China Pacific Insurance – No Sign Of Life

Ping An Insurance – Looking Beyond The Investment Book

Ping An Insurance – Another Abysmal Result

Gravity Works As WeWork Doesn't; Now Plan B

Bifurcated Chinese Express Market Developing

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

China Pacific Insurance / Equity Bottom-Up

*Weak 3Q21 Results: China Pacific Insurance (2601.HK) (CPIC) reported 3Q21 results of CNY 5.4 bn, declining CNY 3.4 bn (38.5%) linked quarter. Profitability was hurt by both the Life and P&amp;C units, which declined CNY 3.9 bn (52.4%) and CNY 156 mn (10.6%), respectively, to CNY 3.6 bn and CNY 1.3 bn; and*Troubles Continue In Life: During 3Q21, first year premium (FYP) agent per month declined by 41.0% linked quarter largely due to CPIC relying more on online channels to conduct new sales, and intimating agency distribution remained a challenge.The new CEO of CPIC Life mentioned that a new agency restructure will be implemented beginning January 1, 2022.

*Weak 3Q21 Results: China Pacific Insurance (2601.HK) (CPIC) reported 3Q21 results of CNY 5.4 bn, declining CNY 3.4 bn (38.5%) linked quarter. Profitability was hurt by both the Life and P&amp;C units, which declined CNY 3.9 bn (52.4%) and CNY 156 mn (10.6%), respectively, to CNY 3.6 bn and CNY 1.3 bn; and*Troubles Continue In Life: During 3Q21, first year premium (FYP) agent per month declined by 41.0% linked quarter largely due to CPIC relying more on online channels to conduct new sales, and intimating agency distribution remained a challenge.The new CEO of CPIC Life mentioned that a new agency restructure will be implemented beginning January 1, 2022.

Ping An Securities Group (Holdings) (231 HK)

China Pacific Insurance (Group) Co., (601601 CH)

China Pacific Insurance – Life Troubles