Blessing in disguise, how can we know the non-Fu.
Bancassurance channels by internal and external attack, is not all bad news.
In fact, for those in this field is not wading depth of people, such an environment may be a draw could be a great opportunity to the Board.
An example is the position of the dividend has been stuck Xinhua Life.
Dividends "to see" home
Xinhua in the dividends of Life, the reality probably means that no less than fish in the water.
Xinhua Life Insurance, and director of the Center for Strategic Sun Yuchun revealed that since 2008, the company's traditional business and personal insurance dividends proportion has remained at more than 92%. January to September this year, Xinhua Life Insurance premium income 44,600,000,000 yuan, "the premium is expected to exceed 50,000,000,000 yuan platform."
In fact, for more than a year even for the insurance, universal insurance "market", Xinhua Life Insurance, and also in some regional channels and pilot development, sales and risk even for universal insurance, but the latter two did not replace the dividends of charge Status, whether personal or marketing bancassurance channels.
Shanghai Insurance Association show that in 2008 January to September, Shanghai Xinhua Life insurance premium income dividend of 16 billion yuan, almost the peaceful life of the Shanghai branch tie, in the same period, its investment in Shanghai, even as insurance sales Zero, universal insurance premium income has more than 1,800,000,000 yuan.
On the contrary, its old rival Taikang Life looks even more dependent on investment risk, for example, its dividend in the same period of insurance and universal insurance premium income of 5-6 billion yuan, but the month's 1-9 vote not even close to the insurance premium income 1.4 billion or even more than safe life, even for Shanghai to become the boss doing my part (see Table 1).
In fact, because of the risk even vote on the near-absence, even for the most dangerous of the sales period, the Xinhua limelight by his opponent in one fell swoop Taikang Life overwhelmed.
However, in September, even for the Sword of Damocles effect has been shown in full. Shanghai Insurance Association statistics show that even the marketing of personal insurance and banking channels of the total increase, even for the performance platform from the previous several hundred million dollars to the sharp drop in the millions and even tens of millions of orders of magnitude.
The cast even the ancestor of domestic peace, which voted in September even less than the premium income of 50,000,000 yuan; Taikang Life in Shanghai, less than the same period 40,000,000 yuan, while its previous peak periods, has maintained for more than a month or so of 200,000,000 yuan Performance-day volume.
Access to Information shows that in September 2007 he had set Xinhua Life in Shanghai and other places pilot back on its old products for the "creation of some", but in the end due to various factors, even in Shanghai for almost unprecedented sales .
In addition, the problem for most of the almost foreign life insurance companies in the personal marketing channels problem, Xinhua seem closer to the dawn.
Shanghai Insurance Association statistics show that the Shanghai Branch of Xinhua Life insurance premium income of the new contract more than 100,000,000 yuan, approaching the Pacific (601,099, it shares) Life, Taikang Life several times, Taiping Life Insurance and Life and other life-funded companies .
In addition, the renewal of its insurance premium income of 8600 million yuan, which is twice or more (see table 2).
The sum insured dividends opportunities
In terms of investment-type insurance relative failure of the environment, traditional life insurance products seem to be a good tool for market launch.
However, the dividends in this area, life insurance companies have long fight for many years. Moreover, as scheduled by the same interest rate ceiling on the rate in the article did not do too much.
For example, we collected a number of different companies for life insurance products following table shows the rates, under the same conditions, the difference in rates is limited.
However, another obvious difference is that the industry is different from the usual cash bonus dividends, since 2001, Xinhua Life Insurance, in its various types of security products launched across the board on the sum insured way of dividend, so far nearly eight years. According to our statistics, at present, with China Life Insurance (601,628, it shares), Ping An Life and Pacific Life Insurance, represented the mainstream of life insurance companies for life insurance products are basically the use of cash dividends.
"It looks the way the dividend is different from the very beginning did not look obvious market appeal, but after several years of accumulated, the sum insured long-term dividends for life insurance products to enhance the level of protection the effect is quite obvious." Xinhua Life product marketing manager, said Liu Yanhui, "This is a matter of fact Xinhua dividends have been higher proportion of internal reasons."
An example is the 2003 introduction of a "blessing in the East China Sea as the" life for life, so far still is the agent of the sales channels of the "evergreen."
Its internal sources, the products derived from the sum insured dividends, as well as after its launch five years since the previous dividend distribution of the insured amount of the cumulative effect of making its life insurance and other industries with a cash dividend of the design phase for life insurance Than that with the clear market segmentation.
"For example, 'Fu in the East China Sea as' dividends this type of life insurance, the use of' the sum insured dividends' of the design of dividends, the effect of the policy is going through the longer, the higher the value of the overall implication." Xinhua Life Insurance Marketing Product Promotion Manager Liu Yanhui said.
A simple and intuitive example is the 2003 purchase, "blessing, such as the East China Sea," the 30-year-old male customer, the premium paid in 3400 yuan, 100,000 yuan sum insured, experienced in the 2003-2007 five year dividend for the year 2007, as well as two After the special dividend, the amount of capital from 100,000 to 106,000 early growth.
"The advantage of cash dividends each year get some dividends, the amount of dividends and capital, is the original can be used as cash dividends to the customer's funds to increase the sum insured customers." Liu Yanhui, "the latter has the advantage of Bulgaria increased by age and growing at the same pace, from the security point of view, is a better arrangement. "
"In the long run, security in the amount of dividends, the annual dividend is based on a sum insured is the basis of dividends, the dividend distribution to a high base, the level of security with the annual dividend to the cumulative form of compound interest, dividend and the end to supplement the actual Also played a certain extent, to combat the effects of inflation. "She said.
Another of its effect is due to the amount of dividends automatically increase the security protection of the amount actually from the customers usually need to increase security when the security of nuclear medical procedures to avoid age or physical changes caused by rising premiums practical problems.
Double bonus features
And not only differences in the way of dividends. In fact, in terms of universal insurance is in danger dividends, the so-called "double" is the concept of trafficking has been Xinhua.
As for general insurance dividends, according to the China Insurance Regulatory Commission, the relevant provisions of the insurance company takes in at the end of each fiscal year, the dividend will be allocated surplus risk of not less than 70% of the dividends allocated to the part of the insurance policy holder.
An American dividends general, is to spread, the difference costs, poor die poor to participate in the three dividend distribution, "Xinhua Life Insurance, he adopts the British way of dividends, insurance companies will actually have a surplus of all possible sources, with the exception of three poor outside For example, there is surrender, the time limit for applying for more than a surplus brought about by the participation of all dividends. "She said," is in fact expanded the sources of dividends. "
Its a direct manifestation of the so-called annual dividend beyond the end of the dividend distribution, "the annual dividend from the surplus could be allocated, and the dividend from the end of unallocated surplus. That is, the client surrender the policy or termination of the contract, the company will be At that time, the dividend rate allocated to the end customer, not the end of the distribution of dividends to 70% of the surplus. "
In fact, due to the two sources and the uncertainty of the dividend, corresponding to its investment strategy is also significant differences.
In accordance with the relevant provisions of China Insurance Regulatory Commission, the insurance product Dividend premium income investments, 85% of its configuration is a fixed-income products, such as government bonds, Jin Rongzhai such as bonds, as well as the large deposit agreement, only 15% can be invested in Fund or stock, and other types of assets, rights and interests.
"This fact is bound to have a dividend dangerous part of the annual dividend, the main consideration is to ensure that our customers a stable level of dividends, and should not fluctuate too much." She said.
On the other hand, to produce the above-mentioned provisions for the end of the dividend, is not binding, "this part of the capital, will conduct a large proportion of the rights and interests of the class of investment assets such as stocks and investment funds, and its purpose is to bear the risk of possible acquisition The higher end of the dividend. "
This also stems from the "end of the dividend is not guaranteed, clearing a year, the end of the dividend may be subject to wider fluctuations." She said.
However, due to the current almost all other life insurance companies are still using most of the cash by way of dividend, which resulted in the insured amount of the dividends of another embarrassing is that the amount of its annual dividend level of security, was unable to compete with similar products in the cash dividend to do visual contrast.
In this regard, a life insurance actuary, said the insured amount of the dividend corresponds to the level of cash dividends, in fact, dividends can be made according to the insured amount should be converted into cash value of the table over, but the regulator provides insurance product Dividend dividends do not need to disclose information Even if the result is a cash bonus dividend of products, the relative level of dividends is also a matter of fact there is no comparative information available.
However, he said, the actual level of dividends, over the past two years, due to the high return on investment, Xinhua Life Insurance, the first in the regular annual dividend will be distributed outside the special dividend, and other major life insurance companies and answered Action.
Among them, in 2007 as a result of two special dividend distribution, Xinhua Life Insurance, 2007 a total dividend funds up to 50 billion yuan, an increase in 2006 doubled its dividend level improved significantly.
However, life for life, its pricing is not around to open the final analysis, the current regulator does not exceed the maximum interest rate of 2.5 percent target limit, and did not even vote, and so is more similar to the "investment" type of insurance may be ultra-high profits Space to imagine.
"Life for life is the basic form of life insurance products, and most life insurance products in line with the characteristics of long-term value of the product, from a certain angle, is a special form of savings - savings for life." Liu Yanhui, "from the product On the form, and its short-term investment-type insurance are not comparable because of a focus on high-risk income, a focus on long-term stability of the security risk, this is a different concept. In fact, the amount of dividends to the capital, it is certainly not short-term , The huge profits, but to get long-term, stable returns and security. "
"There is no other financial institutions can provide such long-term savings products, is scheduled to present at the level of interest rates above the dividend is to a certain extent, enhance the value." She said.
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