CHINA INSURANCE Aug.1-31 2010 No.74
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Bank of China Limited, Luxembourg Branch
http://www.oblible.com BANK OF CHINA (LUXEMBOURG) S.A. (incorporated with limited liability under the laws of Luxembourg) Issue of EUR 800,000,000 0.125 per cent. Notes due 2023 Guaranteed by Bank of China Limited, Luxembourg Branch under the U.S.$40,000,000,000 Medium Term Note Programme of Bank of China Limited ______________ These Listing Particulars (the “Listing Particulars”) are prepared in connection with the U.S.$40,000,000,000 Medium Term Note Programme (the “Programme”) established by Bank of China Limited (the “Bank”), and the EUR 800,000,000 0.125 per cent. Notes due 2023 (the “Notes”) to be issued by Bank of China (Luxembourg) S.A. (the “Issuer”) and unconditionally and irrevocably guaranteed by Bank of China Limited, Luxembourg Branch (the “Guarantor”) on 16 January 2020 under the Programme. The Offering Circular in respect of the Programme dated 4 April 2019 (the “Principal Offering Circular”) as supplemented by the supplemental offering circular dated 8 October 2019 (the “Supplement”) and the second supplemental offering circular dated 8 October 2019 (the “Second Supplement”, and together with the Principal Offering Circular and the Supplement, the “Offering Circular”), is set out in Annex A hereto and forms part of these Listing Particulars. Terms defined in the Offering Circular have the same meaning when used in these Listing Particulars. Pursuant to the Approval by the Enterprise Borrowing Foreign Debt Registration Certificate of [2019] (《企业借用外债备案登记证明》(发改办外资备 [[2019]51 号])) issued by the NDRC General Office on 24 January 2019 (the “NDRC Approval”), the Bank is not required to complete the pre-issuance registration in respect of the Notes with the NDRC as the Notes will be issued within the NDRC Approval. -
Deregulation, Competition, and Consumer Choice of Insurer: Evidence from Liberalization Reform in China's Automobile Insurance
Deregulation, competition, and consumer choice of insurer: Evidence from liberalization reform in China’s automobile insurance market Abstract: In 2015, the China Insurance Regulatory Commission initiated a liberalization reform in the automobile insurance industry to grant insurers more discretion in policy design, underwriting, and ratemaking. The deregulation intended to increase competition and choices for the consumer; yet, there was little scientific evidence on how the insurance market responded to the reform. This article examines the effectiveness of this deregulation reform in China. Leveraging a large industry dataset of more than seven million automobile insurance policies from 63 major automobile insurers operating in China, we study policyholders’ switching behavior among insurance providers. To better understand the heterogeneity in the impact of deregulation on market performance and consumer choice, we further analyze the switching pattern among different types of insurers according to the insurer's size, the company’s business structure, the jurisdiction’s market power, and the customer’s risk type. Overall, the empirical results suggest that the reform has met its original goal, leading to higher market competition and more diversified consumer choices. We further confirm that the average premium dropped significantly after the reform for all three jurisdictions implementing the reform; yet, the insurers’ pricing strategy was risk type-dependent, i.e., the average premium for the high risk customers increased, while the average premium for the low risk customers decreased substantially. Keyword: Automobile insurance, competition, deregulation, insurer switching 1 Introduction Deregulation, in general, leads to enhanced competition. This trend has been observed in various industries, such as airline, telecommunication, and healthcare. -
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. -
Fra Reinsurers' List 2021
FRA REINSURERS' LIST 2021 RATING Serial COUNTRY COUNTRY Rate REINSURER S&Ps A.M BEST Fitch Moody's 1 Algeria BBB- Compagnie Centrale De Reassurance (CCR) B+ 2 Chubb Insurance Company of Australia Ltd. AA- 3 Australia AAA MetLife Insurance Ltd. A+ 4 QBE Insurance (Australia) Ltd. A+ 5 Uniqa Insurance Group AG A- Austria AA+ 6 Vienna Insurance Group AG Wiener Versicherung Gruppe A+ 7 ACE American Insurance Company (Bahrain Branch) A++ 8 Bahrain National Insurance Company BSC B++ Bahrain BBB 9 Hannover ReTakaful B.S.C. A+ 10 Saudi Arabian Insurance Co B.S.C B++ 11 Barbados BB+ Active Capital Reinsurance, Ltd. A- 12 Euler Hermes Group S.A. AA Belgium AA 13 Inter partner Assistance SA A- Aa3 14 Chubb Bermuda Insurance Ltd AA A++ 15 Chubb Tempest Reinsurance Ltd AA A++ 16 Allied World Assurance Co Ltd A- 17 Arch Re(Arch Reinsurance Ltd) A+ A+ 18 Argo Re Ltd A- 19 AXIS Specialty Ltd A+ A 20 Endurance Specialty Insurance Ltd (Montpelier Reinsurance Ltd.) A+ A+ 21 Equator Reinsurances Ltd. A+ 22 Evergreen Insurance Company Limited A Bermuda AA- 23 International General Insurance Company Limited A 24 Liberty Specialty Markets Bermuda Limited A A 25 Partner Reinsurance Co. Ltd. A+ A+ 26 Qatar Reinsurance Company Limited A A 27 RGA Global Reinsurance Co. Ltd. AA- 28 StarStone Insurance Bermuda Limited A- 29 Stellar Insurance Ltd A 30 XL Bermuda Ltd AA- A+ A2 31 AXA XL A+ A2 32 Brazil BBB- IRB Brasil Resseguros S.A. A- 33 ACE INA Overseas Insurance Co. Ltd. -
Formal Notice EN Compared with Bank of China Limited Hong Kong Branch
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (“SEHK”) take no responsibility for the contents of this announcement and the listing documents attached hereto, make no representation as to their accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement and the listing documents attached hereto. This announcement and the listing documents attached hereto have been published for information purposes only as required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and do not constitute an invitation or offer to acquire, purchase or subscribe for securities. Neither this announcement nor anything referred to herein (including the listing documents attached hereto) forms the basis for any contract or commitment whatsoever. For the avoidance of doubt, the publication of this announcement and the listing documents attached hereto shall not be deemed to be an offer of securities made pursuant to a prospectus issued by or on behalf of the Issuer (as defined below) for the purposes of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) nor shall it constitute an advertisement, invitation or document containing an invitation to the public to enter into or offer to enter into an agreement to acquire, dispose of, subscribe for or underwrite securities for the purposes of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong). Any Notes that may be issued under the Programme will not be registered under the U.S. -
The Prc Insurance Industry
THE PRC INSURANCE INDUSTRY The information presented in this section is derived from various official or publicly available sources, unless indicated otherwise. We believe that the sources of such information are appropriate sources for such information and have taken reasonable care in extracting and reproducing such information. We have no reason to believe that such information is false or misleading in any material respect or that any fact has been omitted that would render such information false or misleading in any material respect. The information has not been independently verified by us, the Selling Shareholders, the Underwriters, our or their affiliates or advisers or any other party involved in the Global Offering and no representation is given as to its accuracy. OVERVIEW The PRC insurance market is the second largest in Asia after Japan in terms of total premiums and the sixth largest worldwide, based on Sigma Report No. 3, a non-commissioned report published by Swiss Reinsurance Company, an independent third party, in 2009. According to data published by the CIRC, total gross written premiums in the PRC in 2008 reached RMB978.4 billion, of which RMB733.8 billion was from life insurance business and RMB244.6 billion was from property and casualty insurance business. The PRC insurance market is also one of the fastest growing insurance markets in the world. Between 2000 and 2008, premiums received by life insurance companies and property and casualty insurance companies in the PRC increased at a compound annual growth rate of 28.3% and 19.1%, respectively, based on data published by the National Bureau of Statistics of China and the CIRC. -
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. -
Qian Xiaochen STRATEGIES for SMALL- and MEDIUM-SIZED COMPANIES in CHINESE INSURANCE INDUSTRY
Qian Xiaochen STRATEGIES FOR SMALL- AND MEDIUM-SIZED COMPANIES IN CHINESE INSURANCE INDUSTRY Business Economics and Tourism 2010 2 Foreword I am not the kind of a person who can give a grateful attractive speech in his foreword. However, I think that every thesis is a huge and complex process of work. People usually spend much more time completing their thesis even if they thought they were starting on time. Many troublesome issues will be your company during the writing time. They are both your enemies and friends in the whole process of work. You can hate them and you can also thank them every night in these months. Hate them because they made you suffer, you feel upset, suffering and sometimes even made you hopeless. You will thank them because they also bring you the power, the power which made you increase your confidence and faith in solving any problems that you will have to meet in the future. One night I took time to thank Budda for seeing me through that day of days during the thesis writing period and prayed I can manage to gain more revelations during the process of the thesis work. I have heard stories of the existence of a legless bird in the real world. A constant flutter in the space above constitutes its whole life. Prostrated with toil and strain, it just takes repose in the wind. Throughout countless nights and days, only once will its body brush the dust of the ground and that is the very time when it bids farewell to the world. -
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. -
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. -
International Financial Centre
International Financial Centre Hong Kong is a globally competitive international financial centre. The implementation of the Smart Banking initiatives has been in good progress to further develop Hong Kong as a fintech hub. Capitalising on opportunities arising from the opening up of the Mainland financial markets, much headway has been made to promote financial collaboration in the Guangdong-Hong Kong-Macao Greater Bay Area, especially in easing Hong Kong residents’ cross-border access to financial and banking services in the Area. At the same time, much effort has been made to open up new opportunities to further strengthen the competitiveness of Hong Kong’s financial platform, including infrastructure investment and financing, green finance and private equity funds. The Hong Kong Academy of Finance was set up to enhance Hong Kong’s soft power in a sustainable manner. In the central banking and regulatory community, the HKMA plays a leadership role in a number of regional and international committees, which is a clear recognition of Hong Kong’s expertise and commitment to international work. Page 115 HKMA ANNUAL REPORT 2019 115 International Financial Centre OVERVIEW Hong Kong plays an indispensable role in facilitating international investors’ allocation of renminbi assets, with its To strengthen Hong Kong’s position as a fintech hub in Asia, unparalleled access to the onshore markets through the Stock the HKMA puts great effort into implementing the seven Connect and Bond Connect schemes. This was evident by Smart Banking initiatives that were announced in September the tripling of the number of registered investors and daily 2017, with an aim to facilitate the development and use of turnover under Bond Connect over the past year. -
BANK of CHINA LIMITED A1A(1) (A Joint Stock Company Incorporated in the People's Republic of China with Limited Liability) GLOBAL OFFERING
IMPORTANT: If you are in any doubt about any of the contents of this prospectus, you should obtain s342 independent professional advice. BANK OF CHINA LIMITED A1A(1) (A joint stock company incorporated in the People's Republic of China with limited liability) GLOBAL OFFERING Number of OÅer Shares under the : 25,568,590,000 (subject to adjustment and the Over- A1A(15)(2)( Global OÅering Allotment Option) Number of Hong Kong OÅer Shares : 1,278,430,000 (subject to adjustment) Number of OÅer Shares under the : 24,290,160,000 (subject to adjustment and the Over- International OÅering Allotment Option) Maximum OÅer Price : HK$3.00 per Hong Kong OÅer Share payable in full on A1A(15)(2)( application, subject to refund, plus brokerage of 1%, 3rd Sch 9 SFC transaction levy of 0.005% and Hong Kong Stock Exchange trading fee of 0.005% Nominal value : RMB1.00 each Stock code : 3988 Joint Global Coordinators, Joint Bookrunners, Joint Sponsors and Joint Lead Managers (in alphabetical order) The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of LR11.20 this prospectus, make no representation as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this prospectus. A copy of this prospectus, having attached thereto the documents speciÑed in Appendix X Ì ""Documents Delivered to the Registrar of s342C(1) Companies and Available for Inspection'' to this prospectus, has been registered by the Registrar of Companies in Hong Kong as required s342C(2) by Section 342C of the Companies Ordinance, Chapter 32 of the Laws of Hong Kong.