On January 4th, 2016, Ma Mingzhe, the “head of peaceâ€, announced that Ping An officially opened the 3.0 era at the morning meeting of the first working day of the New Year. Mobility, specialization, socialization, and scenes are the four keynotes he has set for the future development of the company. Just yesterday, Ping An announced the “Internet + Insurance Ecosphere†program for the first time and launched four new types of medical insurance. The open cooperation between the insurance companies and Internet medical companies mentioned seems to be safe in the second half of the insurance industry.
Medical and pension is the key to the growth of the insurance market
In August of this year, Xinhua Insurance, China Life Insurance and China Pacific Insurance issued announcements on performance reduction. In the first half of 2016, the net profit of the three insurance companies fell by 50%, 65%-70% and 46% respectively.
From the first-half annual report released by Ping An this year, China Ping An’s overall performance has completed its contrarian growth, achieving a net profit attributable to shareholders of the parent company of 40.776 billion yuan, an increase of 17.7% over the same period of last year; 365.348 billion yuan, an increase of 8.9% compared with the beginning of the year; the company's total assets of about 5.22 trillion yuan, an increase of 9.5% over the beginning of the year.
A careful analysis of its business reveals that in the first half of 2016, Ping An's property insurance, securities business, trust business, and other asset management businesses all experienced different degrees of decline. The traditional business only life insurance business grew by 42.7%. The largest increase was in the Internet finance business. Profits increased from 609 million yuan in the first half of 2015 to 7.142 billion yuan in 2016, an increase of more than 1072.74%.
China Ping An's performance in the first half of 2016 (Source: China Ping An 2016 Semi-annual Report)
According to the data just disclosed by the China Insurance Regulatory Commission in December, the original insurance premium income of the property insurance business was 777.305 billion yuan, up 8.73% year-on-year; the original insurance premium income of life insurance business was 1,655.668 billion yuan, up 33.12% year-on-year; health insurance The original insurance premium income of the business was 384.18 billion yuan, a year-on-year increase of 73.08%; the original insurance premium income of the accident insurance business was 69.334 billion yuan, an increase of 17.37%. It can be seen that a large part of the growth of the entire industry is due to health insurance and life insurance.
In the short term, although Ping An relies on the explosive growth of Internet finance business and life insurance business such as Lujin, Yitongtong, it seems to be independent. However, in the long run, the growth rate of traditional insurance and financial business will be the same as that of the Chinese economy. It will be an “L†trend. If you do not make a greater degree of change, it is not impossible to fall into the stagnation of profit growth.
There are two ways to change the status quo:
One is to look for incremental markets. Start from scratch and discover unfinished financial markets. Let's not say if there is any, even if there is, the problem of doing so is obvious. Taking insurance as an example, the accumulation of data in China's insurance industry is limited, and the rates of many insurance products are determined. Most of them are operated with reference to foreign rates and certain adjustments. The calculation of the rate is not reasonable and the risk is high. Once the deviation occurs, the stability of the insurance company will be greatly impacted, and the policyholders and the insured will also be affected indirectly. In the case that the data between insurance companies has not been shared, the cost of trial and error is too high to cut through the completely unfamiliar market.
The second is to increase insurance investment. However, for a long time, China has formed a situation of heavy insurance, light investment, heavy source, and light use. In terms of investment philosophy, insurance companies have not fully established the idea of ​​value investment, rational investment, steady investment and long-term investment; technically, the use of asset matching management, strategic allocation and portfolio management methods is not yet mature; investment strategy On the other hand, the judgment, depth and accuracy of the market situation also need to be improved.
Therefore, in the case that both the upper and lower roads are not accessible, starting from the compromised stock market, it is more secure to find the long tail of the industry in the familiar financial products. The next trillion market for insurance is inevitably medical and pension, which can be seen from the safe life insurance business. Among them, the life insurance business is still growing significantly, and at this stage, the scale of pension and health insurance premiums is still far behind life insurance. If we calculate the insurance density development target set by the new “National Tenâ€, China’s health insurance scale will reach 1.5 trillion yuan in 2020, which has just entered the growth period.
China Ping An Life Insurance Business Specific Performance (Source: China Ping An 2016 Semi-annual Report)
Pension and health insurance have not yet ushered in the cause of the outbreak, and it is not unrelated to the deep-rooted traditional medical care. Medical insurance control fees are a big policy trend, but how difficult is it for commercial insurance companies to intervene in the medical system? Medical data can't be shared, insurance is difficult to design. In the case that it is too late to open the situation, what the company lacks is not the courage of the husband who does not hit the south wall. It is more sensible to follow the situation and cut into medical care and old-age care. select.
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