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China Insuranceinsurance Internationalinternational Holdingsholdings Companycompany Limitedlimited Contentscontents CorporateCorporate PresentationPresentation TheThe InsuredInsured PathPath toto ChinaChina 通往中國的保險大道通往中國的保險大道 March 2002 ChinaChina InsuranceInsurance InternationalInternational HoldingsHoldings CompanyCompany LimitedLimited ContentsContents ALLIANCEALLIANCE WITHWITH ICBCICBC (ASIA)(ASIA) CIIHCIIH CORPORATECORPORATE STRUCTURESTRUCTURE FINANCIALFINANCIAL SUMMARYSUMMARY ReinsuranceReinsurance BusinessBusiness ReviewReview andand OutlookOutlook FUTUREFUTURE PLANSPLANS && PROSPECTSPROSPECTS FutureFuture PlansPlans && ProspectsProspects CIIHCIIH OpportunityOpportunity inin ChinaChina ReinsuranceReinsurance MarketMarket TAITAI PINGPING LIFELIFE TAITAI PINGPING INSURANCEINSURANCE 2 ALLIANCEALLIANCE WITHWITH ICBCICBC (ASIA)(ASIA) SummarySummary ofof termsterms IndustrialIndustrial andand CommercialCommercial BankBank ofof ChinaChina (Asia)(Asia) LimitedLimited (“ICBC(“ICBC Asia”),Asia”), aa subsidiarysubsidiary ofof IndustrialIndustrial andand CommercialCommercial BankBank ofof ChinaChina (“ICBC”),(“ICBC”), acquiredacquired 24.9%24.9% interestinterest inin TaiTai PingPing InsuranceInsurance ofof which:which: zz 12.45%12.45% fromfrom CICLCICL zz 12.45%12.45% fromfrom CIIH’sCIIH’s whollywholly ownedowned BVIBVI companycompany ICBCICBC (Asia)(Asia) hashas beenbeen grantedgranted step-upstep-up optionoption toto increaseincrease itsits totaltotal interestinterest upup toto 49%49% TotalTotal considerationconsideration ofof approximatelyapproximately HK$176,179,246HK$176,179,246 will will bebe paidpaid inin cashcash forfor 24.9%24.9% interestinterest TheThe priceprice hashas beenbeen determineddetermined afterafter arm’sarm’s lengthlength negotiationsnegotiations 4 WhyWhy ICBCICBC AsiaAsia BancassuranceBancassurance hashas shownshown strongstrong signssigns ofof successsuccess inin ChinaChina CIIHCIIH isis convincedconvinced thatthat babancassurancencassurance willwill bebe thethe majormajor growthgrowth engineengine ofof bothboth TPITPI andand TPLTPL TPITPI andand TPLTPL willwill benefitbenefit frfromom thethe well-establishedwell-established networksnetworks andand resourcesresources ofof ICICBCBC inin ChinaChina andand createcreate anan exponentialexponential growthgrowth effecteffect withwith betterbetter profitability,profitability, lowerlower costcost andand risk,risk, higherhigher sustainabilitysustainability andand greatergreater marketmarket sharesshares 5 HowHow WeWe DoDo ItIt FortisFortis addsadds world-classworld-class expertiseexpertise ICBCICBC providesprovides thethe bestbest nationwidenationwide networksnetworks ChangeChange bankbank salessales modelmodel byby trainingtraining staffstaff Sales ProductivityProductivity linkedlinked rewardreward systemsystem toto motivatemotivate bankbank tellerstellers Force OrganiseOrganise tieredtiered bancassurancebancassurance salessales forceforce structurestructure DesignDesign simplesimple products,products, preferablepreferable linkedlinked toto bankingbanking Products products,products, includingincluding homehome mortgage/carmortgage/car mortgagemortgage productsproducts BundleBundle productsproducts creativelycreatively DevelopDevelop superiorsuperior relationshiprelationship managementmanagement skillsskills Roll Out DesignDesign andand deliverdeliver appropriateappropriate bank/issuerbank/issuer arrangementarrangement EstablishEstablish effectiveeffective partnershipartnershipp atat variousvarious levelslevels fromfrom headquartersheadquarters toto locallocal sub-branchessub-branches 6 ICBCICBC (Asia)(Asia) LicencedLicenced bank bank inin HongHong KongKong HongHong KongKong StockStock ExchangeExchange listedlisted companycompany (349.HK)(349.HK) withwith marketmarket capitalisationcapitalisation ofof HK$4.065HK$4.065 bbillionillion asas atat 2525 MarchMarch 20022002 75%75% ownedowned byby ICBCICBC 20012001 netnet earnings:earnings: HK$330HK$330 millionmillion 20012001 totaltotal assets:assets: HK$43,497HK$43,497 millionmillion 20012001 netnet tangibletangible assets:assets: HK$4,378HK$4,378 millionmillion 7 ICBCICBC TheThe largestlargest commercialcommercial bankbank inin ChinaChina –– RMB4,300 RMB4,300 billionbillion inin totaltotal assetsassets inin 20012001 RankedRanked 213213 inin GlobalGlobal 500500 byby FortuneFortune inin 20012001 OverOver 30,00030,000 branchesbranches andand officesoffices TotalTotal deposits:deposits: RMB3,237RMB3,237 billionbillion TheThe seventhseventh largestlargest bankbank inin thethe worldworld inin termsterms ofof TierTier 11 CapitalCapital by by ““TheThe Banker”Banker” inin JulyJuly 20012001 8 CIIHCIIH CORPORATECORPORATE STRUCTURESTRUCTURE CIIHCIIH CorporateCorporate StructureStructure China Insurance (PRC) The Public ICBC 100% 100% (including Swiss Fortis 100% (Asia) Re, Guangdong China Insurance Development Bank 24.9%24.9% (HK) as strategic Ming An investors) Insurance Co. 46.47%46.47% 37.12% (H.K.) Ltd. 37.12% 9.9%9.9% 6.51%6.51% 24.9%24.9% 100%100% 100%100% 25%25% 50.05%50.05% 30.05%30.05% China Huatai Insurance Sino-Re Tai Ping Life Tai Ping International Agency & Reinsurance Insurance Co. Insurance Co. Reinsurance Consultant Co. Brokers Ltd. Ltd. Ltd. Co. Ltd. Ltd. 10 FINANCIALFINANCIAL SUMMARYSUMMARY 20012001 AnnualAnnual ResultsResults 20012001 20002000 ChangesChanges HK$'000HK$'000 HK$'000HK$'000 %% TurnoverTurnover 830,392830,392 691,044691,044 20.220.2 ReinsuranceReinsurance underwritingunderwriting resultresult 2,4152,415 73,18073,180 -96.7-96.7 IncomeIncome fromfrom Ins.Ins. IntermediariesIntermediaries 11,61811,618 7,5927,592 53.053.0 OtherOther revenuerevenue && incomeincome 313,309313,309 71,07171,071 340.8340.8 AfterAfter taxtax profitprofit attributableattributable 230,229230,229 117,730117,730 95.695.6 toto shareholdersshareholders EarningsEarnings perper shareshare 2323 centscents 1515 centscents DividendDividend perper shareshare 55 centscents 44 centscents 12 InvestmentInvestment PortfolioPortfolio TotalTotal investmentinvestment portfolioportfolio heldheld asas atat 3131 Dec,Dec, 20012001 amountedamounted toto HK$3,063HK$3,063 millionmillion ListedListed UnitUnit TrustsTrusts && LoanLoan MutualMutual FundsFunds Investment Investment 1.4%1.4% 0.6%0.6% PropertiesProperties UnlistedUnlisted EquitiesEquities 3.7%3.7% 0.3%0.3% ListedListed EquitiesEquities 6.8%6.8% BondsBonds && FixedFixed IncomeIncome SecuritiesSecurities 39.4%39.4% CashCash andand BankBank DepositsDeposits 47.8%47.8% 13 REINSURANCEREINSURANCE BUSINESSBUSINESS REVIEWREVIEW ANDAND OUTLOOKOUTLOOK 20012001 GrossGross PremiumPremium IncomeIncome byby GeographicalGeographical RegionRegion RestRest ofof AsiaAsia 22%22% HongHong KongKong && MacauMacau JapanJapan 41%41% 6%6% PRCPRC 10%10% RestRest ofof thethe WorldWorld 21%21% 15 LossLoss ImpactImpact fromfrom WTCWTC 911911 isis MildMild toto CIIHCIIH GrossGross lossloss estimateestimate HK$140HK$140 millionmillion NetNet lossloss estimateestimate (after(after reinsurancereinsurance recovery)recovery) HK$30HK$30 million,million, equivalentequivalent toto 4.4%4.4% ofof 20012001 retainedretained premiumpremium NoNo long-taillong-tail casualtycasualty businessbusiness writtenwritten outsideoutside Asia,Asia, hence,hence, nono seriousserious deteriorationdeterioration onon WTCWTC 911911 lossloss estimateestimate anticipatedanticipated 16 OutlookOutlook ReinsuranceReinsurance marketmarket conditionsconditions postpost WTCWTC WTCWTC losseslosses acceleratedaccelerated andand steepenedsteepened the the upwardupward trendtrend inin pricingpricing UnderwritersUnderwriters areare nownow lookinglooking forfor aa positivepositive returnreturn onon underwritingunderwriting givengiven thethe uncertainuncertain outlookoutlook onon investmentinvestment incomeincome CoverageCoverage restrictedrestricted－－TerrorismTerrorism covercover generallygenerally excludedexcluded fromfrom non-non- marinemarine reinsurance,reinsurance, hencehence chanceschances havinghaving furtherfurther terrorismterrorism claimsclaims eliminatedeliminated PricingPricing •• ReinsurersReinsurers tried tried toto imposeimpose raterate increasesincreases priorprior toto WTCWTC inin responseresponse toto adverseadverse fundamentalsfundamentals andand deterioratingdeteriorating resultresult •• RatesRates andand deductiblesdeductibles havehave increasedincreased acrossacross thethe boardboard •• RateRate increasesincreases varyvary widelywidely fromfrom 10%10% -- 15% 15% toto 200%200% -- 300% 300% dependingdepending onon classes,classes, marketsmarkets andand pastpast experienceexperience atat 20022002 renewalsrenewals •• InIn manymany locallocal markets,markets, commissionscommissions onon proportionalproportional contractscontracts reducedreduced despitedespite expectedexpected increasesincreases inin originaloriginal ratesrates andand profitabilityprofitability goinggoing forwardforward AnAn immediateimmediate returnreturn toto softsoft marketmarket conditionsconditions lookslooks unlikelyunlikely 17 CIIH’sCIIH’s PerspectivePerspective inin 20022002 ReinsuranceReinsurance UnderwritingUnderwriting DueDue toto withdrawalwithdrawal ofof certaincertain reinsurersreinsurers from from HongHong KongKong andand AsianAsian markets,markets, CIRe’sCIRe’s positionposition inin thethe regionregion strengthenedstrengthened StrongStrong growthgrowth ofof reinsurancereinsurance premiumpremium 20%20% toto 30%30% expectedexpected inin 20022002 BetterBetter underwritingunderwriting cashcash flowflow anticipatedanticipated 20022002 wouldwould bebe oneone ofof thethe bestbest underwritingunderwriting yearsyears inin aa decadedecade providedprovided
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