2024年上市公司VNB和VIF打平投资收益率

Core Viewpoint - The article discusses the concept of break-even investment yield for new business value (VNB) and effective business value (VIF) in the life insurance industry, emphasizing their importance as indicators of company performance and potential investment returns [2][3][4]. Summary by Sections VNB Break-even Investment Yield - The VNB break-even yield is introduced as a key metric for assessing the effectiveness of new business in life insurance companies, calculated based on industry-standard mortality and morbidity rates [2]. - From 2017 to 2022, the VNB break-even yields of six listed life insurance companies in China showed relative stability, with the average investment yield assumption being around 5% [4]. - In 2023, companies adjusted their investment yield assumptions down from 5.0% to 4.5%, and the risk discount rate was lowered from 11% to 9% [4]. - The VNB break-even yield for 2024 is projected to decline further, with companies experiencing a decrease in yields ranging from 0.52% to 0.98% [8]. VIF Break-even Investment Yield - The VIF break-even yield is presented as an extension of the VNB concept, indicating the investment yield required to make the VIF zero [2]. - The effective business value (VIF) of listed companies has generally shown a downward trend after the investment yield assumption was lowered from 5.0% to 4.0% [12]. - The VIF break-even yields have been more stable compared to VNB, reflecting the weighted average of all existing business [15]. Trends and Comparisons - The VNB break-even yields of various companies from 2018 to 2023 generally exhibited an upward trend, attributed to increased industry competition and fixed costs not decreasing in line with new business premiums [8]. - The article highlights that the lowest VNB break-even yield in 2024 belongs to Ping An Life, while the highest yields were recorded by PICC Life and Xinhua Life [8]. - The effective business value (VIF) of companies has also been analyzed, with significant variations in decline rates among different companies, indicating differing impacts from market conditions and operational strategies [12][18]. Company Performance - The article provides a detailed comparison of the VNB and VIF break-even yields across six listed life insurance companies, showing fluctuations in their new business values and effective business values over the years [17][18]. - Notably, PICC Life consistently maintained the highest VNB break-even yield, while Ping An Life had the lowest across the analyzed period [17][18].