China Pacific Insurance’s performance last year: Net profit increased by 54%. Value change of new life insurance business

China Pacific Insurance’s performance last year: Net profit increased by 54%. Value change of new life insurance business
Sauna Night News (Reporter Pan Yichun) On March 22nd, listed insurance company China Pacific Insurance released its 2019 annual report.Last year, the Group achieved insurance business revenue of 347.5 billion yuan, an annual increase of 8%, and a net profit growth of 54% per year to 27.7 billion yuan.It is reported that China Pacific Insurance mainly deals in life insurance, property insurance and other businesses. If calculated according to the original premium income, in 2019, China Life Insurance and China Life Insurance will be China’s third largest life insurance company and third largest property insurance company respectively.The decline in the value of new life insurance business Taibao Group’s first profit was driven by the renewal business. Last year, the income of CPIC’s life insurance business still increased by 5% to US $ 212.5 billion. However, due to the negative growth of the new insurance business, the value of its new business dropped by 9.3% was 24.6 billion yuan.That being the case, the average monthly manpower of the agent team of CPIC Life Insurance declined last year, but it fell by 6.The 7% reached 790,000, and the monthly income of the agent ‘s first-year insurance business also fell by 9% to 4,212 yuan.From the perspective of premium income structure, CPIC Life Insurance’s long-term health insurance business has a rapid growth rate of 33%, tax extended pension insurance, short-term accident and health insurance business income also exceeded the growth rate of 102.7% and 21.4%.However, due to the change in product form, the dividend insurance business revenue dropped by 5 each year.5%.It is worth noting that China Taibao’s professional health insurance company, Taibaolian, last year achieved its first profit in five years since opening, and gradually realized insurance business and health management fee income47.1.7 billion, an increase of 71 per year.9%, net profit reached 0.07 billion.The growth rate of non-auto insurance revenue exceeded Sancheng Agricultural Insurance’s profit growth. In the past year, CPIC P & C achieved insurance business revenue of US $ 133 billion, an increase of 12 year-on-year.9%.The auto insurance business is still the main source of income for CPIC’s property and casualty insurance business, reaching US $ 93.2 billion, only growing 6% annually, but the growth rate of non-auto insurance income has been impressive, reaching 33.3%, of which, guarantee insurance and agricultural insurance business revenue increased by 60% and 40% respectively.8%.China Pacific Insurance stated in its annual report that the guarantee insurance business focuses on personal and margin replacement business, achieving rapid development and comprehensive cost conversion 95.5%, business quality is good.Overall, the comprehensive cost of CPIC ‘s property insurance last year was 98.3%, a slight decrease of 0 in a year.1 digit, of which the comprehensive payout rate is 60.2%, 4 budgets are added every year, and the comprehensive expense ratio is 38.1%, down by 4 every year.1 average.However, the net profit of the agricultural insurance company Anxin Agricultural Insurance, which belongs to the Pacific Insurance Group, has dropped by 24 last year.1%, the annual report stated that the overall cost rate of the insurer increased by 5 due to typhoon “Lichma” and the swine fever epidemic in Africa.6 perfect to 99.8%.Increase the total investment rate of equity investment to 5.In terms of 4% investment, last year, the total investment return rate of China Pacific Insurance reached 5.4%, rising by 0 every year.With 8 samples, the net investment return rate reaches 4.9%, flat for a year.China Pacific Insurance stated that last year, the company increased the allocation of equity assets, and strengthened the construction of tactical asset allocation process to seize market opportunities.At the same time, allocate long-term government bonds and high-grade credit bonds, and increase the allocation of high-quality non-public market financing instruments while comprehensively considering liquidity security.”Considering the credit risk that the fixed income market still faces challenges, the company still maintains a cautious attitude towards credit risk.”Specifically speaking, last year, China Pacific Insurance reduced its bond investment ratio, which was 3% lower than the end of last year.7 digits reached 42.6%.National debt, local government debt, and policy financial debt accounted for 37% of bond investment.9%, an increase of 3 from the end of last year.6 averages.The proportion of equity assets invested increased compared with the end of last year.2 copies, of which stocks and equity funds account for 8.3%, an increase of 2 from the end of last year.7 averages.Sauna, Ye Wang Pan Yichun Edited by Yue Caizhou Proofreading Li Ming