The steady growth of insurance enterprises is expected to be optimistic

The five months of A -share listed insurance companies increased by 3.76%year -on -year.

The steady growth of insurance enterprises is expected to be optimistic

On June 14, the insurance sector rose sharply.

At the same time, with the evening of June 14, the premiums (referred to as the original insurance premiums, the same below) data of Ping An's 5 months before Ping An's release, all the premium income of the five months of the first five months of A -share listed insurance companies was released. On the whole, the five major insurance companies took a premium of 1349.606 billion yuan in the first five months, an increase of 3.76%year -on -year.

The analysis of the research institution believes that at present, the life insurance industry still faces certain pressure, but the good expectations are more obvious, and the property and insurance industry is relatively optimistic. On the whole, the current stock price of listed insurance companies is at the absolute bottom, and listed insurance companies continue to transfer confidence through company repurchase and executives, and the valuation of insurance stocks is expected to recover.

Stable growth of property and insurance business

Data show that in the first five months, Chinese people's insurance obtained premium income was 317.983 billion yuan, an increase of 12.86%year -on -year; China Tai Insurance obtained premium revenue of 2014.24 billion yuan, an increase of 6.7%year -on -year; Ping An's premium income was 364.22 billion yuan, a year -on -year increase of 0.9%; China Life Insurance obtained premium income of 379.2 billion yuan, a year -on -year decrease of 1.86%.

From the perspective of the personal insurance business of listed insurance companies, since this year, the premium income of various listed insurance companies has divided the premium revenue, and the personal insurance market is relatively weak as a whole. The causes of the industry generally include: the epidemic affects people's income level and expectations for the future, the number of insurance agents has declined, the offline exhibition industry is difficult, and the transformation of personal insurance companies is not yet thorough. However, the life insurance premium income of listed insurance companies is gradually improving. For example, the premium income of Xinhua Insurance increased by 4.97%year -on -year in the first five months, and the growth rate increased by 1.17 percentage points from the previous 4 months. Although the total premiums in the first five months of the first five months were not "rolled" year -on -year, the year -on -year decrease was compared to the first 4 months. Further narrowing.

From the perspective of the property insurance business of listed insurance companies, in the first five months, the premiums of the three listed property insurance companies have achieved stable growth. Among them, the premium income of PICC's property insurance was 222.786 billion yuan, a year -on -year increase of 9.95%; Ping An Property Insurance obtained premium income of 118.28 billion yuan, an increase of 8.4%year -on -year; the insurance business revenue of Taiyou insurance was 74.078 billion yuan, an increase of 9.6%year -on -year.

From the perspective of different property insurance businesses, the premium of auto insurance premiums in the first five months of PICC Property Insurance was 104.747 billion yuan, a year -on -year increase of 6.2%. Among them, the auto insurance premiums in May were 21.071 billion yuan, an increase of 1.177 billion yuan from 19.894 billion yuan in April. This shows that the impact of the epidemic on the production and sales of the automotive industry and transmission to the auto insurance business is gradually weakening.

"With the gradual improvement of the current epidemic prevention and control situation, and the introduction of various national automotive consumption incentive policies, it is expected that subsequent car sales will gradually improve, which will drive the growth of car insurance premiums in the industry." Huachuang Securities recently released the research report. At the same time, PICC Property & Casualty Insurance achieved 14.863 billion yuan in non -car insurance premium income in May, an increase of 19.9%year -on -year. Huachuang Securities expects that in the context of "economic stability", non -auto insurance business is expected to usher in development opportunities in the future.

Market expects to be better

The trend of premium income and its changes has a significant impact on the stock price of listed insurance companies. Since last year, the stock price of A -share listed insurance companies has continued to decline as a whole, but analysts believe that the current profit factor of the insurance sector has been reflected in advance in the stock price.

On June 14, the insurance sector rose sharply. Among them, the stock price of Chinese people's insurance closed up 5.83%, and China Life's stock price closed up 4.34%.

From the perspective of listed insurance companies, since May, insurance companies such as Ping An and China Tai Bao frequently repurchased the company's stocks, and the executives have increased their holdings in concentrated their holdings to convey confidence in the market. Entering June, the "Protection" operation continued. According to the information disclosed by the Shanghai Stock Exchange, Kong Qingwei, chairman of China Taibao, bought 21,800 China Taibao H shares at the secondary market of Hong Kong stocks on June 8, costing about 411,600 Hong Kong dollars. Earlier, Kong Qingwei bought the company's shares twice in the A -share market in late May.

"From December last year to February this year, the valuation level of insurance stocks has reflected the negative factors that suppress the fundamentals of insurance companies in advance, and insurance stocks have limited room for further decline." Ge Yuxiang, an analyst of Soochow Securities Insurance Industry, told the Securities Daily reporter Essence

Recently, Everbright Securities analyst Wang Yifeng and Zheng Junyi held in the insurance industry in the insurance industry in the 2022 mid -term investment strategy report that at the investment end, the current long -term interest rates are maintained around 2.80%. The capital market is expected to recover the capital market, and the valuation of insurance stocks is expected to be repaired.

Oriental Securities analysts Tao Shengyu and Tang Zipei recently released a research report saying that looking forward to the innovation and optimization of insurance companies on the product side in the second half of the year, it can achieve value discovery more quickly and effectively.

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