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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.目录1、我国保险市场：自建销售团队为
