Xinhua Insurance (601336) 2019 Interim Review: New Business Value Pressured Agents Hit New Record

Xinhua Insurance (601336) 2019 Interim Review: New Business Value Pressured Agents Hit New Record

In the first half of 2019, the company’s performance grew rapidly under the tax reduction policy.

The company’s operating income in 2019H1 was 9.02 million yuan, a year-on-year increase of 7.

8%, net profit attributable to mothers is USD 105 million, an increase of 81 per year.

8%, the highest growth rate of net profit attributable to mothers is that the tax reduction policy will release the 1.8 billion US dollars paid in 18 years into this year’s profits, and the tax reduction policy itself has significantly reduced the company’s expenditure this year.Changes in current accounting assumptions have also increased pre-tax profits.

10,000 yuan.

New single premiums have maintained positive growth, and the value of new business has increased. The value rate has been affected by changes in the caliber of calculations and the slight decline in the value rate of products.

The company’s new policy for 2019H1 life insurance is 141 trillion, with an annual increase of 6%, of which the growth rate of the first year of long-term insurance premiums and the short-term insurance premiums are 0.

9% and 31%. The high growth of short-term insurance and the positive growth of new long-term insurance orders indicate that the company has achieved better results with its sales strategy.

The company’s 2019H1 new business value is 58.

9 trillion, a growth rate of -8 in ten years.

7%, the reasons for the decline include the decline in the growth rate of new single-term delivery and the decline in the rate of value.

The value accumulation of the company’s 2019H1 is 深圳桑拿网 41.

4%, a year down 9.

2 averages, including: 1.

Calculate caliber changes.

Among the first-year premiums used to calculate the value of new business, short-term insurance is calculated at 100% this year, compared to 10% in the same period last year.

Under the same caliber, we predict that the new business value rate will decrease by about 5%.

Three of them, one of which has a new business value ratio of approximately 1 decreased.

For a single, the new business value ratio of the bancassurance channel decreased by about 15%.

7 units.


The product value rate decreased slightly.

The value ratio of the company’s flagship protection product, the Doubao, has declined slightly compared with the protection product of the same period last year.

The scale of agents reached a historical high, laying the 杭州夜网论坛 foundation for the subsequent increase in denials.

The company’s agent size expanded slightly in the first quarter. After May, the company increased its expenditure on additional staff. The number of insurance agents reached 38 at the end of the first half of the year.

60,000 people, an annual increase of 15.

5%, an increase of 4 over the end of last year.

3%, reaching a historical high, forecasting the basis for subsequent growth in denials (especially the sales of long-term protection products), and it is expected that in the second half of the year, the new single margin will gradually improve.

Qualitatively, the company’s average qualified manpower has reached 140,000 per month, an increase of 4 per year.

9%, but due to the large number of new agents joining, some per capita indicators have improved, the average monthly pass rate is 38.

8%, down 2 every year.

9 per share, with a monthly average per capita production capacity of 4,472 yuan, a decrease of 13.


The asset allocation mainly increased the proportion of bonds, and the total investment yield was basically the same as that of the same period last year, but other comprehensive incomes increased and the overall investment side performed better in the first half.

As of the end of the first half of 2019, the company’s total investment assets were 7,732 trillion, an increase of 10.

In terms of asset allocation, the proportion of bonds was mainly increased (in the past +4.

4 units), the proportion of time deposits, other debt assets and equity assets overlapped.
The company’s net investment yield and total investment yield in the first half of the year were 5, respectively.

0% and 4.

7%, basically the same as the same period last year, but under the better conditions of the secondary market industry, the fair value of financial assets sold has increased, and the net after-tax of other comprehensive income increased by 28.

On the whole, the company’s investment side performed better in the first half of the year.

We slightly adjusted the company’s EVPS in 2019, 2020 and 2021 to 65 respectively.

90 yuan, 75.

75 yuan and 86.

86 yuan, EPS is 4 respectively.

11 yuan, 4.

54 yuan and 5.

49 yuan to 2019.


At 28 closing prices, the corresponding PEVs are 0.


67 and 0.

59, corresponding PE is 12.

40, 11.

24 and 9.

29. We give a prudent overweight rating.

Risk warning: New single premiums are lower than expected, interest rates are down, and investment returns are down.