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Li FANG
Deputy General Manager
China Life Reinsurance Ltd.
Table of Contents
USD Billion
350
2,000
316
1,786
300
269
250
1,600
1,587
242
227
1,400
224
214
1,295
1,200
1,149
200
1,000
940
150
1,800
800
789
600
100
400
50
200
0
0
2010Y
2011Y
2012Y
2013Y
Insurance Premium
2014Y
Asset
2015H
USD Billion
250
35%
30%
29%
203.62
200
25%
23%
172.03
166.13
151.90
158.70
20%
18%
151.32
150
15%
10%
8%
100
5%
4%
0%
50
-5%
-9%
-10%
-15%
2010Y
2011Y
2012Y
Life Premium
2013Y
YOY%
2014Y
2015H
80
29%
67.24
70
64.28
27%
60
55.01
51.55
24.70%
50
25%
23%
40
22.24%
20.77%
30
19%
18.95%
20
12.73
21%
10.70
17%
10
3.14
2.60
15%
Direct Channel
Agency
2015H
Bank Assurance
2014H
YOY Growth
Broker
USD Billion
47.78%
16.00
14.00
0.62%
17.10
45.0%
40.0%
39.0%
12.30
35.0%
12.00
30.0%
10.00
25.0%
8.00
20.0%
16.4%
6.00
51.57%
3.58
4.00
3.08
2.00
Participating Product
Unit-Link Product
Universal Product
10.0%
5.0%
0.00
Traditional Product
15.0%
0.0%
Health
2015H
PA
2014H
YOY Growth%
Table of Contents
Million
649
600
557
500
400
361
300
200
100
0
Internet User
Population
2014
Online shopping
Population
Internet Consumption
USD 10
Trillion GDP
1.35 Billion
Population
557 Million
Internet
Users
361 Million
online
shoppers
USD 4.15
Trillion
Consumption
USD Billion
400
365
350
300
250
200
174
150
100
74
55
50
41
0
Alibaba
Amazon
eBay
Gross Merchandise Volume
Rakuten
JD.com
USD Billion
13.62
14
12
10
8.02
8
5.60
6
4.62
3.75
4
2
0.86
0
Online insurance Premium
2014
Fast-growing premium
Online life premium surpassing online P&C premium by 25%, reaching USD 7.1 billion
Car insurance taking up 42% of online premium VS Universal & Unit Link 42%
Online P&C premium backed by insurers website VS online Life premium sold from
B2C Portal
Increased competition
Product Innovation
Online Insurance Product Type Breakdown by Premium
Volume
2.46%
2.00% 2.54%
17
Car insurance
8.60%
42.30%
Insuers'Own websites
Participating Life
B2C Portal
PA&Health
42.10%
Traditional Life
Other P&C
52
16
Both
Table of Contents
C-ROSS
China Risk Oriented Solvency System
Risks which can not
be regulated
Inherent Risk
Control Risk
Quantifiable Risk
Unquantifiable Risk
Insurance Risk
Operational Risk
Market Risk
Strategic Risk
Credit Risk
Reputational Risk
Liquidity Risk
System Risk
1st Pillar
2nd Pillar
3rd Pillar
C-ROSS
C-Ross Rules
One Supervision
Emerging Markets
Risk-Oriented with Value
Consideration
Quantitative
Capital
Requirements
1 Actual Capital
2 Minimum Capital
3 Liability Valuation
on
Life Insurance
4 Minimum Capital on
Insurance Risk(Non-Life)
5 Minimum Capital on
Insurance Risk(Life)
6 Minimum Capital on
Insurance Risk(Reinsurance)
7 Minimum Capital on
Market Risk
8 Minimum Capital on
Credit Risk
9 Stress Test
Qualitative
Supervisory
Requirements
10 Supervision by
classification(Overall Risk
Evaluation)
11 Solvency Risk
Management and
Evaluation
12 Liquidity Risk
Market
Discipline
Mechanism
13 Solvency Disclosure
14 Solvency information
Exchange
15 Credit Rating of
Insurance Company
C-ROSS
C-Ross Framework
Quantitative
Capital
Requirement
Quantifiable Risks
Insurance Risk
Market Risk
Credit Risk
Supervision Tool
Quantifiable Capital
Requirement
Actual Capital
Evaluation
Capital Classification
Stress Testing
Supervision Measures
Regulatory Indicator
Overall Solvency Ratio
Core Solvency Ratio
Qualitative
Supervision
Requirement
Unquantifiable Risks
Operational Risk
Strategic Risk
Reputational Risk
Liquidity Risk
Market
Discipline
Mechanism
Supervision Tool
Supervision Tool
Integrated Risk
Rating(IRR)
Solvency Aligned Risk
Management and Risk
Assessment(SARMRA)
Liquidity Risk
Inspection and
Analysis
Supervision Measures
Company Information
Disclosure
Regulatory Body
Information Disclosure
Credit Rating
Regulatory Indicator
Market Indicator
C-ROSS
Impacts on Insurers Operation
Business Strategy
Pricing Management
Liability Management
Business Valuation
Investment
Risk Management
Table of Contents
China Re Life
Company Overview
China Re Life
Services we provide
Reinsurance we provide
Reinsurance auditing
YRT
Coinsurance
Modified Coinsurance
Non-proportional on life, health and
accident.
CAT
Stop loss
Financial Solution
Cash deal
Non-cash deal
China Re Life
R&D Strength
Mortality Table Revision (2nd and 3rd round)
China Re Life
Active Product Development
Internet Insurance
Establish strategic relationship
with
biggest
e-Commerce
service provider - AliBaBa group
Create a platform for internet
insurance sale
Explore new internet consumer
groups
Internet Insurance
Mom & Baby Insurance
Long-term CI products for kids
Pension Product
Health Product
LTC
Cancer Insurance
High-end Medical Care
Preferred Life Insurance Project
RMB Insurance
What is RMB-denominated policy?
RMB Insurance
Product Features
Currency
Denominated in RMB
Target Markets
High-net worth individuals
Overseas Chinese nationals
Product range
Savings-type : endowment, universal
Product term
vary from 3-5 years (short-medium term) to over 10 years
Competitive yields over local solutions
RMB Insurance
Development in RMB Business
China Re Life was approved by Central bank of China as the only reinsurer
2010 for RMB cross-boarder settlement
2010
2011
2013
2014
Future
RMB Insurance
Success Case in HK
Billion
RMB
10
9.46
9.15
18 HK insurance companies
participated in RMB business
9
8
7.39
7.18
7
6
5
4
3
2
1.39
1
0
2,010
2,011
2,012
2,013
2,014
RMB Insurance
Operation Process
Premiums to be
collected in RMB
Policyholders
Bank
Commissions
Gross Premiums to
be paid in RMB
Local Insurer
China Life Re
Reinsurance claims to
be settled in RMB
Thank you