On December 30 dispatch, how does Guo Taijun release insurance delibrate report to say now, value improvement of edge of element of insurance company CRIA3 and the investment opportunity that its bring, recommend Chinese is birthday, new China safe, China is safe.
How does Guo Taijun manage an industry " add hold " grade. 1) maintains the differentiate that develops way for a long time to birthday danger industry, the gain form that gives priority to with benefit difference namely looks for a long time face accept a challenge, progress of demand of birthday risk company gets dead difference and the gift that expend difference, occupy mediumly in order to promote dead difference and cost difference in benefit source than. 2) differs the gain form that give priority to to fall with benefit currently, prime area of birthday risk company is analysed should be based on CRIA model, namely the gain =(investment gain rate of birthday risk company - indebted capital) × invests asset limits.
The meaning of indebted capital: 1) in CRIA model, indebted capital points to the client's yield, can differentiate to assure local and blame assure local, among them, assure local for rigid and indebted capital, blame make sure local insurance company is adjustable. 2) cent is planted nearly look, traditional danger is only assure local and indebted capital, book interest rate namely (already expressed insurance cost is medium now) of danger of; share out bonus book interest rate to assure local and indebted capital (already behaved in the) in insurance cost, share out bonus assures to be not local (profit poor increase perhaps does not make sure under lowest of 70%); universal a place difficult of access interest rate is of profit poor increase and the sum of dead poor profit assure local and indebted capital, lowest of prep above of settle accounts interest rate makes sure interest rate is local assure local and indebted capital to be not.
Make sure local and indebted capital develops 3 level: 1) the first phase: 1Before 999 years June. In market money rate taller 1995 to between 1999, company of each old age risk sold home tall book interest rate guarantee slip. Chinese birthday is in when appearing on the market already will tall book interest rate guarantee slip to come off, china is at present safe / China too protect ／ new China insurance is tall book interest rate guarantee slip to occupy scale of the business that put an amount to be 15%/10%/1% about, its are indebted capital 6.5% the left and right sides. 2) the 2nd phase: 1Came 999 years in June in August 2013.
Protected inspect to be able to allot in June 1999 " the urgent announcement that books interest rate about adjusting birthday danger guarantee slip " (the hair that keep watch [1999]93 date) , will new sign and issue guarantee slip book interest rate limitation to be in do not surmount year of compound interest 2.5% , policy lasts to the front of August 2013 ceaselessly. 3) the 3rd phase: 213 years in August up to now. As insurance product cost rate is commercialized after August 2013 advance, book interest rate or lowest to make sure interest rate has the upper limit restriction of 2.5% no longer. Current, appear on the market insurance company puts volume business to make sure local indebted capital is 2.5%-3.5% , chinese birthday is 2.58% .
Indebted 2017 capital will descend. 1) appears on the market at present insurance company opens to booking product of danger of tradition of brunt of make a good beginning booked interest rate 2017 for 3.5% , sell no longer book interest rate to be the product of 4.025% . We use 2) " reserve of Shou Xianyi Wu + reserve of obligation of long-term and in good health danger " magnanimity puts an amount scope of business, with " chief risk first years of insurance cost " (get fee cursorily) magnanimity adds scope of business newly, place in relevant holiday, add brunt product newly to book interest rate by 4.025% reduce to 3.5% , will make the business that put an amount makes sure local and indebted capital descends 0.7-1.9 base point.
Does investment initiate: ? The 3 element in model of housing RIA all present edge improvement, birthday risk company most be benefited, the Chinese birthday He Xinhua of bid of company of risk of our recommend simple life is consequently safe, recommend is essential at the same time the face is best and the China of appraise value lowest is safe. Chinese birthday / China is safe / China too protect / new China the P/EV after insurance was amended 2016 is 1.17/0.96/1.11/1.29 respectively, still inferior.
