High-performance escort China Post Insurance： Total assets continued to grow steadily and achieved profitability for eight consecutive years.

The gesture of "the arrow is on the string, ready to go" is the most valuable thing for China Post Insurance at present.

Text/Daily Financial Report Zhang Jing

From the perspective of the insurance industry, 2021 is actually not "carefree". At the beginning of the year, the start of the year was blocked, the premium continued to grow negatively, the number of agents dropped sharply, and the supervision orientation continued to tighten. Unexpected changes made the enterprises in the bureau generally "take care of one thing and lose another", which also intensified the Matthew effect.

For a long time, as a life insurance company under China Post Group Co., Ltd., China Post Insurance Co., Ltd. (hereinafter referred to as "China Post Insurance") has enjoyed a unique "channel advantage", and at the same time, relying on the long-term value growth concept, its overall business has developed rapidly.

On April 30, the 2021 annual report released by China Post Insurance showed that the annual operating income of China Post Insurance reached 102.318 billion yuan, an increase of 9.10% over last year, breaking through the 100 billion mark for the first time; The net profit reached 1.403 billion yuan, an increase of 6.61% over the same period of last year; Total assets exceeded 400 billion yuan, reaching 400.989 billion yuan, up 41.29% year-on-year. It can be seen that steady development and value transformation are still the main theme of China Post Insurance.

The insiders believe that the performance of China Post Insurance not only shows the company’s good management level, but also lays the foundation for a large insurance company like a "dark horse" rising against the trend.

Adhering to the brilliant performance, China Post Insurance also indicated its future strategic deployment at the working meeting held at the beginning of this year, conveying its strategic determination to focus on building a first-class insurance company in the industry. Coupled with the new pattern of just joining hands with AIA, the morale of China Post Insurance is booming, and it is expected to rapidly transform and iterate in the future, and then achieve a new leap in development.

01

The performance has gone further, and the main business has blossomed.

Steady development is the key word of China Post Insurance in 2021.

According to the annual report data, the company’s insurance business income climbed to 85.809 billion yuan in 2021, a year-on-year increase of 4.65%; Investment income reached 16.618 billion yuan, an increase of 33.38% over the same period of last year. It is worth noting that China Post Insurance achieved profitability in the fifth year of its establishment, and has been profitable for eight consecutive years, breaking the law of "seven levels and eight profits" for life insurance companies.

From the perspective of business structure, in 2021, under the guidance of the overall risk goal of "prudence, stability and moderate risk", China Post Insurance increased the proportion of high-value products business by vigorously promoting the optimization and transformation of business structure, and its business structure was continuously optimized and widely recognized by the market.

Among them, the installment payment business has surpassed the wholesale payment business and has become the "growth responsibility" of China Post Insurance’s performance income last year. The financial report shows that the business income of China Post Insurance in 2021 was 72.775 billion yuan, accounting for 84.81% of the business income; The wholesale payment business reached 13.034 billion yuan, accounting for 15.19% of the total business income.

At the same time, China Post’s insurance risk preference system is constantly improving. The data shows that in 2021, its core solvency adequacy ratio and comprehensive solvency adequacy ratio are 101% and 156% respectively. The comprehensive risk rating for the whole year remained at Class A level, achieving a balance among capital, risk and income. Moreover, in 2021, there was no major risk event in China Post Insurance, and the risk bottom line was firmly held.

02

Continuous value transformation can continue excellent performance.

At the beginning of this year, China Post Insurance announced that China Banking and Insurance Regulatory Commission approved the increase of the company’s registered capital from 21.5 billion yuan to 28.663 billion yuan, and AIA subscribed for a new registered capital of 7.163 billion yuan. This means that after the capital increase is completed, AIA will become the single second largest shareholder of China Post Insurance, with a shareholding ratio of 24.99%.

Then, on January 14th, China Post Insurance held the 2022 working conference, which gave the direction for the next company’s development.

Liu Aili, Party Secretary and Chairman of China Post Group Corporation, said that in 2021, China Post Insurance accelerated its value growth, continuously improved its professional operation ability, and achieved coordinated development of speed, scale, quality and efficiency, and the strategic position of the new growth pole became increasingly prominent.

At the same time, it is emphasized that 2022 is an important year connecting the preceding with the following in the 14th Five-Year Plan, and it is the closing year of the three-year action plan for the reform of state-owned enterprises, and China Post has entered a new stage of building its core competitive advantage. It is not difficult to figure out that the long-term development strategic goal of China Post Insurance in the future is to become a first-class insurance company in the industry.

At the meeting, General Manager Li Xuejun also deployed the key tasks of this year from five aspects: First, deeply cultivate the main channels and cultivate the new advantages of postal banking; Second, actively expand auxiliary channels and realize the new layout of multiple channels; The third is to enhance the ability of specialized investment and seek new breakthroughs in assets; The fourth is to promote digital transformation and stimulate new impetus for empowerment (310328); The fifth is to speed up the construction of a strong headquarters and promote the new transformation of functions.

Simply explain, the first two points are the positioning of the channel, that is, confirming the development foundation of the "double mail channel"; The latter three points put forward further requirements for the company’s transformation and upgrading.

On the other hand, in the business environment where the industry is generally cold, AIA has become a benchmark enterprise for the transformation of domestic life insurance companies with its long-term outstanding performance. With AIA’s shareholding, it has undoubtedly released more expectations to the outside world, and it will form a pattern of "reinforcement and completion" in the future.

All in all, standing at the development node of the industry today, China Post Insurance not only demonstrated its position in the industry through its performance, but also released the attitude of "the arrow is on the line and ready to go" at other levels, which is really commendable.

Disclaimer: This article is written based on published materials or information provided by interviewees. The information or opinions expressed do not constitute investment advice for anyone, and are for reference only. The picture material comes from network intrusion and deletion.

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