Four listed insurance companies' mid -term performance pre -reduction investment income decrease is the main cause

Reporter Leng Cuihua

The mid -reporting season in 2022 has been opened. According to public information, most of the semi -annual reports of listed insurance companies will be disclosed in late August. However, as of August 8th, the reporters have released the announcement. Including Xinhua Insurance, which is listed in A shares, Zhongan Online, China Taiping and China Reinsurance in Hong Kong stocks. Regarding the reasons for the pre -reduction of net profit, the four companies mentioned that the reduction in investment income at an exception is one of the main factors. However, analysts believe that the underwriting and investment business of insurance companies in the second half of the year are expected to recover.

Xinhua Insurance issued an announcement that the net profit returned from the first half of the year is expected to be 4.218 billion yuan to 5.273 billion yuan. Compared with the same period last year, it is expected to decrease of 5.273 billion yuan to 6.328 billion yuan, and it is expected to decrease by 50%to 60%year -on -year. Regarding the main reasons for the decline in performance in the first half of the year, Xinhua Insurance stated that in the case of high net profit base in the same period last year, due to the influence of the downturn in the capital market and the decrease in investment income, the net profit in this period has changed significantly year -on -year. The company's operation was normal. In the first half of the year, the original insurance premium income was 102.586 billion yuan, an increase of 2.0%year -on -year.

Zhongan Online announced that it is expected to have a net loss of 650 million yuan to 750 million yuan in the first half of the year, and the company's net profit of the company was 604.1 million yuan in the same period last year. Zhongan said online that there are two main reasons for losses in the first half of the year. One is that the capital market fluctuates greatly in the first half of the year, and the investment income has decreased significantly compared with the same period last year. Exchange losses.

China Taiping issued an announcement that its net profit was expected to decrease by 47%year -on -year in the first half of the year, mainly due to the influence of the continued fluctuations in the capital market in the first half of the year; the investment income has decreased compared with the same period last year. However, its insurance business has developed steadily, and the sales of human and business quality have maintained a good development trend.

In addition, China Reinsurance issued an announcement on August 4th that after calculation, it is expected that the net profit of the mother -in -law in the first half of the year was about 40%to 50%compared with the same period last year. In the first half of last year, its net profit was 4.011 billion yuan.

It is not difficult to find that the decrease in investment income in the first half of the year of listed insurance companies is one of the key factors affecting their net profit. Vowererate, the A -share insurance sector index has shown a downward trend as a whole since the beginning of 2021, which is a disadvantaged plate. In this regard, analysts believe that the current insurance company's stock price has fully reflected a variety of unfavorable factors, and there is limited space for continuing to fall.

Open source securities analysts are superbly believed that with the continued improvement of my country's epidemic prevention and control situation, the macroeconomic or gradually restored, driving the marginal improvement of the asset end. In the long run, the transformation of the life insurance industry still needs to continue to observe, and the transformation effect in the second half of this year may be preliminarily displayed. From the perspective of the property insurance industry, after the first anniversary of the implementation of the comprehensive reform of the auto insurance, the overall prosperity continued to increase.

Haitong International recently issued a research report that the current listing insurance companies are at the bottom, the safety margins are high, and they have the characteristics of both offense and defensive. On the one hand, the new order of life insurance and NBV (new business value) in the first quarter increased, but the new single insurance premiums in the second quarter improved significantly. It is expected that the human scale is expected to stabilize. With the recovery of the macroeconomic in the second half of the year, insurance consumption demand is expected to gradually recover; on the other hand In the future, with the continuous recovery of the economy, long -term interest rates are expected to go up, which will bring good benefits to investment in insurance capital.

Equity investment is a key factor affecting the income of insurance capital. Equity investment performance is good, insurance capital investment may obtain excess returns, and otherwise, it may drag the overall investment income. From the perspective of the investment in the secondary market, the CBRC data shows that as of the end of June this year, the balance of the use of insurance capital funds was about 24.46 trillion yuan, an increase of 5.3%over the end of last year; The balance of the Securities Investment Fund exceeded 3 trillion yuan, about 3.19 trillion yuan. The investment balance increased by 21.8 billion yuan from the previous month. The investment proportion was 13.0%, an increase of 0.6 percentage points from the previous month.

"On the one hand, with the recovery of A shares, the original position of the insurance capital's position increased, and the investment balance was increased; on the other hand, the insurance capital continued to increase the equity investment allocation, which also increased its investment balance." According to a reporter from the Securities Daily, people said that the overall situation of A shares in the second half of the year is expected to be better than the first half of the year, and the investment income of insurance capital is expected to continue to improve.

- END -