DOCSLIB.ORG

China's Life Insurance Sector Faces Significant Credit Quality Differentiation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
China's Life Insurance Sector Faces Significant Credit Quality Differentiation China’s Life Insurance Sector Faces Significant Credit Quality Differentiation A Credit Study on the Life Insurance Industry in China November 18, 2020 ANALYSTS Key Takeaways Ying Li, CFA, FRM Beijing − Our study of 35 of China's major life insurers reveals a wide divergence in credit quality +86-10-6516-6061 between the leading players and small and mid-sized ones. [email protected] − A regulatory clampdown on short-term savings products since 2016 has pushed Xiaochen Luan, CFA, FRM Chinese life insurers to refocus on protection-type products and improve their product Beijing mix. This initiative has moderated premium growth in recent years but is positive for +86-10-6516-6069 [email protected] the long-term sustainability of the sector. Zheng Li − We expect the life insurance sector to maintain a relatively stable credit outlook in the Beijing face of economic uncertainty caused by COVID-19. The effects of the pandemic have +86-10-6516-6067 mainly included a slowdown in top-line premium growth and heightened investment [email protected] return volatility. Nevertheless, we believe the strong capital and earning buffers of leading life insurers will protect their credit quality. Cong Cui Beijing +86-10-6516-6068 [email protected] Contents Xuefei Zou, CPA Beijing Overview ........................................................................................................................ 2 +86-10-6516-6070 Industry Risk ................................................................................................................. 5 [email protected] Business Risk Profile .................................................................................................. 10 Longtai Chen Capital & Earnings ...................................................................................................... 11 Beijing Risk Position ............................................................................................................... 16 +86-10-6516-6065 [email protected] Financial Flexibility ..................................................................................................... 20 Financial Risk Profile .................................................................................................. 22 Yifu Wang, CFA, CPA Beijing Anchor ......................................................................................................................... 23 +86-10-6516-6064 Stand-alone Credit Profile .......................................................................................... 23 [email protected] External Support ......................................................................................................... 26 About This Article ........................................................................................................ 28 Appendix: Related Methodologies .............................................................................. 28 S&P Global (China) Ratings www.spgchinaratings.cn November 18, 2020 China’s Life Insurance Sector Faces Significant Credit Quality Differentiation November 18, 2020 Overview This desktop analysis is based on S&P Global (China) Ratings Insurance Methodology. According to our insurance methodology, we typically determine the stand-alone credit quality based on our assessment of an institution’s anchor which is further adjusted with assessment of management and governance, liquidity and peer comparison. We typically arrive at the anchor by assessing the institution’s business risk profile (“BRP”) and financial risk profile (“FRP”). We then determine the issuer credit rating (“ICR”) based on the stand-alone credit profile (“SACP”) and our assessment of potential group or government influence. We have conducted a desktop analysis of 35 life insurance companies (including specialized health insurance companies), which together accounted for about 90% of premiums in the sector in 2019. Chart 1 Insurance Methodology Framework of S&P Global (China) Ratings We determine the issuer credit rating of an insurer based on its stand-alone credit profile and our assessment of potential group or government influence. Source: S&P Global (China) Ratings Copyright © by 2020 S&P Ratings (China) Co., Ltd. All rights reserved. Our study of 35 of China's major life insurers reveals a wide divergence in credit quality between the leading players and small and mid-sized ones. Leading insurance companies tend to enjoy stable market share and good profitability. Healthy sector-wide statistics may have obscured difficulties faced by smaller insurers. We consider that a tightening of regulations since 2017 has hit smaller insurers more than others, by largely removing their ability to grow their business through investment-type products. Larger companies generally enjoy advantageous economies of scale, while smaller insurers have struggled to achieve sufficient scale in recent years. A few small and mid-sized players have also faced difficulties in terms of regulatory compliance and corporate governance, leading to regulatory intervention. S&P Global (China) Ratings www.spgchinaratings.cn 2 China’s Life Insurance Sector Faces Significant Credit Quality Differentiation November 18, 2020 Chart 2 Distribution of Indicative Stand-alone Credit Quality of 35 Major Life Insurers in China 8 There is a wide divergence in stand- alone credit quality between leading 4 insurers and small and mid-sized ones. Number of Insurers of Number 0 Note 1: Our assessment of indicative stand-alone credit quality doesn’t consider the possibility of group or government support in times of stress. Note 2*: The indicative credit quality distributions expressed in this report are only our indicative views of credit quality derived from a desktop analysis based on public information without interactive review with any particular institution or the full credit rating process such as a rating committee (except for a few cases where we have already assigned public ratings on a company). The opinions expressed herein are not and should not be represented as a credit rating and should not be taken as an indication of a final credit rating of any particular institution. Source: S&P Global (China) Ratings. Copyright © by 2020 S&P Ratings (China) Co., Ltd. All rights reserved. Government and group support are integral parts of our credit analysis of life insurers. About half of the life insurers we tested have higher indicative issuer credit quality than indicative stand-alone credit quality, due to their external support. Chart 3 Distribution of Indicative Issuer Credit Quality of 35 Major Life Insurers in China 12 Government and group support are integral parts of our 6 credit analysis of life insurers. Number of Insurers of Number 0 Note 1: Our assessment of indicative issuer credit quality considers the possibility of group or government support in times of stress. Note 2*: The indicative credit quality distributions expressed in this report are only our indicative views of credit quality derived from a desktop analysis based on public information without interactive review with any particular institution or the full credit rating process such as a rating committee (except for a few cases where we have already assigned public ratings on a company). The opinions expressed herein are not and should not be represented as a credit rating and should not be taken as an indication of a final credit rating of any particular institution. Source: S&P Global (China) Ratings. Copyright © by 2020 S&P Ratings (China) Co., Ltd. All rights reserved. Although the [Bspc] category in our desktop analysis covers about 1.7 trillion RMB in life insurance company assets, the financial obligations of these [Bspc] category companies were only about 59 billion RMB (around 28 billion RMB of which was in bonds) as of the end of 2019. We believe the low financial leverage level of life insurers significantly mitigates any potential credit risk shock on the capital market from low-quality small life insurers. S&P Global (China) Ratings www.spgchinaratings.cn 3 China’s Life Insurance Sector Faces Significant Credit Quality Differentiation November 18, 2020 Chart 4 Distribution of Indicative Issuer Credit Quality of 35 Major Life Insurers by Assets 8,000 The good credit quality of large life insurers underpins the overall stability of 4,000 the industry. il. Yuan) il. b ( 0 [AAA]* Category [AA]* Category [A]* Category [BBB]* Category [BB]* Category [B]* Category Indicative Issuer Credit Quality Note 1: Our assessment of indicative issuer credit quality considers the possibility of group or government support in times of stress. Note 2*: The indicative credit quality distributions expressed in this report are only our indicative views of credit quality derived from a desktop analysis based on public information without interactive review with any particular institution or the full credit rating process such as a rating committee (except for a few cases where we have already assigned public ratings on a company). The opinions expressed herein are not and should not be represented as a credit rating and should not be taken as an indication of a final credit rating of any particular institution. Note 3: Categories can be adjusted by “+” and “-” except for AAA. Source: S&P Global (China) Ratings. Copyright © by 2020 S&P Ratings (China) Co., Ltd. All rights reserved. We expect the life insurance sector to maintain a relatively stable credit outlook in
Load more

Recommended publications
  • Qdiis(June02,2021)
    Qualified Domestic Institutional Investors(QDIIs) with Investment Quotas Granted by the SAFE By June 2, 2021 Unit: 100 million USD No. Name of QDII Latest Approval Date Investment 1 Bank of China, Ltd. (BOC Wealth Management Co.,Ltd) 2021.03.18 Quota30.00 Industrial and Commercial Bank of China Limited (ICBC 2 2021.03.18 28.00 Wealth Management Co.,Ltd) 3 Bank of East Asia (China), Ltd. 2020.11.04 3.00 Bank of Communications Co., Ltd.(BOCOM Wealth 4 2020.04.10 5.00 Management Co.,Ltd) China Construction Bank Corporation (CCB Wealth 5 2020.06.01 5.00 Management Co.,Ltd) 6 HSBC Bank (China) Company, Ltd. 2021.06.01 44.00 China Merchants Bank Co., Ltd. (CMB Wealth Management 7 2021.03.18 23.00 Co.,Ltd) 8 China Citic Bank 2006.09.18 1.00 9 Hang Seng Bank (China) Company, Ltd. 2021.06.01 2.50 10 Citibank (China) Co., Ltd. 2021.01.06 35.00 11 Industrial Bank (IB Wealth Management Co.,Ltd) 2021.05.18 6.00 12 Standard Chartered Bank (China), Ltd. 2021.06.01 28.00 13 Minsheng Bank 2006.11.08 1.00 China Everbright Bank (China Everbright Wealth 14 2021.01.06 2.00 Management Co.,Ltd) 15 Bank of Beijing 2006.12.11 0.50 16 Bank of China (Hong Kong), Ltd. Branches in Mainland 2007.01.11 0.30 17 Credit Suisse Shanghai Branch 2007.01.30 0.30 18 Agricultural Bank of China(ABC Wealth Management Co.,Ltd) 2020.10.09 2.00 19 Nanyang Commercial Bank (China) Co., Ltd.
    [Show full text]
  • 2019 Insurance Fact Book
    2019 Insurance Fact Book TO THE READER Imagine a world without insurance. Some might say, “So what?” or “Yes to that!” when reading the sentence above. And that’s understandable, given that often the best experience one can have with insurance is not to receive the benefits of the product at all, after a disaster or other loss. And others—who already have some understanding or even appreciation for insurance—might say it provides protection against financial aspects of a premature death, injury, loss of property, loss of earning power, legal liability or other unexpected expenses. All that is true. We are the financial first responders. But there is so much more. Insurance drives economic growth. It provides stability against risks. It encourages resilience. Recent disasters have demonstrated the vital role the industry plays in recovery—and that without insurance, the impact on individuals, businesses and communities can be devastating. As insurers, we know that even with all that we protect now, the coverage gap is still too big. We want to close that gap. That desire is reflected in changes to this year’s Insurance Information Institute (I.I.I.)Insurance Fact Book. We have added new information on coastal storm surge risk and hail as well as reinsurance and the growing problem of marijuana and impaired driving. We have updated the section on litigiousness to include tort costs and compensation by state, and assignment of benefits litigation, a growing problem in Florida. As always, the book provides valuable information on: • World and U.S. catastrophes • Property/casualty and life/health insurance results and investments • Personal expenditures on auto and homeowners insurance • Major types of insurance losses, including vehicle accidents, homeowners claims, crime and workplace accidents • State auto insurance laws The I.I.I.
    [Show full text]
  • 2017 China Insurance Review
    2017 Insurance Review FEBRUARY 2018 Thomas P. Fitzgerald Chairman Winston & Strawn LLP Foreword The continued growth of China’s insurance market means more opportunities for established and new insurance companies and insurance intermediaries looking to expand or create a foothold there. Winston & Strawn, a leading expert in cross-border M&A, contentious, and regulatory work, established offices in Hong Kong in 2008 and in Shanghai in 2009 in order to better serve our clients that operate in Asia. Our presence in Hong Kong and Mainland China has allowed us to broaden our services and extend the reach of our practices to include insurance expertise for the PRC. I hope that you find this booklet useful. Please feel free to reach out to our China team should you have any questions or require any additional information. You will find their contact details at the end of this booklet. Attorney advertising materials – © 2018 Winston & Strawn LLP 1. Introduction The overall outlook for China’s insurance industry has enjoyed robust growth in recent years. Total premium income, for example, China is healthy and rose 27.5% in 2016 to reach RMB 3.1 trillion (USD 490 billion), the strongest growth the industry has enjoyed statistics for 2017 show since 2008. As well, by the end of 2016, total insurance industry assets stood at RMB 15.12 trillion (USD 2.39 that overall insurance trillion), a 22.3% increase from the start of the year. Premium growth slowed in 2017 due in large part to premium income rose China Insurance Regulatory Commission (“CIRC”) reforms aimed at universal life insurance.
    [Show full text]
  • Qualified Domestic Institutional Investors(Qdiis) with Investment Quotas Granted by the SAFE
    Qualified Domestic Institutional Investors(QDIIs) with Investment Quotas Granted by the SAFE By September30, 2019 Unit: 100 million USD No. Name of QDII Latest Approval Date Investment Quota 1 Bank of China, Ltd. 2018.06.28 8.00 Industrial and Commercial Bank of 2 2018.05.30 8.00 China Limited 3 Bank of East Asia (China), Ltd. 2014.12.28 2.00 4 Bank of Communications Co., Ltd. 2006.07.27 5.00 5 China Construction Bank Corporation 2014.12.28 5.00 6 HSBC Bank (China) Company, Ltd. 2015.03.26 34.00 7 China Merchants Bank Co., Ltd. 2014.12.28 2.00 8 China Citic Bank 2006.09.18 1.00 9 Hang Seng Bank (China) Company, Ltd. 2006.09.27 0.30 10 Citibank (China) Co., Ltd. 2006.09.27 34.00 11 Industrial Bank 2014.12.28 1.00 12 Standard Chartered Bank (China), Ltd. 2015.01.30 20.00 13 Minsheng Bank 2006.11.08 1.00 14 China Everbright Bank 2014.12.28 1.00 15 Bank of Beijing 2006.12.11 0.50 Bank of China (Hong Kong), Ltd. 16 2007.01.11 0.30 Branches in Mainland 17 Credit Suisse Shanghai Branch 2007.01.30 0.30 18 Agricultural Bank of China 2014.12.28 2.00 19 Nanyang Commercial Bank (China) Co., 2015.02.13 1.80 20 DeutscheLtd. Bank (China) Co., Ltd. 2007.08.17 0.30 21 Shanghai Pudong Development Bank 2007.08.31 0.30 22 Bank of Shanghai 2008.01.24 0.30 23 DBS Bank (China), Ltd.
    [Show full text]
  • View Annual Report
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018. OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report. Commission file number: 001-33768 FANHUA INC. (Exact name of Registrant as specified in its charter) N/A (Translation of Registrant’s name into English) Cayman Islands (Jurisdiction of incorporation or organization) 27/F, Pearl River Tower No. 15 West Zhujiang Road Guangzhou, Guangdong 510623 People’s Republic of China (Address of principal executive offices) Peng Ge, Chief Financial Officer Tel: +86 20 83883033 E-mail: [email protected] Fax: +86 20 83883181 27/F, Pearl River Tower No. 15 West Zhujiang Road Guangzhou, Guangdong 510623 People’s Republic of China (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Ordinary shares, par value US$0.001 per share* The NASDAQ Stock Market LLC American depositary shares, each representing (The NASDAQ Global Select Market) 20 ordinary shares *Not for trading, but only in connection with the listing on The NASDAQ Global Select Market of American depositary shares, each representing 20 ordinary shares.
    [Show full text]
  • China Symposium Attendee List
    2018 China Annual Symposium Attendee List by Last Name Chihong An Teddy Au Yeung Siliang Bai Milliman Korea Taiping Life Insurance Co Ltd Hengqin Life Insurance Co., Ltd. Seoul, Republic of Korea Shanghai, China Beijing, China Hong-Jian Bao Hai Bi Sue Blanck CITIC Prudential Life Insurance Co Haola Tech Fort Mill, SC Ltd Beijing, China Shanghai, China Hong Cai Jul Cai Yong Cao Ernst & Young China Taiping Life Insurance (HK) Kunlun Health Insurance Company Shanghai, China Co., Ltd Beijing, China Hong Kong, China Kitty Chan Haifei Chen Jian Chen Actuaries Institute Australia General Reinsurance AG Taiping Life Insurance Co Ltd Hong Kong, China Beijing, China Shanghai, China Sam Chen Tony Chen Zhaohui Chen AIA China Swiss Reinsurance Company Zhongrong Life Shanghai, China Beijing City, China Beijing, China Jianrong Chen Xu Chen Heng Chen AEGON-CNOOC Life Insurance Co Aon Cofco AIA China Ltd Shanghai, China Shanghai City, China Shanghai, China Sisi Chen Lin Chen Sen Chen Pricewaterhousecoopers LLP China Life Reinsurance Co Ltd Willis Towers Watson New York, NY Shenzhen City, China Beijing City, China Hui Chen Jingyao Chen Wei Chen Huatai Life Insurance Co Ltd Guohua Life Zhongan Technology Beijing, China Shanghai, China Shanghai, China Joe Chiu Shar Choi Xiangyi Chu Nanshan Life Moody's Analytics Sino-Us United Metlife Taipei, Taiwan Central, Hong Kong Shanghai, China Kevin Cui Wei Cui Chuanbo Cui Hengqin Life Pacific Life Re Bohai Life Insurance Company Zhuhai City, China Singapore Beijing, China Hairui Dai Wei Dai Amy Dang SCOR SE Beijing Branch Taiping Life Insurance Co Ltd Pricewaterhousecoopers LLP Beijing, China Shanghai, China New York, NY Chenxu Dang Qian Ding Jun Dong Sino-Conflux Insurance Company Deloitte Guohua Life Shenyang City, China Beijing, China Shanghai, China Cheng Zhi Dong Iris Dong Haihua Du China Life Insurance Co Ltd Aetna Aetna International Beijing, China Walnut Creek, CA Shanghai City, China Juan Du Meng Du Lin Du New China Life Insurance Co Ltd China Life Insurance Company Ltd.
    [Show full text]
  • With Investment Quotas Granted by the SAFE
    Qualified Domestic Institutional Investors(QDIIs) with Investment Quotas Granted by the SAFE By November 8, 2020 Unit: 100 million USD No. Name of QDII Latest Approval Date Investment Quota Bank of China, Ltd. (BOC Wealth Management 1 2020.04.10 8.00 Co.,Ltd) Industrial and Commercial Bank of China 2 2020.04.10 8.00 Limited (ICBC Wealth Management Co.,Ltd) 3 Bank of East Asia (China), Ltd. 2020.11.04 3.00 Bank of Communications Co., Ltd.(BOCOM 4 2020.04.10 5.00 Wealth Management Co.,Ltd) China Construction Bank Corporation (CCB 5 2020.06.01 5.00 Wealth Management Co.,Ltd) 6 HSBC Bank (China) Company, Ltd. 2015.03.26 34.00 China Merchants Bank Co., Ltd. (CMB Wealth 7 2020.04.10 2.00 Management Co.,Ltd) 8 China Citic Bank 2006.09.18 1.00 9 Hang Seng Bank (China) Company, Ltd. 2006.09.27 0.30 10 Citibank (China) Co., Ltd. 2006.09.27 34.00 11 Industrial Bank (IB Wealth Management 2020.04.10 1.00 12 StandardCo.,Ltd) Chartered Bank (China), Ltd. 2020.11.04 21.00 13 Minsheng Bank 2006.11.08 1.00 China Everbright Bank (China Everbright 14 2020.04.10 1.00 Wealth Management Co.,Ltd) 15 Bank of Beijing 2006.12.11 0.50 Bank of China (Hong Kong), Ltd. Branches in 16 2007.01.11 0.30 Mainland 17 Credit Suisse Shanghai Branch 2007.01.30 0.30 18 Agricultural Bank of China 2014.12.28 2.00 19 Nanyang Commercial Bank (China) Co., Ltd.
    [Show full text]
  • June 14, 2018 China Banking and Insurance Regulatory Commission Email
    June 14, 2018 China Banking and Insurance Regulatory Commission Email: [email protected] Re: Comments on the Draft Revised Administrative Regulations of the People’s Republic of China on Foreign-Invested Insurance Companies and the Draft Implementation Rules for the Administrative Regulations of the People’s Republic of China on Foreign-Invested Insurance Companies The American Council of Life Insurers (“ACLI”), American Insurance Association (“AIA”), Property Casualty Insurers Association of America (“PCI”), Reinsurance Association of America (“RAA”), the United States Chamber of Commerce (“US Chamber”), The US- China Business Council (“USCBC”) and the American Chamber of Commerce in the People’s Republic of China (“AmCham China”) have reviewed the Draft Revised Administrative Regulations of the People’s Republic of China on Foreign-Invested Insurance Companies (the “draft Administrative Regulations”) and the Draft Implementation Rules for the Administrative Regulations of the People’s Republic of China on Foreign-Invested Insurance Companies (“draft Implementation Rules”) and welcome the opportunity to submit comments in response to the public invitation of the China Banking and Insurance Regulatory Commission (“CBIRC”) to submit comments. We welcome the commitments in the draft Administrative Regulations (Article 8(2)) to delete the two-year representative office precondition to the establishment of foreign-invested insurance companies and in the draft Implementation Rules to delete references to representative offices (Articles 8-9). We are particularly appreciative of the speed with which this revision is to be implemented following the announcements by senior government officials to delete the two-year representative office precondition and raise the foreign equity cap. This revision will remove one unnecessary delay in the ability of foreign insurance companies not already present in the China market to make their products available to Chinese consumers.
    [Show full text]
  • CHINA INSURANCE Aug.1-31 2010 No.74
    CHINA INSURANCE Aug.1-31 2010 No.74 OVERSEAS BULLETIN Sun Life sees China premiums doubling this year LATEST EVENTS China to see a new wave of listings by insurers FROM THE WACHDOG New rule gives insurers more investment options ANALYSIS China mulls insurance market easing for foreign firms STATISTICS China insurance industry assets total $672b at end-July www.chinadaily.com.cn All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of chinadaily.com.cn. CONTENTS CONTENTS OVERSEAS BULLETIN Sun Life sees China premiums doubling this year............................................................................1 Aviva applies for asset management license in China ......................................................................2 Taiwan insurers allowed to enter mainland equity market................................................................2 CITIC-Prudential Life plans to move headquarters to Beijing .........................................................2 Allianz, Volkswagen tout insurance teamwork, target BRICs ..........................................................3 Chinatrust seeks mainland partner, still interested in AIG unit.........................................................4 Liberty Mutual Group expands business to China............................................................................5 LATEST EVENTS Taikang, Sunshine Insurance
    [Show full text]
  • Qualified Domestic Institutional Investors(Qdiis) with Investment Quotas Granted by the SAFE
    Qualified Domestic Institutional Investors(QDIIs) with Investment Quotas Granted by the SAFE By September 23, 2020 Unit: 100 million USD No. Name of QDII Latest Approval Date Investment Quota Bank of China, Ltd. (BOC Wealth Management 1 2020.04.10 8.00 Co.,Ltd) Industrial and Commercial Bank of China 2 2020.04.10 8.00 Limited (ICBC Wealth Management Co.,Ltd) 3 Bank of East Asia (China), Ltd. 2014.12.28 2.00 Bank of Communications Co., Ltd.(BOCOM 4 2020.04.10 5.00 Wealth Management Co.,Ltd) China Construction Bank Corporation (CCB 5 2020.06.01 5.00 Wealth Management Co.,Ltd) 6 HSBC Bank (China) Company, Ltd. 2015.03.26 34.00 China Merchants Bank Co., Ltd. (CMB Wealth 7 2020.04.10 2.00 Management Co.,Ltd) 8 China Citic Bank 2006.09.18 1.00 9 Hang Seng Bank (China) Company, Ltd. 2006.09.27 0.30 10 Citibank (China) Co., Ltd. 2006.09.27 34.00 11 Industrial Bank (IB Wealth Management 2020.04.10 1.00 12 StandardCo.,Ltd) Chartered Bank (China), Ltd. 2015.01.30 20.00 13 Minsheng Bank 2006.11.08 1.00 China Everbright Bank (China Everbright 14 2020.04.10 1.00 Wealth Management Co.,Ltd) 15 Bank of Beijing 2006.12.11 0.50 Bank of China (Hong Kong), Ltd. Branches in 16 2007.01.11 0.30 Mainland 17 Credit Suisse Shanghai Branch 2007.01.30 0.30 18 Agricultural Bank of China 2014.12.28 2.00 19 Nanyang Commercial Bank (China) Co., Ltd.
    [Show full text]
  • 2017 China Symposium Attendee List by Last Name
    2017 China Symposium Attendee List by Last Name As of June 30, 2017 Ben Alter Teddy Au Yeung Yang Bai AIG Property & Casualty Taiping Life Insurance Co Ltd AIG New York, NY United States Shanghai, China Shanghai, China Siliang Bai Hong-Jian Bao Hai Bi Hengqin Life Insurance Co., Ltd. CITIC Prudential Life Insurance Co Haola Tech Laboratory Beijing, China Ltd Beijing, China Beijing, China Bing Bu Lian He Cai Hong Cai AIA CIGNA & CMB Life Insurance Ernst & Young Shanghai, China Company Shanghai, China Shanghai City, China Jianhua Cai Huixian Cao Gaowen Cao Minsheng Life Insurance Company CCB Life Insurance Company Ltd Ping An Life Insurance Company of Shanghai City, SHANGHAI China Shanghai City, SHANGHAI China China Shenzhen City, Guangdong China Jing Cao Baiyan Cao KC Chan Ernst & Young Actuarial Services Jianyi Information Technologies Healthmutual Group Ltd Shareholdings Co., Hong Kong Beijing City, China Shanghai, China Mei-Ying Chao Jian Chen Fusheng Chen Taiping Life Insurance Co Ltd Taiping Life Insurance Co Ltd China Pacific Ins (Group) Corp Ltd Shanghai Shanghai, China Shanghai, China Heng Chen Yi-Jo Chen Weibo Chen AIA China Nan Shan Life Insurance Co Ltd Gen Re Shanghai City, China Taipei, Taiwan Shanghai, China Zhen Chen Robert Chen Xiujuan Chen Maiden Reinsurance Taiping Life Insurance Co Ltd China Pacific Life Insurance Co Ltd City Of Hamilton, Bermuda Shanghai, China Shanghai, China Jingyao Chen Xiangyi Chu Wangling Cui Guohua Life Sino-Us United Metlife Zhuhai City, GUANGDONG China Shanghai, Shanghai China Shanghai, China David Dai Wei Dai Candy Ding Lisle, IL United States Taiping Life Insurance Co Ltd Ping An Insurance (group) Shanghai, China Company Of China,Ltd.
    [Show full text]
  • 2018 China Insurance Review Thomas P
    2018 China Insurance Review Thomas P. Fitzgerald Chairman Winston & Strawn LLP 2018 was another exciting year in China’s insurance industry as the Chinese government announced and implemented a number of key reforms that reorient the industry towards sustainable growth and further open it up for foreign investment. These developments mean more opportunities for established and new insurance companies and insurance intermediaries looking to expand or create a foothold there. We are pleased to present the following report as an overview of the key legal developments which occurred during this time. I hope that you find this report useful. Please feel free to reach out to our China team should you have any questions or require any additional information. You will find their contact details at the end of this report. Winston & Strawn, a leading expert in cross-border M&A, contentious, and regulatory work, established offices in Hong Kong in 2008 and in Shanghai in 2009 in order to better serve our clients that operate in Asia. Our presence in Hong Kong and Mainland China has allowed us to broaden our services and extend the reach of our practices to include insurance expertise for the PRC. Attorney advertising materials – © 2019 Winston & Strawn LLP Table of Contents Introduction ............................................................................................................................................................................. 1 Developments .......................................................................................................................................................................
    [Show full text]