CPIC (601601): Optimized business structure, new business value is increasing, comprehensive strength steadily improved
I. Overview of the event In 2018, CPIC achieved operating income of 3543.
600 million, ten years +10.
8%, deducting non-net profit 180.
800 million US dollars, + 25% per year, basically reaching a return of 1.
99 yuan, the expected average ROE is 12.
Second, analyze and judge that the new business value is increasing positively, and the embedded value has maintained a steady growth. The company is a leading comprehensive insurance group, thereby realizing premium income3.
8 trillion, +3 per year.
Among them, life insurance 2.
6 trillion, +0 a year.
8%, property insurance 1.
2 trillion, +11 a year.
5%, ranking third in the industry.
The Group realized an embedded value of 3,361 million, an increase of 17 over the end of the previous year.
5%, continued to maintain a steady growth in value.
Benefit from the maximization of the company’s new business value rate4.
3 up to 43.
7%, one year new business value 271.
200 million, +1 a year.
5%, achieving positive growth, showing the company’s transformation and adjustment performance.
The renewal drives the growth of premiums, and the business structure continues to optimize. The company’s life insurance premium income 武汉夜生活网 is 202.4 billion yuan, +15 per year.
3%, the new insurance business 4.67 million yuan, the growth rate is broken down by 5.
6%, renewal business income of 1360 ppm, 30% growth rate continued to promote premium growth.
In terms of business structure, the long-term guaranteed new business has an annualized premium of US $ 30.5 billion in the first year, +7 per year.
7%, the proportion increased by 7.
Four averages reached 49.
The remaining margin of life insurance was 2,854 trillion, an increase of 25% over the end of the previous year, which helped to continue to grow in value.
From the perspective of business type, long-term health insurance income reached 330 trillion, + 60% per year, and the growth rate was significantly faster than other traditional insurance.
Focus on transformation 2.
0 Promote the growth of personal business, and the stable performance of the asset side helps the spread to achieve the company’s “transformation”.
“0” development strategy, focusing on personal business growth, and continuous increase in per capita capacity ahead of schedule.
The life insurance agent channel business accounted for 90%, with a growth rate of 18.
In terms of manpower scale, the average monthly salesperson is 84.
70,000, a slight decline of 3 a year.
1%, but per capita productivity has increased, with a monthly per capita first year commission of 1058 yuan for ten years +6.5%, average monthly excellent manpower14.
90,000 + 14.
On the asset side, the company strengthened its solid-income asset allocation in 18 years, lengthened the asset duration, and achieved 4.
9% net investment yield and 4.
6% total return on investment.
Among them, solid income accounted for 83% and equity accounted for 13%.
Non-standard assets account for 20% of investment assets, and AAA grades account for 95%.
Third, investment advice The company’s life insurance and property insurance have maintained steady growth, of which the comprehensive cost ratio of property insurance is 98.
4% down 0.
Four advantages, comprehensive strength is expected to improve steadily.
It is predicted that the company’s NBV will be 30.7 billion and 39 billion in 2019-2020, and the PEV will be 1.
05 and 0.
89. Maintain the recommended level.
Fourth, risk warning: the growth rate of new orders continues.