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
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