In-depth * Company * Xinhua Insurance (601336): Significant transformation effect In the first year, premium growth rate was nearly 20%

The company released the first quarter of 2019 report, the company achieved net profit attributable to mother 33.

70,000 yuan, an increase of 29 in ten years.

1%; gradually the original insurance premium income was 431.

700 million, an annual increase of 9.

5%; new premiums increased rapidly, and the first-year premiums for long-term insurance in 2019Q1 reached 71.

60,000 yuan, an increase of 18 in ten years.

0%.

The growth of net profit is affected by the investment end and compensation expenses: 1) The company achieved net profit attributable to mothers in Q1 201933.

70,000 yuan, an increase of 29 in ten years.

1%; the growth rate of net profit is lower than expected of the listed peers, and it is expected that the investment end income will be lower than the peers and the expenses of compensation payments will increase.

2019Q1 payouts increase by 68 each year.

6% to 210.

5 billion; 2) The company’s surrender rate in Q1 2019 decreased by 2 year-on-year.

5 up to 0.

6%, benefiting from the transformation of the channel structure, the surrender costs of high-current-price products have been significantly reduced.

It is expected that in the first quarter of 2019, a new type of insurance industry will have a single transition industry, and the channel transformation strategy will have obvious effects: 1) The company’s original insurance premium income gradually increased to 431 in the first quarter.

7 ‰, an increase of 9 in ten years.

5%; the continuous inflow of renewal premiums brought about by the improvement of the product structure, and the pick-up of premium growth in the first year of long-term insurance are the primary reasons for premium growth.

2) The company continues to adhere to the transition strategy of reducing premiums and paying premiums. In Q1 2019, the premiums of premiums will decrease by 41 each year.

0%; 3) It is expected that the growth rate of new individual insurance companies in 2019Q1 can be expected.

According to the company’s disclosed data, the first year of long-term insurance premiums in the first quarter of 2019 reached 71.

60,000 yuan, an increase of 18 in ten years.

0%.

Among them, one insurance channel has a long-term insurance premium of 55 in the first year.

20,000 yuan, an increase of 16 in ten years.

1%; premiums for the first year of long-term insurance from bancassurance channels reached 16.

40,000 yuan, an increase of 25 in ten years.

1%.

4) The company’s “mainly supplemented” health insurance product structure drives new single premium growth and growth in the industry, and cardio-cerebral-vascular supplementary insurance to meet the needs of various groups.

The performance of the investment side is inferior to that of its peers, and the floating profit is still to be fulfilled: 1) The annualized total investment yield in 2019Q1 is 4.

2%, zero for one year.

1 unit.

It is expected that the annualized total investment yield will be lower than that of listed peers; 2) The company’s equity assets in 2018 totaled 1,160.

600 million, accounting for 14.

3%, it is expected that the company’s equity assets can sell a relatively high proportion of financial assets.

The company’s other comprehensive income in Q1 2019 was 42.

40,000 yuan 上海夜网论坛 (2018Q1 is a floating loss of 8.

100 million), floating profit has not yet reflected in net profit. Risk reminders: The growth rate of insurance premiums for protection-type insurance products is lower than expected; the dual impact of market fluctuations on industry performance and estimates; and the uncertainty of insurance company investment caused by downward interest rates.

Investment suggestion The company deepens the health insurance business, drives the value of new business, and the agent team is stable. It is expected that the premium rhythm in 2019 will continue to be balanced.1.

4% / 3.

1% / 5.

1%, EV growth rate is 13 respectively.

5% / 13.

2% / 14.

7%.

The company’s overall 2019 PEV is 0.

94. Maintain the overweight rating.

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