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平安首次披露核心数据:寿险未来可释放利润近4000亿
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Topic: 平安首次披露核心数据:寿险未来可释放利润近4000亿 (Read 255 times)
Sunmerdy
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平安首次披露核心数据:寿险未来可释放利润近4000亿
December 12, 2016, 08:00:40 AM
#1
在近日举行的“2016平安策略日”上,中国平安集团高管团队罕见披露了多组内部核心数据,并对外界关注的平安核心业务——寿险的价值结构作了全面披露,“平安寿险有近4000亿的未来税前利润释放空间”。
这是国内上市险企对公司业绩最全面的一次“自我解剖”。从这些以往并不公示的内部核心数据中,或可管窥中国平安这家综合金融巨头核心价值的动能,以及其与目前国内保险业常见的业务、利润及内含价值的架构存在的本质区别。
对利率下行的敏感性远低于同业
保险业务尤其是寿险,是国内保险业利润总盘子的主要来源,也是中国平安盈利的主要功臣。近两年来,全球经济复苏步伐放缓,中国经济进入新常态,受国内利率持续下行和资本市场低迷等多重因素影响,金融、保险业的盈利能力成为投资市场关注的焦点。
在此背景下,平安寿险业务内含价值及新业务价值增速是否可持续,持续低利率环境是否对其未来盈利产生冲击,平安的业绩能否保证稳定增长并维持充足稳定的偿付能力充足率是市场关注的焦点。
对此,平安集团常务副总经理兼首席财务执行官姚波透露,目前在平安寿险业务新业务价值中,代理人渠道占比超九成,其中长期保障型产品在整体新业务价值中占比高达七成。
这组数据背后传递出的关键信号是,平安寿险对利率下行的敏感性远低于同业。那是因为,长期保障型产品受利率变动的影响远低于短期储蓄型保险产品。据姚波透露,截至2016年年中,平安寿险的整体新业务价值为471.25亿元,其中,长期保障型产品的基准新业务价值为329.67亿元。“即使我们的保险资金投资回报率下降50个基点,长期保障型产品的新业务价值也仅下跌5.7%。”
过去十年“三差”都是正收益
通过万能险在资本市场高调举牌,中小寿险公司普遍依赖“利差”的这一盈利模式,近来开始被外界所熟知。但实际上,真正均衡的寿险盈利模式应该是“三差鼎立”结构,即除利差产生收益之外,费差、死差也应实现盈利,这样方能在利率、投资等风险叠加时,避免业绩的大起大落。
所谓的利差是指,实际投资收益率和定价利率之差;费差是指,实际的费用率和定价时假设的附加费用率之差;死差是指,实际的死亡率或者发病率和定价时假设的死亡率或发病率之差。与日本等成熟寿险市场利润主要来自于死差和费差的状况所不同,我国绝大部分寿险公司的利润来源主要来自利差,这从中小寿险公司主打高负债成本的理财型保险产品,便可窥见一二。
那么,平安的寿险利润结构又是如何构成的?据姚波透露,平安寿险过去十年的利差、费差、死差都实现了正收益,利润结构相对均衡。据记者了解,目前国内多数中小寿险公司则高度依赖利差实现收益,在费差、死差上则处于亏损状态,利润模式相对失衡。
其实,平安寿险对利率下行的敏感性远低于同业,也正是因为其“三差鼎立”的利润结构。据姚波披露,平安长期保障型业务的新业务价值中利差占比为21%,远比短期储蓄型业务近八成的利差占比低得多。
“由于此类产品的利差占比较低,平安寿险未来利润的主要构成,是与保险保障密切相关的死差和经营成本相关的费差等。”姚波指出,最能体现寿险公司未分配利润的是负债端的剩余边际,平安寿险此项指标高达3863亿元。这也意味着,平安寿险有近4000亿的未来税前利润释放空间。
金融客户人均利润近200元
除深度解析利润架构外,平安集团常务副总经理兼首席保险业务执行官李源祥则对平安个人业务商业模式和个人客户经营成果进行了介绍,这也是国内金融企业首次披露单个客户价值。
2016年,在核心金融业务稳健发展的基础上,中国平安积极布局互联网业务,形成了“一个账户、两个超市(金融超市和生活超市)和一扇门”的商业模式。在此模式下,平安服务的个人总数快速提升,且客户价值贡献高。
据李源祥透露,平安集团为超1.22亿金融客户和超2.98亿互联网服务用户提供服务。其中,金融客户中,高净值客户达8.19万人,人均持有9.98个金融产品,全量金融客户人均持有2.16个金融产品;金融客户人均利润为195元。
李源祥指出:“目前,平安的核心金融已有成熟的业务模式,整体盈利持续提升;同时互联网用户价值也正逐渐显现,随着平安互联网端交易规模和服务范围迅速扩大,互联网相关业务正成为平安价值增长的新动力。”
kaixinfaa
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⇾
Re: 平安首次披露核心数据:寿险未来可释放利润近4000亿
December 14, 2016, 09:50:33 AM
#2
可是寿险员工的工资和福利却是最低的
attwoods
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Re: 平安首次披露核心数据:寿险未来可释放利润近4000亿
December 14, 2016, 01:59:08 PM
#3
释放的确实不少啊
bitdaytrade
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Re: 平安首次披露核心数据:寿险未来可释放利润近4000亿
December 15, 2016, 03:29:51 PM
#4
听起来很牛逼啊
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平安首次披露核心数据:寿险未来可释放利润近4000亿
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