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GTJA: It is expected that life insurance will shift to a strong performance in 2025 while property insurance will grow steadily.
The negative month-on-month premium growth in the life insurance sector for November does not change the annual growth expectations, health insurance is recovering while accident insurance remains under pressure; the recovery in new car sales is driving an improvement in auto insurance growth, while non-auto insurance continues to grow to achieve annual targets.
PICC P&C (02328.HK) signed a reinsurance framework agreement with PICC Hong Kong.
On December 27, GELONGHUI reported that PICC P&C (02328.HK) announced that the reinsurance business cooperation framework agreement signed with PICC Hong Kong will expire on December 31, 2024. On December 27, 2024, the company signed a reinsurance framework agreement with PICC Hong Kong to continue consolidating the existing business cooperation relationship between the company and PICC Hong Kong, promote the continued development of each other's businesses, and ensure that both parties' reinsurance business operates lawfully and compliantly under this agreement.
Guolian: Stricter regulations in 2025 are expected to encourage leading insurance companies to expand their advantages.
With the implementation of the "reporting and operating as one" policy in the individual insurance channel, the continued decrease in product reservation rates, and the active adjustment of product structure by insurance companies, the NBV Margin is expected to further improve by 2025, thereby supporting the positive growth of NBV.
After long-term bonds fell below 2%, insurance funds shifted towards equity assets, with high dividend and high ROE being the top choices.
Recently, the yield on 30-year government bonds has fallen below 2.0%. Guosen believes that the central tendency of long-term bond rates continues to decline, and the pressure on investment income from insurance funds is further increasing. Since the beginning of this year, companies represented by Great Wall Life, China Pacific Insurance, and Ruizhong Life have been increasing their stakes in high-quality listed companies, mainly concentrated in industries such as utilities, transportation, and Banks, which have high dividend yields and relatively stable ROE levels.
Three insurance companies have been approved to issue bonds worth 39 billion. Insurance companies have replenished a total of 117.5 billion yuan this year, slightly exceeding last year's total.
① On the same day, the Financial Regulatory Bureau disclosed that the perpetual bonds or capital supplement bonds issued by Ping An Life, China Postal Insurance, and China United Property Insurance have been approved, with a cumulative approved issuance scale not exceeding 39 billion yuan; ② The demand for "blood replenishment" in the Insurance Industry remains significant within the year. As of December 20, the cumulative issuance scale of capital supplement bonds and perpetual bonds by Insurance Institutions has reached 117.5 billion yuan, slightly higher than the total for last year.
PICC P&C (02328.HK): Ding Xiangqun has been elected as a non-executive Director.
On December 20, Gelonghui reported that PICC P&C (02328.HK) announced that Ding Xiangqun was elected as a non-executive director of the company at the extraordinary general meeting and was elected as the chairman of the sixth Board of Directors by the Board of Directors. Gong Xinyu was elected as a member of the Board of Directors' Professional Committee by the Board of Directors. Li Tao resigned from his position as a non-executive director of the company, effective from December 20, 2024, and he also automatically resigned from his position as a member of the Board of Directors' Professional Committee.
