Xinhua Insurance (601336) 2019 西安耍耍网 Third Quarterly Report Review: New Single Premium Growth Speed Highway Continues to Drive Steady Growth of Total Premium
The company’s first three quarters of 2019 results in rapid growth driven by tax cuts.
The company achieved operating income of 13.28 million yuan in the first three quarters of 2019, an increase of 7 per year.
At 6%, net profit attributable to mothers was 13 billion yuan, an increase of 68 year-on-year.
8%, the main reason for the higher net profit growth is that the tax reduction policy will release the 1.8 billion US dollars paid in 18 years into this year’s profit, and the tax reduction policy itself has significantly reduced the company’s expenditure this year.
In addition, in the case of better secondary market conditions, the company disposed of part of and sold floating losses in financial assets, and the discount rate was mainly due to changes in accounting assumptions that reduced the company’s profit before tax19.
800 million, so the company’s actual profit growth is even higher.
The growth rate of new single premiums has improved rapidly, and total premiums have maintained steady growth driven by renewals.
In the first three quarters of 2019, the company’s new life insurance premiums (including short-term insurance, excluding group insurance channels) were US $ 19.6 billion, with an annual growth rate of -1%, of which Q3 single quarter new office premiums were US $ 5.6 billion, exceeding the growth rate of -15.
1%, the growth rate has improved, and is expected to be related to the high base last year.
In terms of different channels, the company’s new insurance premiums in the first three quarters of the company maintained a positive increase (+1 per year) driven by short-term insurance.
7%), but the growth rate of new orders in the bancassurance channel has been relatively prolonged (at least -11.
Driven by renewal premiums, the company achieved total premiums of 107.9 billion in the first three quarters, a long-term increase of 7%.
The company’s premium structure has been maintained well. Long-term new insurance premiums are basically paid on a regular basis. The proportion of renewal premiums in total premiums has remained at about 80%.
The company is currently continuously increasing the size of the agent team, and we expect that the growth of agents will gradually drive the growth of new orders in the future.
Investment assets continued to grow, and total investment yield was flat with the first half.
As of the end of the third quarter of 2019, the company’s total investment assets were US $ 785 billion, an increase of 12.
The company’s total investment income for the first three 厦门夜网 quarters was injected4.
7%, unchanged from the first half.
Consider the company’s other comprehensive income from -27 at the end of 2018.
9 changes to 8 in 2019Q3.
At $ 7.5 billion, the company’s comprehensive investment yield for the first three quarters was approximately 5.
We slightly adjusted the company’s EVPS in 2019, 2020 and 2021 to 65 respectively.
90 yuan, 75.
80 yuan and 86.
85 yuan, EPS is 4 respectively.
41 yuan, 4.
73 yuan and 5.
74 yuan to 2019.
At 30 closing prices, the corresponding PEVs are 0.
65 and 0.
57, the corresponding PEs are 11, respectively.
43 and 8.
59, we give a prudent overweight rating.
Risk warning: New single premiums are lower than expected, interest rates are down, and investment returns are down.