During the financial crisis, a number of international insurance giants suffered heavy losses, including foreign domestic life insurance companies with foreign shareholders. Although not directly related business, but foreign shareholders, the impact of foreign domestic life insurance ahead of time to feel the cold of winter. According to the statistics of the Shanghai Insurance Association of Life Insurance Business Express in October showed that 15 foreign investment in Shanghai's life insurance market share of 17.08 percent, fell nearly 13 percentage points.
At one time, foreign domestic life insurance companies with foreign shareholders have always admired illustrious background: many of the world's top 500 enterprise groups, and some or comprehensive financial group, has a wealth of products, services and market development experience. However, as an international financial crisis, foreign shareholders who are now emerging as the first foreign life insurance avoid the "minefield." Data show that in October, friends, Jinsheng, in conjunction Dean, Hai Kang, the Thai city, such as Chinese and Italian business down significantly, the company's foreign shareholders more or less going through the torment of the financial crisis.
Shareholders trapped weak performance
American International Group (AIG) over the last three quarters of a loss of 18,000,000,000 U.S. dollars, while the U.S. government to obtain loans through the bankruptcy crisis for the time being, but its business is still a huge financial crisis. It is worth noting that AIG is the dominoes began to fall: The United States Metropolitan Life statements for the third quarter showed an operating profit of the company 639,000,000 U.S. dollars, down 42% year-on-year; ING Group (ING) in the third quarter net loss of 478,000,000 euros, The Government of the Netherlands has its 100 million euro loan; Allianz Group of Germany in the third quarter of a loss of 2,000,000,000 euros the same period last year profit 1,900,000,000 euros.
Shanghai University of Finance and Economics Department of Insurance Zhong Ming said in an interview that the international financial crisis to allow foreign life insurance have a hard time in the past to talk about the advantages of foreign shareholders, but now it away. Not only affected the brand, and to some extent brought about a crisis of confidence, mistrust Guest increased foreign direct impact on the life insurance business.
AIA is the most affected. Although the surrender has long insisted that the problem is not serious, but in October the Shanghai branch or friends suffered negative growth in revenue Banking and Insurance embarrassing situation. From the beginning of August this year, AIA Shanghai Branch of Bank and Insurance revenue decline month by month, August, September and October of the Bank of income security are as follows: 2,405,000 yuan, 128,100 yuan, -7.38 million, the total premium The market share fell 1.7 percentage points.
In addition, from Shanghai in October in a single month's performance, in De-linked ring than the total premiums dropped 52%, 79% year-on-year decline; Hai Kang Life Ring decreased more than 80%, 94% year-on-year decline; Luen Thai city life than the ring 17%, 81% year-on-year decline.
Become weak drag Running
In fact, a large decline in the performance of foreign life insurance because of the relative to take a single channel and products --- even for silver + security model. However, foreign life insurance company's shareholders to poor run-in is the development of the company is a major weakness, the financial crisis broke out, but also Chinese and foreign shareholders to operating profit, and other differences, as well as whether the core issue surfaced.
In the industry have pointed out that a few years ago rush to get into the insurance industry's giant state-owned enterprises, joint ventures with foreign partners in the process of difficult to grasp the initiative in business and we must accept as long as seven or eight years to gradually phase of the loss of Health intended to retire. Airport in the capital city of China and the United States exited the market entirely, in conjunction Baokang, John Hancock Tianan, and other small companies have been seeking to shareholders.
In general, foreign life insurance will be the main risk control in areas such as product design and drawing foreign experiences, but as a foreign life insurance company vice president said frankly: "this is not practical significance, we compare ourselves with other companies, faced with Cruel test of survival. "The company's life insurance business are in charge of foreign designated by the vice president of the Chinese shareholders of staff, and in the actual business process, the deputy general manager of these are designated with foreign heads of departments Often in business strategy, business model and other issues arising from the conflict. PricewaterhouseCoopers released in September this year, "foreign insurance companies in China" survey shows that foreign shareholders of friction restricting the development of the first insurance joint venture, followed by the brain drain problem and product localization.
Zhong Ming pointed out that business to open up, more foreign investment by drawing on the life of the Chinese shareholders to expand resources, such as the large group of Italian life, such as single. It is also hoped that foreign shareholders of the insurance industry and non-state-owned large-scale enterprise groups to marry one of the reasons: the rapid occupation of the market, basic business, to reduce the cost of exhibition industry, China hopes to use a shareholder in the field of market power to operate. However, in today's international financial crisis, foreign shareholders of strength severely damaged, while foreign direct impact on the reputation of life, while a small impact on the future of life insurance to foreign investment and the continued support of the additional investment capacity, before the eyes of foreign life insurance " Powerful and advanced concept of "foreign shareholder, is gradually become a hot potato.
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