DOCSLIB.ORG

Zbwleibniz-Informationszentrum

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Zbwleibniz-Informationszentrum A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Heinrich, Sebastian; Seliger, Florian; Wörter, Martin Research Report R&D, technological development and performance in the reinsurance industry: A study commissioned by Swiss Re Institute KOF Studien, No. 122 Provided in Cooperation with: KOF Swiss Economic Institute, ETH Zurich Suggested Citation: Heinrich, Sebastian; Seliger, Florian; Wörter, Martin (2019) : R&D, technological development and performance in the reinsurance industry: A study commissioned by Swiss Re Institute, KOF Studien, No. 122, ETH Zurich, KOF Swiss Economic Institute, Zurich, http://dx.doi.org/10.3929/ethz-b-000343197 This Version is available at: http://hdl.handle.net/10419/207594 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Research Collection Report R&D, Technological Development and Performance in the Reinsurance Industry A study commissioned by Swiss Re Institute Author(s): Heinrich, Sebastian; Seliger, Florian; Wörter, Martin Publication Date: 2019-05 Permanent Link: https://doi.org/10.3929/ethz-b-000343197 Rights / License: In Copyright - Non-Commercial Use Permitted This page was generated automatically upon download from the ETH Zurich Research Collection. For more information please consult the Terms of use. ETH Library R&D, Technological Development and Performance in the Reinsurance Industry A study commissioned by Swiss Re Institute Sebastian Heinrich, Florian Seliger and Martin Woerter KOF Studies, No. 122, May 2019 Imprint Editor KOF Swiss Economic Institute, ETH Zurich © 2018 KOF Swiss Economic Institute, ETH Zurich A study commissioned by Swiss Re Institute Authors Sebastian Heinrich Florian Seliger Martin Woerter ETH Zurich KOF Swiss Economic Institute LEE G 116 Leonhardstrasse 21 8092 Zurich, Switzerland Phone +41 44 632 42 39 Fax +41 44 632 12 18 www.kof.ethz.ch [email protected] Content 0 Executive Summary _________________________________________________________ 4 1 Introduction ________________________________________________________________ 6 2 Research Questions _________________________________________________________ 7 2.1 Which Fields of Technology are Re/Insurers Active in? _______________________________ 7 2.2 Where does Knowledge for new Technologies in the Re/Insurance Industry Originate? ______ 7 2.3 Which Regions Mainly Generate Knowledge? ______________________________________ 8 2.4 Which Companies are Active in the Relevant Areas of Knowledge and Technology? ________ 8 2.5 Is there a Relation between the Development of new Technologies and Corporate Performance? ___________________________________________________________________________ 8 3 Data _______________________________________________________________________ 8 3.1 Conglomerates and their Legal Structure __________________________________________ 9 3.2 Conglomerates’ Financial Performance ___________________________________________ 9 3.3 Patents ____________________________________________________________________ 9 3.4 Disasters __________________________________________________________________ 10 4 Descriptive Analysis ________________________________________________________ 10 4.1 Patent Activities in the Re/Insurance Industry _____________________________________ 10 4.2 Patent Activities in Relevant Technological Fields __________________________________ 14 4.3 Technological Value of Inventions ______________________________________________ 17 4.4 Knowledge Sources for the Development of Technologies ___________________________ 19 4.5 Important Geographical Regions for the Generation of Technology ____________________ 20 4.6 Performance of Re/Insurance Companies ________________________________________ 21 5 Technology and Performance ________________________________________________ 25 5.1 Motivation and Research Question ______________________________________________ 25 5.2 Data for the Econometric Estimations ____________________________________________ 25 5.3 Measurement and Econometric Estimations ______________________________________ 26 5.4 Results ___________________________________________________________________ 28 6 Conclusions _______________________________________________________________ 30 7 Literature _________________________________________________________________ 32 8 Appendix I ________________________________________________________________ 33 8.1 Innovation in the Swiss Re/Insurance Sector ______________________________________ 33 9 Appendix II ________________________________________________________________ 36 Figures Figure 1: Patent activities of the 14 selected conglomerates including their subsidiaries (Patstat, 2017) _______________________________________________________________________________ 12 Figure 2: Patent activities by Swiss Re (Patstat, 2017) ___________________________________ 13 Figure 3: Patenting activities by Swiss Re and all 14 competitors in the two IPC subclasses G06F and G06Q (families with at least one granted patent) (Patstat, 2017) ____________________________ 14 Figure 4: Important geographical regions in the generation of knowledge for all 14 competitors, according to patent activity. Scale on the y-axis is the fractional count of patents for an inventor country. Darker colour means higher activity. (Patstat, 2017) _____________________________________ 20 Figure 5: Important geographical regions in the generation of knowledge for Swiss Re, according to patent activity. Scale on the y-axis is the fractional count of patents for an inventor country. Darker colour means higher activity. (Patstat, 2017) _________________________________________________ 21 Figure 6: Natural disasters over all continents (Swiss Re Institute, 2018) _____________________ 22 Figure 7: Financial and technological measures of conglomerate sample (A.M. Best, 2017 and Patstat, 2017) __________________________________________________________________________ 22 Figure 8: Absolute financial performance of conglomerate sample grouped by above and below median patent assignees (A.M. Best, 2017 and Patstat, 2017) ____________________________________ 23 Figure 9: Relative financial performance of conglomerate grouped by above and below median patent assignees (A.M. Best, 2017 and Patstat, 2017) _________________________________________ 24 Figure 10: Natural disasters, financial and technical performance indicators (A.M. Best, 2017; Patstat, 2017; Swiss Re Institute, 2018) ______________________________________________________ 24 Figure 11: Fraction of R&D active firms and innovative firms (basis: all companies in the insurance industry – KOF Innovation Survey) ___________________________________________________ 34 Figure 12: Innovation and R&D Expenditures by the Swiss insurance industry (basis: innovative firms (left figure), R&D active firms (right figure). P50 presents the median value rather than the means value. (KOF Innovation Survey) ___________________________________________________________ 34 Figure 13: Reduction in production costs (basis: all process innovative companies in the insurance industry). Left figure shows the fraction of companies with production cost reductions. Right figure show the share of production cost reduction on total production costs due to process innovations. (KOF Innovation Survey) ________________________________________________________________ 35 Figure 14: Sales in innovative products and new products (KOF Innovation Survey) ____________ 35 Figure 15: Share in innovative products and new products (KOF Innovation Survey) ____________ 36 2 Tables Table 1: Number of patent families at conglomerate level (families with at least one granted patent are displayed, only insurance businesses) (Patstat, 2017) ____________________________________ 11 Table 2: Number of patent families at company level (families with at least one granted patent are displayed, only insurance businesses) (Patstat, 2017) ____________________________________ 11 Table 3: Number of patent families at company level in G06F and G06Q (Patstat, 2017) _________ 15 Table 4: Main patent applicants in G06F (Patstat, 2017) __________________________________ 15 Table 5: Main patent applicants in G06Q (Patstat, 2017) __________________________________ 16 Table 6: Main patent applicants in G06Q 40/08 (Patstat, 2017) _____________________________ 16 Table 7: Forward citations in G06Q by Swiss Re and for all patents in the class (Patstat, 2017) ___ 17 Table 8: Forward citations in G06F by Swiss
Load more

Recommended publications
  • International Rating Agency Advisory Newsletter November 2012 Update Welcome to Aon Benfield’S Updated Rating Agency Advisory Newsletter
    International Rating Agency Advisory Newsletter November 2012 Update Welcome to Aon Benfield’s updated Rating Agency Advisory Newsletter. In this edition, matters of interest include rating agencies global reinsurance and country risk outlooks, as well as our regular features on : Selected regulatory activities or updates throughout APAC and EMEA. List of rating actions in APAC and EMEA during the 3rd quarter. Links to reports released by Aon Benfield Analytics. We will continuously scan for new content to provide greater value to our clients. We will be glad to hear your feedback so that we can continue to provide the most relevant ratings news and information in future editions. Rating Agency Activity (Data source: Standard & Poor’s, A.M.Best, Fitch, and Moody’s) Standard & Poor’s Numerous market participants provided feedback on S&P’s proposed criteria for rating insurers, “Request for Comment: Insurers Rating Methodology”, published 9 July 2012. S&P has stated in its recent report “S&P Summarizes Submissions On Request For Comments” on 18 October 2012 that it received formal feedback from about 100 market participants, varying from rated insurers, insurance brokers, rating advisors, and industry trade associations. S&P is not yet in a position to comment on the final criteria. However S&P expects to respond to the comments in one of three ways: by changing the proposed criteria, by explaining the original proposals more clearly to remove ambiguity, or by leaving the proposal unchanged. S&P states that it is in the process of analyzing the feedback and testing the impact of various alternatives.
    [Show full text]
  • Global Insurance Stock Review
    GLOBAL INSURANCE STOCK REVIEW GLOBAL INSURANCE STOCK REVIEW: RETURNS BY SECTOR* *Weighted Return FIRST HALF 2019 MSCI ACWI IMI 15.38% These are exciting times for holders of insurance stocks, whether institutional investors or insurance Insurance 20.14% executives themselves. Approximately 70% of the P&C 16.41% world’s insurance premiums are written by stockholder-owned insurers, so rising share prices L&H 21.18% provides added financial security to all stakeholders in the insurance value chain. Multi-line 21.56% Global stocks continued their bull run in the Reinsurance 15.79% second quarter of 2019, so that for the first half of the year the Morgan Stanley All Countries World Brokers 28.68% Index rose 15% to a record high. Insurance stocks 0% 5% 10% 15% 20% 25% 30% 35% not only participated in the broad gain, as they did in the first quarter, but substantially outperformed RETURNS BY MARKET CAP in the second stanza. The IIS global insurance stock aggregate thus gained a robust 20% for the Small 5.15% half year, with market-beating advances in every industry sector. Small/Medium 12.76% Medium 19.83% Insurance Brokers continued their performance Medium/Large 19.45% dominance, climbing 27%. While mainstream brokers performed reasonably well, the stars were Large 8.09% niche specialists. EHealth rocketed 124%, as the 0% 5% 10% 15% 20% 25% web portal/online marketplace for US government Medicare, Medigap and Medicare supplement RETURNS BY MARKET TYPE plans saw its revenues soar. Brazilian broker Wiz Solutions jumped 79%, and controversial Chinese US 15.57% broker Fanhua gained 55% to lead the sector.
    [Show full text]
  • AIA Group (1299 HK) INSURANCE 
    27 June 2016 EQUITIES AIA Group (1299 HK) INSURANCE Buy: Our conviction still high after examining bear case Hong Kong AIA is our most preferred Asian insurance stock; the ultimate MAINTAIN BUY ‘compounder’ for a quality-biased investor TARGET PRICE (HKD) PREVIOUS TARGET (HKD) We are even more positive on AIA after examining the 10 56.00 54.00 main bear arguments SHARE PRICE (HKD) UPSIDE/DOWNSIDE Reiterate Buy, raise target price to HKD56 (from HKD54), 45.50 +23.1% implying 23% potential share price upside (as of 22 Jun 2016) MARKET DATA AIA is our most preferred Asian insurance stock. We regard AIA as the ultimate Market cap (HKDm) 542,225 Free float 100% ‘compounder’ stock for a quality-biased investor in the high growth potential Asian Market cap (USDm) 69,880 BBG 1299 HK 3m ADTV (USDm) 121 RIC 1299.HK insurance sector where shareholder returns are not always prioritized (they are at AIA). We have a high conviction Buy rating on AIA for many reasons, not least its FINANCIALS AND RATIOS (HKD) Year to 11/2015a 11/2016e 11/2017e 11/2018e defensive qualities, growth outlook, management quality, high free cash flow generation, IFRS EPS 1.81 2.13 2.91 3.20 attractive valuation (with catalysts), diversified country exposure, conservative risk IFRS EPS (prev) - 2.35 3.04 3.44 Change (%) - -9.6 -4.3 -7.0 management and focused Asian life strategy. Although AIA shares have outperformed Consensus EPS - 2.29 2.79 3.07 the Asian insurance sector by a notable 74% since listing on 29 October 2010 and PE (x) 25.1 21.4 15.6 14.2 Dividend yield (%) 1.5 1.7 2.0 2.2 18% over the past 12 months, we believe AIA shares should have delivered more were it not for several niggling bear concerns, which we address in this report.
    [Show full text]
  • 2016 Sidley Global Insurance Review
    OFFICES BEIJING DALLAS LOS ANGELES SINGAPORE Suite 608, Tower C2 2001 Ross Avenue 555 West Fifth Street Level 31 Oriental Plaza Suite 3600 Los Angeles, California 90013 Six Battery Road No. 1 East Chang An Avenue Dallas, Texas 75201 +1 213 896 6000 Singapore 049909 Dong Cheng District +1 214 981 3300 +65 6230 3900 Beijing 100738, China NEW YORK +86 10 5905 5588 GENEVA 787 Seventh Avenue SYDNEY Rue du Pré-de-la-Bichette 1 New York, New York 10019 Level 10, 7 Macquarie Place BOSTON 1202 Geneva, Switzerland +1 212 839 5300 Sydney NSW 2000, Australia 60 State Street +41 22 308 00 00 +61 2 8214 2200 36th Floor PALO ALTO Boston, Massachusetts 02109 HONG KONG 1001 Page Mill Road TOKYO +1 617 223 0300 39/F, Two Int’l Finance Centre Building 1 Sidley Austin Nishikawa Central, Hong Kong Palo Alto, California 94304 Foreign Law Joint Enterprise BRUSSELS +852 2509 7888 +1 650 565 7000 Marunouchi Building 23F NEO Building 4-1, Marunouchi 2-chome Rue Montoyer 51 HOUSTON SAN FRANCISCO Chiyoda-Ku, Tokyo 100-6323, Japan Montoyerstraat 1000 Louisiana Street 555 California Street +81 3 3218 5900 B-1000 Brussels, Belgium Suite 6000 Suite 2000 +32 2 504 6400 Houston, Texas 77002 San Francisco, California 94104 WASHINGTON, D.C. March 2016 +1 713 495 4500 +1 415 772 1200 CENTURY CITY 1501 K Street N.W. Washington, D.C. 20005 1999 Avenue of the Stars LONDON SHANGHAI +1 202 736 8000 SIDLEY GLOBAL Los Angeles, California 90067 Woolgate Exchange Suite 2009 +1 310 595 9500 25 Basinghall Street 5 Corporate Avenue London, EC2V 5HA, United Kingdom 150 Hubin Road INSURANCE REVIEW CHICAGO +44 20 7360 3600 Shanghai 200021, China One South Dearborn +86 21 2322 9322 Chicago, Illinois 60603 +1 312 853 7000 sidley.com AMERICA • ASIA PACIFIC • EUROPE Attorney Advertising - For purposes of compliance with New York State Bar rules, our headquarters are Sidley Austin LLP, 787 Seventh Avenue, New York, NY 10019, 212 839 5300; One South Dearborn, Chicago, IL 60603, 312 853 7000; and 1501 K Street, N.W., Washington, D.C.
    [Show full text]
  • China Reinsurance (Group) Corporation 中國再保險（集團）股份有限公司 (A Joint Stock Limited Liability Company Incorporated in the People’S Republic of China) (Stock Code: 1508)
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, 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 announcement. China Reinsurance (Group) Corporation 中國再保險（集團）股份有限公司 (A joint stock limited liability company incorporated in the People’s Republic of China) (Stock Code: 1508) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 The board of directors of China Reinsurance (Group) Corporation is pleased to announce the audited consolidated results of the Group for the year ended 31 December 2020 together with the comparative figures for the corresponding period in 2019, which should be read in conjunction with the following management discussion and analysis. 1 FINANCIAL STATEMENTS AND MATERIAL NOTES CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the year ended 31 December 2020 (in RMB thousands) Note 2020 2019 Gross written premiums 4 161,573,844 144,972,748 Less: Premiums ceded to reinsurers and retrocessionaires 4 (12,103,874) (10,149,709) Net written premiums 4 149,469,970 134,823,039 Changes in unearned premium reserves 5 (3,387,576) (7,080,011) Net premiums earned 146,082,394 127,743,028 Reinsurance commission income 2,664,943 1,566,556 Investment income 6 15,688,533 11,316,405 Exchange gains/(losses), net 98,062 (2,150) Other income 3,661,183 2,010,352 Total income 168,195,115
    [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]
  • China P&C Insurance and Reinsurance Market Report
    China P&C Insurance and Reinsurance Market Report September 2013 Empower Results® F_UP.indd 1 8/30/13 12:23 PM Contents 3 Foreword 50 Appendices 4 Executive Summary 56 Glossary 5 Insurance Market Overview 58 Contact Information 16 Reinsurance Market Overview 59 About Aon Benfield 21 Lines of Business 39 Regulation and Capitalisation 42 Market Dynamics 46 Foreign Investment and International Expansion F_UP.indd 2 8/30/13 2:11 PM Aon Benfield Foreword Over the past ten years, China has emerged as an insurance and reinsurance market that cannot be overlooked. This, however, does not mean it is well analyzed. When we look beyond the macro growth, underlying opportunities and challenges are not necessarily what they first appear to be. For example, a detailed analysis of the Property market shows that growth has been more in line with GDP than with the faster overall market growth, which is largely driven by Motor business. This report is not just a collection of statistics but offers the unique perspective of a global industry leader. It attempts to examine the Chinese insurance and reinsurance markets from various angles to assist in revealing many of the opportunities and challenges vital for any insurer or reinsurer forming a strategy for China. Amongst other things, it explores reasons for the slow development of catastrophe insurance and reinsurance in China against a backdrop of rising accumulation exposure to natural hazards. Despite its rapid expansion in the past few years, the Chinese insurance industry will continue to face major challenges in the years to come. While many of the challenges that the Chinese market faces are not particularly new, we have to acknowledge their complexity.
    [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]
  • China's Financial System
    China’s Financial System Growth and Inefficiency Dominique de Rambures and Felipe Escobar Duenas China’s Financial System Dominique De Rambures • Felipe Escobar Duenas China’s Financial System Growth and Inefficiency Dominique De Rambures Felipe Escobar Duenas Master Banque Finance Master Banque Finance Paris I University Panthéon Sorbonne Paris I University Panthéon Sorbonne Paris, France Paris, France ISBN 978-3-319-40450-9 ISBN 978-3-319-40451-6 (eBook) DOI 10.1007/978-3-319-40451-6 Library of Congress Control Number: 2017930599 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and ­transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made.
    [Show full text]
  • Strategy Report Hong Kong Equity Research
    Thursday, 3 December, 2020 China Merchants Securities (HK) Co., Ltd. Strategy Report Hong Kong Equity Research 2021 Outlook: Road towards restoration Jessie Guo, PhD +852 3189 6121 [email protected] “Lives of great men all remind us, we can make our lives sublime. Let Edith Qian, CFA +852 3189 6752 us, then, be up and doing. With a heart for any fate, still achieving, still [email protected] pursuing; learn to labour and to wait”. Harrington Zhang, PhD - Henry Wadsworth Longfellow, A Psalm of Life +852 3189 6751 [email protected] Tommy Wong View on economic recovery +852 3189 6634 [email protected] The outbreak of COVID-19 sent global economic growth deep into negative Johnny Wong territory in 2020. Synchronised large-scale fiscal and monetary policies +852 3189 6357 prevented major economies from sliding into perennial recession. [email protected] According to the IMF, global GDP will contract by 4.4% in 2020 and rebound Yonghuo Liang +86 755 8290 4571 by 5.2% in 2021, but the pace of recovery will be uneven across countries. [email protected] We expect the US economy to have a relatively muted start next year, and Kevin Chen then followed by a brighter second half, while the Fed’s monetary policy will +852 3189 6125 remain abundantly accommodative throughout the entire 2021. [email protected] Felix Luo, PhD +852 3189 6288 We stay positive on China’s economic outlook, mainly driven by domestic [email protected] consumption and manufacturing investment. We expect a rather neutral Yiding Jiao, CFA fiscal and monetary policy stance.
    [Show full text]
  • 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
    [Show full text]
  • The Actuary Insurance Companies
    october2002 the newsletter of the Society of Actuaries vol. 36, no. 8 theactuary Rapid growth in the Chinese insurance market by Thomas P. Laine efore the early 1980s, when China Following the establishment of the began implementing its economic People’s Republic of China, all insurance B reforms and developing its social- operations were nationalized in 1949 and ist market economy, the average citizen replaced by the state-owned People’s had little need for insurance. The risks of Insurance Company of China (PICC). In becoming sick or disabled, of dying with- 1958, the domestic insurance business out adequate resources for survivors, of was suspended, as it was felt to be unnec- outliving one’s assets, of property damage essary because of the government’s and so on were all taken care of by the monopoly of economic activity and government. With the development of the provision of universal welfare benefits. socialist market economy, however, all of For the next 20 years, PICC’s activities this changed and people were increasingly were confined to China’s international made responsible for their economic business, principally marine and aviation. security. In recognition of this fact, the In 1982, PICC resumed its domestic Chinese government has put great insurance business. PICC’s monopoly emphasis on developing the insurance ended in 1986 when a regional agricul- industry. tural insurance company was formed. In A brief history of 1988, another company, Ping An, was insurance in China granted a license in Shenzhen, and in Historians believe that a rudimentary 1991, China Pacific Insurance Company form of insurance may have existed in was established in Shanghai; both are now inside China as early as 5000 B.C.
    [Show full text]