Market unpredictable, dangerous arena.
The storm not only the natural world, there are showers of human society, the insurer about Tengnue.
In the A-share market, 4 insurance companies have listed China Life Insurance (601,628, it shares) and the China People's Insurance is a spin-off listing of Ping An of China (601,318, it shares) and the China Pacific Insurance (601,601, and shares it) is as a whole Listing.
In August, the company announced 4 Center Daily News. Taibao is landing A shares by the end of 2007, Pacific Insurance is the first time in the capital markets appear soon catch up with a violent storm.
Overall contraction in full retreat. The personnel to do, listen to the mandate of heaven
In the first half of this year, insurance companies paid a total expenditure of 154,390,000,000 yuan, up 33.4 percent. South of frozen rain and snow disaster insurance payments more than 50 billion yuan, Wenchuan earthquake disaster payments have been 520,000,000 yuan. At the same time, in their own industry suffered a serious loss of 370,000,000 yuan, the insurance industry for earthquake-stricken area contribution 460,000,000 yuan. These payments are expected to total disaster more than 10,000,000,000 yuan
Natural disasters, the insurance industry to increase compensation
The rapid growth in life insurance has become a major bright spot
Freezing rain and snow disaster in the South and the "5 • 12" Wenchuan earthquake catastrophe in the foot to the heel.
Assistant to the chairman of the China Insurance Regulatory Commission, according to Yuan Li, in the first half of this year, insurance companies paid a total expenditure of 154,390,000,000 yuan, up 33.4 percent. South of frozen rain and snow disaster insurance payments more than 50 billion yuan, Wenchuan earthquake disaster payments have been 520,000,000 yuan. At the same time, in their own industry suffered a serious loss of 370,000,000 yuan, the insurance industry for earthquake-stricken area contribution 460,000,000 yuan. These payments are expected to total disaster more than 10,000,000,000 yuan.
Yuan Li said that the accident occurred after the disaster, according to the insurance contract claims, it is the bounden duty of insurance companies.
Insurance business still maintained a rapid development of the situation. In the first half of this year, the country achieve the original insurance premium income 561,800,000,000 yuan, up 51.1 percent. One Insurance business of the original insurance premium income 129,930,000,000 yuan, up 19.9 percent; life insurance business of the original insurance premium income 385,980,000,000 yuan, up 64.2 percent; health insurance business of the original insurance premium income of 35,020,000,000 yuan, an increase of 85.9 percent; personal accident insurance business of the original insurance premium income of 10,870,000,000 yuan, up 13.9 percent.
The rapid growth in life insurance business to become a major bright spot. The risk is indeed one of the channels on the progress made by members. In the first half of this year, Ping An agent of the expansion force of about 15,000 people, country life from the same period of last year's 630,000 to 676,000 people, Taibao unchanged. Members of the increase in the difficult environment, the three major life insurance companies to have such a performance is not easy.
States face life not look good
Aug. 25 at night, the Hong Kong Stock Exchange issued China Life's 2008 interim results. According to the Chinese mainland accounting standards, in the first half of 2008, China Life recorded a net profit of 10,772,000,000 yuan higher than the same period of last year's 36.16 percent decline 16,873,000,000 yuan, basic and diluted earnings per share fell to 0.38 yuan. Net assets per share 4.51 yuan, up 25.14 percent shrinkage.
As of June 30, 2008, the total assets of China Life to 963,983,000,000 yuan, by the end of 2007 than the 3.24 percent growth 933,704,000,000 yuan; investment assets 854,563,000,000 yuan, by the end of 2007 than the 0.51 percent growth 850,209,000,000 yuan; the rights and interests of the shareholders to 1667.38 Billion by the end of 2007 than the 18.86 percent lower 205,500,000,000 yuan.
In the first half of the original China Life Insurance premium income for 182,063,000,000 yuan, an increase of more than 50%. This is almost the same day China Life Center Daily News the only bright spot.
However, industry analysis, though China Life Insurance premiums in the first half of the monthly year-on-year growth of more than 50% of Hong Kong in accordance with International Financial Reporting Standards, the actual premium will increase by only 24%, and the growth of the business pose a problem: most of the growth Since the low profit savings bank insurance products, from investment contract business, rather than the actual premium growth.
Business investment can not provide a high profit contribution will enable insurance companies to the capital markets to further increase the degree of dependence. As a result, business investment will increase the proportion of high risk insurance business. According to Hong Kong accounting standards under the Center Daily News revealed that a Chinese life insurance business in 96,500,000,000 yuan from the investment contract business income, insurance corporation also invested 15.5 billion business.
According to statistics of China Insurance Regulatory Commission, in 2006, 2007, China Life's market share has slipped to varying degrees, by the end of 2007, has been slightly lower than 40%.
Wenchuan earthquake on the compensation, Wan Feng, president of China Life is expected to involve about 16,000 people covered by insurance, related to the amount of compensation will be 400,000,000 yuan, better than expected before.
People's Insurance poured out his grievances
Aug. 19 Security Insurance Japanese semi-annual report released on the same day, the closing price was down 5.71 percent once again, to close at 3.8 Hong Kong dollars, a record low since 2007.
Earlier, Citigroup's August 8 release of the report, the China Insurance will be the target price of 6.93 Hong Kong dollar to substantially lower by 45.2 percent to 3.80 Hong Kong dollars, the maintenance of "selling" the same rating, Citigroup estimated that the year 2008, China Insurance per share A loss of 0.024 yuan, while its profit forecast this year to cut more than 1,000,000,000 yuan.
2008 People's Insurance Insurance Center Daily News show that the Chinese People's Insurance net loss in the first half of 292,000,000 yuan, lower year-on-year net profit of 109.2 percent. This is the People's Insurance since 2003 listed for the first time since a loss in the same period last year and the performance is 3,188,000,000 yuan of profits. Great performance is the main cause of the slip China People's Insurance "financial transactions of assets realized and unrealized net investment in" a substantial decrease in net income from investment in the first half of 2,836,000,000 yuan over the same period last year decreased to 668,000,000 yuan. In the first half of a loss of 0.026 yuan per share, and earnings per share in the first half of 2007 to 0.286 yuan.
Center Daily News show that the Chinese people to achieve security in the first half of turnover 58,970,000,000 yuan, representing a 19.2 percent increase over the same period last year. Is a major motor vehicle insurance sales increase over the last year 4,908,000,000 yuan, to increase the amount of contributions to the performance of 51.6 percent. However, overall auto insurance business growth is slowing down, only 14.2 percent increase over the same period last year. One commercial vehicle insurance to maintain a rapid growth momentum of development, growth reached 20.6 percent, but the risk paid by the strong downward effect on the growth rate of only 2.1 percent.
PICC Property Insurance's rate of pay be increased substantially. Have occurred in the first half of the net compensation 30,481,000,000 yuan more than the same period last year increased 37.4 percent, the payment rate of 75.9 percent. It should be noted that the sharp increase in payment rates led to the People's Insurance Composite Insurance costs from the same period last year increased 96.3 percent to 105.2 percent.
Enterprise property insurance is also a big loss. As the snow and ice in the first half of the disaster, the Insurance companies that have taken place up to 3,212,000,000 yuan in net claims, resulting in property insurance business Jukui 649,000,000 yuan, while profit for the same period last year 727,000,000 yuan.
PICC P %26amp; C market share for non-life insurance market of 43.3 percent, slightly lower than the 0.5 percent over the same period last year.
In addition, the insurance laws and regulations in accordance with requirements of the June 30, 2008, PICC Property Insurance need to maintain the minimum solvency for the amount of 12,404,000,000 yuan, PICC Property Insurance in the semi-annual report said: According to the provisions of the China Insurance Regulatory Commission calculated the actual payment The ability to limit 14,920,000,000 yuan, PICC Property Insurance solvency adequacy ratio for the amount of 120.3 percent, in a mid-range solvency levels, although still above the warning line of 100%, well below the 158 percent over the same period last year.
Ping is very tense
Safety net profit in the first half of 7,310,000,000 yuan, compared with the same period last year dropped 11.9 percent, of which belong to the shareholders of the parent company net profit was 71 billion, earnings per share to 0.97 yuan, compared to the same period in 2007, down 16.4 percent. Of which belong to the shareholders of the parent company's net assets 80,955,000,000 yuan, by the end of 2007 compared with the 24.5 percent decline 107,234,000,000 yuan, and net assets per share to 11.02 yuan.
In the various peace operations, only to keep up growth in life insurance, up into three. Although the country as Taibao life and the life insurance business growth rate of 50%, but this is the growth rate of three percent of the Ping Center Daily News ought to be the only bright spot, 85% of its profit contribution to support the peace Semi-Annual Report of the beam , For the life insurance group's profit contribution to peace than the same period last year from 58% to 85%.
The value is that the higher the value of the connotation of the first-year premium payment, an increase of 30% safe, 3 in the life insurance giant in the highest, 25.8 percent growth in the country life, Taibao growth of 17.4 percent.
Ping An Property insurance combined ratio and overall costs were significantly increased, the combined ratio rose to 61.1 percent from 69.6 percent, the cost of a comprehensive rate rose by 101.8 percent to 110.3 percent. Ping An Bank in 2008 net profit at the end of the mid-to 795,000,000 yuan, 26.80 percent year-on-year decline.
By the end of 2007, Ping An Life Insurance business with a market share of 16%, to June 31, 2008 decreased to 12.67 percent.
If people in the industry, in the first half of the capital market environment, can be safely even if there is such a good performance, "However, the safety of the Center Daily News seemed to hide a very important point, the stock market as a whole this year is not good, Not even vote on the insurance market, the emergence of a more universal surrender of a significant rate, peace it has not been reported to be reflected. "
According to the analysis of the Shanghai market this year, about 40 million surrender premium, dividends accounted for insurance payments of 57% of the surrender, and even dangerous for the simple surrender more than 8%, so that by life insurance accounts for peace Shanghai's life insurance market a quarter of a pro-rata basis, the amount of the surrender reached 1,000,000,000 yuan.
6 to the end, peace solvency ratio by the beginning of the year dropped to 2.88 times 1.21 times the amount of available capital 3,638,000,000 yuan.
Assumptions do not consider investing in floating surplus Fukui, the current balance of capital to support growth in the size of the premium the company 90,000,000,000 yuan; However, if the policy holders to consider dividends, interest rates, universal insurance settlement, as well as to maintain the investment potential loss of such factors as the size of the current capital Life insurance business has been significantly less.
Ping MA Mingzhe, chairman of response that the current peace solvency and capital adequacy ratio is still adequate in the short term the Group has sufficient capital to meet growth in demand for business subsidiary, for the time being no further financing plans.
Taibao proud
China Life net profit fell compared to 36.16 percent, the China People's Insurance 109.2% drop in net profit and China Ping An 11.9 percent drop in net profit, has always been seen as "conservative" in the Pacific (601,099, it shares) net profit for the first half of the insurance 5,512,000,000 yuan , Up 44.2 percent; Taibao investment income for the 14,673,000,000 yuan, up 5.3 percent.
In the first half, to achieve premium income Taibao 54,645,000,000 yuan, an increase of 45%. Among life insurance premium income 38,855,000,000 yuan, up 58.4 percent. Life insurance business profits 4,420,000,000 yuan, representing a 95.0 percent increase over the same period last year, accounting for the Group's total profit of 84.13 percent, the proportion than in the same period last year increased by 31 percentage points. The insurance business operating profit ratio of only 4% year-on-year drop of 38 percentage points.
Analysis of the view that the threat posed by Taibao life insurance, life insurance premium growth was primarily due to the Bank to pay insurance and wholesale business increased. The new security businesses, the payment period, up 17.4 percent to 3,280,000,000 yuan, 34.7 percent lower than last year's growth rate.
Taibao is indeed very "conservative." Last year, the insurance market for insurance even blowout, in the first half of this year, risk everything on fire, but have contracted by Taibao universal insurance business, and did not even set foot in cast-risk business, the main risk dividends. Taibao in the first half of traditional life insurance income 7.7 billion, representing a slight decrease over the same period last year; dividend-income business 15,914,000,000 yuan, representing a 81.0 percent increase over the same period last year; universal-insurance revenue 13,774,000,000 yuan, compared with the previous Year-on-year increase 116.7%; short-term accident and health insurance business income 1,467,000,000 yuan, representing a 11.8 percent increase over the same period last year. Compared with 2007, dividends accounted insurance business increased decreased proportion universal insurance business.
Taibao insurance continued to focus on improving the profitability of strong non-motor vehicle insurance products and short-term accident insurance premium scale, and is committed to improve the motor vehicle insurance, and other large-scale quality of the insurance business, premium income 15,765,000,000 yuan, Than the 20.2 percent increase over the same period last year, made a net profit of 257,000,000 yuan. The motor insurance premium income 10,688,000,000 yuan, representing a 19.0 percent increase over the same period last year; non-motor insurance premium income 4,374,000,000 yuan, representing a 22.7 percent increase over the same period last year; short-term accident and health insurance premium income 703,000,000 yuan, more 23.6 percent increase over the same period last year. Affected by disasters, some decline in underwriting profit, the rate of 108.5 percent the cost of comprehensive than the end of the year on an increase of 10 percentage points.
And other companies, as a result of natural disasters, Taibao compensation expenses also grew 122.2 percent, much higher than in 2007 and 2006, 31.9 percent and 21.9 percent.
China Pacific Insurance official said that at present, the middle class, life insurance company solvency adequacy ratio higher than 150 percent, to satisfy the requirements of the China Insurance Regulatory Commission.
Taibao the life insurance market share of 9.1 percent over 2007's level of 10.2 percent declined slightly, the industry ranked third; Insurance market share of 11.6 percent over 2007, up 0.45 percent, the second industry.
In the first half of 2008, insurance companies achieve earnings 64,870,000,000 yuan, to yield 2.41 percent, compared to the same period of last year's Super 137,400,000,000 yuan has shrunk by half
Capital market so that insurers face Green
Winding nightmare of the insurance industry
In the great bull market in 2007, the proceeds from the stock market once occupied the insurance proceeds with a total investment of 70 per cent. Since the October 2007 stock market to decline, the nightmare began winding of the insurance industry. Of course, other people also haunted.
In the first half of 2008, insurance companies achieve earnings 64,870,000,000 yuan, to yield 2.41 percent, compared to the same period of last year's Super 137,400,000,000 yuan has shrunk by half.
Topview According to statistics, in the first half of 2008, insurance funds from the A-share market withdrawal of about 33.9 billion. In the bond varieties, the insurance funds Zengcang 104,280,000,000 yuan.
Half a year, the insurance capital into the mountain city staged three major Siduchishui Tengnue. As by the end of June, insurance funds into bank deposits ratio of 25.8 percent, 53.6 percent for the bond market, securities investment funds for 6.9%, shares (equity) to 10.7 percent. Compared to the end of 2007, bank deposits are not a major change in the bond market rose sharply, from the end of 43% to 53.6%. The stock (equity) investment ratio by the end of last year's 17.65 percent down to 6 at the end of 10.7 percent.
Shou States want to float the release of surplus
It is clear that China Life's poor performance, is subject to a substantial investment in the stock market positions.
China Life self-help efforts. Center Daily News show that as at June 30 this year, China Life shares 68,747,000,000 yuan for investment, investment funds amounting to 44,380,000,000 yuan, and the data in the two December 31, 2007 and 125,349,000,000 yuan respectively 69,769,000,000 Yuan, the two together in the proportion of the total investment also declined by 22.95 percent to 13.25 percent. In response, China Life's investment in debt-asset investment accounted for by the end of 2007 the proportion of 52.13 percent to 58.59 percent, time deposits accounted for the investment of assets by the end of 2007 the proportion of 19.83 percent to 20.98 percent, the proportion of cash and cash equivalents 4.9%, 2% of the proportion of other investments.
China Life performance decline is mainly due to "changes in fair value gains and losses," subjects up to 7,766,000,000 yuan of losses, while the data for the same period last year profit 6,459,000,000 yuan. Center Daily News showed that as at June 30, China Life shares account for a net loss amounted to 338,000,000 yuan.
Even so, China Life is still cautious, not completely free floating surplus. China Life held for sale financial assets to book value 39,750,000,000 yuan, while the beginning than the book value 74,770,000,000 yuan has shrunk nearly by half, but still lower than its initial investment amount of 139 billion surplus floating, floating profit ratio As much as 54%.
Floating on the release of surplus, which is on the China Pacific Insurance and Ping An of China, they have had a relatively large Zhongcang Gu Jian Cang, China Ping An earnings release floating about 90 billion yuan, China Pacific Insurance released 4,000,000,000 yuan. China Pacific Insurance results of the floating surplus only 6.71 percent, while China Ping An even Fukui, the ratio of -18.96%.
China Life Insurance in the first half of this year, only to release floating around 2.4 billion surplus, in the first half of its net investment income of less than 10%. Jiancang in a timely manner due to the non-floating surplus has not been released, a direct drag in the first half of China Life net profit down 36% year-on-year. Uphold this long-term investment philosophy, in the end is Dayu, or wisdom, is not known at present.
Shou country prides itself on the success of the investment case is the VISA. In the second quarter of this year, the country has to reduce life VISA half of the investment, or 300 million shares. Statistics, as by the end of June, the country life is also holding 300 million VISA shares, book value 1,673,000,000 yuan, representing an initial investment of 9.2581 billion yuan appreciation of 81%.
In the allocation of investment assets, the country life, peace and Taibao have different preferences. In the first half of the country significantly increase the life of the bond investment, more inclined to peace in the stock market in its own operations, and the like are Taibao Fund is a closed-end funds in particular.
This produced a different result. Earnings per share, from country life in the same period of last year fell by 0.6 yuan to 0.38 yuan, Ping An was down from 1.16 yuan to 0.97 yuan, Taibao rose to 0.68 yuan from 0.72 yuan; net assets per share were also affected, the country life from 2007 6.02 yuan at the end of the 25.14% drop to 4.51 yuan for by the end of June, the safety declined 14.6 yuan from 24.5 percent to 11.02 yuan, 8.16 yuan from Taibao drop 20%, to 6.52 yuan.
For the second half of the situation, the vice president Liu Ting said that the number of times within a short period by the United States by the impact, A shares have a lot of uncertainty, but long-term view, the mainland's capital market will continue to improve. States in the second half of life to continue to increase investment in fixed-income investment products, in particular through debt programs to increase investment in infrastructure and increase private bonds in areas such as innovation.
People's Insurance market during the year uncertain
Investment income significantly dragged down the performance of the People's Insurance Insurance. China reported by the domestic A-share market lower shock impact of the transaction, as well as financial assets invested a substantial reduction in net income, as of the end of June 2008, PICC Property Insurance realized and unrealized investment and a net income of 668,000,000 yuan, more In 2007 in the first half of 2,836,000,000 yuan reduced 76%.
The weak Bureau, the People's Insurance Insurance in the structure of investment has also changed, one after another in the first half of the rights and interests of securities holdings, as of June 30, PICC Property Insurance rights and interests of holders of securities to 8,151,000,000 yuan more than the same period last year to reduce the More than half of the bond securities increased by about 5.5 billion.
Fortunately, people hold a half-dark of the pocketbook: rent.
2 years ago, PICC P %26amp; C as a whole spent 1.7 billion purchase of the Beijing International Trade Center Yintai Qiaoxinanjiao of Block B, the entire floor area of 78,000 square meters, to be available for leasing an area of 25,000 square meters.
Connected with the C Block office every day for 11 yuan per square meter, if all 25,000 square meters rented out, PICC Property Insurance will be up to a year on the rental income billion. In addition to the property, located across the People's Insurance Building, who is also the security and stability of the pocketbook.
Late last year, the People's Insurance Group announced as the 2008 Olympic Games sponsors, who will fight for security through the Olympic Games of the east, in time for the Olympic Games before the A-share listed.
February 14, the China Insurance Regulatory Commission approval of the People's Insurance Group raised a total of 10,000,000,000 yuan to apply for the Subordinated Debt, People's Insurance said that by raising the funds for supplementary capital for the return of A shares to pave the way to do a good job. Prior to that, in 2007 after a series of reforms, human security has been achieved by the Group's subsidiaries relative to the holding of holding an absolute change of Insurance, life insurance, health, and assets owned subsidiary of five main business ownership More than half of the meet for the overall restructuring to create the conditions for listing.
However, in March, the People's Insurance Group, Wu Yan, president of the National People's Congress to participate in the two People's Political Consultative Conference, told reporters that the People's Insurance listed specific time has not yet formally finalized.
With one variable.
It is estimated that the People's Insurance net profit margin averaged 8.9 percent, while its net profit of about 8,544,000,000 yuan, earnings should be between 20-35 times, plus 25% of the proportion of the issue, the People's Insurance Financing In the amount of 42,700,000,000 to 74,700,000,000 yuan, more than the figure has been listed on the country's life, safety and Taibao the amount of financing.
But do not give the insurance market faces. The beginning of the end of last year the global stock market crash, insurance stocks are doomed, PICC Property Insurance Hong Kong stock price on March 12 closing price of 7.98 Hong Kong dollars, with the October 8, 2007 the maximum price of 17.92 Hong Kong dollar has shrunk compared to the 70%. Even if security were just listed, the trend when the country can not go beyond the life and safety performance, but may not be able to avoid making the same Taibao after the stock market has shrunk all the way again.
Safe from radical to conservative
August 18, Ping An of China Center Daily News announced that Ping An A shares fell 4.35 percent, while 19 rose 2.60 percent, while 20 stocks peace ushered in a few months since the largest increase, A shares closed at 44.96 yuan, up 9.52%, H Shares rose 7.99 percent to close at 52.7 yuan.
The market believes that peace is subject to price volatility trends, the performance was not triggered by the announcement, the Center Daily News of the peace or in line with expectations.
In the capital markets, investment in peace by the end of 2007 surplus 19,892,000,000 yuan float, Fukui to 9,787,000,000 yuan. The total investment income 9,275,000,000 yuan for a total investment yield of 3.6 percent.
In addition, the U.S. sub-loan crisis, the huge investment in Ping An Fortis also suffered a substantial devaluation. Ping An initial investment of 23,838,000,000 yuan, currently Fukui has reached 10,524,000,000 yuan.
Ping An has said that in accordance with the holders of its long-term investment strategy and related accounting policies, not their impairment provision. As a result, this part of the loss does not take into account current profit and loss.
Damage to the stock market gains, a lot of money to be invested in bonds and fixed deposits. Ping An will be the proportion of equity investments decreased by 9.05 percent, at the same time, the proportion of bond investments from six months ago, soared 40.22 percent to 52.43 percent, while the proportion of deposits from 6.99 percent at the beginning of increased 11.06 percent. Safe from radical to conservative investments.
Taibao fund dividends Dafangguangcai
"Exceeded expectations." Taibao medium-term net profit 5,512,000,000 yuan, up 44.2 percent year-on-year. Among these, the investment income credit. Taibao realized investment gains in the first half of 16,325,000,000 yuan, representing growth of 21.6 percent over the same period last year, with a total investment return rate of 5.3 percent.
One of the mysteries of closed-end fund dividends, the dividends in the first half of Taibao Fund 6,825,000,000 yuan more than the same period last year, an increase of 105.4%.
There's another reason: high interest rate policy is not to assess a further decline in interest rates, and the light in the same period last year more than 1 to reserve 2,092,000,000 yuan; the size and double the level of interest rates drive fixed-income categories of investment income; trading companies account for assets Than the very low effective to prevent the change in fair value of the negative impact of a profit report.
Life in the country, peace and Pacific Insurance Company 3, Taibao the highest proportion of investment funds, 11% and 8% of the country for life, peace, only 3%. In the investment fund, closed-end funds of Taibao is also the highest proportion, 49% of the country life and safety were also only 8% and 3%.
Taibao constitute the investment income: Dividends Fund 41.81% proportion of income, the net sale of equity investments accounted 23.88 percent, 18.76 percent bond interest income proportion.
Center Daily News revealed that in the first half of Taibao to reduce the rights and interests of the asset allocation category, an increase of fixed-income investments such as bond-type assets, which shares by the end of last year's 12.1 percent down to 6.6 percent, the ratio of fund investments from 10.6% down to 6.9 %.
It is worth mentioning that the 10 Chong Canggu Taibao released by the end of last year, has more big shake-up. Daqin Railway (601,006, it shares), China Ping An, China National Petroleum (601,857, it shares), Bank of Communications (601,328, it shares), and so on do not have been the first top 10 list, and Haitong Securities (600,837, it shares), Industrial and Commercial Bank (601,398, it shares), the development of deep and Panzhihua Steel Vanadium (000,629, it shares) are still among the top 10 Chong Canggu.
Wu Dingfu said, "some of the premium income is still Baojian Ju Quiz and determine the local market, the concept and the idea must be abandoned. Insurance Regulatory Commission will take measures, such as in the embedded value of life insurance, premium and standard Internal management of the relevant provisions of the specific constraints on insurance companies to make products to protect fully the development. "
Monitoring the storm and the problems
Investment-insurance products, more than half of the growth
"The individual insurance companies with high returns as bait to attract investment-type insurance policy holders insurance, and it's no different from the Fund." Li Kemu Vice-Chairman of China Insurance Regulatory Commission on July 16 warned the insurance companies, it is necessary to prevent the investment of insurance Business brought about by rapid growth potential risks.
Statistics show that in January this year to June, investment products accounted for life insurance premium revenue 79% over the previous year to increase by 9 percentage points. Many investment-type insurance products, insurance premium income growth rate in more than 50%, and even some of the company's growth as high as 100%.
CIRC Chairman Wu Dingfu pointed out that the rapid development of business investment, to the insurance industry has brought a lot of adverse effects. First, the weakening of the insurance function is not conducive to the insurance industry to enhance economic and social development services. The second is easy to cause big ups and downs in business, so that the insurance assets and liabilities of the match more difficult, is not conducive to the sustainable development of the industry. Third, some of the charges and will return as the primary means of competition, the potential cost difference Licha Sun and the risk of loss. Fourth, misleading sales of more prominent issues, could trigger large-scale surrender risk.
"Some of the premium income is still Baojian Ju Quiz and determine the local market, the concept and the idea must be abandoned." Wu Dingfu said, "the China Insurance Regulatory Commission will take measures, such as in the embedded value of life insurance, security standards Internal management of the specific charges, as well as the relevant provisions of the constraints on insurance companies to make products to protect fully the development. "
Grasp is the top priority of payment crisis
2007 silver-scale security operations grew 50% over the same period last year, some of the capital has simply failed to keep up with the life insurance companies, faced with the added capital. Yuan Li, Assistant President of the China Insurance Regulatory Commission said that the solvency adequacy ratio is a reflection of insurance companies de facto capital adequacy of financial supervision and management indicators, similar to the commercial bank's capital adequacy ratio.
Yuan Li pointed out that the lack of solvency does not mean that insurance companies are insolvent, does not mean that insurance companies may go bankrupt. Solvency is a dynamic process of change, some insurance companies may be in the development process in a timely manner not to add capital, insurance regulatory authorities to take timely control measures, requiring the company to rapidly reform.
China Insurance Regulatory Commission requirements for adequate Ⅰ companies, that is sufficient solvency rate of 100% -150% of the insurance companies, it is necessary to strengthen the solvency situation of the trend forecast, when necessary may be required to submit implementation of prevention and lack of solvency Plan; for the rapid development of the stage appeared 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, Kuogu capital, and so on Subordinated Debt Issue Way 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, restrict dividends to shareholders, restrictions on executives pay To restrict the use of financial 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 efforts, particularly at the branches cash on Monitoring the 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.
Again in the land of the Group Insurance companies belong, because lack of solvency is limited size of the business.
A reduction of the China Insurance Regulatory Commission urged the rumors shares
Recession in the first half of the domestic capital market, insurance industry still has high-speed growth was primarily driven by insurance financial products. This insurance institutions to invest the ability to put high demands, through the capital markets in order to obtain high returns, a great risk, "the more money the more trouble."
Stock market risk arising from the increasing importance of the China Insurance Regulatory Commission, China Insurance Regulatory Commission official notice available on the website, said the China Insurance Regulatory Commission in August to November period of the insurance companies and insurance asset management company's insurance asset management on-site inspection And require insurance agencies in the Aug. 25 to report foreign exchange assets and the assets of the investment risk of self-examination report in the Aug. 31 report insurance asset management self-examination of the report.
The harsh attitude of the China Insurance Regulatory Commission, but also lead to market rumors, one of which is "the China Insurance Regulatory Commission urged the agency to reduce insurance A shares." China Insurance Regulatory Commission have denied: as a regulator, the China Insurance Regulatory Commission only for insurance companies to invest beyond the scope of investment and the investment ceiling regulation will not replace the insurance companies to make investment strategy. Insurance business as an independent market entities, will be based on assets and liabilities match the requirements of the decision-making autonomy, independence and self-investment risk, "the China Insurance Regulatory Commission has no authority to interfere and can not make any suggestion, let alone urged to reduce its A shares. "
Silver non-security business can not brake
Silver blow-led security operations throughout the life insurance premiums as a result of hyper growth, the Bank of security operations hidden behind the sharp increase in risk. There are insurance companies who pointed out that insurance companies paid to the agent bank fees have been rising about 2.5 percent to 3-5 percent, the Bank has increased the security agency business risks and costs of the new poor risk of loss, insurance companies in the Bank of security Almost no profits to speak of channels.
A life insurance company said that insurance business for a long time silver has been driven mainly by growth in insurance companies, banks, but also increase the internal driving force, in 2007 the fund has a large number of high sales revenue in the middle of this year to require insurance To make up the gap, many banks have stepped up efforts to encourage and evaluation.
Shanghai Bao Jianju data show that in the first half of Shanghai's insurance market on the dividend risk, investment risk even surrender surrender accounted for 50% and 15%. In Guangdong, surrender the amount of risk even for the same period last year increased by 182 percent. Ping An of China and surrender in the first half of the overall spending 6.84 billion, more than 15.6 percent increase over the same period last year, analysts believe the Bank is one of the reasons for Paul's surrender channels has increased.
In view of this, regulatory requirements in the rest of this year, 4 months, the Bank of security operations to the fast growth rate down. However, it is very difficult to stop.
"We can not have the networks do, may do well to take the risk of loss of channels, banks have begun to increase its assessment of various insurance companies, and its poor performance and may be eliminated, and get A network is difficult. "A life insurance company said.
It should be noted that a comparison is that in the first half of the company-owned life insurance premium income 458,221,000,000 yuan, up 69.25 percent, and foreign life insurance companies are slower, the premium income of 23,672,000,000 yuan, up by only 30%. This is different from last year's performance. In 2007, foreign life insurance premium income grew by 65% over the same period in the life insurance company's capital increase of just 20%.
In the first half of foreign life insurance companies in silver there is no lack of negative growth in the insurance business, such as the International Assurance Company Growth -40% growth in the United De -8.93%, China Merchants Bank and Insurance CIGNA's growth rate less than 10%. A foreign life insurance company executives said that capital markets will face a grim outlook for the signal already released, the wholesale insurance business to pay the Bank without a good return on investment as a support, the cost of removal is almost no profit after profits can be said to be Growing deficit, it is entirely contrary to the interests of investors, why should we do?
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