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Recently, several insurance institutions have announced their premium situation for the first three quarters.

Among the five major listed insurance companies, Ping An Insurance of China, China People's Insurance Group, and China Life Insurance Company have a total premium income of over 18.6 trillion yuan. In the first three quarters of this year, Ping An Insurance of China achieved a total original insurance premium income of 689.175 billion yuan, a year-on-year increase of 8.4%; China Life Insurance Company's total original insurance premium income was approximately 608.3 billion yuan, a year-on-year increase of 5.1%; China People's Insurance Group's total original insurance premium income was 568.916 billion yuan, a year-on-year increase of 5.23%.

In addition, on the evening of October 8, New China Life Insurance issued a performance forecast for the first three quarters of this year, estimating that the net profit attributable to the shareholders of the parent company for the first three quarters would be between 18.607 billion yuan and 20.515 billion yuan, a year-on-year increase of 95% to 115%.

Other insurance institutions are also announcing their premium situation for the first three quarters. ZhongAn Online's total original insurance premium income for the first three quarters was approximately 25.496 billion yuan, a year-on-year increase of 10.9%. Guohua Life Insurance's total original insurance premium income for the first three quarters was approximately 30.342 billion yuan, a year-on-year decrease of about 11.18%.

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Ping An Life Insurance maintains double-digit growth, and the premium growth rate in September slowed down year-on-year.

Looking specifically at the premium income situation of Ping An Group, except for Ping An Pension Insurance, the premium income of other insurance types increased year-on-year, and Ping An Life Insurance still maintained double-digit growth.

Among them, Ping An Property Insurance, Ping An Life Insurance, Ping An Pension, and Ping An Health achieved original insurance premium incomes of 239.371 billion yuan, 421.716 billion yuan, 1.4197 billion yuan, and 13.891 billion yuan, with year-on-year increases of 5.9%, 10.2%, -4.9%, and 14.6%, respectively.

In the first three quarters, Ping An Life Insurance and health insurance drove the main growth in premiums. According to the reporter's statistics, in the first three quarters, Ping An Group's total premium income increased by about 53.54 billion yuan year-on-year, of which Ping An Property Insurance premiums increased by 13.44 billion yuan, Ping An Life Insurance premiums increased by 39.064 billion yuan, and Ping An Health Insurance premiums increased by 1.766 billion yuan year-on-year.

Ping An Pension Insurance has not yet achieved positive growth, with a decrease of 728 million yuan in premiums year-on-year in the first three quarters, but due to the low base, the impact on the overall premium income is relatively small.

Looking at the single month, Ping An Group's premium growth rate in September slowed down compared to August. In September, Ping An Group's premium income increased by 16.08% year-on-year, but the year-on-year growth rate was lower than in August, and there was a decline on a month-on-month basis.This is mainly influenced by the high base of premiums in August. At the beginning of August this year, the General Administration of Financial Supervision issued the "Notice on Improving the Pricing Mechanism of Life Insurance Products", requiring that from September 1st, the upper limit of the预定 interest rate for ordinary insurance products be adjusted to 2.5%; from October 1st, the upper limit of the预定 interest rate for dividend insurance products be adjusted to 2%, and the upper limit of the minimum guaranteed interest rate for universal insurance products be 1.5%.

Under the influence of the "stop sale tide", many insurance institutions seized the brief window period to vigorously promote products that are about to be discontinued, leading to rapid growth in life insurance premiums for various insurance institutions in August.

In addition, in the first three quarters, Ping An Group's personal new business performed well, achieving premium income of 123.849 billion yuan, a year-on-year increase of 12.79%; group new business achieved premium income of 14.471 billion yuan, a slight year-on-year decrease of 0.38%.

The total premium income of the three listed insurance companies exceeds 1.86 trillion yuan.

The listed insurance companies that have disclosed the premium income in the first three quarters, Ping An China, China People's Insurance, and China Life, have a total premium income of more than 1.86 trillion yuan.

In addition to Ping An Group, in the first three quarters, China People's Insurance's original insurance premium income totaled 568.916 billion yuan, a year-on-year increase of 5.23%, of which, the original insurance premium income of PICC Property Insurance, PICC Life Insurance, and PICC Health Insurance were 428.33 billion yuan, 96.623 billion yuan, and 43.963 billion yuan, respectively, with year-on-year growth rates of 4.6%, 5.9%, and 10.5%, respectively.

In the first three quarters, China Life's cumulative original insurance premium income was approximately 608.3 billion yuan, a year-on-year increase of 5.1%.

In terms of total premium income, the reporter found that Ping An China ranked first with a total premium of 689.175 billion yuan from four major subsidiaries, followed by China Life and China People's Insurance. In terms of premium growth rate, Ping An China's total premium increased by 8.42% year-on-year, followed by China People's Insurance and China Life.

However, looking at the types of insurance, in the first three quarters, China Life ranked first with a premium income of 608.3 billion yuan, followed by Ping An Life and PICC Life.

Kaiyuan Securities analyst Gao Chao and others estimate that the life insurance sector's performance in the second half of the year will continue to expand year-on-year, and the performance growth rate is expected to exceed expectations.On the asset side, driven by the recovery in the stock market, the performance on the asset side has significantly improved. The estimated year-on-year growth rate of net profit attributable to the parent company for the first three quarters of 2024 is: China Life +81%, China Pacific +71%, Ping An +29%.