China Taiping 0966

China Taiping 0966

Postby winston » Wed Jul 16, 2008 8:08 am

CIIH cuts exposure to equities
Lisa Yu
Wednesday, July 16, 2008

China Insurance International Holdings (0966) reduced the equity allocation in its investment portfolio to 6-8 percent from 15 percent in the first quarter amid market volatility.

Michael Shen Koping, deputy managing director of China Insurance Group Asset Management, said yesterday that half of the capital generated from selling stocks was invested in cash and half in fixed- income assets. The company has no plan to further cut the equity weighting of its investment portfolio in the short term.

CIIH executive director Sammy Lau Siu-man said demand for insurance policies rose after the Sichuan earthquake in May, and the company received many inquiries about reinsurance. "People are more conscious about reinsurance after disasters such as the snow storms and the earthquake," said Lau.

Through its 50 percent-owned Tai Ping Life Insurance, CIIH generated about HK$16.2 billion in premiums last year, Lau said. Reinsurance contributed about HK$1.6 billion.

Premium growth slowed in the first half of 2008, however, and Lau said this was because sales of unit- linked insurance policies spiked last year due to bullish stock markets but have fallen off since.

Lau is optimistic about China business as the insurance industry's market penetration is still low. CIIH's mainland investments returned 16 percent last year, and its holdings in Hong Kong returned 13 percent.
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Re: China Insurance International Holdings 0966

Postby winston » Mon Sep 29, 2008 11:38 am

Not vested.

Shares in China Insurance International Holdings bucked the trend among Chinese financials to rally 7.6 percent on talk that newly-nationalised Belgian-Dutch financial group Fortis The stock earlier soared 15.4 percent to HK$16.02.

China Insurance International, which already holds a 50.05 percent stake in Tai Ping Life, is most likely to buy Fortis' stake according to a prior arrangement between the companies, said Merrill Lynch analysts.

"The Chinese regulators have been pushing for banks to invest in insurers and a number of Chinese banks have shown an interest in China Insurance," said Jennifer Law, analyst with Merrill Lynch.

"The Fortis stake in Tai Ping is a hurdle to any potential alliances between China Insurance International and Chinese banks. So should Fortis exit, it would be much easier for China Insurance to tie up with a bank and expand ist bancassurance distribution."
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Re: China Insurance International Holdings 0966

Postby winston » Tue Jan 20, 2009 2:40 pm

DJ MARKET TALK:CS Rates China Insurance Intl Neutral,Target HK$13

1132 [Dow Jones] STOCK CALL: China Insurance International's (0966.HK) 8% on-year decline in December premiums to CNY1.4 billion is misleading, Credit Suisse says. Notes contraction due solely to single premium product, unit-linked policies that boomed last year, but reversed sharply in 2008. Notes total FY08 premiums up 19% on-year at CNY18.9 billion; says volumes of regular premium policies appear solid.

However, keeps at Neutral, target HK$13.00. "While the estimated 1.87X P/EV and 15X VNB multiples are not especially stretched relative to CIIH's EV growth profile, we are concerned about the sensitivity of VNB to lower investment yields and a potentially softer outlook for premium growth heading into 2009." Shares down 1.7% at HK$9.80; HSI down 3.6%.
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Re: China Insurance International Holdings 0966

Postby winston » Fri Feb 06, 2009 10:20 am

China Insurance International (0966.HK) said on Thursday it would report a loss for 2008 because of poor returns in its listed equity investments.

The company also expects to post a significant operating loss at the property and casualty insurance business due to its rapid business expansion and the greater claims expenses from natural disasters.

It said worse-than-expected operating losses would be incurred in the pension business due to its early stage of development.
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Re: China Insurance International Holdings 0966

Postby winston » Mon Mar 16, 2009 2:49 pm

DJ MARKET TALK: China Insurance Attractive Despite Loss Tipped-CS

1159 [Dow Jones] STOCK CALL: Credit Suisse tips China Insurance International (0966.HK) to post FY08 net loss of HK$19 million, but says with company already warning it expects loss, house expects investor focus likely on contributing factors as much as number itself.

Says Tai Ping Life business expected to contribute solid value growth, forecasts slight increase in EV, which very solid vs weak equity market; tips VNB +38% on-year. Says key catalysts include how sufficient capital is to support operational growth, TPL's 2009 premium and VNB growth targets, long-term commitment of Fortis as shareholder, potential for new strategic shareholders to emerge.

Says stock trading at attractive 1.7X P/EV, 12X VNB, based on 2009E. Keeps at Outperform, target HK$13.00. Shares up 6.0% at HK$9.92.
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Re: China Insurance International Holdings 0966

Postby winston » Thu Jun 11, 2009 11:08 am

DJ MARKET TALK: China Insurance May Rise On Unit's Premium Data

0929 [Dow Jones] China Insurance International (0966.HK) may rise after unit Tai Ping Life reported total premiums +4.6% on-year at CNY9.307 billion in January-May. Credit Suisse says data bodes well for VNB growth at interim result due in August.

Says on annual premium equivalent basis, January-May volumes +66.7%, while May alone +95.3% on-year, appears to be tracking well ahead of house's 20% VNB growth assumption for FY09. Keeps at Outperform, target at HK$17.50; adds, stock currently trades at 2.5X FY09 P/EV, 17X VNB.

"We believe this valuation is more than supported by the prospect of strong EV growth in 1H09 coupled with upside risk to VNB forecast." Stock ended +2.0% at HK$16.22 Wednesday
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Re: China Taiping 0966

Postby winston » Wed Aug 18, 2010 3:15 pm

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DJ MARKET TALK: CS Cuts China Taiping Target To HK$27 From HK$30

1434 [Dow Jones] STOCK CALL: Credit Suisse cuts China Taiping (0966.HK) target to HK$27.00 from HK$30.00 after lowering FY10-12 EPS estimates by 14%, 14%, 20% respectively as 1H10 net profit of HK$603 million weaker than expected.

Notes embedded value up only 4% in 1H10, growth in value of one-year new business lagged 1H09 level. Says 1H10 new business value margins weaker at 17% vs 1H09's 22% due to growth coming from lower margin bancassurance channel, product mix.

Says stock trades at sizeable premium vs listed peers in terms of implied VNB multiple due to much higher VNB growth profile; "concerns around sustainability of current VNB margins/growth are likely to plague the stock near term."

Rates at Neutral. Stock down 4.8% at HK$23.70.

Source: Dow Jones Newswire
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Re: China Taiping 0966

Postby winston » Mon Feb 21, 2011 12:22 pm

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From APPLE DAILY:

China Taiping Insurance Holdings Co Ltd (0966.HK) said the premium income of its subsidiary amounted to 3.39 billion yuan ($515.7 million) in January, up 35 percent from the previous month.
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Re: China Taiping 0966

Postby winston » Thu Oct 13, 2011 12:03 pm

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DJ MARKET TALK: China Taiping +7.8%; Growth Concerns Overdone-BarCap

1136 [Dow Jones] China Taiping (0966.HK) is up 8.0% at HK$16.94 after reporting strong premium growth data for September after the market close Wednesday.

Barclays Capital notes Taiping's 3Q agency premium growth improved to 40% as agency regular premiums jumped to CNY1 billion in September from an average of CNY800 million in July and August.

Both total premium growth and agency mix have improved from 1H11, and the company is on track to meet the house's 18% value of new business (VoNB) growth estimate for 2011, the house says.

"We believe the concern over VoNB growth is overdone." It keeps the stock at Overweight with a target of HK$24.80.

Source: Dow Jones Newswire
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Re: China Taiping 0966

Postby winston » Fri Jan 13, 2012 11:27 am

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DJ MARKET TALK: Taiping Slides 7.9% But Worst Likely Over - Daiwa

1025 [Dow Jones] China Taiping Insurance (0966.HK) is down 7.9% at HK$13.02 after earlier sliding to HK$12.82, after warning its FY11 consolidated profit will be "substantially lower" than a year earlier, due to losses at its reinsurance arm, due to claims related to natural disasters, including recent floods in Thailand.

Still, the stock may not slide much further from here given the one-off nature of the floods in Thailand;

Winston: Dont these 'experts" know that there are "one-offs" every year. Floods in Queensland, NZ Earthquake, 911 etc... they are all one-offs :D


Daiwa sees losses from reinsurance as largely one-off and believes the worst is over on the life front as the bancassurance decline stabilizes.

It trims Taiping's target to HK$24.47 from HK$25.40 but keeps the stock at Buy.

Source: Dow Jones Newswire
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