Xinhua Insurance (601336) 2019 Third Quarterly Report Review: Premium Growth Bottoms Out, Concerns for Starters Begin

Xinhua Insurance (601336) 2019 Third Quarterly Report Review: Premium Growth Bottoms Out, Concerns for Starters Begin

The main points of the report describe the results of Xinhua Insurance’s third quarter report for 2019, and the company achieved a net profit of 130.

30,000 yuan, +68 for ten years.

8%; realized premium income of 1,079.

1都市夜网 2 trillion, ten years +7.

9%.

Event Commentary Under the accounting estimate, the company’s attributable net profit increased by +29 in the third quarter of 2019.

2%, investment income improvement is an important reason.

In the third quarter of 2019, the company realized investment income (net investment income + fair value gains and losses) 91.

33 trillion, ten years +10.

7%, a better growth rate, is an important driving force for profit growth; the accounting reserve was adjusted from the contribution of 700 million pre-tax profits in the first half to a decrease of 19.

800 million, mainly due to the increase in health insurance liability reserves, the company is expected to adjust the health insurance incidence rate and other assumptions.

Reductions in wholesale prices also contributed.

The growth rate of new orders continues to be under pressure. It is expected that the red premiums will pick up under the background of improving sales environment.

The new single quarter in the first three quarters of 2019 is -0.

5%, third quarter single quarter quarter -15.

8% (single quarter in the second quarter was -11.

2%), the expected change in expectations, the strategy of increasing staff and focusing on a high base is the gradual leading of the growth rate of new orders.

The insurance premiums are paid for each insurance period, and the premiums for ten years and above are paid every -13 in the third quarter.

2%, -16.

0%, the decrease is slightly narrower than the single quarter in the second quarter, while the surrender rate has dropped significantly3.

1 point to 1.

4%, premium structure has improved.

In the first three quarters of 2019, individual premiums and renewal premiums are +39 each year.

2%, +10.

2%, driving the growth of total premiums even better.

Looking forward to the fourth quarter, under the background of the recovery of economizing products, the company ‘s leadership work arrangement is better + agents are better, and other factors, it is expected that the growth rate of new orders will pick up, and the value-to-value ratio of NBV drivers will be converted to new ordersScale increase.

Total investment yield 4.

7%, floating profit continued to improve.

The company invested 7,849 assets at the end of the third quarter of 2019.

690,000 yuan, an increase of 12 from the end of last year.

2%, the growth rate is better.

The first three quarters of 2019 realized investment income of 270.

1.5 billion, +6 in ten years.

9%, stable growth rate; annualized total investment return rate 4.

7%, unchanged from the first half of the year, and investment in the third quarter was basically stable.

As of the third quarter of 2019, the company gradually floated to 36.

6.6 billion, compared with 28 in 2019H.

8.5 billion increased slightly. Investment suggestion: The current leaders and follow-up strategic arrangements have been determined. Under the background of economic 深圳丝袜会所recovery and business recovery, the company’s new policy premium growth rate will pick up.

It is expected that the PEV for 2019/2020 will be 0.

76/0.

66. It is estimated that it is at the bottom of history, and the cost of deployment is relatively high. Pay attention to the estimated flexibility after the starter strategy is gradually implemented.

Risk Warning: 1.

Changes in the industry environment, slower than expected growth; 2.

Equity markets have fallen sharply.

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