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| 文件名: 20120117 China Insurance.pdf | |
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HSBC Global Research - China Insurance
Language: English Date: 17 January 2012 Page: 72 Executive summary 3 Life headwinds calming 3 Non-life profits on track 5 Regulator’s roadmap 6 Financial market gearing will dominate 7 Valuation and ratings 8 Life outlook 11 Operational turnaround 11 Wage inflation pressures 16 Surrenders are a risk 17 Non-life outlook 19 Profitable development to continue 19 Modest GPW growth 19 Combined ratio pressures 20 Investment income outlook is bleak 21 Non-life regulation is the big unknown 22 CIRC changing of guard 26 Changing of the guard 26 First official CIRC conference 27 What’s on the 5-year agenda? 28 Financial market gearing 37 Solvency squeeze 37 High equity market gearing 40 Large deal pipeline 41 China Pacific 42 Ping An 45 China Life 49 China Taiping 53 PICC P&C 56 Valuation changes 59 Disclosure appendix 65 Disclaimer 71 HSBC Global Research - European Insurance Language: English Date: 16 January 2012 Page: 84 Investment summary 3 Balance sheet strength 11 Structural growth 25 Earnings resilience 30 Valuation and rating 39 HSBC valuation methodology 78 Disclosure appendix 80 Disclaimer 83 |
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