After years of fight, day by eating the property insurance industry in the last big disaster frequent in 2008 was a ray of the cold.
In recent days, 20, including a major Chinese financial Chanxiangongsi in the first half of 2008 operating data in the document Chanxiangongsi financial sector strategy will stop spreading. The 20 companies in mainland China currently operating 44 Chanxiangongsi fiscal occupy more than 97% market share.
According to the reporters part of the relevant insurance companies to verify the above-mentioned documents referred to in the data without a finalized, but in fact very close to the level. If all of this, these companies are in the first half of 2008, total losses over 15,000,000,000 yuan. One of the Chinese insurance joint with the earth's net assets is even negative.
Comprehensive cost more than the rate of 100%
In recent years, with the white-hot competition in the market, the Chinese property insurance industry pricing and gradually lower the rate. For a meal of the day by the industry, the weather of the year for the operation and will not be exposed.
However, it took place in February 2008 in the South and the snow disaster in May of Wenchuan earthquake, the property insurance industry has become a collective bad. The emergence of these two disasters, the entire property insurance industry had to swallow the bitter fruits of the early price war.
A few months ago, according to a reporter's visit to a major fiscal Chanxiangongsi the person in charge, in 2008 China will become the property insurance industry's biggest ever be an acid test.
Newspaper reporter obtained the information, in the first half of 2008, the property insurance market recorded an underwriting loss of the collective. With the rate of pay rose 70%, industry-wide cost of a comprehensive rate exceeded 100%.
In this interval of time, not only has an underwriting loss of the past often referred to by the market regulator's commercial auto insurance in the field of non-marine insurance, accident insurance two conventional health insurance benefits also increased competition with no major disasters An underwriting profit.
Among them, the risk of non-payment of water rates as high as 90% more than the cost of a comprehensive rate as high as 130 percent, is the highest in the first half of the insurance. Health and accident insurance costs of the integrated rate of more than 100%.
In the field of non-marine insurance, as disasters, People's Insurance, Pacific Insurance, Ping An of the three giants of the payment rate has reached near 100%.
To be able to continue to bring fiscal Chanxiangongsi underwriting profit to pay only the strong and dangerous marine insurance (comprehensive cost rates were 92% and 70%). However, even in the field of marine insurance, the life Insurance Wing and the payment rate is still more than 100%.
Motor vehicle insurance in the industry still accounted for in a pivotal position in 20 companies overall 132,000,000,000 yuan of premium income, strong cross-risk auto insurance business and the share of 23% and 48% of the total as high as 71%.
For most of the newly established insurance companies in the near term, auto insurance is still early to seize market share of the weapon, complete with the exception of auto insurance so the balance of auto insurance, an insurance-day, the life Insurance, Wing On insurance, state insurance, Bohai five insurance companies still in the vehicle insurance accounted for more than 80 per cent. Vehicle insurance accounted for only less than 60 percent of Huaan with both China and Thailand in recent years, specializing in financial management of insurance companies.
The different types of structures, as a direct result of the company as well as a comprehensive cost-rate payment rate. Vehicle Insurance higher proportion in recent years, large-scale expansion of the Chinese joint, the National Insurance and life balance of payments in the first half of auto insurance rates were more than 75 percent, far exceeding the industry standard.
It is worth mentioning that the country life Insurance, the payment rate is high, the cost of its rate level as a result of big-scale business expansion but have not yet been well controlled, up to 75%. This also led to the company's comprehensive cost of auto insurance rates as high as 170 percent or so, the highly competitive field of higher auto insurance business.
Even while the overall industry profits to pay the strong risk, there are still 8 suffered an underwriting loss of the company, the National Insurance life 138 percent of the cost of a comprehensive rate is still the industry's highest value.
During the start-up high-cost access to business by the way, almost in recent years has become the main domestic emerging markets quickly to seize market share in the only way. Compared to the same period last year, the National Insurance life soon after the establishment of the financial Chanxiangongsi in the first half of 2008 recorded an astonishing 8275 percent year-on-year increase premiums, and won 1.8 percent market share, its total capital 2,461,000,000 yuan Fee income has leapt up into the top ten industries.
In the first half of 2008, and the National Insurance picked up the pace of life there are the Bank of insurance, insurance in the Bohai Sea, the state has an insurance and insurance, and its 99% -683% year-on-year premiums far higher than the same growth rate is only two percent of the The average industry growth rate, but the cost of an integrated, without exception, the rate is high.
Nine companies to increase the line of fire
Compared to 20 or 30 at every turn the long-term life insurance policy, the insurance contract period of the fiscal year was not much profit transfers Chanxiangongsi wrist.
In the first half of 2008, capital markets and downs, first joined the stock market in the near future financial Chanxiangongsi not only in the underwriting profit of background, experience the pain of misfortunes never come singly.
As an investment target of the match, despite the national debt and the debt rate as the index of the last round of rate hikes were up 2.29 percent and 4.20 percent, but is reflected in the financial Chanxiangongsi financial statements, is the investment of assets shrink dramatically.
Documents referred to in the preceding 20 companies, only changes in fair value of a profit and loss, Fukui will be up to a total of 4.5 billion, the data with an underwriting loss of 8.0 billion in the same order of magnitude.
The subjects, and the land of the People's Insurance giant lost the most, namely 2,000,000,000 yuan and 10 billion; China and Thailand, Cheonan, Taibao will record a positive.
Documents show that in accordance with the underwriting profits and changes in fair value gains, investment income, capital surplus changes add up to four subjects, and less new equity premium manner, taking into account the depreciation of the assets for sale, the company's 20 Actual losses have been as high as 15.3 billion.
According to the data, corresponding to the same period, the total share capital in 20 companies in 17 earnings per share (EPS) is negative, which Huaan, the earth and a loss of up to the Chinese joint, earnings per share were -2.35 yuan -- -0.71 Yuan and 0.78 yuan.
At a time when earnings per share recorded in the three companies, two (China and Thailand and Tianan) through the first half of 2008 to complete the act of capital.
The insurance industry is often a need for operating profit for several years before the industry, the huge pre-investment, shareholders are required to cast a large sum of money, the insurance market in the near future with both the deterioration of the investment market, but also makes financial Chanxiangongsi enhanced Kim's desire for equity.
According to statistics reporter, in the first half of 2008 when the property insurance market to increase active period, the life Insurance, Bank of China Insurance, Pacific Insurance, Wing, Cheonan, state, bring peace and stability, balance, such as China and Thailand 9 by the company Capital, the cumulative increase in the share capital of 10,238,000,000 yuan, the total share capital of 36,012,000,000 yuan from the beginning of the year increased to 46,251,000,000 yuan. Has been approved by the issuance of Taibao price for 2 yuan per share, Wing per share to 1.46 yuan, the National Insurance and life insurance of the Bank of China were 1 yuan and 1 Hong Kong dollars.
To Wing On, for example, Wing On this wave of capital cases fairly representative.
February 25, 2008, the China Insurance Regulatory Commission to change the registered capital of Wing On insurance for the approval of 1,663,200,000 yuan. The original shareholders and new shareholders a total of 1,336,200,000 yuan for capital injection.
Prior to that, subject to changes in accounting standards and other factors, up to one-time reserve of 881,000,000 yuan into the reasons for Jukui Wing. According to the company in 2007 at the end of the 3 unaudited data, the total assets of 25.6 billion and liabilities 3,230,000,000 yuan and net assets of about -6.7 billion, net assets per share -2.16 yuan, the main business revenue 39.9 Billion, operating profit 128,250,000 yuan of investment, the actual loss of 903,000,000 yuan.
According to these statistics, the injection of fresh blood, even though the first half of 2008, Wing once again recorded a loss of 0.08 yuan per share, but its net assets per share reached 1.06 yuan.
In fact, by the end of 2008, 6 of this paper document statistics, the need to increase property insurance companies and seems to be more than a few above.
In 20 companies, with the exception of China and Thailand and Hua's net assets per share were up to 2.75 yuan and 2.73 yuan, as well as the Big Three market and the Wing, there were 12 companies in net assets per share between 0-1 million . The Chinese joint land and the number is more negative net assets.
According to the same period of business data, or as a result of negative net assets of the two pre-expansion has been fierce in the first half of 2008, a marked slowdown in the pace of business. One of China's joint market share from the same period of last year's 9.6 percent decline to 8.1 percent, 4.7 percent down to earth from 4.0 percent.
The resulting lack of solvency problems, the China Insurance Regulatory Commission has to take action. The latter in late July of the National Work Conference on Insurance Supervision announced, "According to preliminary estimates show that as at the end of in June 2008, the solvency of the insurance company for less than 12, the beginning of this year increased 2, in which individual companies serious solvency Inadequate. "
In the same month, the China Insurance Regulatory Commission to the Department of insurance made a big underground "on the practical situation to improve the solvency of the notice" letter, the company Zhejiang, Shanghai, Jiangsu, Jiangxi, and other five provinces, cities and non-auto insurance business was ordered to Halt.
In the above-mentioned meeting, the China Insurance Regulatory Commission said that the rapid development stage in the emergence of less solvent companies, it is necessary to urge the company to limit the size of the business, reinsurance strengthen and optimize the structure of the business, and other measures to improve the solvency, as well as through the listing by Kuogu funding, such as Subordinated Debt issued to raise capital to ease the pressure on under-solvency; improving solvency is not actively taking inadequate measures, resulting in lack of long-term solvency of the company, to take operational restrictions, restrictions on branch-based grant, restrictions Dividends to shareholders, restrictions on executives pay, restrictions on the use of funding channels, adjust the head and managers, etc., ordered to take effective measures to improve the solvency; solvency for the serious impact of even less than the normal operation of the company, it is necessary to step up monitoring , And in particular strengthen the monitoring of branch cash flow, as well as the rate of implementation of the authenticity of the data and the supervision and inspection; on the individual's cash flow difficulties, it is necessary to formulate plans for the disposal of the risks, to take timely measures to deal with.
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