CPIC (601601): New policy premiums pick up month-on-month

CPIC (601601): New policy premiums pick up month-on-month

I. Event Overview On the evening of August 25, 2019, CPIC released its semi-annual report.

In the first half of the year, the company realized a total of 2,203 operating income.

86 ppm, a ten-year increase of 7.

7%; net profit attributable to mother was 161.

8.3 billion, an increase of 96 in ten years.

1%; basic income 1.

79 yuan, compared with 0 in the same period last year.

RMB 91; expected ROE is 10.

1%, compared with 5 in the same period last year.

8%.

Second, the analysis and judgment of non-recurring gains and losses boosted profits, increased investment income, and the company ‘s net profit increased significantly in the first half of the year96.

1%, in line with market expectations.

The increase in net profit was mainly due to the positive contribution of non-recurring gains and losses and the increase in investment income brought about by market 佛山桑拿网 recovery.

In the first half of the year, the tax cuts were favorable, and non-recurring gains and losses in the first half of the year48.

3.8 billion, actually boosted the level of net profit in the first half of the year.

Investment income, the company achieved a total investment income of 293 in the first half.

910,000 yuan, an increase of 32 in ten years.

2%.

In addition, the company revised the accounting standards for insurance contract debt in the first half of the year, reducing the profit for the first half of the year.

1.6 billion.

Renewal premiums drove total premiums. In the first half of the year, NBV’s agent channel renewal business realized premium income of 1006.

7.4 billion, an increase of 13 in ten years.

5%, driving the overall premium income of the agent channel to increase by more than 7.

6%.

In terms of new order business, in the first half of the year, the agency’s new insurance business premium was 263.

50,000 yuan, 10-year average of 10.

1%.

The overall value of new business in the first half of the year decreased by 39%, which was a year-on-year decrease of 2.

4 units.

In the first half of the year, the overall NBV was 149.

27 ‰, an average of 8 in ten years.

4%.

The agent team stepped up the organization and construction, and the new orders continued to pick up. It is expected that the company’s average monthly insurance salesman 79 in the first half of the year.

60,000 people, an average of 11% in ten years.

At the same time, the agency’s per capita insurance business income and per capita commission income in the first year achieved a slight increase.

In the second quarter, the company optimized personnel training, strengthened skills training, and strengthened the organization of the agent team. In the second quarter, the growth rate of new insurance increased slightly in the previous quarter.

The secondary equity market is picking up and the total investment yield is improving.

The company achieved net investment income in the first half of the year4.6%, compared with 4 in the same period last year.

5%, the total investment yield is 4.

8%, compared with 4 in the same period last year.

5%.

In the first half of the year, the Group’s overall fixed income assets accounted for 82.

6%, compared with 0 at the end of the previous year.

5 shares; equity investment category accounts for 13.

7%, an increase of 1 from the end of last year.

2 units.

III. Investment suggestions: Life insurance new business value exceeds negative growth, new business value rate changes, conversion agent team organization builds up, new order sales are expected to pick up in the second half of the year; in terms of property insurance, the comprehensive cost rate is small, and fee reform deepensIt is good for high-quality property insurance companies.

Maintain “Recommended” level, corresponding to 19-20 years PEV1.

1X, 0.

9X.

Fourth, risk warning: New orders are selling less than expected.