Lex专栏：走传统路线的平安保险脱颖而出

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.

中国保险监管机构今年一直在将好的保险公司与坏的和极坏的保险公司分开。平安(Ping An)是前者中的一流枪手。该集团成员因不愿发行期限短、年收益率高达5%-6%的所谓“万能险”产品而脱颖而出。而安邦(Anbang)等更依赖万能险产品保费收入的保险公司，也是更可能大肆进行海外交易的公司，而这两点都是中国政府不喜欢的。

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.

平安在上海和香港两地上市，拥有1500亿美元市值，标普全球(S&P Global)的数据显示，它在2015年是中国第二大寿险公司，其毛保费收入占到市场15%的份额。每股收益在过去5年每年增长23%。本月，得益于较好的资本状况，平安将股息提高了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.

平安并非所有的业务都一样盈利。寿险业务在最近一个季度贡献了一半的利润。财产和意外险贡献的利润比例下降。平安旗下的P2P贷款平台陆金所(Lufax)估值185亿美元，在今年才实现盈利。其银行子公司的半年税后净利润同比仅增长了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.

对高风险的短期保险产品的打压帮助了更为传统的公司。中国的寿险毛保费收入一年增长高达30%，一定程度上就是受到这些高风险产品的推动。即便如此，中国依然保险不足。增长放缓将让平安和保守的保险公司有机会赢得市场份额。平安有更多的代理人员，今年增加了逾四分之一。每个代理人的毛保费增长了31%。好的技术应该会降低成本。

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.

平安股价与其精算的内含价值相比有30%的溢价，而竞争对手平均折价10%。在与其特立独行的竞争对手的“枪战”中，平安正在成为赢家。