Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

* De-Merger Announcement: Prudential plc (PRU.LN) [Pru] expects to segregate its United Kingdom (UK) life insurance and asset management subsidiary from the rest of the operation. Instead, Pru will now focus on Asia, the United States, and Africa.* Asian Capital Raise Likelier: We would not be surprised to see a significant capital raise in Hong Kong if/when the relationship with Jackson National is terminated. Hiving off the US franchise would allow the shares to trade more on par with AIA…

* De-Merger Announcement: Prudential plc (PRU.LN) [Pru] expects to segregate its United Kingdom (UK) life insurance and asset management subsidiary from the rest of the operation. Instead, Pru will now focus on Asia, the United States, and Africa.* Asian Capital Raise Likelier: We would not be surprised to see a significant capital raise in Hong Kong if/when the relationship with Jackson National is terminated. Hiving off the US franchise would allow the shares to trade more on par with AIA…

Prudential Plc – De-Merger Suggests Greater Competition for AIA

PICC Property & Casualty H / Equity Bottom-Up

* CIRC Continues to Tighten Screws: The China Insurance Regulatory Commission (CIRC) began implementing the third phase of pricing reform (since July 2017) in commercial auto insurance, which should impact approximately 20% of commercial auto insurance nationally.* P&amp;C Combined Ratios Look to Be Heading Beyond 100%: Continued deregulation of pricing is slightly negative for national P&amp;C loss ratios given the continued premium discounts. Since 2011, the combined ratio  has steadily increased from…

* CIRC Continues to Tighten Screws: The China Insurance Regulatory Commission (CIRC) began implementing the third phase of pricing reform (since July 2017) in commercial auto insurance, which should impact approximately 20% of commercial auto insurance nationally.* P&amp;C Combined Ratios Look to Be Heading Beyond 100%: Continued deregulation of pricing is slightly negative for national P&amp;C loss ratios given the continued premium discounts. Since 2011, the combined ratio  has steadily increased from…

PICC P&C – Another Incremental Negative For Auto

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

Year-on-year growth in first-year premium sold in January was negative for listed Chinese insurers, given the implementation of document 134 which prohibited providing cash survival benefits within the first five years and the use of universal or unit-linked products as a supplement to an underlying insurance policy. Given such an impact, we saw increasing divergence among major insurers depending on their product offerings. Driven by strong growth in renewable premiums, January premium growth…

Year-on-year growth in first-year premium sold in January was negative for listed Chinese insurers, given the implementation of document 134 which prohibited providing cash survival benefits within the first five years and the use of universal or unit-linked products as a supplement to an underlying insurance policy. Given such an impact, we saw increasing divergence among major insurers depending on their product offerings. Driven by strong growth in renewable premiums, January premium growth…

January Life Insurance Sales Were Negatively Impacted by Document 134

* Risk Increasing Within Tier 2 Banks:  The 2nd tier banks is looking increasingly vulnerable. Tighter asset management regulations are being implemented in March 2018 which should force the sector to abandon their high level of illiquid assets and promote “real” NAV-type products. This risk has now morphed into a size where confidence in the financial system could erode quickly. * Watch Your Insurers: Mainland Chinese insurers have 50%-60% of their investment portfolios exposed to the weakest…

* Risk Increasing Within Tier 2 Banks:  The 2nd tier banks is looking increasingly vulnerable. Tighter asset management regulations are being implemented in March 2018 which should force the sector to abandon their high level of illiquid assets and promote “real” NAV-type products. This risk has now morphed into a size where confidence in the financial system could erode quickly. * Watch Your Insurers: Mainland Chinese insurers have 50%-60% of their investment portfolios exposed to the weakest…

China Financials – The Accident About to Happen

* Orchestrated Collapse: The CIRC notified Anbang that it took over the company’s Board and managerial functions for an extendable one year period until the proper controls are installed. In other words, until asset disposals are completed and strategic shareholders have injected enough capital.* Tail Risk: Some of Anbang’s more high profile stakes in mainland China include: China Minsheng Bank (1988.HK); SNS Reaal (SRH.NV); Vivat Holdings (VVT.LN); Delta Lloyd banking unit (DL.BB); and Fidea…

* Orchestrated Collapse: The CIRC notified Anbang that it took over the company’s Board and managerial functions for an extendable one year period until the proper controls are installed. In other words, until asset disposals are completed and strategic shareholders have injected enough capital.* Tail Risk: Some of Anbang’s more high profile stakes in mainland China include: China Minsheng Bank (1988.HK); SNS Reaal (SRH.NV); Vivat Holdings (VVT.LN); Delta Lloyd banking unit (DL.BB); and Fidea…

China

China Pacific Insurance (Group) Company, Ltd. is an integrated insurance services provider. The Company offers life and property insurance products through its subsidiaries.

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China Pacific Insurance (2601 HK)

Prudential Plc – De-Merger Suggests Greater Competition for AIA

* De-Merger Announcement: Prudential plc (PRU.LN) [Pru] expects to segregate its United Kingdom (UK) life insurance and asset management subsidiary...

Thomas J. Monaco

PICC P&C – Another Incremental Negative For Auto

* CIRC Continues to Tighten Screws: The China Insurance Regulatory Commission (CIRC) began implementing the third phase of pricing reform (since...

Thomas J. Monaco

January Life Insurance Sales Were Negatively Impacted by Document 134

Year-on-year growth in first-year premium sold in January was negative for listed Chinese insurers, given the implementation of document 134 which...

Morningstar, Inc.

China Financials – The Accident About to Happen

* Risk Increasing Within Tier 2 Banks: The 2nd tier banks is looking increasingly vulnerable. Tighter asset management regulations are being...

Thomas J. Monaco

Anbang Group - Snared

* Orchestrated Collapse: The CIRC notified Anbang that it took over the company’s Board and managerial functions for an extendable one year period...

Thomas J. Monaco

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