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Interface News Reporter | Miao Yiwei

Interface News Editor | Jiang Yiman

Recently, BYD Property & Casualty Insurance, which is wholly owned by BYD, the leader in new energy vehicles, handed in its first report card.

Interface News reporters learned that according to the second quarter solvency report just released, BYD Property & Casualty Insurance's total assets were 3.69 billion yuan, insurance business income was 67.26 million yuan, and net profit was 6.03 million yuan.

Specifically, in terms of insurance products, the company's average car insurance premium is currently 4,900 yuan, of which 100% are new car orders signed through direct sales channels. According to the above data, from the start of insurance in mid-May to the end of June, the insurance is limited to safety.Anhui, Jiangxi, ShaanxiUnder limited circumstances in areas such as China, BYD's auto insurance policies reached 13,700, with an average price of 4,900 yuan per policy, slightly higher than the average level of about 4,000 yuan per policy for my country's new energy auto insurance in 2023.

According to the results released by the State Financial Regulatory Administration, the company's comprehensive risk rating was Class B in the fourth quarter of 2023 and the first quarter of 2024, and the latest solvency ratio was 4617%. However, since the company will only officially start operating auto insurance business in May 2024, the comprehensive cost ratio and comprehensive compensation ratio are both negative and have no reference significance.

As my country's new energy vehicle insurance currently still has high premiums and high compensation, BYD, as a large manufacturing company with sales channel advantages and vehicle data advantages, is also highly expected by the market.

BYD Property & Casualty Insurance's official website shows that the company's positioning is to "become a leader in risk management in the new energy industry." Regarding new energy vehicle insurance, BYD Chairman Wang Chuanfu has publicly stated many times that BYD will enter the new energy vehicle insurance industry and will use its accumulated experience in technology, sales, and users to empower the new energy vehicle insurance industry in terms of cost savings and scientific claims settlement.

An auto insurance industry practitioner familiar with BYD Property & Casualty Insurance told Jiemian News that BYD's insurance sales still serve its main business of vehicle manufacturing, and can address some BYD car owners' concerns about high insurance prices. In addition, BYD Property & Casualty Insurance can also leverage the advantages of its parent company.Linked with the car owner's driving data, risk assessment and pricing can be performed more accurately.Providing a basis for personalized pricing of auto insurance。

However, he also said that since BYD's auto insurance has not yet established a proven claims underwriting model, its initial profits still cannot represent its true operating level, and its business expansion methods outside of its self-operated channels have not yet been established. Therefore, its true operating level remains to be observed.

Interface News reporters noticed that while new energy vehicle manufacturers such as BYD and Tesla are gradually entering the auto insurance market, my country's auto insurance market is also quietly changing, and new forces represented by Internet insurance companies are rapidly rising.

According to the data of the second quarter solvency report that has been released,In the first half of 2024, the auto insurance industry's premium income was 431.073 billion yuan, a year-on-year increase of 1.45%; it achieved an underwriting profit of 13.092 billion yuan, with an underwriting profit margin of 3.13%. 37 companies achieved underwriting profits and 29 companies suffered underwriting losses.

Among them, the "old three"PICC P&C, Ping An Property & Casualty Insurance, and CPIC P&C achieved auto insurance premium income of RMB 139.364 billion, RMB 104.824 billion, and RMB 52.167 billion, respectively, up 2.55%, 3.43%, and 2.76% year-on-year, respectively. The combined premiums of the three companies accounted for 68.75% of the total auto insurance premiums.，The share further expanded and the underwriting profit12.646 billion yuanThe total accounted for 96% of the industry. However, the auto insurance income of Huaan Property & Casualty Insurance, AXA Tianping, Changan Liability Insurance and other companies decreased year-on-year, with a decrease of 13.16%, 10.61% and 9.46% respectively.

In addition, the growth rate of Internet insurance companies in new energy vehicle underwriting should not be underestimated. According to Jiemian News reporters, the growth rate of auto insurance premiums of Ant Insurance, Taikang Online, and ZhongAn Online has exceeded double digits since the beginning of this year.