Following yesterday's China Pacific Insurance (601,601, the closing price of 11.35 yuan) in 2008 published three of the Quarterly Bulletin, Today, Ping An of China (601,318, it shares) (601,318, the closing price of 20.87 yuan) and China Life Insurance (601,628, it shares) (601,628, close Price of 19.17 yuan) have been also released three of the Quarterly Bulletin.
Involvement in the A-share market and external capital markets in the doldrums, in the third quarter of the three insurance portfolio investment showed a greater loss, which dragged down the company's overall performance. 7 September, the only country to achieve a life 2,339,000,000 yuan net profit, but more than the same period last year was also a decrease of 70.1 percent. Taibao peace and as a result of large impairment provision, leading to 7 to September performance 7,807,000,000 yuan and a loss of 1,636,000,000 yuan, while in the same period last year was 3,616,000,000 yuan and profit of 1,926 million.
Steady growth in premium income
The first three quarters of country life, safety and insurance revenue of Taibao 248,595,000,000 yuan, respectively, 99,408,000,000 yuan and 76,817,000,000 yuan; respectively year-on-year increase of 56.69%, 30.50% and 41.77%. And 7 to September, the three major insurance premium income rate of emergence of differentiation. In the third quarter of the country life, safety and the Pacific Insurance premium income of 66,532,000,000 yuan, 30,180,000,000 yuan and 22,172,000,000 yuan, an increase of 78.30%, 35.29% and 34.27%.
CICC Institute Zhou pointed out that the country's fastest growing life insurance premium and the reasons for its third quarter of last year related to a lower base. Country life insurance premium income in 2007 grew only 6.9 percent, well below the life insurance industry growth of 21.9 percent. In the first half of this year, the Bank of security product sales growth of the blow-out drive to become China Life premium income rose a major force. But at the same time, low-margin wholesale banks to pay insurance product sales also showed deterioration in the business structure and product profitability decline in risk.
On the other hand, safe in terms of premium income growth is more robust. Zhou believed that this peace and life insurance business of the Bank's intention to control. In particular, he pointed out that the safety insurance has been made much better than the industry's premium income growth. According to the three quarterly safety of the insurance business in the first three quarters to achieve a total premium income of 20,960,000,000 yuan, up 27.20 percent.
It is worth noting that in the first three quarters of this year, three insurance companies pay all expenses there have been a certain growth margin. Country life, peace, Taibao 1 to Sept. compensation expenses were 66,967,000,000 yuan, 26,074,000,000 yuan and 12,683,000,000 yuan, an increase of 13.96%, 48.83% and 98.03%.
Provision for impairment loss of a substantial investment
Although as early as in early October, will be released safely on three of the Quarterly Bulletin of the provision in the Fortis Group to invest 15.7 billion impairment of the announcement, but three from the Quarterly Bulletin, the country life and Taibao provision for impairment of investment is quite Amazing. In the first three quarters, the life, safety and the provision of Taibao asset impairment loss of the amount of 8,730,000,000 yuan respectively, 17,264,000,000 yuan and 3,602,000,000 yuan; 7 to September compared with the amount of the additional provision of 3,103,000,000 yuan, 15,725,000,000 yuan and 2,162,000,000 yuan.
Three peace in the Quarterly Bulletin of the Board pointed out that the group Fortis shares impairment loss would be the impact on the company's 2008 net profit of the biggest factors. Fortis Group of companies with a total investment cost of 23,874,000,000 yuan, in the Quarterly Bulletin of the three companies would have ended on September 30 changes in the market value of 18,611,000,000 yuan loss in 15.7 billion into a profit report identified impairment loss. As of 14:00 hours yesterday in Brussels, Fortis shares have fallen to 0.854 euros, peace 23,874,000,000 yuan investment only less than 10 billion yuan, a loss of more than 95%.
In the third quarter, the life and Taibao is to strengthen the Fund's investments. Sept. 30, country life hold a total of 5,067,000,000 were Castrol 300,20.69 million copies when Bo-off, easy to side 1,814,000,000 were up to 50 Index (price, net, let Fund) and the Shanghai and Shenzhen Dacheng 1,286,000,000 were 300 (prices, net The Fund now), but in the third quarter, their net worth following the market down together, which also resulted in a huge country life Fukui.
For other types of stock investment, the country life in the third quarter did not significantly reduce. In the third quarter of the market's sharp fall, country life portfolio has shrunk very serious.
As the country life will be included in the majority of investment securities available for sale financial assets, prepared in accordance with the accounting, investment accounting period of buoyant earnings and capital surplus Fukui will reflect the subject, resulting in Sept. 30, the country's capital of public life Product balance 97,369,000,000 yuan over the beginning of a significant decrease of 40.26 percent to 58,170,000,000 yuan.
Taibao and three of the Quarterly Bulletin, in the third quarter of the holdings of China Pacific Insurance 50ETF, voted on Alpha, the Chinese growth advantage (market, the net, let Fund), Anshun Fund (market, the net, let Fund) and China Unicom (600050 , It shares), a reduction of Panzhihua Steel Vanadium (000,629, it shares), the Bank of strong bonds A, the Chinese return (price, net, let Fund), an investment of the profits (market, the net, let Fund) and Hong bond funds.
Based on the insurance industry Guoxin Securities analyst Wu Jian-Gang calculation, the top 10 securities Taibao floating surplus by June 30 of 689,000,000 yuan fell to -8.63 billion.
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