China-Singapore Jingwei Client, August 28 (Meng Zhang) On the evening of the 27th, Ping An of China released the 2020 semi-annual report. So far, the five major A-share insurance companies have released their first half-year "transcripts".
Five major A-share insurance companies earned 738 million a day in the first half of the year
Ping An of China leads
In the first half of the year, the total net profit attributable to shareholders of China Life, Ping An, China Pacific Insurance, Xinhua Insurance, and PICC was 134.277 billion yuan, a daily profit of 738 million yuan, a year-on-year decrease of 25.2%.
Specifically, in the first half of the year, Ping An’s net profit was 68.683 billion, leading the top five insurance companies, and the net profit was more than the sum of the net profits of the remaining four insurance companies. The net profit of China Life, China Pacific Insurance, PICC, and Xinhua Insurance in the first half of the year were 30.535 billion, 14.239 billion, 12.602 billion and 8.218 billion respectively.
In terms of premium income, in the first half of the year, the total premium income of the top five A-share insurers reached RMB 1,521.133 billion, a year-on-year increase of 6.6% compared to RMB 1,426.841 billion in the first half of 2019.
Specifically, in the first half of the year, Ping An’s insurance premiums were the largest at 445.245 billion. The value contribution of Ping An's group business has steadily increased, and the scale of group business has increased substantially. In the first half of 2020, the scale of comprehensive financial premiums for corporate channels increased by 168.4% year-on-year, and the scale of group business comprehensive financial financing increased by 170.2% year-on-year.
In terms of premium growth, Xinhua Insurance and China Life both achieved double-digit growth, with growth rates of 30.9% and 13.1% respectively.
In terms of property and casualty insurance premium income, in the first half of the year, PICC Property & Casualty, Ping An Property & Casualty, and CPIC Property & Casualty all achieved positive growth compared to the same period in 2019. Among them, PICC Property & Casualty Insurance’s premium income was the most, at 245.639 billion. Both Ping An Property & Casualty and CPIC Property & Casualty achieved double-digit growth, with growth rates of 10.5% and 12.3% respectively.
Insurance data map. Photo by Xiong Siyi, China-Singapore Jingwei
The epidemic puts insurance at the forefront
Force insurance companies to accelerate digital construction
Zhou Yanli, former vice chairman of the China Insurance Regulatory Commission, previously stated in an interview with the media that under the epidemic, social risk awareness and mass insurance awareness have been significantly improved. The prevention and control of the epidemic has forced the insurance industry to accelerate the transformation and upgrading of services. The epidemic has promoted the insurance industry to accelerate management innovation and technological innovation, transform its business model, improve management efficiency, improve technology and online level, and the industry's competitiveness will continue to improve.
Speaking of data-based operations, Ping An’s Chairman Ma Mingzhe pointed out in the semi-annual report that in the first half of the year, Ping An of China built a foresight, foresight, and advanced "headquarters brain" through forecasting, early warning, effective tracking, and timely intervention in the first half of the year. Control ability, predictive ability and technological application ability.
PICC predicts that health insurance is expected to continue to develop rapidly. The intensified training of customers' Internet-based behavior habits in the epidemic will force the acceleration of digital construction, enhance online capabilities, and accumulate new momentum for business development in the post-epidemic era.
China Life pointed out that the online migration of insurance companies and customer behaviors has accelerated, new insurance concepts and insurance purchase models have gradually emerged, and the digital transformation of the industry will further accelerate. We will seize new opportunities for industry development, accelerate digital transformation, and strengthen technology and service empowerment. (Zhongxin Jingwei APP)
All rights reserved by Sino-Singapore Jingwei. Without written authorization, no unit or individual may reprint, extract and use in other ways.