Industry analysts believe that the stock dropped to below 1,800 points, insurance funds to buy shares to reduce debt and return conservative has become a trend; in the rate cut cycle, insurance products to increase savings-traditional security products, but also as inevitable.
By shares by insurance-based financial stability
Before the bull market, the investment channels for insurance funds is limited to fixed deposits, bonds and a small number of securities investment funds. Now, with the index falling back to below 1,800 points, the orientation of investment of insurance funds are also beginning to return.
A comparison of the three major stock insurance companies and three semi-annual report of the Quarterly Bulletin, we can see that China Ping An, China Life Insurance and China Pacific Insurance's top 10 categories of rights and interests of the larger changes in the investment took place, to reduce the stock, fund holdings to raise bonds and Deposit ratio of investment to become consensus has been reached.
China Life in the Third Quarterly Bulletin of the top 10 list of Chong Canggu, CITIC Securities (600,030, it shares), Minsheng Bank (600,016, it shares), the Industrial and Commercial Bank (601,398, it shares), China Construction Bank (601,939, it shares), China Shenhua (601,088, it shares) and other "market" in the blue chips are still out, but the magnitude of the reduction was significant; Baosteel and the Bank of China (601988, the shares it) has disappeared, the remaining investment in Visa's 300 million shares have been All out. At the same time, increased investment in the fund, index funds showed keen interest in the former rights and interests of the 10 categories have been added to the investment Castrol 300, when Bo Yu Fu (market, the net, let Fund), easy to index up to 50 (Market, the net, let Fund), the Great Shanghai and Shenzhen 300 (prices, the net, let Fund) 4 Fund. In addition, time deposits, life insurance increased by 3 quarter 13,398,000,000 yuan, to 192,642,000,000 yuan, representing a 14.26 percent increase in the beginning.
In China, Ping Chong Canggu top 10, the Shanghai Pudong Development Bank by the end of June from the 279,000,000 shares to 124,000,000 shares at the same time the original SsgaCash-Fund, HSBCUSDL-Fund, JPMM-MKTFund and GoldmanUSDL-Fund, and other overseas Fortis was the sea Monetary Fund B, Hua Manulife (market, the net, let Fund), voted on Alpha, won Fund, Galaxy Silver-rich alternative to fund the domestic currency, and so on. To the trade, investment in Ping An Fortis loss situation, has become a conservative investment style. In time, new safety 10,624,000,000 yuan in the third quarter, has reached 59,802,000,000 yuan, representing a 43.30 percent increase in the beginning.
Taibao is also the case, the Industrial and Commercial Bank has been a reduction of 236 million shares, Panzhihua Steel Vanadium (000,629, it shares) has also been a significant reduction; in the fund, the Chinese 50ETF, voted on Alpha, Warburg advanced growth , The Chinese growth advantage (market, the net, let Fund), the rich-day value of benefits (price, net, let Fund), Anshun Fund (market, the net, let Fund) configuration, Taibao to show more "radical" strategy; However, Taibao "shares jumped raise debt," the basic principles have not changed, mainly to bonds held-to-maturity financial assets from the balance at the end of the second quarter rose to 62,400,000,000 yuan at the end of the third quarter of 67,200,000,000 yuan.
For the insurance industry to adjust investment structure, the industry believes that the investment will reduce the rights and interests of the future performance of insurance companies to provide support. Under the current circumstances, the insurance funds for stock option more cautious and therefore choose to invest in stocks or index funds to spread the risks.
Orient Securities analyst Wang Xiaogang believe that the future of the insurance funds will continue to increase the proportion of investment in debt and varieties, and will include increasing infrastructure investment in commercial real estate and other alternative investment input.
Main business risk robust alert surrender
Although the China Insurance Regulatory Commission in the first half of "too far" to take the silver business insurance regulatory measure, but three of the Quarterly Bulletin show that the main business of insurance has remained relatively stable growth. In the first three quarters of the three major insurance giant China Life, China Ping An, China Pacific Insurance total premium income 407,600,000,000 yuan, year-on-year growth rate of more than 30%.
China Life insurance revenue in September before 248,500,000,000 yuan, an increase of 56.7 percent. Zhou Jin, an analyst in the company of the view that in the first half of Banks and Insurance products in particular, the dividend risk a great role in promoting the sales, however, premium growth was mainly due to lower margins from the wholesale pay-silver products to promote security, life would be in the future Facing the business structure and the deterioration of the profitability of the product decreased the risk.
China Ping An Life Insurance business to achieve a total premium income of 78,448,000,000 yuan, up 31.4 percent; China Pacific Insurance Jan-Sept insurance business revenue amounted to 76,817,000,000 yuan, up 41.77 percent.
Ping An Bank as a result of the security intended to control the channels, and the Pacific Insurance has not been introduced, "even for risk" products, so in the future as a result of the Bank security control policies and surrender risk the possibility of a smaller impact. China Pacific Insurance also said that the relevant person in charge, with a view to pay Taibao in business, marketing channels and strengthen the management of the investment increase in the second half of the dividend payment period of insurance business will be relatively rapid growth of the business structure and quality will be improved.
Although the pre-Sept main insurance industry is still in reasonable shape, but the recent "vote even dangerous," surrender event has attracted the concern of the industry. With the fall of the capital markets, investment and insurance accounts deep down even more, arising from the phenomenon of surrender in Tianjin, Shandong and other places, a few small and medium-sized insurance companies suffered a focus of complaints and incidents surrender. In the recently held insurance analysis of the situation at the meeting, Chen Wu Dingfu, China's direct insurance risks of the three, one is "a high degree of vigilance and focus of attention due to the lack of insurance consumer confidence and sales of misleading and may lead to the surrender of non-normal risk. "
The media have recently reported that insurance regulators in the recently adopted plan to monitor the bank's network changes in the insurance business, related businesses such as the movement means to maintain operational security silver market order. And for some of the recent emergence of the vote even dangerous surrender, the company has been issued to "surrender on strengthening the management of the business." This industry analysis, the Bank of regulatory control of security operations will become more stringent in the future insurance premium income decline in the need to deal with the risk that the current operation to adjust the direction of the task is no time to lose.
Investment, insurance, "double return"
At the outbreak of the bull market, such as insurance funds into the stock market like a tide, the success of the insurance industry over the past year's achievements. The surge in investment income stimulated the insurance industry to the financial products close to investment-type insurance and stock, together with funds selling. In order to seize more market share, improve the billing rates, competition Bancassurance channel, the insurance industry there is a non-benign competition.
With the cooling of the capital markets, investment and even started to account for risk has shrunk dramatically, the decline in investment income also can not support the re-settlement of high interest rates, the insurance market instability began to emerge. Surrender, premium income volatility that may arise, lack of solvency of the insurance industry are challenged.
Central University of Finance and Economics professor Hao insurance has pointed out that the Soviet Union speech, with a conservative insurance funds, insurance products, the main function is to provide security risks. Over the past period of time, the insurance industry has deviated from its own development direction of the profits in the business model on the contractor ignored and only look for investment income. In the face of the current insurance industry, the insurance industry should be adjusted in a timely manner and return to the conservative and security.
Life of the Chinese official pointed out that the essence of insurance is risk management, in the course of business to business and investment, the size and strike a balance between effectiveness. Is not a financing tool for insurance products, insurance companies and banks can not function, the overlap of the Trust, the return of the current insurance industry is the main trend.
CIRC Chairman Wu Dingfu recent survey in Shanghai also pointed out that the management of the insurance industry has its own law of development, contrary to the law of development will be punished, not only will the company's sustained and stable operation of the larger risk, and may even affect the To the healthy development of the industry as a whole. The insurance industry to in-depth study of the objective law of development of the industry, in particular the law of profit cycles, and enhance profitability, go-round, coordinated and sustainable development.
A number of life insurance company also said that the future of the insurance industry is likely to shrink operations, stock control to adjust the scale of investment in products, protection of the traditional type of savings-type products will once again become the mainstream.
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