On the evening of April 28, Xinhua Insurance released its first quarter report for 2022. In the first quarter, New China Insurance achieved a total premium income of 64.890 billion yuan, a year-on-year increase of 2.4%, of which renewal premiums were 42.364 billion yuan, a year-on-year increase of 8.0%, showing the overall trend of “three stability + four excellent”.
“Three Stable”
Gross premium income grew steadily. As of the end of the first quarter, New China Insurance achieved original insurance premium income of 64.89 billion yuan, a year-on-year increase of 2.4%. New China Insurance continued to promote the development of its core business, with renewal premium income of 42.364 billion yuan, a year-on-year increase of 8%, which is the core force supporting the steady growth of total premiums.
The business structure is balanced and stable. From the perspective of premium structure, the renewal business of New China Insurance accounted for 65.3%, an increase of 3.4 percentage points year-on-year, and the business model supported by renewal was further consolidated. From the perspective of product structure, in addition to traditional annuity and critical illness business, the proportion of whole life insurance and endowment insurance has continued to increase, and the product structure has gradually become more balanced and diversified.
The financial position is basically stable. The asset scale of Xinhua Insurance has maintained steady growth, above the trillion-dollar level; its solvency is sufficient. Although the solvency adequacy ratio has declined under the second phase of the C-ROSS project, it is still significantly higher than the regulatory bottom line.
“Four Excellent”
The marketing team continued to optimize and transform. New China Insurance accelerated the promotion of the “old city renovation” and “new city construction” of the marketing team. In terms of “old city renovation”, the first batch of pilot institutions of the “Excellent Plan” will be carried out to promote the work; continue to promote the construction of the system-wide “three modernizations” team, promote the growth of core high-performing manpower, and continuously improve the quality of the existing team. In terms of “building a new city”, the Company continued to improve the new marketing ecological team building plan, carried out manufacturer research and service evaluation, planned the pace of team and sales model implementation, and started pilot work for new teams.
The product system is optimized and enriched. New China Insurance has deepened the reform of product supply side and actively served people’s livelihood security. First, optimize the supply of product security, actively develop pension insurance, and support the construction of the third pillar; enrich the health insurance product system to meet customer health security needs. The second is to strengthen product innovation and development, focusing on the research on innovative products of elderly care, health and medical care, to meet the differentiated product needs of customers at different levels. The third is to continue to build a “product + service” ecosystem, strengthen the coordinated development of the main insurance business and the elderly care industry, deepen the integration of critical illness medical products and health management services, and integrate insurance trust service processes and resources.
Business quality is strictly controlled and optimized. New China Insurance paid close attention to business quality management, introduced a series of measures to control the continuation rate, intensified the assessment of the continuation rate, deepened the retrospective mechanism of the continuation rate, strengthened the early warning monitoring, strengthened the tracking and supervision, and took multiple measures to promote the optimization and improvement of the business quality.
The customer service level was optimized and improved. New China Insurance has continuously optimized and improved customer service levels through measures such as smart services, special services and quick claims settlement services. In terms of improving customer experience with smart services, New China Insurance continued to promote service tools such as “Intelligent Multi-New”, smart outbound calls, “follow-up letters and visits”, and smart teller machines; in terms of special services to strengthen customer retention, New China Insurance continued to carry out “Silver Post Stations” to care for the elderly In the first quarter, the “Silver Hair Service Station” benefited nearly 10,000 elderly people; in terms of quick claims settlement services, New China Insurance actively carried out the services of condolences for critical illnesses and advanced indemnity services, and at the same time further promoted the medical advance payment service.
Since 2022, the development environment of the life insurance industry has been severe and complex. In the face of many difficulties and challenges, New China Insurance stated that it will maintain its strategic focus, adhere to the general development tone of “seeking progress while maintaining stability”, and continue to promote high-quality development and transformation.Return to Sohu, see more
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