The first quarterly report of 20 10 shows that in the first quarter of this year, China Ping An's total assets were 995.4 billion yuan, SDB's total assets were 6 199 billion yuan, the two companies' total assets were 1.62 trillion yuan, and China Life's total assets were 1.28 trillion yuan. China Ping An, which started from insurance, therefore surpassed China Life Insurance by more than 30 million yuan.
Why is Ping An so awesome? China Life Insurance and Pacific Insurance seem to have lost momentum.
Year-on-year changes of national premium income of the three major life insurance companies before 2009 10;
China Life: -3.8 1%
Ping An Life Insurance Company of China insurance: 32.8%
Pacific Life Insurance: -4.5%
The market share of life insurance declined. China Life's cities are on the verge of decline.
2009 165438+ 10/901:14 Securities Daily
In June, the company's premium income decreased by 34.29% from the previous month to June, and decreased by 3.82% from the previous month to October, ranking first among the three listed insurance companies.
□ Our reporter Gao Tieniu
Yesterday, China Life Insurance (3 1.52, -0.2 1, -0.66%) released the latest insurance business data in June 2009, showing that its premium income in June 2009 decreased by 34.29% from the previous month. From the life insurance premium income of China Life Insurance from June 5438 to September, it is not difficult to see that China Life's strong life insurance share is facing the dilemma of losing the city in the world.
China Life's share has been safely surpassed in many areas.
According to the operating data released by China Life, its premium income in the first ten months was 254.7 billion yuan, down 3.82% compared with the same period last year. In June 5,438+10, the monthly premium income reached 174 billion yuan, down 34.29% from 26.5 billion yuan in September. This set of data, which has obviously declined, may adversely affect its share in the national market in that month.
Speaking of China Life Insurance, it is a natural insurance giant in the hearts of Chinese people. It is such an aircraft carrier in the industry, but now it is facing the catch-up of its peers. In the local competition, it is experiencing the dilemma of "the defeat of the city". Perhaps its nerve endings are too complicated and its communication with the brain is not smooth, which leads to problems in local microcirculation.
According to the data published on the website of the China Insurance Regulatory Commission, since 2007, the market positions of China Life Insurance and China Ping An (60.5 1, -0.85,-1.39%) have reversed. For eight years in a row, China Life was robbed by Ping An. At the end of 2007, China Life's life insurance premium income in Shenzhen was 2.2 billion yuan, while China Ping An's life insurance premium income in Shenzhen was 2.8 billion yuan, a difference of 600 million yuan. In 2008, the market share gap between China Life Shenzhen Company and China Ping An Shenzhen Company narrowed. In 2008, China Life's life insurance premium income in Shenzhen was 3.8 billion yuan, while China Ping An's life insurance premium income in Shenzhen was 4.2 billion yuan, with a difference of only 400 million yuan. The gap narrowed by 35.82%.
However, this gap did not narrow further in the first nine months of 2009, but widened greatly. Although there are less than two months before the end of the year, in the face of strong competitors, two months seems not to be a long time. After all, it took China Ping An a long time to take the top spot in Shenzhen, and it is not expected to give up easily.
According to the original premium income table of life insurance companies published by Shenzhen Insurance Regulatory Bureau, the premium income of China Life Insurance Shenzhen Branch from June to September in 2009 was 3 1 100 million yuan, while that of Ping An Shenzhen Branch in China was as high as 4.3 billion yuan, with a difference of1200 million yuan.
Regarding the share gap, relevant persons of China Life Shenzhen Branch told the reporter that as far as Shenzhen is concerned, the competition between Ping An of China and China Life has been in a state of anxiety in the last two years, but China Life has always vowed to be the best insurance company in Shenzhen, and the data comparison of only a few months is not enough to explain the company's annual operating conditions. At the same time, the relevant person is full of confidence in the company's development prospects.
Does the share decline involve the head of the branch?
Recently, some media reported that China Life Insurance Co., Ltd. recently changed the general manager of Shenzhen Branch because the company ranked second in the market share in Shenzhen for a long time in the past two years. The report also pointed out that this is the third general manager change of China Renshou Shenzhen Branch in two years. It is not clear whether the high-level personnel changes near the end of the year are on the verge of crisis or lay the foundation for the strategic layout in the coming year.
According to reports, from 65438 to 0999 -2006, China Life Shenzhen Branch firmly occupied the position of "leader" in Shenzhen market, ranking first in total premium for eight consecutive years, and its position as "leader in Shenzhen insurance market" has not been shaken. However, in the face of the decline of market share and the change of senior management, relevant persons of China Life Shenzhen Branch told reporters that the change of general manager and the decline of market share of China Life Shenzhen Branch reported by relevant media are just coincidences at the time point, and there is no internal connection between the decline of market share and the change of personnel. Personnel changes are only the consideration of the company's top management for the future development of the company. The source further explained that Liang Yong, the former general manager of China Life Insurance Shenzhen Branch, left his post in June and July this year. After receiving the above notice, he only said that Zhou Yujie was in charge of the company's work as the deputy general manager. At present, the candidate for general manager is still vacant.
If the logic of changing people is established just because the company's leading position is threatened by the decrease of market share, which regional bosses are in jeopardy?
The reporter found from the original premium income table of life insurance companies published by the China Insurance Regulatory Commission over the years that the market share of China Life declined not only in Shenzhen, but also in Shanghai, a developed coastal area. In the first nine months of this year, the premium income of China Life Insurance was 765,438+billion yuan, while that of China Ping An was 9.2 billion yuan, with a difference of 265,438+billion yuan reaching 30%. In 2008, China Ping An earned 9.2 billion yuan and China Life earned 7.6 billion yuan, a difference of 654.38+0.6 billion yuan. In 2007, Ping An earned 8 billion, while China Life earned 6.7 billion, a difference of 654.38+300 million. 65.438+03 billion yuan, 65.438+06 billion yuan, 26.5438+00 billion yuan, showing that the gap is widening year by year.
In Beijing, in the first nine months of this year, China life insurance premium income was 5.8 billion yuan, and China Ping An premium income was 8.9 billion yuan, with a difference of 3 1 100 million yuan reaching 53%. In 2008, China Ping An earned 8.8 billion yuan and China Life earned 6.9 billion yuan, a difference of 654.38+0.9 billion yuan. In 2007, Ping An earned 7 billion, while China Life earned 5.5 billion, a difference of 654.38+0.5 billion. 65.438+05 billion yuan, 65.438+09 billion yuan and 36.5438+00 billion yuan, and the gap is also increasing. The gap in the first nine months of this year is obviously larger than that at the end of last year.
In Tianjin, in the first nine months of this year, China life insurance premium income was 2.3 billion yuan, and China Ping An premium income was 2.7 billion yuan, with a difference of 400 million yuan reaching 17%. Since China Life was first surpassed by China in Tianjin in February 2009, after seven months of competition, China Life Tianjin Branch never regained its lost position, and the gap gradually widened from 654.38 billion yuan to 400 million yuan. In 2008, China Ping An earned 2.8 billion yuan and China Life earned 4.3 billion yuan, a difference of 654.38+0.5 billion yuan. In 2007, Ping An earned 2.4 billion and China Life earned 2.8 billion, a difference of 400 million.
If according to the relevant personage of China Life Insurance Shenzhen Branch, the decline of market share and personnel changes are just a "coincidence", will such a coincidence happen in the above areas? The overtaking of Ping An Tianjin has sounded the alarm for other branches of China Life Insurance.
The position of market leader is worrying.
In areas where China Life has obvious market share advantages, the market share gap between China Ping An and China Life is gradually narrowing. For example, China Life Insurance Guangdong Branch's life insurance premium income reached 23 1 billion yuan in the first nine months of this year, while China Ping An Guangdong Branch's current life insurance premium income was 9.9 billion yuan, with a gap of 132 billion yuan. The gap between China Ping An and China Life Insurance in Guangdong last year was 654.38+074 billion yuan.
The obvious changes in the market share of the two companies in the fierce market competition make people worry whether China Life's ambition to reverse the decline in market share can be realized within this year.
As the year is approaching, insurance companies will generally use this time to rush their performance in various ways, trying to give investors a satisfactory return. It is understandable to change the manager of a place because of poor management, but changing coaches is a double-edged sword after all. As we all know, a couple who have gone through the love stage and think they know each other well enough to enter the marriage life still need to go through a long running-in period in their lives. Running-in success means happiness and happiness, and failure means that they may face disintegration. Isn't it the same process to change coaches?
The reporter interviewed the staff of a business department of China Life Shenzhen Branch randomly. He believes that China Life's market share in Shenzhen has declined for two reasons. First, there is a big gap in the number of sales outlets and marketers. Second, in terms of products, Ping An's universal insurance has always been on sale, although there is little conflict in marketing products. With the deepening of restructuring, the universal insurance sales of China Life stopped for a period of time, which affected the performance of China Life to a certain extent, reflecting the decline of market share. At the same time, he also admitted that although there was a gap with China Ping 'an since 2007, this time it was the most obvious. Regarding the change of coaches at the top, he said that it was not clear whether it was because the performance continued to lag behind Ping An, but he also expected that the change would focus on long-term strategic considerations. After all, personnel changes will adversely affect operations in a short time. He seems to lack confidence if he wants to regain the market in the remaining two months of this year. When the reporter told him that China Life's market share in Beijing, Shanghai and Tianjin all fell behind that of Ping An in China in September, he expressed his concern about China Life's long-term market share.
China Life established its development strategy of "strengthening its main business and diversifying moderately" two years ago. In the field of capital operation such as banks and securities, it is more frequent, and said that it will expand its core business from the current life insurance industry and asset management to pension insurance and property insurance, and gradually expand to banks, funds, securities, trusts and other related financial fields. Then, as a core business, if the performance of life insurance continues to decline, it is still unknown whether it will be constrained by expanding its territory.
Securities analysts said that China Life's market share has declined in some regions. For a company, it is more important to consider the embedded value of its assets and investment income. As far as the market size is concerned, temporary gains and losses may not adversely affect embedded value. Personnel changes in branches will not have any impact on the development strategy of the head office.
If the decline in market share is the reason why China Life Insurance executives made the decision to change people, then from the perspective of premium income in September, Shenzhen life insurance income only accounts for 1.7% of the national life insurance income. Compared with a single city, it is far lower than Beijing's 6.65,438+02%, and it is not as good as Shanghai, which is also a coastal development city, or even the 2.4% of a newly-developed municipality. So, why does China Life only value its market share in Shenzhen?
Ping An's performance in property insurance is equally outstanding. Since June, premium income has increased by more than 50% year-on-year, surpassing Pacific Property Insurance for the first time to become the second largest property insurance company in China, and the gap is widening month by month. Taibao was so anxious that even the national telemarketing center of auto insurance moved to Shenzhen, but it seemed to have little effect.
You may not know that life insurance is bigger than Ping An market mainly because it is state-owned and has a history of 60 years. Many units used to buy old-age medical care in life insurance.
However, you can search for 22 years of peaceful development. In terms of personal life insurance, it is far more than life insurance, which means that the insurance bought by ordinary families is basically safe.
For example, Ping An's average market share is 49%, which is unmatched by other companies. More than 30 other companies in Shanghai add up to Ping An.
So you can imagine, if life is not state-owned, wouldn't it develop earlier than peace?
One more thing is very important. Ping An's development platform is excellent. Ping An has become the Whampoa Military Academy in financial circles. . At present, China Life still occupies the leading position in China life insurance market, but its market share is shrinking year by year. It owns all the products in the financial market and is the only insurance company.
Ping An salesmen can now do not only life insurance, property insurance (auto insurance) and group insurance, but also credit card securities.
If you want to buy insurance, you need to know the operating conditions of several major companies.
So the dividend can't be fully reflected, but it also shows one thing.
Ping An's dividend in 2007 was 6+2.5% or 8.5%, and in 2009 it was 9. 7%
There is no second one on the market.
And then say claim. People who have never met don't know.
Ping An claims the fastest. Let's not talk about the rest. Salespeople usually make an appointment for on-site service after an accident.
This is something that few other companies can do.
On the difference between Ping An and China Life Insurance from Ping An's acquisition of SDB-Tong Ling Investment
China Ping An is the only insurance company bank in China and will soon set up branches all over the country.
China Ping 'an: Is the industry leader ready to go?
At present, the advantage of China Ping An (45.45, 0.35 and 0.78%) in life insurance business lies in its super-strong agent team. "By the end of 2008, the number of personal agents in China Ping An was about 360,000, and the per capita production capacity was among the best in the industry. It is self-evident that such a team is ahead of the industry. The performance of Guangdong Huizhou Ping An Branch accounts for 52% of the entire insurance market, and its performance is outstanding among more than 20 insurance companies. ?
On June 8, Ping An A shares and H shares were suspended at the same time, and it was reported that Ping An would merge with SDB by way of share swap. So far, the listed company has not issued a formal announcement on this incident, but judging from the trend that H shares almost broke through the share price of 60 yuan and the company's formal application for suspension, the situation may be close. Then there is nothing to comment on this matter itself, because there is no concrete progress. However, Tong Ling would like to take this opportunity to compare the behavioral style characteristics of China Life Insurance and Ping An China, the two largest potential insurance markets in the world. ?
As we know, China suffered a stinking "financing door" after landing in A-share safely, and then suffered another one. It can be said that a crisis with a huge loss of 20 billion yuan will be crushed if it is not a solid foundation with strong anti-strike ability. Then, after experiencing such a series of crises and events, we ushered in Ping An's acquisition of SDB. You can see that this company has never stopped attacking, never stopped looking for new prey and looking for new career space. In the process of development and progress, China Ping An failed to such a tragic extent, and still sought more innovative and distinctive development ideas, and made a strategic merger with a listed medium-sized bank. What is hidden and reflected behind such a series of facts is the uncontrollable development gene of China Ping An. This uncontrollable growth gene is precisely the origin of its huge losses in Europe and a series of vicious financing events. We don't think a company has strong uncontrollable motives and desires, so it is a good company, so we can't say that. However, only a company that has the desire to grow and can turn it into reality can truly grow indefinitely. Therefore, in terms of growing aspirations, we feel that peace in China is really commendable and impressive. Tong Ling's gasp in admiration is really from the heart, and there is no flattery. Needless to say, Tong Ling is holding Ping An to fool investors, not to mention these problems. But, think about it. After more than a year of listing, the plan of financing10000000000 yuan was fiasco, and then Europe suffered a huge loss of 20 billion. Under the background of such turmoil and global financial crisis, the company disappeared for several months and immediately launched the strategy of merging with a listed bank. In fact, you only rely on the strategy of Ping An and bank merger. In fact, this strategy of true peace has long-term considerations, and the combination of banking and insurance is also a model. Then behind these things, we say that if Ping An's desire for growth is not done well, its investors will be more than one bargained for, but if it can be done well, it can really bring growth. Therefore, Ping 'an is a family whose desire for growth is uncontrollable. At the same time, this uncontrollable desire for growth often brings trouble to it. However, this kind of trouble keeps accumulating. From a historical perspective, peace has indeed grown. Its early high dividend policy almost killed Ping An, but Ping An finally survived. Therefore, the whole history of peace is a history of many mistakes, but it is also an upward history. I'm afraid this historical trend will last for several years or even decades. This is the cultural gene and corporate gene of Ping An, just like considering eating meat, which is probably its nature. ?
Then, let's take a look at Ping An's competitor, China Life Insurance. In May 2009, Tong Ling attended the shareholders' meeting of China Life. At that time, we directly proposed to the senior management of the Life Insurance Board that China Life Insurance has 4,000 outlets and offices in China, with ten times more customers than Ping An in China, and its annual cash inflow and capital exchange are much more than Ping An in China, approaching one trillion. Under this realistic advantage, why didn't China Life set up a life bank? Because it is only a natural thing that China Life can set up a bank, and in this way, the development opportunities of the bank can also be included in the whole China Life. At that time, the general manager of China Life replied: Life has no talent. As long as we can do a solid job in the potential insurance market of1300 million people, life can naturally develop. China Life has no talents in banking, so why should it do things that it is not good at? Here, after we came back, we wrote a research report about China Life, which gave China Life a good evaluation, that is, it is a very conservative company. There is nothing wrong with conservatism, and it has conservative value. Conservatives in financial markets are more likely to achieve long-term development than radicals. Therefore, we finally think that China Life is a company with conservative values and opportunities from the perspective of ownership structure, administrative background and behavior style. It is a good investment target for investors who hate risks but hope to have a certain growth. ?
Therefore, when China Ping An acquired SDB today, we were reminded of the conservatism of China Life. As a matter of fact, there are only two companies, China Ping An and China Life Insurance. Neither of them has bank talents or experience and ability to run banks. However, China Life chose to quit resolutely in the absence of talents, so I worked in the main business for ten or twenty years in order to obtain stable industry development achievements. However, Ping An first acquired Shenzhen Bank and then merged with Shenzhen Development Bank without talents. All kinds of situations seem to reflect that China Ping An must gain enough market share in the banking field. ?
Therefore, compared with conservative style, radical style. Conservatism can bring steady and sustained growth, but it may lose the opportunity that belongs to it. Radicalism may seize the opportunity to achieve leap-forward growth, or it may capsize in the gutter and encounter retrogression. At present, China Ping An is a radical part, while China Life Insurance is a conservative part. If these two companies can be combined into a portfolio, it is actually not bad. This is a basic viewpoint of Tong Ling's recent research report on China Life.
/s/blog _ 5d de 75 a 80 100 dc5y . html？ Tj= 1 Please go to the website to see netizens' comments on Ping An.
Sina users:?
2009-06-0913:10: 46 Although they have been away from Ping 'an for many years, there are too many differences between the two companies from a fair and objective standpoint. It is hard to say which is better, a conservative national life or an enterprising peace. But there is one thing: if there is no safe breakthrough, the insurance industry in China today will fall behind for many years. If there is only one company in China, China Life, what kind of service will customers enjoy? It is estimated to be similar to the supply and marketing cooperatives! The question now is, how long can China Life's advantage last? I am more pessimistic. Because his advantage is external and is being lost bit by bit. The advantage of peace is innate, as long as the direction is correct, even if it is difficult and dangerous, even if the road is long! I think the problem with Ping An is that it pays too much attention to the interests of shareholders and tries too hard to open up the front line of business! Paying too much attention to profits will distort the lofty goals and supreme ideals of a person and a company! After all, the final result is not measured by money! ?
Sina users:?
I left Ping An at the end of March and worked as a middle manager in a medium-sized life insurance company. However, to be fair, Ping An is an excellent company. The advantages of national life are being lost bit by bit, and the advantages of peace are emerging. In many provincial capital cities in China, peace has taken the lead. Only in counties and cities, the foundation of national life is relatively long, but it is gradually surpassed by peace. ?
Ping an new product:?
Peace will become a historical myth ... People will leave their names all their lives, and geese will leave their voices all their lives! ! ! I hope everyone can learn the essence of peace. ?
Sina users:?
2009-06-09 14:53:52 ?
I still appreciate Ping An's enterprising spirit. China Ping An is indeed a leader in the industry! ! ! ?
Sina users:?
2009-06-09 15:54: 13 ?
From a bystander's point of view, I think that society has today's civilization because of this spirit of continuous progress and pioneering. Does China, where the lion awakens, not need this spirit of peace? Stop muddling along. Doing is better than doing nothing. The road depends on people. . . . May peace come to China. . . . . . . . . ?
Sina users:?
2009-06-09 22: 15:56 ?
The society is progressing, and how long can an overly conservative national life last? This spirit of safety, enterprising and perseverance is really admirable! ?
Sina users:?
2009-06-119: 31:32 China Life is too conservative, so they are slowly degenerating; Peace in China is advancing with passion, so he will advance by leaps and bounds; Time is very important to us, and opportunity is more important to us. Ping An is the leader of the industry. If not, fresh meat will rot and no one will eat it. I will always support peace. ?
Sina users:?
2009-06-1312: 02: 04 Ping An is an aircraft carrier in the insurance industry. Ping An's indomitable enterprising spirit is really worth learning from many companies, especially the insurance industry. ?
Dog:?
2009-06- 13 13:45:40 ?
Opportunities are won, waiting can only become fragile, society needs constant innovation to develop, and enterprises also need to develop! Safe and enterprising will bear fruitful results for him in his future career! ?
yangminga237:？
2009-06- 13 17:24:05 ?
China Ping An is an excellent company, and I am proud to work in an excellent company. ?
Sina users:?
2009-06- 13 20:07:08 How dare China Life compare with Ping An? I really admire Ma Mingzhe! Bless the peace ?
Sina users:?
2009-06-1421:34: 34 Personally, Ping An surpassed China Life in three years. ?
History will prove that Ping An is an excellent company, although it also has many shortcomings.