterhouseCoopers in China's financial industry, said to the reporter of Securities Daily that pension insurance companies mainly operate two types of business, including annuity business and pension insurance business. The competent authorities of the two types of business are different, the premium income caliber is different, and the business composition of different pension insurance companies is different, so the business performance is different.
Strengthen product and service innovation
In addition to profitability, solvency represents the insurance enterprise's tolerance and absorption capacity for asset risk, underwriting risk and other related risks.
From the perspective of solvency adequacy ratio, the core solvency adequacy ratio and the comprehensive solvency ratio of the nine pension insurance companies meet the regulatory requirements (the core solvency ratio shall not be less than 50%, and the comprehensive solvency adequacy ratio shall not be less than 100%). Moreover, the comprehensive solvency adequacy ratio of five pension insurance companies, namely, Guoshou Pension, PICC Pension, Xinhua Pension, National Pension and Heng'an Standard Pension, exceeded 800%. However, from the results of the comprehensive risk rating, one pension insurance company was rated as Category C in the last two quarters, which is a company with substandard solvency.
Because of the characteristics of selling insurance products, pension insurance companies have strong savings characteristics, long business cycle and other characteristics, which correspondingly bring them certain advantages and disadvantages. Li Wenzhong said that the advantages of the development of pension insurance companies include the continuous expansion of the market space brought about by the aging population, stable returns, and active policy support. At the same time, they are also facing certain challenges. For example, pension insurance has a very strong saving characteristics, resulting in high premiums, long product cycles, restrictions on pension withdrawal, and to some extent, curbing market demand. In addition, although pension insurance business can bring long-term stable funds to the company, financial market fluctuations will have a significant impact on the company's earnings.
Looking forward to the future, Li Wenzhong said that under the background of vigorously promoting the development of pension finance, pension insurance companies can achieve differentiated development through the following measures: first, seize the market opportunities brought by the aging population, strengthen product and service innovation, and better meet consumers' personalized pension security needs; The second is to constantly expand the marketing channels of pension insurance products, and use new channels to quickly increase market share; Third, strengthen brand differences, highlight the company's characteristics and advantages, and enhance brand recognition; Finally, accelerate the development and application of insurance technology to improve the efficiency of operation and management.
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