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HONG KONG, Aug. 22, 2019 /PRNewswire/ — China Activity Allowance Aggregation Limited (SSE: 601628, SEHK: 2628, NYSE: LFC) announces the unaudited circumscribed after-effects of the Aggregation (China Activity Allowance Aggregation Limited and its subsidiaries) for the six months concluded 30 June 2019 (the “Reporting Period”) able beneath the All-embracing Banking Reporting Standards today.

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In the aboriginal bisected of 2019, the Chinese abridgement about maintained abiding growth, and the bearings at home and away was intricate and complex. Given that the uncertainties in the alien ambiance brought about pressures and challenges to the allowance market, the allowance industry added deepened transformation and upgrade, and the activity allowance industry confused appear high-quality development. During the Reporting Period, the Aggregation durably concentrated on the cardinal ambition of “China Activity Revitalization” with “Dual Centers and Dual Focuses” as its cardinal amount and adhered to the operational guideline of “prioritizing business value, deepening sales force, accomplishing abiding growth, beforehand technology, optimizing chump casework and attention adjoin risks”. By adopting a “customer-oriented” access and apperception on bounded branches and acreage offices, and afraid to the axiological claim of high-quality development, the Aggregation pushed advanced assorted tasks in an alive and advisable manner. For the aboriginal bisected of 2019, the amount business of the Aggregation developed rapidly and its business anatomy was optimized consistently, which resulted in a cogent beforehand in its business value. The Company’s sales force was added in both abundance and quality, its beforehand assets added significantly, and its advantage was bigger substantially. In the meanwhile, technology-empowered operation became a new alive force for the Company’s business development. The Aggregation has fabricated a alpha beforehand in an all-round way.

During the Reporting Period, the Company’s gross accounting premiums amounted to RMB377,976 million, an access of 4.9% year-on-year. As at 30 June 2019, the anchored amount of the Aggregation accomplished RMB886,804 million, an access of 11.5% from the end of 2018. The amount of bisected year’s sales was RMB34,569 million, an access of 22.7% year-on-year. During the Reporting Period, the Company’s gross beforehand assets accomplished RMB88,923 million, an access of 68.0% year-on-year. Net accumulation attributable to disinterestedness holders of the Aggregation was RMB37,599 million, an access of 128.9% year-on-year. As at the end of the Reporting Period, the amount solvency arrangement and the absolute solvency arrangement were 258.62% and 269.09%, respectively.

During the Reporting Period, the Aggregation connected to optimize its business structure. First-year approved premiums amounted to RMB83,133 million, which accounted for 98.79% in abiding first-year premiums, accretion by 9.79 allotment credibility year-on-year. In particular, first-year approved premiums with a acquittal continuance of ten years or best was RMB38,082 actor (a year-on-year access of 68.0%), which accounted for 45.81% of the first-year approved premiums (a year-on-year access of 18.07 allotment points). Distinct premiums were RMB1,020 million, a abatement of 89.9% year-on-year, and the allotment of distinct premiums in abiding first-year premiums was bargain to 1.21% from 11.00% of the agnate aeon in 2018. Renewal premiums amounted to RMB250,131 actor (a year-on-year access of 6.4%), which accounted for 66.18% of the gross accounting premiums, a slight access compared to the aforementioned aeon in 2018.

During the Reporting Period, the Company’s business amount was bigger significantly. The amount of bisected year’s sales of the Aggregation was RMB34,569 million, ascent by 22.7% year-on-year. The new business allowance of bisected year’s sales of the absolute alone abettor approach and the bancassurance approach added by 4.2 and 7.9 allotment credibility year-on-year, respectively. As at 30 June 2019, the anchored amount of the Aggregation was RMB886,804 million, ascent by 11.5% from the end of 2018. The Aggregation accelerated the development of abiding protection-oriented and abiding accumulation businesses, with its artefact anatomy continuously diversified. Out of the top ten allowance articles by the first-year approved premiums, six were protection-oriented products. In the aboriginal bisected of 2019, protection-oriented business of the Aggregation developed rapidly, the allotment of which in the first-year approved premiums added by 5.0 allotment credibility year-on-year. As at the end of the Reporting Period, the cardinal of abiding in-force behavior was 297 million, an access of 4.2% from the end of 2018.

During the Reporting Period, the Aggregation recorded a gross beforehand assets of RMB88,923 million, an access of 68.0% year-on-year. Due to an access in gross beforehand assets and the appulse from the new action on pre-tax answer of underwriting and action accretion costs, net accumulation attributable to disinterestedness holders of the Aggregation was RMB37,599 million, ascent by 128.9% year-on-year.

During the Reporting Period, gross accounting premiums from the activity allowance business of the Aggregation amounted to RMB307,461 million, a year-on-year access of 1.0%. Gross accounting premiums from the bloom allowance business amounted to RMB62,416 million, a year-on-year access of 29.8%. Gross accounting premiums from the blow allowance business amounted to RMB8,099 million, a year-on-year access of 0.6%.

In the aboriginal bisected of 2019, the Aggregation recorded a accelerated beforehand in its amount business by consistently absorption on its business amount beforehand and blame advanced business restructuring and artefact diversification. In particular, protection-oriented business saw accelerated development and the business anatomy was continuously optimized. The Aggregation durably implemented the sales force development action of affection beforehand and admeasurement expansion, and added adequate its circadian management. As a result, the admeasurement of the sales force broadcast steadily with its affection consistently improved. As at the end of the Reporting Period, the absolute cardinal of sales force from all channels amounted to about 1.9 million.

Exclusive Alone Abettor Channel. In the aboriginal bisected of 2019, absorption on business amount growth, the absolute alone abettor approach endeavored to transform and advancement in its sales management, and adequate the accommodating development amid business, sales force and circadian management, so as to accomplish connected beforehand and its new business allowance added effectively. During the Reporting Period, gross accounting premiums from the absolute alone abettor approach amounted to RMB290,556 million, an access of 6.7% year-on-year. First-year approved premiums from the approach were RMB64,529 million, an access of 5.0% year-on-year, which accounted for 99.81% of abiding first-year premiums. In particular, the allotment of first-year approved premiums with a acquittal continuance of ten years or best in first-year approved premiums was 51.74%, an access of 19.14 allotment credibility year-on-year. New business allowance of bisected year’s sales of the absolute alone abettor approach accomplished 36.6%, a year-on-year access of 4.2 allotment points. Renewal premiums amounted to RMB218,023 million, an access of 6.5% year-on-year. In the aboriginal bisected of 2019, the sales force of the absolute alone abettor approach was bigger in both abundance and quality, and the amplification of the sales force agilely collection the business growth. As at the end of the Reporting Period, the cardinal of absolute alone agents was 1.573 million, growing by 9.3% from the end of 2018. In the meantime, the affection of the sales force was bigger consistently, with its annual boilerplate advantageous agents accretion by 38.2% year-on-year. Moreover, the annual boilerplate cardinal of agents affairs appointed protection-oriented articles rose substantially, apery an access of 52.1% year-on-year.

Bancassurance Channel. In the aboriginal bisected of 2019, the bancassurance approach furthered its business restructuring by durably apperception on the abiding approved exceptional business, and the new business allowance of bisected year’s sales of the approach bigger constantly. During the Reporting Period, distinct premiums from the bancassurance approach were decidedly bargain to RMB12 actor from RMB8,638 actor in the agnate aeon of 2018, and gross accounting premiums from the approach were RMB47,357 million, a abatement of 15.4% year-on-year. First-year approved premiums were RMB17,315 actor (a year-on-year abatement of 8.0%), which accounted for 99.93% of the abiding aboriginal year premiums (a year-on-year access of 31.39 allotment points). In particular, first-year approved premiums with a acquittal continuance of ten years or best were RMB4,012 actor (a year-on-year access of 86.5%), which accounted for 23.17% of the first-year approved premiums (a year-on-year access of 11.74 allotment points). New business allowance of bisected year’s sales of the approach was 21.5%, ascent by 7.9 allotment credibility year-on-year. Renewal premiums amounted to RMB29,198 actor (a year-on-year access of 4.4%), which accounted for 61.66% of the gross accounting premiums from this approach (a year-on-year access of 11.70 allotment points). As at the end of the Reporting Period, the cardinal of sales assembly of the bancassurance approach accomplished 0.241 actor and the affection of the sales force of the approach was added improved, with the annual boilerplate alive allowance planners for abiding business accretion by 43.4% year-on-year.

Group Allowance Channel. In the aboriginal bisected of 2019, the accumulation allowance approach consistently pushed advanced adapted business development and adequate business structural optimization, which accordingly led to abiding beforehand of assorted businesses. During the Reporting Period, gross accounting premiums from the accumulation allowance approach were RMB16,798 million, an access of 12.1% year-on-year. Concise allowance premiums from the accumulation allowance approach were RMB13,977 million, an access of 19.0% year-on-year. The Aggregation actively agitated out the pilot affairs of tax deferred alimony allowance business and consistently answer the tax-advantaged bloom allowance business. As at the end of the Reporting Period, the cardinal of absolute sales assembly accomplished 0.079 million, amid which the cardinal of the high-performance assembly accomplished 0.051 million.

Other Channels. In the aboriginal bisected of 2019, gross accounting premiums from added channels accomplished RMB23,265 million, an access of 34.8% year-on-year. The Aggregation actively developed the policy-oriented bloom allowance businesses, including added aloft medical costs allowance and abiding affliction insurance, which consistently led the market. As at the end of the Reporting Period, the Aggregation undertook a absolute of over 230 added aloft medical costs allowance projects, 30 abiding affliction allowance projects and 38 added centermost allowance projects for amusing security, accouterment casework for about 400 actor bodies in 28 provinces. The Aggregation connected to analyze the development of online allowance sales and advised to accommodate added acceptable means of allowance appliance and adapted banking casework to its barter via assorted measures, such as establishing online malls, streamlining operation procedures and adorning allowance products, etc.

Since 2019, the beforehand drive of the all-around abridgement has beneath gradually, alternating with the all-embracing barter frictions demography abode frequently. The calm abridgement about remained abiding but still beneath a bottomward pressure. In calm band market, the absorption amount consistently fluctuated at a low level, and in calm banal market, although it has been pulled aback afterwards a billow in the aboriginal division of 2019, the bazaar saw a notable acceleration compared to the alpha of 2019. In the aboriginal bisected of 2019, the Aggregation laid accent on asset-liability alternation from the angle of assets and liabilities management. In annual of anchored assets investments, the Aggregation added allocation decidedly in bonds with continued continuance with preemptive accomplishments by abduction allocation opportunities on absorption amount trend and bazaar supply. The Aggregation additionally flexibly allocated to called coffer deposits and non-standard fixed-income investments, and strived to access beforehand yields from allocation with acrimonious acclaim blow control. In annual of disinterestedness investments in the accessible market, the Aggregation took alive accomplishments by capturing any opportunities arising in the disinterestedness bazaar finer and added acknowledgment to abiding amount assets at an adorable appraisal akin while communicable concise trading opportunities. During the pullback aeon of the market, the Aggregation carefully monitored blow acknowledgment with acclimatized rebalancing strategy, appropriately accomplishing satisfactory beforehand returns. As at the end of the Reporting Period, the Company’s beforehand assets accomplished RMB3,304,129 million, an access of 6.4% from the end of 2018.

As at the end of the Reporting Period, amid the aloft types of investments, the allotment of bonds afflicted to 40.95% from 42.20% as at the end of 2018, the allotment of appellation deposits afflicted to 16.84% from 18.02% as at the end of 2018, the allotment of debt-type banking articles added to 11.43% from 11.32% as at the end of 2018, and the allotment of stocks and funds (excluding money bazaar funds) added to 10.79% from 9.03% as at the end of 2018.

The Company’s debt-type banking articles mainly concentrated on the sectors such as transportation, accessible utilities and energy, and the costs entities were primarily ample central-owned enterprises and state-owned enterprises. As at the end of the Reporting Period, over 98% of the debt-type banking articles were rated AAA or aloft by the alien appraisement institutions. In general, the affection of the Company’s debt-type beforehand assets was in acceptable action and the debt risks were able-bodied controlled.

In the aboriginal bisected of 2019, the Company’s net beforehand assets was RMB72,030 million, an access of RMB7,201 actor from the agnate aeon of 2018, ascent by 11.1% year-on-year. Given the low absorption amount environment, the Aggregation allocated to anchored assets articles and high-dividend stocks in beforehand by communicable bazaar opportunities and its net beforehand crop remained abiding at 4.66%. In the disinterestedness investments, the Aggregation counterbalanced the allocation to abiding amount assets and concise trading. Coupled with the aftereffect of the billow in the calm banal bazaar in the aboriginal bisected of 2019, the Company’s beforehand assets rose significantly. The gross beforehand assets of the Aggregation accomplished RMB88,923 million, an access of RMB35,986 actor from the agnate aeon of 2018. The gross beforehand crop was 5.78%, ascent by 200 BPs from the agnate aeon of 2018. The absolute beforehand crop demography into annual the accepted net fair amount changes of available-for-sale balance accustomed in added absolute assets was 8.25%, ascent by 464 BPs from the agnate aeon of 2018.

Outlook

In the additional bisected of 2019, aloft our complete foundation, the Aggregation will added advance our business development and apply on business amount growth; backpack out all-embracing reforms steadily in a bid to advance the accomplishing of the “Dingxin Project” with satisfactory results; consistently advance advanced the transformation of sales force and facilitate the affiliation of business sales and training in abundant abyss in adjustment to access the abundance of sales force; abide to focus on the markets in large- and medium-sized cities and consolidate our arch positions in rural markets; aggrandize the R&D action and acceleration up technology appliance and evolution for the purpose of acceptable the digitalization of the Company; and carefully accede with authoritative requirements to strengthen the administration and ascendancy of blow sources.

The Aggregation will advance cardinal consistency, advocate the cardinal ambition of “China Activity Revitalization”, stick to the appointed adapt all along, and assignment concertedly for reforms with agog determination. The Aggregation will strive to accolade bodies from all walks of activity who affliction and are anxious about the development of China Activity with our outstanding operating results.

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About China Activity Allowance Aggregation Limited

China Activity Allowance Aggregation Limited is a activity allowance aggregation accustomed in Beijing, China on 30 June 2003 according to the “Company Law of the People’s Republic of China” and the “Insurance Law of the People’s Republic of China”. The Aggregation was auspiciously listed on the New York Banal Exchange, the Hong Kong Banal Exchange and the Shanghai Banal Exchange on 17 and 18 December 2003, and 9 January 2007, respectively. The Company’s registered basic is RMB28,264,705,000.

The Aggregation is a arch activity allowance aggregation in China and possesses an all-encompassing administration arrangement absolute absolute agents, absolute sales representatives, and committed and non-dedicated agencies. The Aggregation is one of the better institutional investors in China, and becomes one of the better allowance asset administration companies in China through its authoritative shareholding in China Activity Asset Administration Aggregation Limited. The Aggregation additionally has authoritative shareholding in China Activity Alimony Aggregation Limited.

Our articles and casework accommodate alone activity insurance, accumulation activity insurance, and blow and bloom insurance. The Aggregation is a arch provider of alone and accumulation activity insurance, accomplishment articles and blow and bloom allowance in China. As at 30 June  2019, the Aggregation had about 297 actor abiding alone and accumulation activity allowance policies, accomplishment contracts, and abiding bloom allowance behavior in force. We additionally accommodate both alone and accumulation blow and concise bloom allowance behavior and services.

Forward-looking statements

Certain statements independent in this columnist absolution may be beheld as “forward-looking statements” as authentic by Section 27A of the U.S. Balance Act of 1933 and Section 21E of the U.S. Balance Exchange Act of 1934, as amended. Such advanced statements absorb accepted and alien risks, uncertainties and added factors, which may beggarly that the absolute performance, banking action or after-effects of operations of the Aggregation could be materially altered from any approaching performance, banking action or after-effects of operations adumbrated by such advanced statements. Added advice apropos these risks, uncertainties and added factors is included in the Company’s Annual Report on Form 20-F for the budgetary year concluded 31 December 2018 filed with the U.S. Balance and Exchange Commission, or SEC, on 24 April 2019; and in the Company’s added filings with the SEC.  You should not abode disproportionate assurance on these advanced statements.  Unless contrarily stated, all advice provided in this columnist absolution is as of the date of this columnist release, and the Aggregation undertakes no assignment to amend such information, except as appropriate beneath applicative law.

Unless contrarily indicated, the Chinese allowance bazaar advice set alternating in this columnist absolution is based on accessible advice appear by China Banking and Allowance Authoritative Commission.

View aboriginal content:http://www.prnewswire.com/news-releases/china-life-insurance-company-limited-announces-2019-interim-results-h-shares-300905850.html

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