行业近况： 2009 年7 月，中国人寿和泰康人寿微调其万能险结算利率5 个基点，中国人寿由3.85%上调至3.9%，泰康人寿由4.05%上调至4.1%。其他各主要寿险公司万能险结算利率保持稳定。 债券市场方面，7 月中长期债券收益率在短端利率飚升、经济数据好于预期和发...

TABLE OF CONTENTS Industry View................................................................................................................4 Historical Reserve Position .....................................................................

Table of Contents Summary............................................................................................ 3 A period of radical change ...............................................................................................

内容摘要 一、短期难以走出调整格局 二、万能险结算利率重回上升通道 三、寿险低迷，财险活跃 四、保险投资资产继续向股市转移 五、行业动态和上市公司跟踪...

For the avoidance of doubt We reinitiate coverage on Swiss Life with an Underperform rating and Baloise with an In Line rating, with risk the key differentiator. With the sector trading at close to 5.6x 2011e EPS or a modest discount to ou...

投资要点 在经历了央行非对称降息、雷曼兄弟倒闭、AIG 陷入经营困境、保监会严 控银行渠道投资类产品等一系列事件后，三季度热热闹闹地收...

Table of Contents Executive Summary........................................................................... 2 Timing the turn..................................................................................................................

Table of contents Overview: Still in a sweet spot; riding on A-share strength 2 Ping An (A/H) as top piks: strengths in most business lines; add Ping An(A) to Conviction Buy 7 Disclosures 14...

CONTENTS INVESTMENT SUMMARY 3 VALUATION 4 STABLE CAPITAL RATIOS 6 PROFITABILITY ANALYSIS 9 Operating Profit Margin 9 Return on Equity 13 COMPANY NOTES 15 ALLIANZ 16 AXA 22 MAPFRE 28 CATALANA OCCIDENTE 34 GENERALI 42...

目录 5月利率调头下行压制股价表现 1 寿险增速继续回落，产险增速回升 3 股价隐含新业务增长5%-6%，中国平安低估显著 5 重点公司推荐 7 风险提示 7...