Taiping Insurance recorded 438 billion yuan in premiums for the first 11 months, with growth rates diverging between life insurance and property insurance.
```
On December 16, China Pacific Insurance (CPIC) disclosed that it recorded a total premium income of 438.004 billion yuan for the first eleven months, a year-on-year increase of 5.32%.
Of this, the premium income of its life insurance and P&C subsidiaries were 250.322 billion and 187.682 billion yuan respectively, with year-on-year growth of 9.4% and 0.3%.
Combining recent industry data, there is a clear divergence in the growth of liabilities between CPIC Life and CPIC P&C:
Against a background of channel stabilization, CPIC Life's income continues to grow, with its growth rate basically in line with the industry, showing a small lead.
CPIC P&C, which has proactively adjusted its business structure, has fallen into growth difficulties, lagging the industry by 3.6 percentage points.
The gap could be even larger when compared with other leading peers in the industry. For example, ZhongAn Online's premium growth for the first ten months has reached 5.18%.
Financial reports show that CPIC Life has gradually emerged from the "deep water zone" of agent transformation.
In the first three quarters, the number of agents in its individual insurance channel remained stable at 181,000, basically flat year-on-year; first-year scale premium per core salesperson rose by 16.6% year-on-year to 71,000 yuan, a substantial increase.
On this basis, premium income and new business value rose by 14.2% and 31.2%, respectively, in the first three quarters.
Meanwhile, both customer base and product structure have been improved: the proportion of middle- and high-end customers increased by 4.8 percentage points year-on-year, and the share of dividend insurance in new regular-premium policies rose to 58.6% in the channel.
It is worth noting that, based on month-on-month data, CPIC Life's premium growth in November showed a significant decline compared to October.
This may be because the company has moved into the preparation phase for the 2025 "Open Door Red" campaign.
From October of the current year to the following Chinese New Year, insurers often launch "Open Door Red" products—typically savings insurance—to lock in customers' "insurance budgets" in advance. The "pre-booked" premium will be recorded in January of the following year, which is why premium growth tends to collectively decline after October in many insurers.
The overall pressure on P&C premiums is mostly due to institutional adjustments in non-auto business.
In the first three quarters, CPIC P&C's auto and non-auto premium growth were 2.9% and -2.6% year-on-year respectively, resulting in a slight overall premium increase of 0.1%.
Notably, CPIC P&C actively shrank its individual credit guarantee insurance business, which has a larger risk exposure; related premium income dropped by 129.9% year-on-year.
Such strategic adjustments in this business may be intended to raise overall profitability and optimize allocation of capital and risk management resources.
CPIC P&C’s Chairman Yu Bin revealed that in the first half of the year, the overall combined cost ratio for non-auto insurance was 97.6%, which could be further optimized to 94.8% after excluding the impact of individual credit guarantee insurance.
Yu Bin stated that by the end of July, the company's risk exposure in individual credit guarantee insurance had shrunk by one-third compared to the beginning of the year, and it is expected that the risk impact will be completely cleared by 2026.
Risk Warning and Disclaimer ClauseThere are risks in the market; investment needs to be cautious. This article does not constitute personal investment advice and does not take into account the special investment objectives, financial situation, or needs of individual users. Users should consider whether any opinion, viewpoint, or conclusion in this article aligns with their specific situation. If investing based on this, responsibility is at your own risk. ```