2 1 Shi Ji Jing Ji Bao Dao·2025-09-04 00:25Core 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 growth rate 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% [3]. - The profitability of new energy vehicle insurance is improving, with several companies reporting underwriting profits in this area [3][4]. - China Life Insurance's market share in new energy vehicle insurance is 34.2%, surpassing that of traditional fuel vehicles by 2.7 percentage points [4]. Group 4: International Expansion Strategies - China Life Insurance has initiated a three-step strategy for international development, focusing on Hong Kong, Asia, and global markets, with successful entries into Thailand and other Southeast Asian countries [5]. - China Pacific has also accelerated its international strategy, forming partnerships with major new energy vehicle manufacturers to support their overseas expansion [5]. Group 5: Non-Vehicle Insurance Performance - The non-vehicle insurance business showed varied performance among the three companies, with China Life Insurance's non-vehicle premium income growing by 3.8% to 179.22 billion yuan [6]. - Ping An's non-vehicle premium income increased by 13.8%, with significant growth in health, agricultural, and accident insurance [7]. - The upcoming "reporting and operation integration" policy is expected to positively impact the non-vehicle insurance sector, promoting rational competition and improving underwriting capabilities [8].