Jin Rong Shi Bao·2025-11-05 09:23Core Insights - The three major property insurance companies in China, namely PICC Property and Casualty, Ping An Property and Casualty, and Taiping Property and Casualty, reported a total original insurance premium income of 859.635 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 3.85% [1] Group 1: Premium Income Growth - The core driver of premium income remains the auto insurance sector, which continues to show stable growth, accounting for a significant portion of total premiums [2] - Specifically, PICC's auto insurance premium income reached 220.119 billion yuan, a year-on-year increase of 3.1%, representing 49.67% of its total premium income; Ping An's auto insurance premium was 166.116 billion yuan, up 3.5%, making up 64.83%; Taiping's auto insurance premium was 80.461 billion yuan, with a growth of 2.9%, accounting for 50.22% [2] - Non-auto insurance premium performance varied among the three companies, with PICC and Ping An showing positive growth, while Taiping experienced a decline due to proactive business structure adjustments [2] Group 2: Non-Auto Insurance Trends - The health insurance sector is experiencing rapid growth, driven by product innovation and adaptability to internet channels, contributing significantly to premium income [3] - For instance, PICC's accident and health insurance premiums totaled 98.826 billion yuan, marking an 8.4% increase, the highest among all insurance types; corporate property insurance premiums were 14.869 billion yuan, up 5.1%; while agricultural insurance premiums fell by 3.1% to 52.191 billion yuan [3] Group 3: Improvement in Comprehensive Cost Ratio - The comprehensive cost ratio, a key indicator of underwriting profitability, has shown improvement across the three major companies [4] - PICC's comprehensive cost ratio was 96.1%, down 2.1 percentage points year-on-year; Ping An's was 97.0%, down 0.8 percentage points; and Taiping's was 97.6%, down 1.0 percentage point [4] - The decline in the comprehensive cost ratio has led to PICC achieving an underwriting profit of 14.865 billion yuan, a significant year-on-year increase of 130.7% [4] Group 4: Regulatory Environment and Future Outlook - Despite the increasing contribution of non-auto insurance to premium income, its overall profitability remains lower than that of auto insurance, posing a challenge for the industry [5] - The regulatory authority has mandated stricter rate management and adherence to approved insurance terms and rates for non-auto insurance, which is expected to lead to a reduction in expense ratios starting November 1 [5] - The anticipated implementation of these regulations is expected to maintain a positive trend in the comprehensive cost ratio for the year, thereby supporting performance growth for the three major companies [5]