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ChinaScope Financial
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ChinaScope is the financial data and analytics platform for global financial professionals seeking critical quantitative and qualitative information on China. Our platform covers raw and processed data and information on companies, industries and the macro economy. We help our clients gather and... More
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  • Four Major Chinese Insurance Companies Report CNY 65 Billion Surrenders In 2011 0 comments
    Apr 6, 2012 3:23 AM | about stocks: PIAIF, LFC

    Source: CLIC, NCI, PINGAN, CPIC, ChinaScope Financial (Data)

    + 2011 performance disclosures of China's four major insurance companies all show increase in surrenders. Last year the amount of surrenders by China Life Insurance Co., Ltd. (601628. SH, 2628. HK), Ping An Insurance (Group) Co. of China Ltd. (601318.SH, 2318.HK), China Pacific Insurance (group) Co., Ltd. (601601.SH, 2601.HK), and New China Life Insurance Co. Ltd. (601336. SH, 1336. HK) exceeded CNY 65 billion, and the surrender ratio increased considerably compared with last year. Among them, Pacific Insurance surrender rate increased the most, by 113.6% year-on-year.

    + The higher surrender rate is explained by poor capital market return, higher bank deposit rates and the tighter bancassurance control of the China Insurance Regulatory Commission (OTCPK:CIRC).

    Due to rise in interest rates and the larger issuance of financial products, the surrenders of major insurers increased rapidly last year.(click to enlarge)

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