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1、 China - Non-Life Insurance 0099 - 0125 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1 MarketLine Industry Profile Non-Life Insurance in China October 2012 Reference Code: 0099-0125 Publication Date: October 2012 WWW.MARKETLINE.COM MARKETLINE. THIS PROFILE
2、 IS A LICENSED PRODUCT AND IS NO T TO BE PHOTOCO PIED China - Non-Life Insurance 0099 - 0125 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2 EXECUTIVE SUMMARY Market value The Chinese non-life insurance market grew by 16.4% in 2011 to reach a value of $87.4
3、 billion. Market value forecast In 2016, the Chinese non-life insurance market is forecast to have a value of $171.3 billion, an increase of 96% since 2011. Category segmentation Motor is the largest segment of the non-life insurance market in China, accounting for 63.8% of the markets total value.
4、Geography segmentation China accounts for 23.9% of the Asia-Pacific non-life insurance market value. Market share PICC Property regulation of domestic companies overseas operations and pricing regulation. However, the sector now undergoes continuous reforms with insurers obliged to demonstrate full
5、compliance with the WTO accession agreement. This accession has made it easier for foreign insurers to enter the Chinese market via joint ventures and major global players such as AEGON and Generali are now active in the Chinese market. Furthermore Chinese companies have been able to improve their p
6、ositions via IPOs. The likelihood of new entrants is assessed as moderate. China - Non-Life Insurance 0099 - 0125 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 17 Threat of substitutes Figure 10: Factors influencing the threat of substitutes in the non-life
7、 insurance market in China, 2011 SOURCE: MARKETLINE M A R K E T L I N E There are no real substitutes for insurance products, with certain policies often being a legal requirement in many countries. A number of alternatives to taking out a policy do exist. Consumers can adopt risk management strateg
8、ies such as Self-Insurance whereby an eligible risk is retained, but a calculated amount of money is set aside to compensate for the potential future loss. Alternatively, an organization could choose to operate its own captive structure, and form its own insurance subsidiary to finance its retained
9、losses in a formal structure. Although these are viable substitutes they require a certain amount of expertise and capital. Of course a consumer could choose not to take out a policy at all, although in many cases this is illegal. Equally, buying insurance is often a mandatory condition of obtaining
10、 a mortgage and therefore essential to most people. The threat of substitutes with respect to the non-life insurance market is therefore assessed as weak. China - Non-Life Insurance 0099 - 0125 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 18 Degree of riva
11、lry Figure 11: Drivers of degree of rivalry in the non-life insurance market in China, 2011 SOURCE: MARKETLINE M A R K E T L I N E The Chinese non-life insurance sector remains more concentrated than in most other countries, with the four leading companies accounting for around 60% of the market. De
12、spite this, players offer similar services with companies selling more or less the same product, leading to significant price sensitivity and low margins. Furthermore, Chinas accession to the WTO has made it possible for large international players to enter the market and so there is more competitio
13、n than ever before. Some of these players are involved in banking and management services and often pursue a number of insurance lines. Nonetheless, some companies will not expand into certain types of insurance. For example, big brand names are reluctant to set up personal injury services because o
14、f the negative image associated with such a service and the likelihood of poor returns. Overall, rivalry in the market is no more than moderate. China - Non-Life Insurance 0099 - 0125 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 19 LEADING COMPANIES China
15、Continent Property & Casualty Insurance Company Ltd. Table 6: China Continent Property & Casualty Insurance Company Ltd.: key facts Head office: 13th Floor, World Plaza, No. 855, South Pudong Road, Shanghai, 200120, CHN Telephone: 86 21 5836 9588 Fax: 86 21 5836 9567 Website: www.ccic- SOURCE: COMPA
16、NY WEBSITE M A R K E T L I N E Founded in 2003 and operating as a subsidiary of the China Reinsurance (Group) Company, China Continent Property & Casualty Insurance Company, Ltd. provides a range of insurance products and services throughout China. The companys products include property& liability i
17、nsurance, credit insurance, short-term health cover, and personal accident insurance for individuals and corporate businesses. China Continent also offers reinsurance and fund management, and has a strategic partnership agreement with Cninsure Inc. The company has branches located in Shanghai, Beiji
18、ng, Shenzhen, Hangzhou, Nanjing, Ningbo, Chengdu, Guangzhou, Xian, Wuhan, Fuzhou, Qingdao, Tianjin, Zhengzhou, Jinan, Shenyang, Harbin, Dalian, Chongqing, Kunming, and Nanchang. Key Metrics As a private entity, China Continent Property & Casualty is not legally obliged to release its financial resul
19、ts. China - Non-Life Insurance 0099 - 0125 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 20 China Pacific Insurance (Group) Co. Ltd. Table 7: China Pacific Insurance (Group) Co. Ltd.: key facts Head office: South Tower, Bank of Communications Financial Buil
20、ding, 190 Central Yincheng Road, Shanghai 200120, CHN Telephone: 86 21 5876 7282 Fax: 86 21 6887 0791 Website: Financial year-end: December Ticker: 601601, 2601 Stock exchange: Shanghai, Hong Kong SOURCE: COMPANY WEBSITE M A R K E T L I N E China Pacific Insurance (Group) Co (CPIC) is engaged in pr
21、oviding a range of risk protection solutions, investment and wealth management, and asset management services to individual and institutional customers in China and Hong Kong. The company offers its products and services through more than 5,700 business outlets and around 300,000 agents. The company
22、 primarily operates through its five subsidiaries that include: China Pacific Life Insurance Co. (CPIC Life), China Pacific Property Insurance Co (CPIC Property), Pacific Asset Management Co, China Pacific Insurance Co., (H.K.) (CPIC H.K.) and CPIC Investment Management (H.K.) Company (CPIC Investme
23、nt (H.K.). CPIC Life offers around 150 insurance products covering life, annuity, health and personal accidents, among others. It operates through a distribution network of agencies, direct sales and bancassurance channels. CPIC Property offers a variety of property insurance, short-term health insu
24、rance and accident insurance products and services for electricity, automobile, machinery, chemistry, electronics, water conservancy, construction, bridges, roads, space and aviation marine and high-tech industries. It provides its products through business ties with both domestic and international
25、insurers, re-insurers and related institutions, and operates 40 branches, more than 2,000 grass-roots offices and a direct sales team of around 14,800 representatives. Pacific Asset Management Co is engaged in managing and using self-owned capital and premiums, and entrusted capital management busin
26、ess. It also offers capital management-related consulting services, and is involved in other asset management business. CPIC H.K. is the general insurance company of CPIC that provides accident and health insurance, motor vehicle insurance, aircraft insurance, ships insurance, goods in transit insur
27、ance, property damage insurance, general liability insurance and pecuniary loss insurance products. CPIC Investment (H.K.) offers asset management service including special account wealth management and collection of financial management products for its clients. Pacific Asset Management Co and CPIC
28、 hold 51% and 49% of stake respectively in CPIC Investment (H.K.). In addition, the company is engaged in pension business through its subsidiary (51% indirectly held by CPIC), Changjiang Pension Insurance Co. The companys major shareholders include HKSCC Nominees, Fortune Investment Co., Shenergy G
29、roup Co., Shanghai State-Owned Assets Operation Co., Shanghai Haiyan Investment Management Company, Parallel Investors Holdings, Shanghai Jiushi Corporation, Yunnan Hongta Group Co., Carlyle Holdings Mauritius, and Baosteel Group, among others. China - Non-Life Insurance 0099 - 0125 - 2011 MARKETLIN
30、E THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 21 Key Metrics The company recorded revenues of $23,877 million in the fiscal year ending December 2011, an increase of 9.8% compared to fiscal 2010. Its net income was $1,288 million in fiscal 2011, compared to a net income of
31、 $1,326 million in the preceding year. Table 8: China Pacific Insurance (Group) Co. Ltd.: key financials ($) $ million 2007 2008 2009 2010 2011 Revenues 11,501.6 11,521.3 16,026.7 21,753.8 23,876.6 Net income (loss) 1,095.2 398.0 1,139.7 1,325.8 1,288.0 Total assets 47,875.9 49,252.8 61,537.4 73,703
32、.4 88,406.7 Total liabilities 38,145.0 41,642.4 49,813.2 61,068.4 76,313.4 SOURCE: COMPANY FILINGS M A R K E T L I N E Table 9: China Pacific Insurance (Group) Co. Ltd.: key financials (CNY) CNY million 2007 2008 2009 2010 2011 Revenues 74,236.0 74,363.0 103,443.0 140,408.0 154,109.0 Net income (los
33、s) 7,069.0 2,569.0 7,356.0 8,557.0 8,313.0 Total assets 309,010.0 317,897.0 397,187.0 475,711.0 570,612.0 Total liabilities 246,203.0 268,777.0 321,514.0 394,160.0 492,557.0 SOURCE: COMPANY FILINGS M A R K E T L I N E Table 10: China Pacific Insurance (Group) Co. Ltd.: key financial ratios Ratio 200
34、7 2008 2009 2010 2011 Profit margin 9.5% 3.5% 7.1% 6.1% 5.4% Asset growth 66.4% 2.9% 24.9% 19.8% 19.9% Liabilities growth 38.1% 9.2% 19.6% 22.6% 25.0% Debt/asset ratio 79.7% 84.5% 80.9% 82.9% 86.3% Return on assets 2.9% 0.8% 2.1% 2.0% 1.6% SOURCE: COMPANY FILINGS M A R K E T L I N E China - Non-Life
35、 Insurance 0099 - 0125 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 22 Figure 12: China Pacific Insurance (Group) Co. Ltd.: revenues & profitability SOURCE: COMPANY FILINGS M A R K E T L I N E Figure 13: China Pacific Insurance (Group) Co. Ltd.: assets & l
36、iabilities SOURCE: COMPANY FILINGS M A R K E T L I N E China - Non-Life Insurance 0099 - 0125 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 23 PICC Property and Casualty Company Limited Table 11: PICC Property and Casualty Company Limited: key facts Head of
37、fice: Tower 2, No. 2 Jianguomenwai Avenue, Chaoyang District, Beijing 100022, CHN Telephone: 86 10 831 57607 Fax: 86 10 831 57607 Website: Financial year-end: December Ticker: 2328 Stock exchange: Hong Kong SOURCE: COMPANY WEBSITE M A R K E T L I N E PICC Property and Casualty (PICC) provides a ran
38、ge of property and casualty insurance products including accidental injury insurance and short-term health insurance products in China. The company operates through seven business segments: motor vehicle, commercial property, cargo, liability, accidental injury and health, corporate and other. PICCs
39、 motor vehicle business segment is engaged in providing insurance products covering motor vehicles. Its commercial property segment provides insurance products covering commercial properties. The companys cargo segment provides insurance products covering vessels, and crafts or conveyances. Its liab
40、ility segment provides insurance products covering policyholders liabilities. The companys accidental injury and health segment provides insurance products covering accidental injuries and medical expenses. PICCs corporate segment includes the management and support of the Groups business through it
41、s strategy, risk management, treasury, fi nance, legal, human resources functions, etc. The corporate segment derives revenue from investing activities. The companys other business segment is engaged in providing insurance products related to marine hull, home owners, agriculture, aviation and energ
42、y. The companys business network covers urban and rural areas across the country, including more than 10,000 business offices and also underwriting, claim settlement/customer service and finance centers at regional (city) level. Subsidiaries of PICC Property and Casualty include: PICC Hebi Insurance
43、 Agency Company Limited, PICC Qingdao Insurance Agency Company Limited, PICC Hebei Insurance Agency Company Limited, and PICC Haikou Training Center Company Limited. Key Metrics The company recorded revenues of $21,211 million in the fiscal year ending December 2011, an increase of 7.0% compared to
44、fiscal 2010. Its net income was $1,244 million in fiscal 2011, compared to a net income of $819 million in the preceding year. China - Non-Life Insurance 0099 - 0125 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 24 Table 12: PICC Property and Casualty Compa
45、ny Limited: key financials ($) $ million 2007 2008 2009 2010 2011 Revenues 13,737.6 12,982.5 15,142.5 19,814.7 21,211.0 Net income (loss) 463.4 16.9 276.2 819.3 1,243.6 Total assets 20,802.1 22,349.1 25,623.3 31,568.9 41,268.6 Total liabilities 16,761.7 19,290.1 22,251.5 27,415.6 35,709.6 SOURCE: CO
46、MPANY FILINGS M A R K E T L I N E Table 13: PICC Property and Casualty Company Limited: key financials (CNY) CNY million 2007 2008 2009 2010 2011 Revenues 88,668.0 83,794.0 97,736.0 127,892.0 136,904.0 Net income (loss) 2,991.0 109.0 1,783.0 5,288.0 8,027.0 Total assets 134,265.0 144,250.0 165,383.0
47、 203,758.0 266,364.0 Total liabilities 108,187.0 124,506.0 143,620.0 176,951.0 230,484.0 SOURCE: COMPANY FILINGS M A R K E T L I N E Table 14: PICC Property and Casualty Company Limited: key financial ratios Ratio 2007 2008 2009 2010 2011 Profit margin 3.4% 0.1% 1.8% 4.1% 5.9% Asset growth 25.5% 7.4
48、% 14.7% 23.2% 30.7% Liabilities growth 25.4% 15.1% 15.4% 23.2% 30.3% Debt/asset ratio 80.6% 86.3% 86.8% 86.8% 86.5% Return on assets 2.5% 0.1% 1.2% 2.9% 3.4% SOURCE: COMPANY FILINGS M A R K E T L I N E China - Non-Life Insurance 0099 - 0125 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS
49、 NOT TO BE PHOTOCOPIED Page | 25 Figure 14: PICC Property and Casualty Company Limited: revenues & profitability SOURCE: COMPANY FILINGS M A R K E T L I N E Figure 15: PICC Property and Casualty Company Limited: assets & liabilities SOURCE: COMPANY FILINGS M A R K E T L I N E China - Non-Life Insurance 0099 - 0125 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 26 Ping An Insurance (Group) Company of China, Ltd. Table 15: Ping An Insurance (Group) Company of China,