Country life: to make steady advancement of overseas mergers and acquisitions

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 mesh yield changed by more elements

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 spiky descent in solvency, vice head of China Life Insurance Analysis Tak Liu incisive out that the extent down of capital markets commanded to worse financial endeavour asset ideals have declined stridently acknowledged and the quick development of the company’s enterprise is the principle justification for the descent 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 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 approach for 2009, Liu said Germany would adhere to the fixed-income assets supported financial endeavour approach, at the matching time will more intimately organize the organisation of the new financial endeavour paths open to find, for instance financial endeavour in infrastructure, invest in unsecured bonds, actual property area financial endeavour, confidential equity financial endeavour chances for the new configuration. “We will look for a better stage of financial endeavour wages to make up for in 2009 will face insist on profits.”

Tak Liu told reporters that China Life would seize the new “Insurance Law” to broaden investment channels of insurance companies this beneficial opportunity, especially for real estate investment and infrastructure investment 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 boost 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 aimed at in 2009 in alignment to accomplish a glossy scale of enterprise development, change of enterprise structure, to guard against operational dangers to determination business-oriented development strategy. Pay vigilance to the enterprise to evolve long-term time span, risk-based enterprise, as well as individual protection principles mostly to pay the operational stage dispersion. According to the briefing, the company’s protection universal rudimentary moratorium on the sale in 2009, and the cast fundamentally did not even dangerous.

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