liveroulettespins| The total net profit of the five health insurance companies in the first quarter was approximately 1.5 billion yuan

Our reporter Su Xiangyi

Trainee journalist Yang Xiaohan

As of 21 MayLiveroulettespinsFive of the seven health insurance companies in China have disclosedLiveroulettespinsThe solvency report for the first quarter of this year. According to the statistics of the Securities Daily, the five insurance companies achieved a total insurance business income of 344 in the first quarter.Liveroulettespins4.2 billion yuan, an increase of 10% over the same period last yearLiveroulettespins.4%; the net profit was 1.529 billion yuan, an increase of 11.7% over the same period last year.

By comparison, the growth rate of net profit of health insurance companies was higher than that of life insurance companies in the first quarter of this year. According to the reporter's statistics, the 76 life insurance companies that have disclosed relevant data made a total net profit of 59.945 billion yuan in the first quarter of this year, an increase of about 7 percent over the same period last year.

A number of people in the industry told reporters that since the beginning of this year, consumer demand for middle and high-end health insurance will continue to rise, promoting the growth of premiums and profits of health insurance companies. In the future, health insurance companies still need to scientifically determine product pricing, enrich insurance liability and return to product protection function.

Insurance business income growth rate compared with the same period last year

Up to 48.9%

According to data from the China Insurance Industry Association, except for two health insurance companies that have not yet disclosed their solvency reports in the first quarter of this year, the other five health insurance companies (PICC Health, Ping an Health, PICC Health, Fosun United Health and Ruihua Health) have all disclosed first-quarter solvency reports.

Specifically, in terms of insurance business revenue, in the first quarter of this year, five health insurance companies totaled 34.442 billion yuan, an increase of 10.4 percent over the same period last year. PICC Health ranked first with insurance business income of 24.536 billion yuan, an increase of 8.2% over the same period last year. Ping an Health and Taibao Health ranked second and third with 5.895 billion yuan and 2.086 billion yuan respectively, an increase of 7.2% and 27.4% respectively over the same period last year. The highest year-on-year growth rate of insurance business revenue was Fosun United Health, which grew 48.9% year-on-year.

In terms of net profit, in the first quarter of this year, three of the five health insurance companies made a total profit of 1.732 billion yuan, while two lost money, with a loss of about 203 million yuan. Among them, PICC's health profit was the highest, at 1.036 billion yuan, an increase of 1.33% over the same period last year, while Ping an Health ranked second with a net profit of 663 million yuan, an increase of 75.7% over the same period last year.

From the growth point of view of the contribution to performance, short-term insurance and long-term insurance delivery have become the main driving force of business growth. The "PICC Health" section of the PICC quarterly report shows that the growth of premium income in the first year of short-term and long-term insurance payment has become the primary growth point of its premium income, of which short-term insurance premiums increased by 15.5% compared with the same period last year. The premium income of the first year of long-term insurance payment increased by 48.1% compared with the same period last year.

Health insurance market demand

It is expected to continue to increase

In addition to profitability, solvency is also the focus of the market. Specifically, at the end of the first quarter of this year, the comprehensive solvency adequacy ratios of PICC Health, Ping an Health, PICC Health, Fosun United Health and Ruihua Health were 273.04%, 318.74%, 256.00%, 146.59% and 120.12%, respectively.

In this regard, PICC Health said in the report that the decline in the comprehensive solvency adequacy ratio is mainly due to the decline in the effectiveness of the transitional policy and the increase in the scale of the business. The PICC Health report also shows that the end of the transitional scheme leads to an increase in the minimum capital of market risk (interest rate risk). The Ruihua Health report also mentioned that the increase in its minimum capital is mainly due to the transitional policy, and the disease trend risk trend factor applies 1.5% in the third year, leading to an increase in disease risk and then an increase in insurance risk.

The transitional policy means that during the landing of the second-generation second-phase project, for insurance companies whose solvency adequacy ratio decreases significantly due to the switching between new and old rules, or falls below the critical point of regulatory action significance, according to its actual situation, the original CBRC stipulated a transitional policy of no more than 3 years, so as to achieve a smooth transition between the old and new rules. Public data show that health insurers such as Taibao Health and Fosun United Health have applied for a transitional period. Among them, 2022 to 2024 is the transition period of the second generation project, and 2024 is the last year of the three-year transition period of the second generation project. After 2024, the impact of the second generation of compensation on the solvency of insurance companies will gradually stabilize.

From the perspective of comprehensive risk rating, the comprehensive risk ratings of the five health insurance companies are all up to the standard. According to the solvency report in the first quarter of this year, five health insurance companies have comprehensive risk ratings above Class B, including 1 "BBB" rating, 3 "BB" rating and 1 "B" rating.

Looking to the future, the industry believes that the demand for health insurance will continue to develop. For example, Xu Xianshan, an analyst at founder Securities, believes that by the end of 2024, all areas across the country will carry out the reform of DRG (by disease group) and DIP (disease score) payment methods, and residents' demand for middle-and high-end health insurance will continue to rise.

Zhou Jin, a management consulting partner of PricewaterhouseCoopers in China, told the Securities Daily that consumer demand for health insurance has awakened and demand for purchases is also strong. The key to the operation of insurance companies is to make accurate positioning, match their own customer groups, achieve in-depth mining of customer value, reduce customer acquisition costs, and improve customer stickiness by improving customer satisfaction.

Huang Dejie, a senior investment consultant at Jufeng Investment, told the Securities Daily that in the future, health insurance companies still need scientific and reasonable pricing in product development and design, do not blindly set false high insurance quota, and enrich insurance liability. return to the product guarantee function; in the stage of product promotion and sales, we should strictly abide by the regulatory regulations and avoid exaggerating the facts. In the product after-sales service link, do not stop sales at will, to do a good job of product conversion, customer communication, complaint handling and other work.

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