2 1 Shi Ji Jing Ji Bao Dao·2025-09-03 23:07Core Viewpoint - The overall performance of listed insurance companies in China shows a positive trend in premium income and cost management, with a focus on the growth of new energy vehicle insurance and international expansion strategies [1][3][4]. Group 1: Premium Income and Market Share - The combined premium income of China Life Insurance, Ping An Property & Casualty, and China Pacific Property Insurance reached 607.9 billion yuan, accounting for 63% of the market share [1]. - China Life Insurance reported a premium income of 323.28 billion yuan, a year-on-year increase of 3.6% [1][2]. - Ping An Property & Casualty achieved a premium income of 171.86 billion yuan, with a year-on-year growth of 7.1% [1][2]. - China Pacific Property Insurance's premium income was 112.76 billion yuan, reflecting a 0.9% increase year-on-year [1][2]. Group 2: Cost Management and Profitability - The comprehensive cost ratios (COR) for the three companies generally decreased, indicating improved underwriting profitability [1]. - China Life Insurance's COR was 95.3%, down 1.5 percentage points year-on-year, marking the best level in nearly a decade [1]. - Ping An's COR improved by 2.6 percentage points to 95.2%, showing the most significant improvement [1]. - The average COR for the listed insurance companies was 96.1%, a year-on-year improvement of 1.5 percentage points, driven by reduced disaster claims and enhanced cost control [1]. Group 3: New Energy Vehicle Insurance Growth - New energy vehicle insurance is experiencing significant growth, with China Pacific's premium income from this segment reaching 10.596 billion yuan, increasing its share of total vehicle insurance premiums from 14.1% to 19.8% year-on-year [3][4]. - The profitability of new energy vehicle insurance is improving, with several companies reporting underwriting profits in this segment [3][4]. - China Life Insurance's share of new energy vehicle insurance in the domestic market is 34.2%, surpassing that of traditional fuel vehicles by 2.7 percentage points [4][5]. Group 4: International Expansion Strategies - China Life Insurance has initiated a three-step strategy for international development, focusing on Hong Kong and exploring other Asian markets, with successful entries into Thailand [5]. - China Pacific has also accelerated its international strategy, forming partnerships to support Chinese automakers in overseas markets [5]. - The export of Chinese new energy vehicles has surged, with 1.308 million units exported in the first seven months of the year, a year-on-year increase of 84.6% [4]. Group 5: Non-Motor Insurance Performance - Non-motor insurance business performance varied among the three companies, with China Life Insurance reporting a premium income of 179.22 billion yuan, up 3.8% year-on-year [6][7]. - China Pacific's non-motor insurance premium income decreased by 0.8% to 59.154 billion yuan, influenced by structural adjustments [6][7]. - Ping An's non-motor insurance premium income grew by 13.8% to 63.246 billion yuan, with significant growth in health and accident insurance [7]. Group 6: Regulatory Changes and Industry Outlook - The upcoming implementation of the "reporting and operation integration" policy is expected to shift the industry focus from scale competition to value cultivation [8]. - The new regulations aim to address issues such as high commission fees and receivable premium risks, which could enhance the underwriting capacity of the non-motor insurance sector [8]. - The policy is anticipated to positively impact the operating performance of non-motor insurance in 2025 and significantly improve it by 2026 [8].