In the industry a "return to security," the voice, the China Insurance Regulatory Commission is planning to amend premium income measurement methods, thus the development of the industry must have a correct guide.
There are sources, the China Insurance Regulatory Commission had planned from next year, will not even vote in insurance and risk everything in investment income is no longer part of the accounts included in the original insurance premium income, which the insurance industry "returning to protect the" institutional guarantee.
But in an interview with reporters investigation found that at present, the program does not promote optimism that next year the implementation of the plan is likely to be delayed.
Life insurance premiums or decline in the size of 1 / 4
"Enterprise Accounting Standards No. 25 - the original insurance contracts," in the insurance business, part of the insurance risk and other risks can be part of the distinction, and be able to separate the measures could be part of the insurance risk and the risk of other parts of the spin-off. Insurance risk, identified as the original insurance contracts; some of the other risks and uncertainties for the original insurance contracts.
In the absence of distinction between whether the "significant" risk, so the original insurance premium income almost cover all aspects of business income.
And if in accordance with international accounting standards, the existing premium income will be broken down into gross premium income and premium deposits in two parts, the method also confirmation of the premium will be major changes. Orient Securities analyst Wang Xiaogang told reporters insurance.
Even leaving the mainland accounting standards, the most critical approach, the premium on the international norms, the United States under the criteria and guidelines for Hong Kong are not the same, with the most stringent criteria of the United States.
Wang Xiaogang explained that the amendment, the premium income is calculated at a fixed ratio does not change, and according to each one-by-business analysis, according to one major risk insurance for confirmation.
International norms and guidelines of the United States has accordingly. Under normal circumstances, even for universal insurance risk and investment accounts can not be credited to the premium income. However, dividends in the risk premium on ways to measure income, there are some differences between the two criteria: international standards are basically the dividends credited to all the insurance premiums, and the guidelines for Hong Kong is to set aside part of the premiums for the deposit can not be credited to all.
However, informed sources said, although brewing for a long time, but what the future domestic premiums in the light of statistical methods to international accounting standards or U.S. accounting standards, or re-enact a new set of statistical methods, there is no conclusion.
A life insurance company estimated that if domestic premium adjustment formula, this year, according to China's life insurance premium structure, adjusted to reduce the life insurance premium income of at least 1 / 4.
This year's premium income "blowout" is an undisputed fact that in the years up to 60% growth rate over the past 10 years is the largest year-on-year increase in a year. Most of this growth depends on the dividend risk, risk everything to vote, and even the risk of growth.
To peak close to the July data, January to July this year, life insurance premiums in proportion to the risk dividend 50.3 percent, and universal insurance accounted for 21% of the investment risk is not even reach 7.5 percent. Universal insurance and even dangerous for both the total life insurance premiums account for a ratio of 28.5 percent.
In order to prevent the "ups and downs" in August this year, the China Insurance Regulatory Commission requiring the company to take measures to reduce investment growth rate of the industry to achieve a "soft landing." As a result, in the fourth quarter of this year, the proportion of business investment will decline.
As a result, even taking into account the investment risk and universal insurance premium income may decline factors, the aforementioned life insurance company estimated that, no matter how dangerous dividends, the statistical methods to adjust after the life insurance industry will be reduced by at least 1 / 4, the size of the premium.
Even so, this is still "a very good thing." Wang Xiaogang that, in addition to the side with international norms, on the other hand, after the adjustment calculation, measurement and objective evaluation of premium income, the real distinction between reasonable insurance business underwritten by business investment and savings ratio.
"More importantly, though insurance premiums will not be the only approach, because of changes in the insurance business only, to give up the savings business investment, but at least the industry can make the measurement, evaluation of the system become more scientific and rational, and Insurance return to the nature of security features to guide the formation of the right. "Wang said.
At the same time, the adjustment of statistical methods to promote China's insurance industry with international practice so as to avoid domestic and international norms of mutual confusion and reduce the company's operating costs so that control thought, and is conducive to the promotion of China's insurance industry "going out" , To enter the international rating system of great benefit to all. The aforementioned person in charge said.
Liability reserve re-evaluation
In August this year, the Ministry of Finance issued "Accounting Standards for Business Enterprises interpretation No. 2" (hereinafter referred to as "the" explanation ""), to speed up the premiums of the insurance industry to amend the process of statistical methods.
"Explanation" At the same time, to issue A shares and H shares of listed companies, for the same transaction, should be A shares and H shares in financial reporting using the same accounting policies and use the same accounting estimates are confirmed, measurement and reporting, may not In the A shares and H shares in the financial reports using different accounting treatment.
At present, China Life Insurance (601628.SH, 2628.HK) and China's Ping An (601,318, it shares) (601318.SH, 2318.HK) of the two insurance companies, as in Hong Kong and the Mainland market at the same time, they are adopting different Accounting standards, so every year the annual report, in accordance with the needs of different criteria were to prepare an annual report and the formation of different sets of financial data.
China Life to the Annual Report 2007, for example, the Mainland in accordance with the guidelines of its premium income to 191,372,000,000 yuan, representing a 29.9 percent growth in 2006, the net profit for the 28,116,000,000 yuan; Hong Kong accounting standards, insurance policies and premium income of its management fee Revenue for 111,886,000,000 yuan, up 12.5 percent, net profit amounted to 38,879,000,000 yuan.
The big difference at a glance.
China Life, a reporter insiders have confirmed that China Life has always insisted the risk to develop dividends, rather than risk everything to vote, and even dangerous, and are related to the accounting standards.
"As in the United States, Hong Kong and Shanghai listing in the three places, if not even vote, replace everything to occupy more than 60 percent of its profit-sharing insurance premiums, according to U.S. accounting standards calculated in terms of premium income will decline, thereby affecting The company's share price. "The source said.
Although the statistical methods to adjust the development of the industry will pose a healthy lead, but the "interpretation" of the implementation details were not disclosed, the statistical methods may require some time to adjust.
"The adjustment of accounting standards, will have a very complicated technical problem." Informed sources told reporters the foregoing, such as premium income to determine the responsibility of reserve assessment, deferred fees, commissions, management fees and deal with fixed The assessment of the assets will be affected.
Generally, premium income to determine the change, the responsibility of reserve assessment method should also be adjusted for, not only to make adjustments before and after the formation of the profits of big changes.
At any rate adjustment, or is there a difference between a profit. The report shows that in 2007, China Life under two different criteria for the difference between the net profit of billions.
Stearns insider foregoing statement, the international community the responsibility for the reserve adjustment is no uniform standard, and our country in the light of what kind of methods to carry out changes to the insurance company may bring different results, and thus affect the performance of the listed company's share price.
In addition, A shares in accordance with the requirements of insurance companies accounting standards will be the year of the commission, fees, management fees recognized as current profit and loss, while H shares are allowed to take the way of deferred year after year amortization. A financial insurance companies that, in accordance with the insurance companies in response to the objective laws of economic, H shares more scientific approach.
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