Country life: to make steady advancement of overseas mergers and acquisitions
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 net profit affected by many factors
Not ideal but for as early as the expected profitability of, China Life Chairman Yang Chao said in the conference, as a result of the first half of the country in 2008 for the South experienced a disaster and frozen rain and snow "5.12" Wen chun large earthquakes, and are rarely seen in the second half of the international financial crisis, making the operation of the development of China Life is facing unprecedented challenges. As of the end of 2008, China Life Insurance to pay a total of 11.916 million yuan compensation snowstorm, earthquake to pay a total of about 153 million claims; At the same time, adjustment of monetary and credit policy, exchange rates, changes in interest rates, the cost of factor prices brought about by changes to their varying degrees 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 also introduced in 2008 a huge shock to international capital markets, China Life Insurance is not investment, and sub-loan crisis is directly related to the offshore bonds, equities and derivatives.
Modest financial endeavour 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 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 cited that in the overseas buying into, will dynamically impel ahead the sound of overseas amalgamations and acquisitions and equity investments. Prior to this, China Life Insurance has broadcast it was forsaking a tender for AIG assets in Asia, Yang Chao in response to a reporter's inquiry, said that overseas buying into is the buying into firm China Life Insurance main heading, stop the AIA (AIA), does not signify that overseas buying into is no longer China Life will do a good job in the household market on the cornerstone of an befitting buying into overseas. Has now built up many of buying into tasks, the ongoing study in depth. At the identical time, the recorded business China Life has yet to strategic investors, wanting to find symmetric Yang Chao worldwide strategic investors, but furthermore need time and careful.
Unexpected increase in premiums
Sharp drop compared to a profit of China Life in 2008 premium growth was unexpected, especially in the Bancassurance channel 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 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. - 21393
Decline in net profit affected by many factors
Not ideal but for as early as the expected profitability of, China Life Chairman Yang Chao said in the conference, as a result of the first half of the country in 2008 for the South experienced a disaster and frozen rain and snow "5.12" Wen chun large earthquakes, and are rarely seen in the second half of the international financial crisis, making the operation of the development of China Life is facing unprecedented challenges. As of the end of 2008, China Life Insurance to pay a total of 11.916 million yuan compensation snowstorm, earthquake to pay a total of about 153 million claims; At the same time, adjustment of monetary and credit policy, exchange rates, changes in interest rates, the cost of factor prices brought about by changes to their varying degrees 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 also introduced in 2008 a huge shock to international capital markets, China Life Insurance is not investment, and sub-loan crisis is directly related to the offshore bonds, equities and derivatives.
Modest financial endeavour 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 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 cited that in the overseas buying into, will dynamically impel ahead the sound of overseas amalgamations and acquisitions and equity investments. Prior to this, China Life Insurance has broadcast it was forsaking a tender for AIG assets in Asia, Yang Chao in response to a reporter's inquiry, said that overseas buying into is the buying into firm China Life Insurance main heading, stop the AIA (AIA), does not signify that overseas buying into is no longer China Life will do a good job in the household market on the cornerstone of an befitting buying into overseas. Has now built up many of buying into tasks, the ongoing study in depth. At the identical time, the recorded business China Life has yet to strategic investors, wanting to find symmetric Yang Chao worldwide strategic investors, but furthermore need time and careful.
Unexpected increase in premiums
Sharp drop compared to a profit of China Life in 2008 premium growth was unexpected, especially in the Bancassurance channel 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 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. - 21393
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