Insurance businesses in 2008 the first annual report issued yesterday, income has shrunk substantially. March 26, China Life was held in Beijing in 2008 the functioning outcomes of the annual seminar, in Hong Kong accounting standards-based presentation report displayed that as at December 31, 2008, China Life's total buying into earnings of 30.24 billion yuan more than 2007 was down 61.4 percent; snare earnings of 21.28 billion yuan, comprising a 45.3 per hundred down turn in 2007. Solvency in 2007 from 525% to 310%.
Decline in mesh yield changed by more elements
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 pointed down turn in solvency, vice leader of China Life Insurance Analysis Tak Liu sharp out that the deepness of capital markets directed to smaller buying into asset standards have fallen harshly identified and the fast development of the company's enterprise is the major cause for the down turn in solvency.
It was furthermore presented in 2008 a gigantic shock to worldwide capital markets, China Life Insurance is not buying into, and sub-loan urgent position is exactly associated to the offshore bonds, equities and derivatives.
Modest buying into in overseas
As can be seen from the report in 2008, China Life's investment portfolio has changed greatly, which claims investment accounts for 61.4% equity investment in 2007 from 23% to 8%. In the face of financial crisis, the country life in time to adjust the investment strategy. Germany, according to Liu, the 2008 increment of the main assets in fixed-income allocation of species, including infrastructure plans, such as claims, but also to honor some of the rights and interests of timely investment income category, but also cut interest rates before the increase of bank deposits and bond-type configuration. Nevertheless, the total investment income was only 3.4%, and in 2007 was as high as 10.24%.
Investment scheme for 2009, Liu said Germany would adhere to the fixed-income assets founded buying into scheme, at the identical time will more nearly oversee the administration of the new buying into passages open to find, for example buying into in infrastructure, invest in unsecured bonds, genuine land parcel buying into, personal equity buying into possibilities for the new configuration. "We will search a better grade of buying into earnings to make up for in 2009 will face force 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 referred that in the overseas financial endeavour, will energetically force frontwards the sound of overseas fusions and acquisitions and equity investments. Prior to this, China Life Insurance has advertised it was deserting a offer for AIG assets in Asia, Yang Chao in reply to a reporter's query, said that overseas financial endeavour is the financial endeavour firm China Life Insurance main purpose, cease the AIA (AIA), does not intend that overseas financial endeavour is no longer China Life will do a good job in the in the household market on the foundation of an advantageous financial endeavour overseas. Has now amassed many of financial endeavour ventures, the ongoing examine in depth. At the matching time, the registered financial gathering China Life has yet to strategic investors, promising to find symmetric Yang Chao global strategic investors, but in addition demand time and careful.
Unexpected advance 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 displays that in 2008 the initial protection agreement premiums of 295.579 billion yuan of earnings than the identical time span in 2007 increased 50.33%. "This development rate substantially exceeded the allowance of the Board of Directors handed out last year, the aim is 8% -10%." Chao said such development, mostly in the Banking and Insurance passages due to the whole market natural environment impact. He accepted that for such blended outcomes, because the most of income is shiny wholesale protection to pay, not solely in holding with the development scheme of China Life place, but can not stop the channel.
Therefore, China Life has been directed at in 2009 in rank to realise a flat scale of enterprise expansion, modification of enterprise structure, to guard against operational threats to tenacity business-oriented development strategy. Pay alertness to the enterprise to deduce long-term interval, risk-based enterprise, as well as private indemnity guidelines chiefly to pay the operational point in time dispersion. According to the briefing, the company's indemnity universal minimal moratorium on the sale in 2009, and the cast rudimentally did not even dangerous.
Decline in mesh yield changed by more elements
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 pointed down turn in solvency, vice leader of China Life Insurance Analysis Tak Liu sharp out that the deepness of capital markets directed to smaller buying into asset standards have fallen harshly identified and the fast development of the company's enterprise is the major cause for the down turn in solvency.
It was furthermore presented in 2008 a gigantic shock to worldwide capital markets, China Life Insurance is not buying into, and sub-loan urgent position is exactly associated to the offshore bonds, equities and derivatives.
Modest buying into in overseas
As can be seen from the report in 2008, China Life's investment portfolio has changed greatly, which claims investment accounts for 61.4% equity investment in 2007 from 23% to 8%. In the face of financial crisis, the country life in time to adjust the investment strategy. Germany, according to Liu, the 2008 increment of the main assets in fixed-income allocation of species, including infrastructure plans, such as claims, but also to honor some of the rights and interests of timely investment income category, but also cut interest rates before the increase of bank deposits and bond-type configuration. Nevertheless, the total investment income was only 3.4%, and in 2007 was as high as 10.24%.
Investment scheme for 2009, Liu said Germany would adhere to the fixed-income assets founded buying into scheme, at the identical time will more nearly oversee the administration of the new buying into passages open to find, for example buying into in infrastructure, invest in unsecured bonds, genuine land parcel buying into, personal equity buying into possibilities for the new configuration. "We will search a better grade of buying into earnings to make up for in 2009 will face force 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 referred that in the overseas financial endeavour, will energetically force frontwards the sound of overseas fusions and acquisitions and equity investments. Prior to this, China Life Insurance has advertised it was deserting a offer for AIG assets in Asia, Yang Chao in reply to a reporter's query, said that overseas financial endeavour is the financial endeavour firm China Life Insurance main purpose, cease the AIA (AIA), does not intend that overseas financial endeavour is no longer China Life will do a good job in the in the household market on the foundation of an advantageous financial endeavour overseas. Has now amassed many of financial endeavour ventures, the ongoing examine in depth. At the matching time, the registered financial gathering China Life has yet to strategic investors, promising to find symmetric Yang Chao global strategic investors, but in addition demand time and careful.
Unexpected advance 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 displays that in 2008 the initial protection agreement premiums of 295.579 billion yuan of earnings than the identical time span in 2007 increased 50.33%. "This development rate substantially exceeded the allowance of the Board of Directors handed out last year, the aim is 8% -10%." Chao said such development, mostly in the Banking and Insurance passages due to the whole market natural environment impact. He accepted that for such blended outcomes, because the most of income is shiny wholesale protection to pay, not solely in holding with the development scheme of China Life place, but can not stop the channel.
Therefore, China Life has been directed at in 2009 in rank to realise a flat scale of enterprise expansion, modification of enterprise structure, to guard against operational threats to tenacity business-oriented development strategy. Pay alertness to the enterprise to deduce long-term interval, risk-based enterprise, as well as private indemnity guidelines chiefly to pay the operational point in time dispersion. According to the briefing, the company's indemnity universal minimal moratorium on the sale in 2009, and the cast rudimentally did not even dangerous.
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