文档介绍：12 August 2005
Asia Pacific/China
Insurance
Equity Research
Research team
Bill Stacey
Research Analyst China Insurance Sector
852 2101 7096
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Jay Luong, CA 1H05 results checklist
Research Analyst
852 2101 7167 • Rolling 12-month growth for the life insurance sector is just %. Bancassurance and
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group insurance lines likely contracted. However, this leaves room for good growth in
Ryan Tsai the much more profitable individual life segments and we expect to see mid-teens
Research Analyst
852 2101 6693 growth or better in the first half results.
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Asia Financials Team We see insurers increasingly using all available tools – asset mix, leverage with banks,
credit risk, duration and offshore investment – to manage yield. We expect gross yields
Bill Stacey of %, % and % at China Life, Ping An and respectively.
(Regional, HK, China)
852 2101 7096
• In the life sector, we see little scope for poor underwriting under the current regulatory
James Ellis
(Australia) regime, with continuing benefits from high expense and mortality loadings emerging to
612 8205 4531 flatter results. In the property and casualty (P&C) sector, we expect to see more
Danny Goh challenges, with a cycle of worse claims performance. Higher claims costs are a key
(Malaysia & Singapore
Insurance) driver. Re-pricing has started, but seems likely to face limits.
603 2723 2083
• We expect China Life to deliver 34% YoY earnings growth with good renewals a feature.
SunMok Ha
(Korea) Ping An’s first-year premium and yield resilience should deliver 27% profit growth. At
822 3707 3763 , recovery is expected to take longer, but results down 54% YoY would be a solid
Sanjay Jain start, in our opinion.
(Singapore, India)
65 6212 3017 • The insurers have started to perform more strongly since RMB revaluation. heless,
Sherry Lin we believe that the life sector’s results could be stronger