Zhong Guo Jing Ji Wang·2025-08-18 23:16Core Viewpoint - The recent decision by China Ping An to stop disclosing monthly premium income has raised concerns about the transparency of A-share listed insurance companies, particularly regarding their insurance service income and the impact of new accounting standards on reported figures [1][4]. Group 1: Premium Income Trends - As of July 31, 2025, New China Life reported a cumulative original insurance premium income of RMB 13,780.63 million, reflecting a year-on-year growth of 23% [1]. - New China Life's premium income has shown significant growth since 2025, with monthly figures reaching RMB 121.26 billion in June 2025, marking a year-on-year growth rate of 23% [2]. - In contrast, New China Life experienced a negative growth trend in 2024, with a total premium income of RMB 130.28 billion, only growing by 1.9% year-on-year after seven months of decline [2]. Group 2: Competitive Positioning - In the first half of 2024, New China Life's premium growth lagged behind its peers, with the company consistently ranking last among five listed insurance companies in terms of premium growth rates [3]. - The premium income growth rates for competitors such as China Life and Ping An were significantly higher during the same period, indicating a competitive disadvantage for New China Life [3]. Group 3: Regulatory Changes and Accounting Standards - The implementation of the new insurance contract accounting standards (IFRS 17) starting January 1, 2023, has prompted changes in how insurance companies report their financials, affecting the transparency of premium income disclosures [4]. - New China Life clarified that the decline in monthly premium income from January to July 2024 was not related to the switch to the new accounting standards [4].