"In the past, salesmen were only responsible for recruiting people. This rough sales model is no longer possible in the future customer base. Life insurance agents must truly transform into one-to-one demand analysis and demand sales." President of a leading life insurance company The manager recently expressed that he hopes that within five years, the average income of the core workforce will be three times that of the national average social income, so as to attract outstanding talents to join the insurance industry.
The topic of life insurance transformation has been one of the hottest topics in the entire insurance industry in recent years. However, with the adjustment of epidemic prevention and control policies, the gradual implementation of personal pension business, and the continuous improvement of real estate risks, the life insurance industry may stabilize and rebound.
Just looking at the premium income of the five major A-share listed insurance companies, in 2022, five insurance companies including Ping An Insurance, China Insurance, China Life Insurance, China Pacific Insurance, and New China Insurance will realize original insurance premium income of nearly 2.56 trillion yuan, a year-on-year increase of 2.9%.
Among them, life insurance premiums are still weak, except for China Pacific Insurance, the other four are showing a downward trend.
Judging from the "good start" situation of various insurance companies in 2023, they have undertaken multiple benefits.
The Huachuang Securities Research Report believes that, on the whole, a good start in 2023 will continue the strategy of the previous year, relying on savings products to improve performance.
The rhythm of the "good start" in 2023 has been advanced.
In terms of the external environment, under the background of the continuous "double killing" of stocks and bonds in 2022, residents' willingness to save will increase, which is good for savings products that are off to a good start.
As far as the internal environment is concerned, under the background of prevention and control optimization, the effect of agent transformation will be realized at an accelerated rate on a good start.
At the same time, under the low base of the good start last year, the good start in 2023 is expected to rebound.
Zhu Junsheng, head of the China Insurance and Pension Research Center at the PBC School of Finance at Tsinghua University, also pointed out that he is cautiously optimistic about a good start and industry growth in 2023.
The new macroeconomic and financial market conditions are conducive to insurance sales, but the liberalization of epidemic prevention and control, widespread infection and business suspension, and the three-year impact of the epidemic on companies and households are also challenging factors.
Soochow Securities believes that the peak of infection will affect the development of new orders in the month, and it is expected that the better-than-expected performance may lag behind.
Considering that the current peak of the first wave of infections has passed, it is expected that listed insurance companies in 2023 are expected to achieve positive growth in new orders and value year-on-year, and get out of the haze of debt in the past three years.
"Looking forward to 2023, as agents' offline activities gradually return to normal, production capacity continues to increase, and economic recovery brings about a recovery in insurance consumption, it is expected that not only the current hot-selling savings insurance will continue to improve, but also the sales of long-term protection products that have been weak in the past will also continue to improve. will increase, and the life insurance liability side will continue to improve." Zheshang Securities pointed out.
Kaiyuan Securities stated that considering that the impact of the epidemic on individual cities may be 23-29 days and the subway passenger traffic in major cities has been significantly restored, the short-term suppression of the epidemic on the debt-side business development capacity may have been lifted. It is expected that the debt-side business development capacity will be fully recovered after the Spring Festival , The year-on-year growth rate of new orders in February 2023 is expected to improve significantly, and it is expected that the year-on-year growth rate of new business value of listed insurance companies in the first quarter of 2023 is expected to turn positive.
"From a mid- to long-term perspective, the stabilization of the macro economy and the improvement of real estate risks will continue to benefit the asset side of insurance stocks; at the same time, the liability side of life insurance is expected to recover from the bottom, the demand for wealth management products will increase, the decline of agents will narrow, and the transformation of life insurance will be effective. In the post-epidemic era The improvement of residents’ insurance awareness and capabilities is expected to constitute the driving force for the recovery of insurance in 2023. The improvement of both ends of the insurance capital is expected to last throughout the year, and there is still room for sector valuation.” Kaiyuan Securities said.
It is worth noting that on November 25 last year, the personal pension system was officially implemented.
For the insurance industry, especially the life insurance industry, "insurance + pension" has a first-mover advantage.
Huachuang Securities pointed out that pension finance has high requirements for long-term and stable investment capabilities of institutions, and life insurance companies happen to have relatively rich advantages in long-term asset management. Therefore, the insurance industry is expected to take advantage of the development of personal pensions.
Furthermore, the increase in tax incentives, the expansion of tax incentives and the scope of insurance products have also brought new development opportunities for the insurance industry.
The Paper reporter Hu Zhiting