Sales of China Pacific Insurance in the first half of the year were "first broken" 200 billion, the securities business increased its holdings to 3.68% – Economic observer online – Professional finance News Website

(Source: Panoramic Vision)

Economic Observer Online reporter Wang Han from

On August 26, China Pacific Insurance released the results for the first half.The Group's operating profit exceeded the 200 billion mark for the first time in six months, reaching 204,694 billion yuan, up 15.3% year-on-year. It maintained its market position of tonnage, the insurance business income in the first half of the year. the year was 192.623 billion yuan, an increase of 17.6% on an annual basis; The profit was 8.254 billion yuan, up 26.8% year-on-year.

As far as shareholders are concerned, since the first quarter the company has increased its holdings of 58.77 million shares and its shareholding has increased from 3.03% at the end of the first quarter to 3.68%.

Core indicators are stable

At the end of the first half year, total assets of China Pacific Insurance reached 1.285.921 billion yuan, an increase of 9.8% compared to the end of the previous year, the embedded value of the Group amounted to 309.242 billion yuan, an increase of 8.1% compared to the end of the previous year, the total customer base of the Group has reached 123 million.

The CPIC group is stable on a number of important quality indicators. Among them, the optimization of the structure of the life insurance company led to an increase in the value of the new business value, which amounted to 41.4% in the first half of the year, profitability continued to increase and the remaining marginal balance reached 263.47 billion yuan, an increase of 15.4% compared to the end of the previous year. The quality of the real estate business remained generally stable: in the first half of the year, the integral cost ratio of the CPIC property insurance policies was 98.7%, the same as that of the same period last year.

In the first half of the year, car sales cross-selling revenues reached 4.366 billion yuan, up 20% from a year ago. The penetration rate of Taibao Lianhe Health Insurance in individual customer life insurance products has increased significantly.In the first half of the year, sales of Taibaolian Health Insurance by the seller increased by 184.0%. At the same time CPIC Property Insurance and Anxin Agricultural Insurance realized a total income of 3.01 billion yuan in the original premium income in the first half of the year.

In terms of risk management and control, China Pacific Insurance Group and its subsidiaries have sufficient solvency: in the first half of the year, the solvency ratio for core targets and the comprehensive solvency ratio of CPIC Group respectively reached 285% and 292%.

Since the first half of 2017, the board of directors of China Pacific Insurance has completed a new round of transfer. In the development direction of the new board of directors, the new five-year development plan for the pension industry will be given. The reporter found that, in the area of ​​tax expansion, pension insurance activities that have just started, China Pacific Insurance successfully passed the first set of business qualifications and issued the first national tax eviction insurance policy on 7 June. From the end of June, the market share in the pilot area of ​​the tax widening of pension insurance activities was leading.

Increasing and reducing the allocation of shares

Based on the characteristics of insurance liabilities, the reporter found that the group's investment is subtle & # 39; was in the semi-annual report of China Pacific Insurance.

In the first half of this year, CPIC further optimized the asset allocation and entrusted the trust model, and realized that investment returns continued to cover liability costs.

At the end of June, China Pacific Insurance achieved a net investment result of 26.169 billion yuan, a year-on-year decrease of 8.1%, mainly due to the decrease in dividend income from equity investments. In the first half of the year, the net annual growth rate was 4.8%, 0.3% -point higher than a year earlier, and the overall performance of the investment results was stable. It mainly strengthens the allocation of fixed-income assets when market interest rates are relatively high, including long-term assets such as government bonds, non-standard assets and deposits deposited by banks.

At the same time, the relative strategic allocation of assets to equity decreased by 1.4 percentage points to 13.2%, of which equities and equity funds represented 6.7%, 0.7 percentage points lower than the end of the previous year.

In addition, China Pacific Insurance invested 236.245 billion yuan in non-standard assets, accounting for 20.1%, up 1.3 percentage points from the end of the previous year. Overall, the liquidity of the Group is good, the credit risk is verifiable and investment assets are not subject to standard obligations. In non-standard assets with external credit ratings, AA + and higher accounted for 99.8%, of which AAA represented 92.1%. .

It is worth noting that in the first half of the year China Pacific Insurance has officially invested in Guolianan Fund Management Co., Ltd., which represented 50.8% of the shares. This will enrich the product line of the individual customers of China Pacific Insurance and investigate the management of public funds.

The challenge that can not be ignored is still testing the China Pacific insurance. "The long-term imbalance in the development of life insurance activities has become increasingly prominent, especially in the first half of this year the growth of new insurance activities is under pressure and the value of new production has experienced negative growth. The non-auto insurance business of real estate insurance again suffered underwriting losses, which indicates that our non-auto insurance The underwriting basis of business acceptance is still weak: under the new asset management policy, higher demands are placed on the management of insurance assets and liabilities. "Kong Qingwei, chairman of China Pacific Insurance, said in a letter to the shareholders.

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