监狱兔1

监狱兔1

Safely give up the expansion of overseas financial crisis or by the insurance industry reshuffle

U.S. loan crisis meeting has evolved into a global financial crisis, domestic insurance industry is also deeply tired. October 8, the three major domestic insurance shares were down deep rate, China Life Insurance (601,628, it shares), China Ping (601,318 stock it) fell more than 9%.

In response, many in the industry and experts said that the financial crisis is also opportunity and a challenge, especially for market leaders, may be the first time the value of mergers and found time to pursue it. China's insurers "going out" strategy, should be more careful and pay attention to long-term gains.

Safely give up overseas expansion

Ping An of China recently announced that the company's decision to terminate its investment in Fortis Investment Management 50% stake in the agreement and intends to three 2008 Quarterly Bulletin of the Group of Fortis shares 15,700,000,000 yuan for investment impairment.

The industry said the investment would be offset by Fortis Jukui of peace in the first three quarters of profits and force the company to stop the overseas expansion plans. Give up the acquisition of Fortis Investment Management may be a positive act as a catalyst.

According to statistics, in 2007, Ping An of China net profit for the year 19,219,000,000 yuan. In the first half of this year, down by the capital markets, and other factors, Ping An of China in the first half net profit 7,310,000,000 yuan the same period last year dropped 12.2 percent. According to the Oriental Securities analyst basis, the three peace Quarterly Bulletin (in accordance with International Financial Reporting Standards) will be reported losses 2,000,000,000 yuan, basically the whole year in the vicinity of the break-even.

It is understood that by the end of November last year, Ping An average price of 19 euros per share to Fortis Investment Group; As of Oct. 3, Fortis shares for 5.41 euros. At present, China Ping An Fortis Group holding 4.99 percent stake in its investment Yi Suoshui more than 70%.

To the insurance industry or to re-shuffle

In addition to Ping An of China, other insurers have also been meeting U.S. loan crisis burn up. To China Life, for example, the New York-listed stock price has always been in the doldrums. Data shows that since October last year, so far, China Life's share price from the highest 106.63 U.S. dollars / share fell to 52.21 U.S. dollars / share (Oct. 3).

In a joint venture insurance companies, as foreign investment in this time of global credit crisis may be affected the extent of its direct impact on the conduct of business in China, will indirectly affect the whole Chinese insurance industry.

, A senior insurance industry analyst that the U.S. sub-loan crisis for the insurance industry in China is a huge test of China's insurance industry will face one of the industry, "shuffle", including foreign investment in the division of insurance, insurance agencies and so on, ranking May change.

The merger is also a good time

Zurich Financial Services Group of advisers member of the Investment Management also believes that the time of its loan crisis, was a very good investment opportunities through mergers and acquisitions will be able to further improve its market share.

There are also many domestic enterprises out of AIG previously favored an increase in the Hydrangea. It is reported that at present, including China Life, the strength of domestic and foreign financial and insurance institutions, to acquire all of AIG's insurance business showed a keen interest. AIG as a result of the Chinese people have property insurance Co., Ltd. 9.9% stake, is the People's Insurance Insurance of strategic investors. The People's Insurance Group life insurance business is in catching up and surpassing the current stage of development. As a result, there are rumors here that PICC shares of AIG's far more likely to be friendly.

In this regard, the Chinese People's Insurance Group President Wu Yan said on the 7th in Beijing, AIG recently regard to the People's Insurance will be given a clear statement, "Our attitude is that if they encountered difficulties, Baoding people will be saved shot."

Universal insurance settlement rate of collective investment diving face cross-examination (Summary)

Universal insurance settlement of the collective interest rates safe diving, Taikang their difficulties

(And the original hearing Financial)

Abstract: The China Insurance Regulatory Commission a piece of paper warning that universal insurance rates Biao World War brake abruptly. According to our statistics, 24 insurance companies, 14 companies on the settlement of the month interest rates were lowered, including Taikang Life, Taiping Life, and other pre-settlement high interest rates have been strong. The industry said, clearing the general interest rate cut, in addition to its own turbulent market conditions, a very important reason is that in mid-August the China Insurance Regulatory Commission held the "rectification". [Details]

(And the original hearing Financial)

Half of the 5.19 percent below the horizon and risk everything to face cross-examination of investment

(And the original hearing Financial)

Abstract: universal insurance, the real return on investment looks like a Box, unpredictable mystery. However, no nothing new under the sun. Despite, and even to vote, universal risk of actual investment earnings appears to be changing, however, by insurance companies to simplify the subject of investment for fixed-income category and the rights and interests of the two major categories, based on the principle of security by the end of the first, can still probably the Restricted View Truth investment income. [Details]

(And the original hearing Financial)

Skandia Life of offensive and defensive tactics for even playing the "universal card" selling

(And the original hearing Financial)

Abstract: In this bleak capital of the season, Skandia Life does not end the durability of its market since the second vote even loneliness, starting Wen Ying Rui won the election and the election of two five-year universal insurance products, Universal announced the formal accession to the World War risk insurance rates. The industry that universal insurance billing rate to some extent, is a marketing strategy, the launch of Skandia's products on time to raise interest rates is a reasonable settlement, but because of adverse market conditions, the settlement of interest rate products increased only 0.05 %. [Details]

(And the original hearing Financial)

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(And the original hearing Financial)

Paul Silver-year rate of 5.5 percent down safely behind universal insurance settlement rate

(And the original hearing Financial)

Qi lower insurance rates universal insurance settlement "hot money" via Hong Kong

(And the original hearing Financial)

Universal insurance rates lift the China Insurance Regulatory Commission diving silver collective security "purge" storm

(And the original hearing Financial)

Die Die stock market downturn over the new universal risk taking over the market lead

(And the original hearing Financial)

Universal insurance time bomb or not to allow insurance companies a sense of security

(And the original hearing Financial)

Universal insurance settlement rate fell Bank and Insurance premium growth rate in August to cool down

(And the original hearing Financial)

Paul Silver, "cool" end effect in September marked reduction in premium growth

"From August of the life insurance premium data, Jian Guanceng designed to regulate insurance business of Bank of cool action and tangible results can not be seen, once in September to operate the data released, the premium growth rate will be reduced rather Obviously. "Recently, the industry authorities told reporters that the upcoming January 2008 to September within the insurance industry, is expected to appear life insurance premium growth, especially in Bancassurance channels of premium growth slowed down significantly .

As a result of the capital market remains in the doldrums and the pattern of turbulence, investors in the "hedge" the role of psychological factors, the year in January to August of life insurance premiums, is still continuing since the first half of the high-growth. According to CIRC statistics show that by the end of August ended, the life insurance industry is still the same period last year premium income increased 66% more than in the first half of this year, with growth in life insurance premiums of more than 60% in July year-on-year growth rate of 66.7% no Letter; Bank and Insurance in July in which the premium channel revenue growth of 159.6 percent year-on-year, far more than the whole life insurance premiums of more than 66% increase; some of the life insurance business of the Bank Enterprise gone up by almost 200% year-on-year.

As an important behind-the-scenes "Pushing Hands" Bancassurance business, in August this year to become the natural life of the National Work Conference of the key objectives of regulation. The reason is that the Bank operational security "over the" Behind the life insurance industry has been cut-throat competition fees and new business profit margins decline, apparent pressure on the solvency and other issues.

Chen was assistant to the chairman of the China Insurance Regulatory Commission said at the meeting that the bank supervision department from the insurance to start as soon as possible to control the growth rate of life insurance business, concentrating on business restructuring, in order to avoid negative growth next year or so of ups and downs of low growth and achieve industry The "soft landing." As a result, the China Insurance Regulatory Commission put forward a clear channel for banks to lower the premium growth, lower interest rates and dividend rates universal insurance settlement to the long-term sustainable level, stringent control over non-payment of fees, and other specific requirements.

It is reported by the China Insurance Association of China in the second half of 2006 but has not released the implementation of the "banks, the postal insurance agent self-discipline" (referred to as "the" Convention ""), currently being re-presenting the "strict implementation of Security Bank of the insurance procedures The maximum rate of pay. " At present, China's insurance industry requirements of the National Association of provincial and municipal branch of the Revised Scheme as soon as possible, as soon as possible in order to promote the standardization work on the right track to enter the final of the insurance market in the formation of the main constraints.

Bancassurance channel for the insurance fee, "the Convention": ordinary dividends and the Type-co-existence in the mid-stream to pay life insurance products, 5-year and the following products must not exceed 2.5 percent of premiums, 5-10 years for the product 2.5% to 3%; 10-year and above the product must not exceed 3%. Universal-type products wholesale to pay no more than 3.2 percent; the following year and accident insurance premiums should not exceed 10%.

Analysts believe that this behavior is likely to be standardized in the short term impact on profits and on behalf of the Bank of silver-scale security operations, but the Bank of security fees once the reunification of the channel clear, as is currently the insurance industry and agencies of the bank channel, will realize that this is only Silver is a single security to reduce the business profits and therefore no longer simply hope through the sales agent of insurance products more access to the main business of higher profits, but this increased investment, more focus on the provision of professional insurance sales and Advisory services through the "big cake" to obtain the same profit; At the same time, this will help put an end to the new company, small companies just because of the size of the means to take unfair competition, insurance companies will be more focused on the Bank of security products and R %26amp; D Marketable.

Related statistics show that in the first 7 months the life insurance industry in the past 10 years to create the largest year-on-year increase in premium income Bancassurance channel up to 244,370,000,000 yuan, life insurance premium income accounted for nearly 50%. Insiders believe that, in accordance with the actual situation in China, Bank and Insurance premium income accounted control channels in less than one-third of the more reasonable.

7, 8 in life insurance premiums experienced high growth for the month, people have observed, many companies have lowered interest rates universal insurance settlement, some market players have made it clear that "to reduce premium growth."

"In our company, even for the current risk is basically a moratorium on the sale of the state, because no one is interested." Recently, a vote was not even pushing the Sino-foreign joint venture life insurance products company, told reporters the case, he said, the company According to the latest regulatory authorities have been requested, reduced universal insurance settlement rate, from 5.75% to the current 5.25 percent.

And even the risk for death compared to stagnant sales, universal insurance once this year due to high interest rates and settlement in the Bancassurance channel to play the leading role, but based on the capital markets to bear the risk and Jian Guanceng repeatedly prompted to give the background of the major risk after another rate cut Universal insurance billing rates, to "cool down."

National Day vacation after the first working day, more than the silver-life insurance companies, individual channels of universal insurance products, clearing further interest rate cut, most of them remain at 4-5 percent above the level between.

As far as the public Web site show that China Ruixiang Universal Life insurance settlement rate since January of this year jumped 5 percent to 3 month's 6.05 percent, down month by month the beginning of April, were 5.85%, 5% and 4.9%, 4.5 percent, the latest show of the settlement in September compared with 4.05 percent interest rate. In industry, China Life is an early settlement of interest rate risk will be a panacea for the reduction of the life insurance business, its current level of interest rates of 4.05 percent, compared with other major life insurance companies on the low side.

In fact, since one of the Quarterly Bulletin published since the market has been worried that the continued downturn in the capital market shocks the case, the universal insurance companies than the current investment rate of return of the settlement the long-term interest rates to maintain. The risk rate from the current operating level, universal insurance settlement of the reduction in interest rates and steps to reflect the different business strategies and product marketing strategies.

Part of the universal life insurance companies want to risk clearing interest rates remain at relatively balanced level, so as to avoid any major fluctuations in the affected policyholders and consumer confidence in the willingness to buy. If the Pacific (601,099, it shares) Life, Taikang Life, and so on, Taikang Life Bancassurance channel, "rest assured that financial management" universal settlement of interest rate risk, since January this year to July has been maintained at the level of 5.8 percent, in August down to 5.5 percent The latest display of the settlement in September for 5.25 percent interest rate.

To risk everything to fight product-based Ping An Life's long-term risk to a channel-oriented, silver and security operations at a relatively low proportion. In the two channels, Ping An Life has taken a different billing rate adjustment policies. In channels such as insurance, universal insurance settlement of its interest rates since January 1 this year is set at 5.25%, 3, 4 to 5.5 percent for the month, May to August has remained at 5.75 percent level in September down to just 5.5% On the contrary, Bank and Insurance channels recently released by the universal insurance settlement in September compared with 5.25 percent interest rate, which is lower than 000 channels of the risk level of interest rates, the industry is that this means that peace on the risk of reliance on more channels.

"Green in September grew 30 percent premium to a risk-based business to pay the long-term view, the current has not changed in the future will not change." Orient Securities analyst Wang Xiaogang, in its analysis of the report that Ping An Life insurance accounted still silver Is not high, so to avoid the "security of the large fluctuations in silver."

Cut: space spread compression rate of decline in investment income insurance

The People's Bank of China announced the decision to cut interest rates, the industry believes that the insurance industry's negative impact on the neutral side.

Bank channel short-term insurance products are the vast majority of the proceeds from the spread, and spread has been very limited. Insurance industry analyst at Everbright Securities Xiao Chao-hu of the view that interest rates will be room for further spread compression, insurance companies, investment earnings downward pressure.

Dividends in terms of risk, the investment bank focused on wholesale deposits and bonds, after the rate cut of the proceeds of these products will be lowered then. Insurance companies to lower investment income, dividends to policy holders will naturally be reduced, for long-term insurance policy holders, will be some impact, but the ultra-Hu Xiao also pointed out that "the cost of each insurance company On transfer to a clearing interest rates, dividends will not be released until one year risk, relatively speaking, the reaction was rather slow. "

On the other hand, must be accompanied by the clearing cut down interest rates, business costs. Since September, various insurance companies universal insurance billing rates have remained at a "down" state. Data show that in September, Ping Life insurance universal, the universal personal bank insurance settlement from the August rate of 5.50 percent fell to 5.25 percent, universal personal insurance settlement rate fell to 5.75 percent from 5.50 percent, Taikang Life's outstanding wealth and ease financial management Two powerful insurance settlement rate fell to 5.50 percent from September's 5.25 percent, to life and the lives of Life Kim Chi-hsin slam of the settlement rate in September has dropped to 5.20 percent.

Orient Securities analyst Wang Xiaogang insurance industry, said: "If the next two years Ruoshi pattern of the capital market is still difficult to change, together with the rate cut cycle, the settlement rate down to is not possible." At the same time, the bank will cut interest rates to lower sales of insurance policies Degree of difficulty, the premium will certainly increase.

Although the insurance industry's rate cut on the positive and negative impact on the basic balance, but the industry pointed out that in the near future due to insurance stocks is not optimistic about the trend, if the insurance rate of return on investment remains in the doldrums, the market will further decline in the performance of insurance companies have a concern.

Lower tax rates: the insurance industry profit margins squeezed down the risk of increased performance

Deposit and loan interest rates and lower interest exempt from the tax was announced, the industry believe that the rate cut is not an effective mitigation insurance policy of pressure on the cost of funds, and bond yields have dropped significantly, the insurance companies to reinvest the proceeds of the bond market and reducing their . "Lower tax rate" will lead to a future of the insurance industry profit margins were seriously squeezed, the risk of further decline in performance.

The cost of the policy is still severe pressure

Zhou Jin, an analyst in the company of the view that lower deposit and lending rates at the same time the abolition of interest tax, which is the first insurance company in terms of "asymmetric" rate cut. In the three-year time deposit rates remained at the adjusted 5.13 percent, while the five-year time deposit interest rates by 5.56 percent but rose to 5.58 percent, medium and long-term time deposit rate is actually far lower, so the cost of capital life insurance policies in force pressure Have not been effective mitigation.

For example, in August, has been in a high risk of the universal settlement began to cut interest rates. At present, published in September showed that universal insurance settlement rate, Ping An Life Insurance Personal Banking universal panacea and personal risk insurance settlement in a sharp decline in interest rates of 0.25 percentage points, Taikang universal insurance settlement rate from August's 5.50 percent down to 5.25 percent , Xinhua Life Insurance, remained at 5.20 percent. Nevertheless, the current universal insurance billing rates are still higher than bond yields, so omnipotent as insurance for insurance sales even after the boom of the most attractive insurance products, the profits of insurance companies to contribute little.

"Universal insurance settlement rate is currently close to the bottom, the company is unlikely in the current deposit interest rates continued to fall under the settlement rate, or premium income will be subject to greater impact." Director of an insurance company, said the use of funds. This means that insurance companies will continue to bear the heavy cost pressure on the policy financing.

However, the development of the insurance industry from the point of view, the cut would force insurance companies to adjust their business structures, the return of security features. Golden State Securities (600,109, it shares) Mao Wei, an analyst pointed out that this rate cut to make room for margin squeezing, Bank and Insurance sales channels for short-term financial products as a result of reliance on the "spread benefits," the biggest impact on the future focus on insurance sales To the protection of traditional products, because in addition to traditional insurance products to earn the "spread benefits", there are "bad death benefit" and "poor cost benefit."

Investment income poor profit margins squeezed

In the policy has not been cut costs and the decline in the background, the insurance investment income may have to cut interest rates fell and the insurance profit margins will be squeezed further.

Out of concern for the real economy, the stock market in the short term is difficult or good investment opportunities, access to investment income from insurance companies is unlikely. As early as in the first half of the insurance companies began to reduce the rights and interests of the ratio of investment to increase fixed-income asset allocation, insurance funds from the proceeds of the bond market access situation is also not optimistic.

Since August, the bond market Piaohong across the board, in mid-September to cut interest rates since the policy is to promote the bond market for some hot out of the market, the yield curve in the medium and long-term debt down in September by 40-60 basis points.

As the decline in bond yields, insurance companies, bond prices have been held by the "one rising in tandem." But the vote in the Securities analyst Xu insurance Shoude do not think this is a positive. According to his analysis, insurance companies, mainly from the bond allocation of assets and liabilities matching point of view, not to be trading opportunities, it has mainly taken the form of held-to-maturity, the bonds from the market price of Change. In addition, some bonds to be sold under the category of assets, but most of which are unlisted bonds, which can only be shared in accordance with the recorded value. As a result, the net assets of insurance companies will not cut interest rates and as a result of additional increases.

In addition, Zhou pointed out that each insurance company's assets for a long time period generally shorter than the balance for a long time period, the old debt due after the re-investment, as well as the additional premiums are faced with lower bond yields, bond investment Income has become more and more difficult to win. "Bond yields are expected to cut interest rates by supply and demand and the impact of the future may continue to decline, insurance companies, the future is difficult to obtain profits from the bond market."

"If the insurance rate of return on investment remains in the doldrums, the market's decline in the performance of insurance companies will be further exacerbated concerns." Director of the use of the above-mentioned insurance funds said.

Small and medium-sized business insurance premium growth slowed in August listed insurance rates squeezing profit

Statistics show that in August, Tai Hong, Xinhua, peace and people's livelihood, such as second-line life insurance companies have significantly slowed down its premium growth. And just down the implementation of the deposit interest rate and interest tax exempt, listed insurance company profit margins squeezed by the obvious.

"Jian Guanceng under the guidance of small and medium-sized business insurance premium growth in August in a marked slowdown." Everbright Securities researcher Xiao Chao-hu said.

Taiping, Taikang a total premium growth in August were 47%, 111% more than in July, a substantial decline. From a single month in August, Xinhua, Taikang, peace, the people's livelihood growth rate were 95%, 44%, 3% and 168%, respectively, than the decline in Central 33,38,69 and 122 percentage points.

July, Everbright Securities for the first time expressed worries about the future growth of the premium. And pointed out that in 2009 the industry premium income growth will be slowing down, even single-digit growth.

In July this year, investment-type insurance products, the rapid growth of abnormal, making the China Insurance Regulatory Commission to take emergency control combination of boxing, the Bank of security measures introduced to restrict the sale, including on-site inspection, such as window guidance. Combined with the adjustment of the capital market, making universal insurance billing rates have also appeared in a wave of a larger reduction, reduction of up to 200 basis points.

"August in the insurance industry to operate from several big lead, although small and medium-sized business insurance premium growth started to slow down, but the giants to use their strengths to maintain a channel of high-speed growth," said Xiao Chao-hu.

Premium income has been divided, small and medium-sized insurance companies noticeable slowdown in growth, premium income growth inflection point has surfaced.

"At the same time, lower deposit rates of interest exempt from tax, making the cut for life insurance companies, is a non-symmetrical rate cut, the cost of capital life insurance policies did not effectively alleviate the pressure. And the expected rate cut in the supply and demand forces Together, for the foreseeable future, bond yields rose significantly low, the life insurance company profit margins squeezed by the difficulties still grim in the form of "payment from the company's latest report showed.

CICC researcher Zhou said that the rate cut cycle in the first half of the real economy into a recession, life insurance companies do not have the structural investment opportunities.

In his view, the rate cut cycle focus on structural investment opportunities mainly in the final stage of the rate cut cycle, that is, the real economy is about to arrive at the bottom of the down-cycle; rate cut as an in-depth process, the policy makes the cost of capital to ease the pressure significantly; investment income The rate of a certain degree of upgrading. And the process will take time.

The current market for life insurance companies in gold is given "neutral" rating.