走傳統路線的平安保險脫穎而出

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.

中國保險監管機構今年一直在將好的保險公司與壞的和極壞的保險公司分開。平安(Ping An)是前者中的一流槍手。該集團成員因不願發行期限短、年收益率高達5%-6%的所謂“萬能險”產品而脫穎而出。而安邦(Anbang)等更依賴萬能險產品保費收入的保險公司，也是更可能大肆進行海外交易的公司，而這兩點都是中國政府不喜歡的。

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，標普全球(S&P Global)的數據顯示，它在2015年是中國第二大壽險公司，其毛保費收入佔到市場15%的份額。每股收益在過去5年每年增長23%。本月，得益於較好的資本狀況，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.

平安並非所有的業務都一樣盈利。壽險業務在最近一個季度貢獻了一半的利潤。財產和意外險貢獻的利潤比例下降。平安旗下的P2P貸款平臺陸金所(Lufax)估值185億美元，在今年才實現盈利。其銀行子公司的半年稅後淨利潤同比僅增長了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.

對高風險的短期保險產品的打壓幫助了更爲傳統的公司。中國的壽險毛保費收入一年增長高達30%，一定程度上就是受到這些高風險產品的推動。即便如此，中國依然保險不足。增長放緩將讓平安和保守的保險公司有機會贏得市場份額。平安有更多的代理人員，今年增加了逾四分之一。每個代理人的毛保費增長了31%。好的技術應該會降低成本。

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.

平安股價與其精算的內含價值相比有30%的溢價，而競爭對手平均折價10%。在與其特立獨行的競爭對手的“槍戰”中，平安正在成爲贏家。