Our reporter Leng Cuihua

Trainee journalist Yang Xiaohan

ExceptHeroesofcryptoWith the exception of a retirement insurance company managed by an insurance asset management company, the operating results of the other nine retirement insurance companies were all announced in the first quarter of this year.

According to the statistics of the Securities Daily, nine retirement insurance companies achieved insurance business income of more than 20 billion yuan in the first quarter of this year, of which six retirement insurance companies with comparable data achieved insurance business income of 1988in the first quarter of this year.Heroesofcrypto.29 billion yuan, an increase of 2.8% over the same period last year; in terms of net profit, the total loss was 414 million yuan, of which five insurance companies made profits and four lost money.

A total loss of 414 million yuan

With the exception of one retirement insurance company managed by an insurance asset management company, all nine retirement insurance companies have disclosed their solvency reports in the first quarter of this year, according to the China Insurance Industry Association. In terms of net profit, the nine companies lost a total of 414 million yuan.

Specifically, among the nine retirement insurance companies, five insurance companies made profits in the first quarter, with a total profit of 924 million yuan, and four insurance companies lost a loss of about 1.338 billion yuan. Among them, Ping an pension ranked first with net profit of 499 million yuan, while Guoshou pension and national pension ranked second and third with profits of 277 million yuan and 93 million yuan respectively. Among the loss insurance enterprises, the loss is as high as 1.184 billion yuan.

From the perspective of insurance business income, the two insurance enterprises, Guoshou pension and PICC pension, are not applicable to insurance business income, and there is no year-on-year data in the first quarter of 2023. Excluding the above insurance companies, the six old-age insurance companies with comparable data achieved insurance business income of 19.829 billion yuan in the first quarter, an increase of 2.8% over the same period last year.

Specifically, the highest income of insurance business in the first quarter was Taikang pension, which was 8.721 billion yuan; the second and third were Ping an pension and Taiping pension, respectively, realizing insurance business income of 6.771 billion yuan and 3.115 billion yuan respectively.

In this regard, Li Wenzhong, former deputy director of the Insurance Department of the Capital University of Economics and Economics and deputy director of the Rural Insurance Research Institute, told the Securities Daily that from the perspective of net profit, professional old-age insurance companies made profits and losses in the first quarter, and generally suffered losses, which may be affected by fluctuations in the capital market.

At the same time, he said that the insurance business income of professional old-age insurance companies showed a certain growth trend in the first quarter, indicating that the demand and scale of the old-age insurance market are expanding, and the market potential brought about by an aging population continues to be released. At the same time, the growth rate of insurance business income of professional old-age insurance companies is relatively low in the whole insurance industry, indicating that with the reduction of the scheduled interest rate of insurance products, the demand for long-term old-age insurance products is restrained to a certain extent.

Zhou Jin, a management consulting partner of PricewaterhouseCoopers in China, told the Securities Daily that retirement insurance companies are mainly engaged in two types of business, including annuity business and old-age insurance business. The competent institutions of the two types of business are different, the caliber of premium income is different, and the business composition of different retirement insurance companies is different, so there are differences in business performance.

Strengthen product and service innovation

In addition to profitability, solvency represents the bearing capacity and absorptive capacity of insurance companies to asset risk, underwriting risk and other related risks.

From the perspective of solvency adequacy ratio, the core solvency adequacy ratio and comprehensive solvency comprehensive ratio of the nine old-age insurance companies all meet the regulatory requirements (the core solvency ratio shall not be less than 50%, and the comprehensive solvency adequacy ratio shall not be less than 100%). And the comprehensive solvency adequacy ratios of the five old-age insurance companies, namely, Guoshou pension, PICC pension, Xinhua pension, national pension and Hengan standard pension, have all exceeded 800%. However, judging from the results of the comprehensive risk rating, there is a retirement insurance company that has been rated as Class C in the last two quarters, which is a company whose solvency is not up to standard.

Because of the characteristics of selling insurance products, the old-age insurance company has the characteristics of strong savings and long operating cycle, which brings it certain advantages and disadvantages accordingly. Li Wenzhong said that the advantages of the development of old-age insurance companies include the continuous expansion of market space, stable returns and active policy support brought about by an aging population. at the same time, they are also faced with certain challenges. for example, old-age insurance has a very strong savings characteristic, which leads to high premiums, long product cycle, restrictions on pension withdrawals, and suppresses market demand to a certain extent. In addition, although the old-age insurance business can bring long-term stable funds to the company, the volatility of the financial market will have a significant impact on the company's profits.

Looking to the future, Li Wenzhong said that under the background of vigorously promoting the development of pension finance, old-age insurance companies can achieve differentiated development through the following measures: first, seize the market opportunities brought about by an aging population and strengthen product and service innovation to better meet consumers' personalized old-age security needs; second, constantly expand the marketing channels of old-age insurance products and use new channels to rapidly increase market share. The third is to strengthen brand differences, highlight the company's characteristics and advantages, enhance brand identification; finally, speed up the development and application of insurance science and technology to improve the efficiency of operation and management.