Lex專欄：走傳統(tǒng)路線的平安保險(xiǎn)脫穎而出

Insurance regulators in China have been sorting the good from the bad and the ugly this year. Ping An is the top gunslinger in the first posse. Members of this group distinguish themselves by their unwillingness to issue so-called “universal life” products with short durations and high yields of 5 to 6 per cent annually. Those, such as Anbang, more reliant on premium income from those products, are also more likely to engage in trophy offshore transactions. The authorities disapprove of both characteristics.

中國(guó)保險(xiǎn)監(jiān)管機(jī)構(gòu)今年一直在將好的保險(xiǎn)公司與壞的和極壞的保險(xiǎn)公司分開。平安(Ping An)是前者中的一流槍手。該集團(tuán)成員因不愿發(fā)行期限短、年收益率高達(dá)5%-6%的所謂“萬(wàn)能險(xiǎn)”產(chǎn)品而脫穎而出。而安邦(Anbang)等更依賴萬(wàn)能險(xiǎn)產(chǎn)品保費(fèi)收入的保險(xiǎn)公司，也是更可能大肆進(jìn)行海外交易的公司，而這兩點(diǎn)都是中國(guó)政府不喜歡的。

Ping An, with a $150bn market value between two listings in Shanghai and Hong Kong, was the second-largest life insurer in China in 2015, with a market share of 15 per cent of gross written premium, according to S&P Global. Earnings per share have grown 23 per cent annually over the past five years. This month the group increased its dividend by 1.5 times, thanks to a better capital position.

平安在上海和香港兩地上市，擁有1500億美元市值，標(biāo)普全球(S&P Global)的數(shù)據(jù)顯示，它在2015年是中國(guó)第二大壽險(xiǎn)公司，其毛保費(fèi)收入占到市場(chǎng)15%的份額。每股收益在過(guò)去5年每年增長(zhǎng)23%。本月，得益于較好的資本狀況，平安將股息提高了1.5倍。

Not all of the insurer’s businesses are equally profitable. Life insurance contributes half of profits in the most recent quarter. The property and casualty line’s profitability ratio declined. Lufax, the peer-to-peer lender it controls, is valued at $18.5bn and only became profitable this year. The banking subsidiary’s net half-year profit after taxes rose a mere 2.1 per cent year on year.

平安并非所有的業(yè)務(wù)都一樣盈利。壽險(xiǎn)業(yè)務(wù)在最近一個(gè)季度貢獻(xiàn)了一半的利潤(rùn)。財(cái)產(chǎn)和意外險(xiǎn)貢獻(xiàn)的利潤(rùn)比例下降。平安旗下的P2P貸款平臺(tái)陸金所(Lufax)估值185億美元，在今年才實(shí)現(xiàn)盈利。其銀行子公司的半年稅后凈利潤(rùn)同比僅增長(zhǎng)了2.1%。

The crackdown on risky forms of short-term insurance helps the more traditional companies. China’s gross life insurance premia have been growing by as much as 30 per cent a year, fuelled in part by such shaky products. Even so, China remains underinsured. Slower growth would give Ping An and conservative peers a chance to gain market share. It has more agents, up over a quarter this year. Gross premium per agent rose by 31 per cent. Good technology should temper costs.

對(duì)高風(fēng)險(xiǎn)的短期保險(xiǎn)產(chǎn)品的打壓幫助了更為傳統(tǒng)的公司。中國(guó)的壽險(xiǎn)毛保費(fèi)收入一年增長(zhǎng)高達(dá)30%，一定程度上就是受到這些高風(fēng)險(xiǎn)產(chǎn)品的推動(dòng)。即便如此，中國(guó)依然保險(xiǎn)不足。增長(zhǎng)放緩將讓平安和保守的保險(xiǎn)公司有機(jī)會(huì)贏得市場(chǎng)份額。平安有更多的代理人員，今年增加了逾四分之一。每個(gè)代理人的毛保費(fèi)增長(zhǎng)了31%。好的技術(shù)應(yīng)該會(huì)降低成本。

Ping An trades at 30 per cent premium to its embedded actuarial value, compared with an average 10 per cent discount for competitors. In the shootout with its maverick rivals, Ping An is emerging the winner.

平安股價(jià)與其精算的內(nèi)含價(jià)值相比有30%的溢價(jià)，而競(jìng)爭(zhēng)對(duì)手平均折價(jià)10%。在與其特立獨(dú)行的競(jìng)爭(zhēng)對(duì)手的“槍戰(zhàn)”中，平安正在成為贏家。