In November, CPIC recorded premium income of 438 billion, with differentiated growth rates in life insurance and property insurance

On December 16, CPIC disclosed that it recorded a total premium of 438 billion yuan in the first 11 months, with a year-on-year growth rate of 5.32%;

Among them, the premiums from life insurance and property insurance subsidiaries were 250.322 billion yuan and 187.682 billion yuan, respectively, with year-on-year growth rates of 9.4% and 0.3%.

Combining recent industry data, the growth rates of liabilities for CPIC's life insurance and property insurance have shown significant divergence:

Against the backdrop of stable channels, CPIC's life insurance revenue continues to grow, with growth rates roughly in line with the industry, showing slight leadership;

In contrast, CPIC's property insurance, which has actively adjusted its business structure, has fallen into a growth dilemma, lagging behind the industry level by 3.6 percentage points;

When compared to other leading institutions in the industry, the gap may be even larger; for example, ZhongAn Online's premium growth rate has reached 5.18% in the first 10 months.

Financial report data shows that CPIC's life insurance has gradually emerged from the "deep water zone" of agent transformation.

In the first three quarters, the number of individual insurance channel sales agents stabilized at 181,000, remaining basically flat year-on-year, with the average first-year premium per core employee increasing by 16.6% year-on-year to 71,000 yuan, achieving a significant leap;

On this basis, premiums and new business value grew by 14.2% and 31.2%, respectively, in the first three quarters;

At the same time, both customer base and product structure have been optimized, with the proportion of mid-to-high-end customers increasing by 4.8 percentage points year-on-year, and the proportion of dividend insurance in new policy premiums rising to 58.6%.

It is worth mentioning that, from a month-on-month perspective, CPIC's life insurance premium growth rate in November has significantly declined compared to October.

This may be because the company has entered the "preparation rhythm" for the "opening red" in 2025:

From October of that year to the next Spring Festival, insurance companies often launch "opening red" products represented by savings insurance to pre-occupy customers' "insurance budgets," with "pre-recorded" product premiums to be collected in January of the following year, which has also led to a collective decline in premium growth rates for many insurance companies after October.

The overall pressure on property insurance premiums is more due to adjustments by non-auto insurance businesses.

In the first three quarters, CPIC's auto insurance and non-auto insurance premium growth rates were 2.9% and -2.6%, respectively, resulting in a slight overall increase of 0.1% in property insurance premiums;

Among them, CPIC's property insurance has actively reduced its exposure to personal credit guarantee insurance, with related premiums declining by 129.9%.

This strategic adjustment for such businesses may aim to improve overall profit levels and achieve optimized allocation of capital and risk management resources.

Yu Bin, Chairman of CPIC Property Insurance, revealed that the overall underwriting comprehensive cost ratio for non-auto insurance in the first half of the year was 97.6%, which could be further optimized to 94.8% if the impact of personal credit guarantee insurance business is excluded;

Yu Bin stated that as of the end of July, the risk exposure of the company's personal credit guarantee insurance business had been reduced by one-third compared to the beginning of the year, and it is expected that the risk impact will be completely cleared by 2026