There is no sound. Four months ago, an article entitled "Ping An Exceeds China Life Insurance in Five Years" caused such a mysterious wave, and the media continued to ferment. Although the two sides did not respond directly, the 20 14 Global Media Open Day held by both sides made people smell the gunpowder during the period.
First, Lin Dairen, the new president of China Life Insurance, grasped the "three-fixed" (that is, post, personnel and post) planning. "China Life is planning a large-scale personnel and organizational restructuring, the main contents of which include the abolition of some non-front-line departments; Distribute non-business personnel to business departments for temporary training; Adjust the organizational structure and strengthen the construction of individual insurance departments and central cities. Many reporters named it "elephant slimming" or "elephant turning around".
Then, Li Yuanxiang, the boss of China Ping An [Weibo] insurance sector, said, "In the next stage, we will increase investment in the county market and further increase Ping An Life Insurance Company of China's share in the county market in the next five years." Especially for "Ping An surpassed China Life in five years?" My personal style has always been positive, and I can't do it without being proactive ",and so is that pride, that straightforward expression, and Si Mazhao's heart.
The two sides met several times and found an interesting place: compared with China Ping An's naked provocation, I don't know why China Life always has a ambivalent mood of wanting to say goodbye. Explain that it seems boring and too concerned, and it is suspected of being led by the nose; Don't explain it. When you have been a big brother for many years, you must always have face. In addition, being a person must always be a little bloody. This tangle is most representative when Yang Mingsheng, the boss of the group, said at the half-year performance conference that "there is only one thing in the world, but we should optimize the business structure, give priority to value and have a moderate scale".
In fact, Ping An's Superman Plan is not news. As early as 2008. Li Yuanxiang is the "initiator". At the end of that year, he was the head of China Ping An Life Insurance Company of China Insurance Company [Weibo], and he had put forward the "Five-year Super Life" plan. But it was kept secret at that time, only in the field of life insurance. As for the "Superman Plan" of Property & Casualty, it will have to wait until 20 10, because Ping An Property & Casualty was still the third in the market at that time, and it was dying for Taibao Property Insurance. On 20 10, Master Ma made a decision to start the Superman Plan-property insurance surpassed China PICC and life insurance surpassed China Life Insurance. Ren Huichuan and Li Yuanxiang, then senior executives of Ping An Property & Casualty and Life Insurance, respectively became the implementers of Superman Plan.
In the face of aggressive competitors, why is China Life so entangled and passive in words and deeds? This is a double transcendence plan for PICC and China Life. Why does public opinion now focus all its firepower on China Life? Why is the plan originally put forward five years ago, or even seven years ago, now fermenting and growing, forming such market public opinion?
In the face of aggressive competitors, why is China Life so entangled and passive in words and deeds?
Frankly speaking, I think Ping An and China Life are not comparable. Apart from being both life insurance companies, China Ping An Life Insurance Company of China and China Life Insurance are not comparable in nature, institutional mechanism, organization and even group status.
Usually, the word China Life is enough to represent the whole China Life Group; China and Ping An Life Insurance Company of China obviously cannot represent the peace of China. The meaning behind this can be compared to a chopstick and a bundle of chopsticks. This writing is not to seek rhetoric for China Life Insurance. On the contrary, it is considered that it is a high probability event for China Ping An Life Insurance Company to surpass China Life Insurance, so it will write "Ping An surpasses China Life Insurance in five years?" 》。
However, we think it is unfair to play games with a thick chopstick and a bundle of chopsticks. It's like knowing the result and making a bet. Perhaps these are also the reasons why China Shoushou refused to accept this wave of public opinion attacks. Of course, Winona also has deeper reasons, as shown below.
Back to the second question, this is the double surpassing plan of PICC and China Life. Why is public opinion now focusing all its firepower on China Life?
In short, it is determined by volume. As of this year 10, PICC P&C[ Weibo] premium income was 209.8 billion yuan, accounting for 34% of the market; In the same period, the premium scale of Ping An Property & Casualty was 1 164 billion yuan, accounting for 18.8% of the market. The premium gap of nearly 100 billion yuan, the market share gap of 15% and the total market gap of only 600 billion yuan determine that Ping An Property & Casualty will not effectively impact PICC P&C's position in the short term.
In the same period, the scale of China life insurance premium was 300.7 billion yuan, accounting for 20.6% of the market; China Ping An Life Insurance Company of China Insurance Company is 20175 billion yuan, with a market share of 14.9%. The premium gap is less than 90 billion yuan, the market share gap is 5.7%, and the premium growth rate is 14.4%, 0.4% year-on-year. Comparing the above data, we can naturally understand why public opinion will point the finger at the "Superman Plan" beyond China Life.
The comparison of figures is only a superficial result. If you want to know about it, I'm afraid you should start from the road of PICC and China Life after the new century. Everyone knows that China Life was born out of endowment insurance. In fact, the development path of China Life after the new century is very similar or even identical to PICC. However, China Life went more smoothly and made a fortune earlier. When China Life was in full swing, life in PICC China was really hard.
The happiness of both companies originated in 2003 and went public overseas. The operation method is exactly the same, that is, by setting up a group company or a holding company, the non-performing assets are stripped to the parent company and the high-quality assets related to insurance business are pushed to overseas markets.
However, in the second year after Scenery went public, PICC P&C caught up with the marketization of domestic auto insurance rates, and its market share and investment income both declined. In 2004, the market share of PICC P&C decreased to 58. 1%, compared with 70.5% and 66.8% in the previous two years. It was not until 2007 that the CIRC regained the pricing power of auto insurance that the market share of PICC P&C declined and slowed down. At this time, the market share of PICC P&C is only 42.5%.
During the same period, China Life Insurance flourished. The scale of premium accounts for 40% of the market, which is the honor of the first insurance stock of A shares. After the first loss in 2006, China Life ushered in a bright moment. At this stage, it exclusively subscribed for the private placement of CITIC Securities, won the bid for China Southern Power Grid, bid for Guangfa Bank [Weibo] and invested in the first government-run industrial fund in China. China Life has won the title of the largest institutional investor in China, and the limelight is the same.
Look at China PICC again. In 2008, the underwriting losses caused by the capital market and catastrophe were both negative, with a loss of 400 million yuan. The rapid development of PICC life insurance is also rapidly consuming the capital that is not rich. PICC was once worried about solvency. Maybe it hit the bottom, and then PICC began to rebound. However, the redemption of PICC has to wait for a pair of combinations, Yanwu, who is good at capital integration, and Wang Yincheng, who was born in insurance business.
In 2007, I don't know what kind of mood Yanwu parachuted into PICC Group, and demonstrated his iron fist and resource coordination ability with the trilogy of reorganization, investment promotion and listing. First, the word "people" was withdrawn, and PICC Holdings was renamed China People's Insurance Group. Later, exhibition investment was introduced to complete the H-share listing of the Group. At the same time, Li invited to go back, reorganize life insurance, and rapidly expand its scale to increase the listing chips of the group.
PICC P&C Insurance, the main profitable business segment, has also completed the transformation from a medium-sized enterprise in the global property insurance industry to the largest non-life insurance company in Asia and the third in the world under the leadership of the new coach Wang Yincheng. As a veteran insurer, Wang Yincheng, who became the president of PICC P&C in 2008, has introduced hundreds of reform measures in succession during his six-year term, involving management framework, operating platform, corporate culture, corporate products and many other fields. One of the biggest achievements is its profitability, even praised by its main competitors. In 20 12 years, the net profit of PICC P&C insurance exceeded10 billion yuan, which added a lot of color to the overall listing of PICC Group.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.