Core Viewpoint - The insurance industry is experiencing a transformation, with non-auto insurance becoming a key battleground for companies as auto insurance premiums decline and non-auto insurance business grows [1][2]. Group 1: Auto Insurance Trends - The proportion of auto insurance premiums has decreased from 60.7% at the end of 2020 to 56.8% by the end of last year [3]. - Major players in the property insurance sector, including PICC, Ping An, and Taiping, have reported declines in auto insurance premiums while experiencing growth in non-auto insurance [2][3]. - PICC's auto insurance premium income fell by 3.9%, while non-auto insurance grew by 16.1% [2]. - Taiping's auto insurance premium income decreased by 4.0%, with non-auto insurance growing by 16.9% [2]. - Ping An's auto insurance premium income declined by 3.7%, but the overall proportion of auto insurance slightly increased due to a significant reduction in guarantee insurance business [2]. Group 2: Profitability Insights - Despite the growth in non-auto insurance, auto insurance remains a primary source of profit for the companies [3]. - PICC reported an underwriting profit of 18.1 billion yuan from auto insurance, while non-auto insurance suffered losses [3]. - Taiping's auto insurance net profit was 10.77 billion yuan, compared to only 1.99 billion yuan from non-auto insurance [3]. - Ping An achieved an underwriting profit of 20.47 billion yuan from auto insurance, but faced significant losses in guarantee insurance [3]. Group 3: Non-Auto Insurance Growth - Non-auto insurance segments, particularly liability and health insurance, have shown rapid growth among the major players [4][7]. - PICC's non-auto insurance premium income reached 806.92 billion yuan, growing by 21.9% [4]. - Taiping's non-auto insurance premium income increased by 16.9%, totaling 608.44 billion yuan [6]. - Ping An's non-auto insurance segments experienced mixed results, with liability insurance declining significantly while guarantee insurance turned profitable [6][7]. Group 4: Market Dynamics and Future Outlook - The competition in the non-auto insurance market is intensifying as many companies shift focus from auto insurance [7]. - The overall property insurance industry is showing signs of recovery, with premium income growth exceeding 10% for the major players in the first two months of this year [7].