In the turbulent financial crisis, overseas insurance giant non-stop from the decline in profit or loss, but the reporter has learned that the current joint venture insurance operation is still normal. The industry said that the joint venture investment in domestic insurance companies, the parent company will not be affected as a result of foreign insurance companies is more than one-quarter losses will not be temporary transfer of Chinese stake in a subsidiary of the incident. However, strengthening the monitoring of foreign shareholders to prevent the risk of cross-border transfer of the insurance industry is still an important task.
Reported a loss of foreign shareholders
In the turbulent financial crisis, the Allianz Group of Germany in the near future, ING Group (ING), as well as American International Group (AIG), and other foreign life insurance giant released third quarter financial results is not as optimistic as expected.
Sino-De-linked foreign shareholders - Allianz Group in the third quarter of a loss of 2,000,000,000 euros the same period last year profit 1,900,000,000 euros. Allianz chief financial officer HelmutPerlet said that if capital markets do not recover this year and next year the operating profit (except banking) is expected to achieve the goal of 9,000,000,000 euros has been very difficult.
Pacific-Aetna shares of ING Capital and ING Group, a sub-loan quagmire. Three reported in the third quarter due to a total of 1,510,000,000 euros of assets minus total, the group reported third-quarter deficit, which is ING since its inception in 1991 the first-quarter loss. In the insurance business, Europe's local insurance profit fell 72% to 101,000,000 euros, is also profits of insurance business in the Asia-Pacific region fell 87 percent, the Americas reported a loss of 214,000,000 euros.
MichelTilmant president of the group that asset prices in the fourth quarter also fell, while the weak economy is expected to make next year's performance is not optimistic. However, the Government of the Netherlands ING has a helping hand, in government capital injection 10,000,000,000 euros after its capital level, the rate rose to 8%.
Huatai Insurance major shareholder of U.S. ACE Insurance Group returned to profit in the third quarter, its third-quarter operating income and net profit respectively over the same period last year decreased by 27% and 92%. Net income per share from the same period of last year's 1.95 U.S. dollars to 0.16 U.S. dollars drop.
International Assurance Company, the parent company - American International Group (AIG) for the third consecutive loss in the fourth quarter of this year in the third quarter of a loss of 24,500,000,000 U.S. dollars the same period last year profit 3,090,000,000 U.S. dollars. The credit default swap business (CDS) quarter of the size of the write-down of assets over 7,000,000,000 U.S. dollars. Zaibaojukui AIG, the U.S. government and Federal Reserve rescue of its amount will be increased by 1,500 billion dollars.
However, Metropolitan Life of the United States and the United Kingdom Prudential is still optimistic about the situation three of the Quarterly Bulletin. U.S. city shows that three of the Quarterly Bulletin, in the third quarter, attributable to the realization of common stock shareholders Operating profit 639,000,000 U.S. dollars. Its insurance business revenue reached 8,600,000,000 U.S. dollars, up 16%. Investment, net of 485,000,000 U.S. dollars and credit-related losses and impairment, net realized investment (after tax) 456,000,000 U.S. dollars. The British Prudential Asset Management in the third quarter of the business has made more than 5,000,000,000 pounds of net cash inflows.
The joint venture is still a good performance
At present, 97 domestic insurance companies, 39 joint ventures and foreign-owned insurance companies. Compared to the financial crisis, the international life insurance parent company suffered a crisis of domestic joint venture is still a good performance. The reporter interviewed a number of joint venture insurance companies have said that the company is currently operating normally, there is no lay-offs and get the message, the operational side, to adjust their business structures, grain storage for the winter is the main task.
Guoxin Securities analyst Wu Jian-Gang, said the performance of the foreign parent company, a subsidiary of China's impact, because not directly related to the operation of the joint venture investment in China is concentrated.
Orient Securities analyst Wang Xiaogang believe that the Dutch ING, Allianz of Germany, the United Kingdom Prudential, and other institutions in the sub-loan crisis in less damage and loss is only a single quarter, the Pacific-Aetna, ING Capital, in conjunction Dean, Fidelity Life should be, and so is not affected.
This week a joint venture life insurance company set off a small round of the influx of capital-intensive, may also be carried out in support of its business is still on the right track. Pacific Antai Life Insurance, Prudential Life Insurance, Sun Life Everbright three companies to increase their capital to apply for the grant. However, the rate is not big, Pacific-Aetna Life Insurance 700,000,000 yuan from the capital to 800,000,000 yuan, Prudential Life Insurance 1,820,000,000 yuan change from the 19.8 billion yuan, Sun Life Everbright 900,000,000 yuan from 1.2 billion for the changes. And last week, the Sino-British Life and AXA Life Insurance has approved capital increase.
Life of the Sino-British official said that the current re-investment not only in line with the needs of business development, regulatory policy to meet the requirements but also to enhance the company's solvency and ability to cover. Prudential Life of a charge also indicated that capital to help further expand the business nationwide.
However, Wang Xiaogang said that the foreign shareholders due to the loss may be caused by domestic policy holders concerns, and in turn lead to surrender the premium growth slowdown.
With Skandia Life, Prudential Life Insurance and Life Assurance Company, as well as China and Italy, Jinsheng for Life on behalf of the joint venture life insurance company in China is even dangerous for the vanguard. In the long-term capital market downturn of the situation, such a joint venture life insurance company may be more concentrated and dangerous even for experienced surrender risk.
Wang Xiaogang believe that the financial crisis has brought a lot of uncertainty, the international insurance giant's performance will be difficult to avoid falling to affect the shares of insurance companies in China. "If a few consecutive quarter of losses, cash flow caused by tension, not rule out the possibility of foreign shareholders to sell their assets in China."
ING had previously to 600,000,000 U.S. dollars in Taiwan and its wholly-owned ING Capital Life to sell to Taiwan's Fubon Financial Holding of the local group. If a similar situation, a subsidiary bound to be solvent, the operation of the capacity of existing commitments, such as the ability to promote the business aspects, and even sales force will be turbulence.
However, the concern of the AIA insurance companies began to gradually clear stake in the issue, the development of the situation much better than expected. International Assurance Company and president of AIG Chi Mak, president of the Asia-Pacific region earlier letter said in a statement, AIG Assurance will remain in the majority of the shares at the same time seeking strategic investors to buy a minority stake in the introduction of one or more allies to ensure that a small number of investors have the ability to Growth in the future to play its full potential. In this week Assurance Company and China Children and Teenagers Fund to set up a common "love Assurance Fund" donation ceremony at the scene, AIA, president of China, Chen said he has a lot of bodies on the International Assurance equity interest in the show, looking for friends to the company Strategic business development and better investor.
To prevent the risk of cross-border transfer
Despite the current good situation in the insurance industry, hit by the financial crisis is not directly affected, but the insurance regulators will continue to risk prevention in an important position. CIRC Chairman Wu Dingfu as the number of domestic insurance industry out the alarm, "At present, the loan-to-time by the United States in the global financial crisis triggered by the turmoil of China's influence gradually. China's insurance industry must strengthen the global financial turmoil on the international and domestic insurance market to track the impact of Analysis of the study in a timely manner, effectively deal with. "
In the specific measures, the China Insurance Regulatory Commission to start industry-wide "blanket" thoroughly, including overseas investment of insurance companies to find out the situation and take timely measures to reduce losses, out of the foreign shareholders of foreign companies in the financial crisis affected , To assess its possible impact, and so on. To the trade, mainly to guard against foreign capital because of pressure from shareholders and cash flow pressure on the insurance companies for misappropriation of assets transferred.
Director of the Policy Research Office of the China Insurance Regulatory Commission Zhou Xu said that the current situation, the insurance industry has maintained a basically healthy and stable operation. But to guard against the slightest risk can not relax. The insurance industry cope with the changing situation at home and abroad, most important, most realistic problem is that the risk of surrender. China Insurance Regulatory Commission set up to guard against the risk of surrender a working group to focus on the establishment of the company, focusing on the region, focusing on insurance surrender of the system daily and monthly analysis of the system. At the same time, the China Insurance Regulatory Commission also asked the companies to monitor cash flow and pressure tests, according to test results extract cash in full preparation to maintain adequate cash flow to cope with the possible risk of surrender. In view of the surrender of some phenomenon is related to the root causes of the company's management, business development strategies, such as the existence of bias, the China Insurance Regulatory Commission decided to speed up the regulatory classification system. This year the company plans to complete the internal control and risk management integrated score to determine the risk rating company. Different level of risk, in terms of market access, product approval, the funds will enjoy the use of regulatory differences in policy, which aims to "limit Fuyou inferior" to improve the efficiency of regulation and eventually protect the public interest.
No comments:
Post a Comment