Insurance financial gatherings in 2008 the first annual report liberated yesterday, profits has shrunk substantially. March 26, China Life was held in Beijing in 2008 the running effects of the annual group debate, in Hong Kong accounting standards-based recital report presented that as at December 31, 2008, China Life's total financial endeavour wages of 30.24 billion yuan more than 2007 was down 61.4 percent; mesh yield of 21.28 billion yuan, exemplifying a 45.3 out of 100 descent in 2007. Solvency in 2007 from 525% to 310%.
Decline in net profit affected by many factors
Not perfect but for as early as the anticipated profitability of, China Life Chairman Yang Chao said in the seminar, as a outcome of the first half of the homeland in 2008 for the South skilled a catastrophe and iced rainfall and snowfall "5.12" Wen chun large earthquakes, and are seldom glimpsed in the second half of the worldwide economic urgent position, making the procedure of the development of China Life is opposite unprecedented challenges. As of the end of 2008, China Life Insurance to pay a total of 11.916 million yuan reimbursement snowstorm, earthquake to pay a total of about 153 million claims; At the identical time, change of monetary and borrowing principle, exchange rates, alterations in interest rates, the cost of component charges conveyed about by alterations to their varying qualifications of impact.
As for the sharp decline in solvency, vice president of China Life Insurance Analysis Tak Liu pointed out that the depth of capital markets led to lower investment asset values have dropped sharply recognized and the rapid development of the company's business is the main reason for the decline in solvency.
It was in addition ushered in in 2008 a immense shock to global capital markets, China Life Insurance is not financial endeavour, and sub-loan critical purpose is right away connected to the offshore bonds, equities and derivatives.
Modest investment in overseas
As can be observed from the report in 2008, China Life's financial endeavour portfolio has modified highly, which allegations financial endeavour statements for 61.4% equity financial endeavour in 2007 from 23% to 8%. In the face of fiscal critical purpose, the nation life in time to acclimatise the financial endeavour strategy. Germany, as showed by Liu, the 2008 increment of the principle assets in fixed-income portion of species, embracing infrastructure strategies, for instance allegations, but in addition to award some of the privileges and welfare of timely financial endeavour wages group, but in addition slice interest rates before the advance of bank bank deposits and bond-type configuration. Nevertheless, the total financial endeavour wages was only 3.4%, and in 2007 was as high as 10.24%.
Investment strategy for 2009, Liu said Germany would adhere to the fixed-income assets based investment strategy, at the same time will more closely supervise the management of the new investment channels open to find, such as investment in infrastructure, invest in unsecured bonds, real estate investment, private equity investment opportunities for the new configuration. "We will seek a better level of investment income to make up for in 2009 will face pressure on profits."
Tak Liu notified reporters that China Life would grab the new "Insurance Law" to expand buying into passages of protection businesses this beneficial opening, particularly for genuine land parcel buying into and infrastructure buying into is very welcome.
The report mentioned that in the overseas investment, will actively push forward the sound of overseas mergers and acquisitions and equity investments. Prior to this, China Life Insurance has announced it was abandoning a bid for AIG assets in Asia, Yang Chao in answer to a reporter's question, said that overseas investment is the investment firm China Life Insurance direction, give up the AIA (AIA), does not mean that overseas investment is no longer China Life will do a good job in the domestic market on the basis of an appropriate investment overseas. Has now accumulated a lot of investment projects, the ongoing research in depth. At the same time, the listed company China Life has yet to strategic investors, hoping to find symmetric Yang Chao international strategic investors, but also require time and careful.
Unexpected boost in premiums
Sharp fall contrasted to a earnings of China Life in 2008 premium development was unforeseen, particularly in the Bancassurance conduit growth.
The report shows that in 2008 the original insurance contract premiums of 295.579 billion yuan of income than the same period in 2007 grew 50.33%. "This growth rate greatly exceeded the budget of the Board of Directors issued last year, the goal is 8% -10%." Chao said such growth, mainly in the Banking and Insurance channels due to the entire market environment impact. He admitted that for such mixed results, because the majority of revenue is silver wholesale insurance to pay, not entirely in keeping with the development strategy of China Life position, but can not give up the channel.
Therefore, China Life has been targeted in 2009 in order to achieve a smooth scale of business growth, adjustment of business structure, to guard against operational risks to resolve business-oriented development strategy. Pay attention to the business to develop long-term period, risk-based business, as well as personal insurance policies mainly to pay the operational phase dispersion. According to the briefing, the company's insurance universal basic moratorium on the sale in 2009, and the cast basically did not even dangerous.
Decline in net profit affected by many factors
Not perfect but for as early as the anticipated profitability of, China Life Chairman Yang Chao said in the seminar, as a outcome of the first half of the homeland in 2008 for the South skilled a catastrophe and iced rainfall and snowfall "5.12" Wen chun large earthquakes, and are seldom glimpsed in the second half of the worldwide economic urgent position, making the procedure of the development of China Life is opposite unprecedented challenges. As of the end of 2008, China Life Insurance to pay a total of 11.916 million yuan reimbursement snowstorm, earthquake to pay a total of about 153 million claims; At the identical time, change of monetary and borrowing principle, exchange rates, alterations in interest rates, the cost of component charges conveyed about by alterations to their varying qualifications of impact.
As for the sharp decline in solvency, vice president of China Life Insurance Analysis Tak Liu pointed out that the depth of capital markets led to lower investment asset values have dropped sharply recognized and the rapid development of the company's business is the main reason for the decline in solvency.
It was in addition ushered in in 2008 a immense shock to global capital markets, China Life Insurance is not financial endeavour, and sub-loan critical purpose is right away connected to the offshore bonds, equities and derivatives.
Modest investment in overseas
As can be observed from the report in 2008, China Life's financial endeavour portfolio has modified highly, which allegations financial endeavour statements for 61.4% equity financial endeavour in 2007 from 23% to 8%. In the face of fiscal critical purpose, the nation life in time to acclimatise the financial endeavour strategy. Germany, as showed by Liu, the 2008 increment of the principle assets in fixed-income portion of species, embracing infrastructure strategies, for instance allegations, but in addition to award some of the privileges and welfare of timely financial endeavour wages group, but in addition slice interest rates before the advance of bank bank deposits and bond-type configuration. Nevertheless, the total financial endeavour wages was only 3.4%, and in 2007 was as high as 10.24%.
Investment strategy for 2009, Liu said Germany would adhere to the fixed-income assets based investment strategy, at the same time will more closely supervise the management of the new investment channels open to find, such as investment in infrastructure, invest in unsecured bonds, real estate investment, private equity investment opportunities for the new configuration. "We will seek a better level of investment income to make up for in 2009 will face pressure on profits."
Tak Liu notified reporters that China Life would grab the new "Insurance Law" to expand buying into passages of protection businesses this beneficial opening, particularly for genuine land parcel buying into and infrastructure buying into is very welcome.
The report mentioned that in the overseas investment, will actively push forward the sound of overseas mergers and acquisitions and equity investments. Prior to this, China Life Insurance has announced it was abandoning a bid for AIG assets in Asia, Yang Chao in answer to a reporter's question, said that overseas investment is the investment firm China Life Insurance direction, give up the AIA (AIA), does not mean that overseas investment is no longer China Life will do a good job in the domestic market on the basis of an appropriate investment overseas. Has now accumulated a lot of investment projects, the ongoing research in depth. At the same time, the listed company China Life has yet to strategic investors, hoping to find symmetric Yang Chao international strategic investors, but also require time and careful.
Unexpected boost in premiums
Sharp fall contrasted to a earnings of China Life in 2008 premium development was unforeseen, particularly in the Bancassurance conduit growth.
The report shows that in 2008 the original insurance contract premiums of 295.579 billion yuan of income than the same period in 2007 grew 50.33%. "This growth rate greatly exceeded the budget of the Board of Directors issued last year, the goal is 8% -10%." Chao said such growth, mainly in the Banking and Insurance channels due to the entire market environment impact. He admitted that for such mixed results, because the majority of revenue is silver wholesale insurance to pay, not entirely in keeping with the development strategy of China Life position, but can not give up the channel.
Therefore, China Life has been targeted in 2009 in order to achieve a smooth scale of business growth, adjustment of business structure, to guard against operational risks to resolve business-oriented development strategy. Pay attention to the business to develop long-term period, risk-based business, as well as personal insurance policies mainly to pay the operational phase dispersion. According to the briefing, the company's insurance universal basic moratorium on the sale in 2009, and the cast basically did not even dangerous.
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