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20+ CN Insurers See Major YoY Decline in Bancassurance Channel Premiums During Early 2024 - Report
Securities Daily, citing data from inter-industry exchanges among mainland insurance companies, reported that since the beginning of this year, the life insurance industry as a who...
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20+ CN Insurers See Major YoY Decline in Bancassurance Channel Premiums During Early 2024 - Report
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Securities Daily, citing data from inter-industry exchanges among mainland insurance companies, reported that since the beginning of this year, the life insurance industry as a whole has been characterised by relatively stable business development in the personal insurance channel, but a big decline in the bancassurance channel.

As of 22 February this year, the overall business development of the personal insurance channel of the 24 insurers with available statistics was healthy, with stable premium growth. Among them, 15 insurers recorded YoY premium growth, accounting for 62.5% of the total, while 9 insurers recorded a YoY decline.

Related NewsG Sachs Drops TP of CHINA LIFE (02628.HK) to $14, but Raises Earnings Forecasts
On the other hand, among the 29 insurers with statistics, as of 22 February this year, premiums in the bancassurance channel have declined YoY for 24 insurers, accounting for 82.8% of the total. Only 5 insurers have seen positive growth.

According to the report, the mainland bancassurance channel, which normally performs better in 1Q of each year during the insurance industry's "opening red" period, has been weak in the early part of this year.

The report quoted industry insiders as saying that the phenomenon is due to the policy to unify fees as reported to regulators and the actual fees collected from customers for the bancassurance channel, as well as strategic adjustments by insurers, reflecting that the bancassurance channel value of life insurers needs to be further enhanced.

Related NewsNomura Trims PING AN (02318.HK) TP to $54.12, Estimates 1Q NBV Growth Strong but OPAT Weak

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