Xinhua News Agency, Beijing, September 4 -
Question: sound management business optimization prudent investment - Interpretation of semi-annual report of listed insurance firms
Xinhua News Agency reporter Tan Moxiao
Insurance is the "stabilizer" of society and the "booster" of economy.
The semi-annual reports of listed insurance companies that have been disclosed a few days ago show that under the increasing downward pressure on the economy and the impact of the new crown pneumonia epidemic, the net profit of listed insurance companies has declined, but the business structure has been continuously optimized, the role of risk protection has been effectively played, and the investment of insurance funds has been prudent and steady. , And interact more closely with the real economy.
Faced with the complex situation, listed insurance companies felt pressured in the first half of the year.
“The epidemic disrupted the original strategic deployment, and the company’s operations in the first quarter were greatly impacted.” said Li Quan, CEO and President of Xinhua Insurance. Thanks to the accelerated resumption of work and production in the second quarter, the company focused on high-value businesses and operations. Benefits continue to improve.
This is the epitome of the operating conditions of listed insurance companies. Even greater efforts are needed to restore normal business growth, but they are resilient.
In the first half of the year, the net profit of Ping An, Xinhua Insurance, PICC, China Life, and China Pacific Insurance fell by 29.7%, 22.1%, 18.8%, 18.8%, and 12% respectively.
"The net profit of the entire industry in the first half of the year was affected by the epidemic. We hope that the market will pay more attention to operating profit, and operating profit can more truly reflect the company's mid- to long-term operating trends." said Yao Bo, co-CEO and chief financial officer of Ping An. In the first half of the year, Ping An achieved an operating profit of 74.31 billion yuan attributable to shareholders of the parent company, a year-on-year increase of 1.2%.
In the face of tremendous pressure, listed insurance companies continue to optimize their business structure and give full play to the protection role of insurance for economic and social development.
In the first half of the year, China Life insisted on the development of long-term regular delivery business. The premium income of life insurance business, health insurance business and accident insurance business was 346.137 billion yuan, 72.264 billion yuan, and 8.966 billion yuan respectively, representing a year-on-year increase of 12.6%, 15.8%, and 10.7%. It better meets the risk protection needs of consumers.
It is worth noting that after the outbreak of the new crown pneumonia, Xinhua Insurance, China Life, and China Pacific Insurance have provided effective support for the fight against the epidemic by opening green claims channels, expanding insurance product protection responsibilities, and donating insurance.
Property and casualty insurance companies continue to return to the origin of insurance protection, and the quality of development has steadily improved.
“The company’s business structure continued to improve in the first half of the year.” said PICC P&C Party Secretary and President Xie Yichen. In terms of auto insurance, the business of self-use vehicles has grown rapidly; in terms of non-auto insurance, the quality of business such as property insurance, ship insurance, and cargo insurance has increased. Good, social security business, agricultural insurance and other policy businesses have grown rapidly. Among them, agricultural insurance premium income is 25.528 billion yuan, a year-on-year increase of 16.6%, and the market share is 47%, which provides an effective guarantee for agricultural production.
In the face of fluctuations in the capital market, listed insurance companies have made investments more prudent and steady, their asset allocation has become more reasonable and diversified, and insurance funds have continuously flowed into key areas and weak links of economic and social development.
Data shows that in the first half of the year, China Life's total investment yield was 5.34%, and the main types of allocations were bonds, time deposits, debt-based financial products, stocks and funds.
Among them, debt-based financial products are mainly invested in transportation, public utilities, energy and other fields.
China Life has continuously increased its investment in supporting the upgrading of traditional industries, the development of strategic emerging industries, the reform of state-owned enterprises, the development of private enterprises, and the construction of major infrastructure. As of the end of June, the accumulated investment exceeded 2 trillion yuan.
PICC has played its role in poverty alleviation by insurance. In the first half of the year, it invested nearly 25 billion yuan in insurance asset management products such as debt and equity, and continued to increase investment in water, electricity, gas, road transportation, and shantytown renovation in the deeply impoverished areas of the “three regions and three states”. Investment support intensity.
"While doing a good job in the main business and professionalism, we must pay attention to preventing and resolving risks. The financial foundation is constantly consolidated and the ability to resist risks is further enhanced. Only by the insurance industry can interact with the real economy, symbiotic and co-prosperity." Xie Yilun said.