Contents

Inside
Valuation – Ping An provides the
upside 2
Growth in the right places 8
Buying at the bottom of the
interest rate cycle 16
Regulatory changes to investment
restrictions – scope widens from 1
October 19
Balance sheet strength – friend
or foe 24
P&C insurance – rupturing at
the seams 28
China Life Insurance 37
Ping An Insurance 39
China Taiping Insurance 41
Appendix 1: Risks to the positive
sector outlook 43
Appendix 2: New business
sales detail 47
Appendix 3: China industry gross
written premium 50
Appendix 4: China industry gross
written premium growth 51
Appendix 5: Embedded value and
appraisal value methodology 52