报告名称：PICC Group Alert(01339.HK)Access China conference highlights 2016
报告类型：港股研究
报告日期：2016-01-14
研究机构：德意志银行
股票名称：中国人民保险集团
股票代码：01339
页数：1
简介：On “jump-start” sales, as of the first week of Jan, premium income has achieved targets with higher growth in regular premium products. The key promotion product has a high guarantee rate, but the bundled product could help lower the guarantee rate. The company noted despite strong sales, the product design and sales targets followed the company target set for NB margin.
On life business, the management noted starting End-14, PICC Life has been improving its premium mix. While GWP growth has slowed down (lower than industry average), regular premium has recorded strong growth. The company has also intentionally lowered the sales of ST high cash value products, which should improve overall business quality. The company expects to see a continued strong growth in regular premium going forward. PICC Life has agency force of 145k at End-15 (+44.8% hoh, +53.2% yoy). On the current competition environment, the management believes despite some high guarantee rates provided by leading insurers, the competition remained reasonable. They believe the product design is based on market conditions and the asset yield and duration, and should not lead to vicious competition.
On P&C business, in term of premium growth going forwards, the company believes it is related to both the new car sales growth and the growth of registered cars. Assuming zero growth in new car sales in 2016, the registered cars could still increase by ~12%, which should drive growth in numbers of policies. The company acknowledged the decline in premium per car would be a trend given the auto reform, but the number of policies for commercial insurance and sum insured per vehicle should continue to increase. For the overall cost control, the management highlighted PICC P&C has been outperforming its peers and attributed its advantage to 1) the vertical management model where local claim cases would be reported to the claim department in head office, which lowers the influence from local branches; and 2) a strong bargaining power with maintenance/repair companies as they are the biggest buyer of auto parts.

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