分享：摩根大通China Insurance Sector:Easy money has been made_20100621

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      【出版时间及名称】：China Insurance Sector:Easy money has been made _2010-6-21
      【作者】：Bao Ling Chan
      【文件格式】：PDF
      【页数】：P109
      Table of Contents
Investment summary................................................................3
Stock picks: Ping An is our top pick............................................................................3
Share price performance and valuation methodology..........7
Valuation methodology................................................................................................9
Benefit from business mix restructuring is over.................11
2H09 result showed slowing margin improvement....................................................11
Agency business remains more profitable .................................................................13
Who should fare well in 2010? ..................................................................................14
Where are we in the non-life pricing cycle?.........................19
Auto remains the most important segment.................................................................19
Continued improvement expected for autos ..............................................................19
What could end the party sooner than expected?.......................................................21
Investment outlook appears challenging .............................23
Three biggest uncertainties faced by insurers ............................................................23
Bond yields need to rise faster to lift recurrent income .............................................24
Much anticipated deposit rate increase at risk of being delayed ................................26
Insurers are cautious about equity markets ................................................................27
Further liberalization of investment channels ............................................................29
Capital management and M&A activity.................................31
Capital surplus or capital shortage? ...........................................................................31
Trends in capital management initiatives...................................................................33
Appendix I: New accounting standard .................................35
Company overview.....................................................................
Ping An Insurance Group...........................................................................................38
China Life Insurance..................................................................................................52
China Pacific Insurance Group ..................................................................................63
PICC ..........................................................................................................................75
China Taiping Insurance Holdings ............................................................................86
CNinsure, Inc.............................................................................................................97

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