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China Pacific Insurance Appoints New Chairman for Subsidiary
Express News | China Pacific Insur. - Approval of Appointment Qualification
China Pacific Insurance (601601.SH): The qualification for the position of Chairman of the controlling subsidiary has been approved.
On December 27, Gelonghui reported that China Pacific Insurance (601601.SH) announced that its holding subsidiary, China Pacific Life Insurance Co., Ltd. (hereinafter referred to as "Pacific Life Insurance"), held its third interim Shareholder meeting in 2024, approving the election of Mr. Zhao Yonggang as a director of the eighth Board of Directors of Pacific Life Insurance. The fifth meeting (temporary) of the eighth Board of Directors approved the election of Mr. Zhao Yonggang as the Chairman of the eighth Board of Directors of Pacific Life Insurance. Recently, Pacific Life Insurance received the State Financial Supervision Administration (hereinafter referred to as "Financial Supervision Administration") notification regarding the appointment of Mr. Zhao Yonggang as Chairman of China Pacific Life Insurance Co., Ltd.
GTJA: It is expected that life insurance will shift to a strong performance in 2025 while property insurance will grow steadily.
The negative month-on-month premium growth in the life insurance sector for November does not change the annual growth expectations, health insurance is recovering while accident insurance remains under pressure; the recovery in new car sales is driving an improvement in auto insurance growth, while non-auto insurance continues to grow to achieve annual targets.
Guolian: Stricter regulations in 2025 are expected to encourage leading insurance companies to expand their advantages.
With the implementation of the "reporting and operating as one" policy in the individual insurance channel, the continued decrease in product reservation rates, and the active adjustment of product structure by insurance companies, the NBV Margin is expected to further improve by 2025, thereby supporting the positive growth of NBV.
After long-term bonds fell below 2%, insurance funds shifted towards equity assets, with high dividend and high ROE being the top choices.
Recently, the yield on 30-year government bonds has fallen below 2.0%. Guosen believes that the central tendency of long-term bond rates continues to decline, and the pressure on investment income from insurance funds is further increasing. Since the beginning of this year, companies represented by Great Wall Life, China Pacific Insurance, and Ruizhong Life have been increasing their stakes in high-quality listed companies, mainly concentrated in industries such as utilities, transportation, and Banks, which have high dividend yields and relatively stable ROE levels.
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