Mei Ri Jing Ji Xin Wen·2025-09-05 14:16Core Insights - The insurance sector is witnessing a shift in the profitability of new energy vehicle (NEV) insurance, moving away from previous losses as major insurers find ways to achieve underwriting profitability [1][3][5] Group 1: Industry Performance - The property and casualty insurance industry reported a total auto insurance premium income of 450.5 billion yuan in the first half of the year, reflecting a year-on-year growth of 4.5% [2] - The "big three" insurers (People's Insurance, Ping An, and Taiping) accounted for 68% of the industry's auto insurance revenue, with premium incomes of 144.07 billion yuan, 108.61 billion yuan, and 53.61 billion yuan respectively, showing year-on-year growth rates of 3.4%, 3.6%, and 2.8% [1][2] Group 2: New Energy Vehicle Insurance - NEV insurance is becoming a significant growth area for insurers, with the "big three" finding profitable strategies in this segment, unlike smaller firms that remain cautious due to high costs [3][4] - Taiping achieved NEV insurance premium income of 10.596 billion yuan, increasing its share from 14.1% to 19.8% in the auto insurance segment, while Ping An reported a 46.2% year-on-year growth in NEV insurance premiums, reaching 21.7 billion yuan [3][4] Group 3: Cost Management and Profitability - The combined cost ratios for the "big three" insurers improved, with figures of 94.2%, 95.5%, and 95.3%, indicating a reduction of 2.6 percentage points year-on-year due to reforms and better cost management [2] - NEV insurance is characterized by high premiums and high claims, leading to challenges in profitability, but the "big three" have begun to navigate these issues effectively [2][3] Group 4: International Expansion - Major insurers are looking to expand their NEV insurance offerings internationally, with successful entries into markets like Hong Kong and Thailand, aiming to leverage the growing export of Chinese NEVs [5][6][7] - The export of Chinese NEVs is projected to exceed one million units by mid-2025, presenting significant opportunities for overseas insurance business [5][6]