+ 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 (OTC:CIRC).