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China Life Insurance Industry Indepth Research and Investment Strategy Planning Report, 2013-2017

China Life Insurance Industry Indepth Research and Investment Strategy Planning Report, 2013-2017

Last Update:2014-05-11

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Preface

Table of Content

Looking back to 2011, life insurance industry met many challenges in the aspects of interest rate, capital market, marketing channels, salesmen, and alternative products. The whole industry enters a low tide after several years of rapid development. Subject to the macro-economic situation and policies adjustment, the life insurance income grows weakly.

In terms of domestic macroeconomic situation: firstly, the return rate of part of life insurance products is lower than bank’s interest rate, so the attractiveness lowers down; secondly, the depression of market and the increase of market interest rate lead to the decrease of companies’ investment interest rate, thus the dept paying ability adequacy of part of insurance companies will be greatly affected; thirdly, the inflation pressure increases; the liquidity increasingly strengthens; the capital market keeps vibrating; the earnings of debt market are still in a low position; and the matching difficulty of asset increases. In terms of policy adjustment, the supervision departments increase efforts to supervise and monitor the bank and insurance products, as well as introduce a new accounting standard.

In recent years, the regulators rather presciently conduct a series of drastic structural adjustment, while the life insurance industry has formed a tendency of “focusing on investment, neglecting guarantee”. Finally, the external and internal attack to life insurance industry in 2011 led to the bitter fruit. That is the life insurance premium income seemed to be “shabby” in 2011. According to statistics from China Insurance Regulatory Commission (CIRC), from Jan.-Nov. 2011, the insurance companies, which mainly operate the life insurance, achieved the insurance income of 893.683 billion Yuan, down by 8.7% comparing to the insurance income of 978.824 billion Yuan in 2010, which shows a negative growth at the first time, among which subjected to Regulatory Guidelines for Insurance Agency Business of Commercial Banks (a new policy), the life insurance premium income of bank insurance marketing channels decreased by a year on-year rate of -9.87%. Neither

CBRC (China Banking Regulatory Commission), nor CIRC can thinks a “90 Document” (namely, A Notice on Further Strengthening the Compliance Sales and Risk Management of Commercial Banking Insurance Business) and a “regulatory guideline” slides into a valley.

In terms of enterprises, the top 3 insurance income ranking life insurance companies in November 2011 are still China Life, Ping An Life Insurance Company of China, New China Life. Affected by the downtown of market, the life insurance premium income declines and even the top

three “leading insurance companies” can not escape from the fate. The insurance premium incomes of these top three companies are 301.214 billion Yuan, 110.032 billion Yuan and 88.768 billion Yuan respectively during the first 11 months. Compared with that of during the first 11 months in 2010, the insurance premium income of China Life decreased by the year on year rate of 3.47%; the insurance premium income of Ping

An Life Insurance Company of China decreased by the year-on-year decrease of 25.43%, and the New China Life almost kept the original income, up by a year-on-year increase of 0.64% (the main reason for the year-on-year decrease of insurance premium income was the implementation of new accounting standard).

In terms of regions, compared with Jan.-Nov. 2010, among the insurance premium income in the first 11 months of 2011, Guangdong province and Jiangsu province still occupy the first and the second positions; the rank of Beijing and Shanghai has no prominent changes, but both of them are forced out the top 5. The 3 other regions of top 5 are: Henan, Shandong and Sichuan. Among the top 5 regions, only Henan can realize

the growth. The accumulative insurance premium income of to 5 regions account for 36.7% of the national insurance premium income, which is almost the same comparing that of 2010.

Looking ahead to 2010, the life insurance industry still faces both operating pressure and growth pressure, as well as the problems, such as the lowering product competitiveness in the industry, the marketing channels waiting for improvement, the narrowing channels for adding capital, and weak strengths of capital management capability, the social image needing to be improved, and so on. Combined with the general view of market, the life insurance industry in 2012 will face huger challenges. Whether the insurance capital investment business is good or bad will directly affect the debt paying ability of life insurance companies. Seeking new financing ways is a key road to get out of difficulties. Fortunately, the market has made some adjustments for these changes. Furthermore, with the main theme of macroeconomic regulation, “seeking the steady growth in the advancement”, the weakening of inflation pressure, and the weakening of tightening liquidity, it’s predicted the industry will revive growth in 2012, and the growth rate will reach around 9%.

In addition, in the process of shifting from “demographic dividend” to “population debt”, the old-age insurance situation generates the huge development opportunities for life insurance business. According to the sixth national census data dissemination on April 28th 2011: the dissemination shows, the population of 0-14 year-old takes up 16.60% of the total population, with a decrease of 6.29% over the year of 2000; the population of more than 60 year-old (including 60 year-old) takes up 13.26%, with an increase of 2.93% over the year of 2000, among which the population of more than 65 year-old takes up 8.87%, with an increase of 1.91% over the year of 2000. Due to the acceleration of populating aging, it’s predicted the old-aging population will generally increase by 3.5% in the next 10 years, and the ratio of old-age population will grow from 13.26% in 2010 to 18% in 2020. Before China enters the sever population aging period, the 20 years which priors to 2030 will be a gold 20-year for the development of China life insurance.

Based on national authorized data, Qianzhan Business Information and Information Database as well as research results, With Forward’s long-term tracking and collecting market data of life insurance industry, we roundly and accurately analyze the industry structure system for you from the view of mastering the whole industry. Since the life insurance market was severely disrupted in 2011, thus this report will conduct deeply analysis according to actual situation in the industry, such as inadequate product competitiveness, the bottleneck of marketing channels, the narrowing channels for adding capital, the weak of capital management capability, so as to find a proper development routine for life insurance in the first year –2012- of transformation. Forward mainly adopts the SCP model, Porter Five Forces Model and BCG Matrix to analyze the life insurance industry’s status; adopts some prediction model, such as time series analysis and linear regression to analyze the development opportunities and prospects in the future 10-20 years.

The most distinctive characteristics of this report is forward-looking and timeliness. Through analyzing forward-looking characteristic of abundant first-hand market data, we deeply and objectively dissect China life insurance industry and key regional market potentials. This report helps domestic life insurance companies to precisely grasp current latest developments of the industry. Afterwards, they can make wise operating decisions and define enterprises’ development directions.

Here, we would like to express our sincere gratitude to CIRC, State Information Center, Bureau of Statistics of China, International Information Research Institute, Chinese Academy of International Trade and Economic Cooperation, Tsinghua University Library, Development Research Center of the State Council and Beijing Essence Forward Research Center, for their great support when we conduct this report!

Notice: All the market data, especially corporations' ranking data in the report, only for business reference. Please do not take the data for enterprise publicity. Thank you! Or Forward shall not take any responsibility for any consequences!

Qianzhan Business Information Co., Ltd.

Industry Research Center Research Team of Life Insurance Industry


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