Insurance PE investment rules at the end of the introduction of peace first

People familiar with the matter said that the insurance investment has not listed equity (PE) Implementation rules have been drafted, after the CIRC internal related processes and the industry to seek advice, will be expected to be formally issued before the end of the year.　　Ping An will be the one to beat the worm.　　Peace insiders also told reporters that peace to the existing peace trust and Ping an asset management company's two PE team to do an integration, has applied to the CIRC under the Ping an assets to set up an independent PE management company, because there is an independent management company is also the insurance company to participate in the investment PE equity of a basic condition.　　Ping An has been the first PE pilot in November last year, the CIRC spokesman Sanli revealed that the State Council has approved the insurance companies to invest in unlisted enterprises, the CIRC is developing the relevant pilot rules.　　Ping An asset management company told reporters that although still waiting for a strict management approach, but Ping an has been involved in insurance funds to invest in PE equity project to the CIRC to record the form of the current major pilot insurance companies. "Can so quickly become a pilot company, take the lead in the development of PE investment business, mainly thanks to peace in this area involved earlier, have experience and talent."　　Said the Ping an property person. According to his introduction, Ping an investment management department in the name of the financial field of PE investment has more than more than 10 years of experience, after the Peace Trust operation, such as investment in CI-Ming medical Examination, 2007, and set up the preparation of ping an assets under the PE team.　　At present, Ping An trust and Ping an asset management company's respective direct investment division has a PE team, at the same time, Ping An trust has an independent PE management company, "Peace and innovation capital." Because the insurance fund investment PE has not managed the method, Ping ' an investment business is mainly entrusted by the trust, "the assets of the PE team has about 30 people, but the assessment, management, etc. are in the Trust Company, PE direct leadership to the Trust report," said the Peace insider, "but both the overall PE business, are administered by the Investment Management Committee. "The future management measures, ping an assets under the PE management company approved by the establishment, will change the current Ping An trust's leading advantage."　　It is reported that the management method will also be PE investment qualification and insurance company solvency directly linked to the level of profitability, premium growth will also be used as a reference indicator.　　In addition, the two new "insurance Law" will be implemented on October 1, the use of insurance funds can invest in real estate a concern, and peace, Chou and other companies have many commercial real estate projects waiting for investment.　　Some insiders said that Ping an earlier in the REITs (Real Estate Investment trust), the commercial real estate project package sold to small investors and profit. According to Wang, a senior analyst at the Oriental Securities and insurance industry, the rate of return on investment in commercial real estate is expected to reach 5% to 10%, while the expected comprehensive annual return on investment PE is expected to achieve 15%-20%, which will improve the return on investment of insurance companies and the long term of commercial real estate investment　　It can also improve the insurance company's long term match. In addition, flatAnn will also receive a fund licence in the near future, which will become the first financial holding group with a full business licence in the country.　　[Page] ping ' an PE is expected to taste the first victory-level safety license plate of the big financial framework has been completed, Ping An investment PE is about to blossom. According to the said Ping an insider said: "At the end of this year or early next year, there will be a safe investment in a few years of corporate IPOs, about 200 million or 300 million scale." Once in a row, this will be the first case of PE success in the insurance industry.　　The Ping an asset group also told reporters that the PE team of Ping An assets last year, in addition to the 6.3 billion leading Beijing-Shanghai high-speed rail 16 billion major projects, but also to 300 million investment in a real estate company, more than 70 million investment in an electrical distributor, more than 80 million investment in a construction company and so on.　　But after judging the situation this year, ping an asset PE team strategy has been changed: do not invest in real estate and construction projects, because the overall real estate industry fluctuations too much.　　"We tend to be more mature, already profitable companies," said the people, who put in the same energy for big companies and small companies, so we're not willing to invest in 10 million or 20 million of small companies.　　It is reported that Ping an project the minimum investment limit of 50 million yuan, in addition to the corporate history of more than 30 million profit. Ping An asset management company currently has 470 billion insurance funds.　　The CIRC stipulates that the insurance funds shall be deposited into banks, investment debts, stocks, infrastructure and so on according to different ratios, and that the investment in PE equity is mainly done in Ping an. According to the core development plan of Ping An group in the next three years, in the future two, Ping an plans to complete the investment scale of 100 billion yuan in the field of infrastructure, property and PE investment. Zhou Daoxuzen, director of the Policy Research Institute of the CIRC, said insurers could use up to 8% of their insurance funds to buy stakes in unlisted Chinese companies.　　According to this proportion calculation, ping an investment in PE insurance funds have 37.6 billion, a single pen at least 50 million, you can invest more than 750 projects.　　A large insurance company Investment department believes that the insurance to do PE investment will gradually release the pilot, the funds will gradually expand the scope.　　"The only difference between insurance investment PE and other PE investment institutions is that insurers use their own capital to invest, while other institutions run out of money to raise capital, the people said, but because of their own funds, and some of the insurance funds, so in the investment of risk and capital security requirements than income. In addition, the Ping an asset personage told the reporter, the company is very concerned about the enterprise in the financing there is no listing plan, because the exit channel is considered important aspect, "the current exit channel in China is relatively single, listing is the most important channel, generally we hope to invest not more than 5 years." "(Source: Economic Observer Author: Chi Yinyan)