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观中报|非上市寿险公司王者之争 千亿保费背后与“保险+康养”蓝图对比
Sou Hu Cai Jing· 2025-08-24 01:50
Core Viewpoint - The insurance industry is undergoing significant changes, with companies needing to innovate and adapt to survive in a challenging environment. The report focuses on the performance of two leading non-listed life insurance companies, Taikang Life and China Post Life, during a period of industry adjustment [1]. Performance Comparison - Both Taikang Life and China Post Life have surpassed 100 billion yuan in insurance business revenue, leading the industry [1]. - As of the first quarter of 2025, China Post Life's premium income briefly overtook Taikang Life, but by the end of the second quarter, Taikang Life regained its top position [1]. - In the first half of 2025, China Post Life reported premium income of 118.07 billion yuan, while Taikang Life reported 130.97 billion yuan, with a narrowing gap of 12.9 billion yuan [1]. Profitability and Financial Metrics - China Post Life's net profit of 5.18 billion yuan is less than one-third of Taikang Life's 15.99 billion yuan, with a year-on-year decline of 9.01% compared to Taikang Life's significant growth [2]. - Key financial metrics as of mid-2025 show that Taikang Life has total assets of 1,928.81 billion yuan and net assets of 116.86 billion yuan, while China Post Life has total assets of 693.63 billion yuan and net assets of 16.22 billion yuan [3]. Business Structure and Strategy - China Post Life's business model heavily relies on high-risk savings-type products, with over 90% of its offerings being savings and investment-linked products, which are vulnerable in a declining interest rate environment [4]. - In contrast, Taikang Life employs a diversified channel strategy, combining individual insurance, bank insurance, and health services, leading to a more sustainable business model [5]. Cash Flow and Liquidity Issues - China Post Life faces significant cash flow challenges, with a negative net cash flow of 19.67 billion yuan in the second quarter, indicating a severe liquidity crisis [8]. - The company's reliance on high-cost savings products has led to a high cancellation rate, with the cumulative cancellation rate for its main product reaching 18.78% [7]. Capital Dependency and Governance Issues - China Post Life has relied on capital injections to maintain solvency, receiving 3.98 billion yuan in funding in June 2025, which temporarily improved its solvency ratio [9]. - The company has undergone multiple rounds of capital increases since 2018, highlighting its weak self-sustaining capabilities and high capital consumption rate [10]. - Governance issues are evident, with frequent management changes and a lack of stability, raising concerns about the company's long-term viability [14].