金融行業(yè)：以泛華金控為例看中國保險(xiǎn)中介行業(yè)發(fā)展

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1、Overweight（Maintained）TheDevelopmentofChina’sInsuranceAgency:TakeFanhuaInc.asanExampleFinanceAnalystLowerProportionofInsuranceAgencyintheIndustry1/20/2019ZhangYidongDeputyHeadofResearchatIndustrialSecuritiesCo.Ltd.GeneralManagerofOverseasMarketRese

2、archCenterzhangyd@xyzq.com.cnSAC:S0190510110012SFC:BIS749ContactBoZhangzhangboyjs@xyzq.com.cnSAC:S0190117050055SFC:BMM189—IntheUS,professionalintermediarychannelwastheprimarychanneltosellinsurancepoliciestoindividual.In2015,theproportionofChina'spro

3、fessionalintermediarychannelwasonly7.0%.FanhuaIncTransformingtoLifeInsuranceAgency,OperatingProfitImproves—In2017,FanhuaInc.solditsoff-lineautomobileandinsurancebrokeragebusiness.AsofSeptember30,2018,thecompany'spropertyinsuranceagencyandlifeinsuranc

4、eagencybusinessaccountedfor9.0%and81.2%ofitsrevenueinthefirstthreequartersof2018.Duringthesameperiod,FanhuaInc.realizedacontinuousoperatingprofitof340millionRMB,YoYof62.3%;itsnetprofitwas500millionRMB,YoYof56.0%.Itsoperatingmarginreached13.2%,7percen

5、tshigherthanthatofthelastyear.—FanhuaInc.hasagencybusinesswithmorethan70insurancecompanies,includingHuaxiaLifeInsuranceCo.,Ltd,AeonLifeInsuranceCompany,Ltd.andTian'anLifeInsuranceCo.,Ltd.AsofSeptember30,2018,FanhuaInc.has716thousandagents,YoYof73.1%.

6、OurPerspective:China’sLifeInsuranceIndustryIsWorthyforStrategicAllocation—Formediumandsmallcapcompanies,tocooperatewithaprofessionalintermediarymaybebeneficialforitsavesthecompanythecosttotrainitsagents.Leadingcompanies,however,maycostlesstotrainthei

7、rownagentsratherthantopayanintermediary.—AsofJanuary18,2019,HongKonglistedinsurancecompanieshadanaveragePEVof0.92,whilemainlandinsurancecompanieshadanaveragePEVof0.72.China’slifeinsuranceindustryhascontrollablerisk,astablelong-termdevelopmentoutlook,

8、andisworthyforstrategicallocation.Potentialrisks:1).Fluctuationsincapitalmarketscausedbymacroeconomychange;2).Growthofpremiumincomefallbelowexpectation;3).PolicychangesinChina’sinsuranceindustry;4).Operationriskofinsurancecompanies.目錄1、我國保險(xiǎn)市場：自建銷售團(tuán)隊(duì)為