China's peace: interest rate hike for performance growth

November 22, China Ping An (601318) held three-quarter results online description meeting. To investors concerned about the issue of the cycle of interest rate hikes, China peace related officials said, long-term comprehensive view, the continued rate of increase in the company's investment income should have a positive impact.　　To China Ping An general manager Zhang Zixin resignation, change by Ren Chuan succession, the person in charge said, the company's business strategy is not affected by individual personnel adjustment, the company will continue to develop healthily and rapidly. The deep development will become the important bank insurance channel in the first three quarters, China Ping An net profit growth has fallen. Yau Jun, China's Ping An, said this was mainly the result of a decrease in total investment income from equity assets over a year earlier, as well as the impact of a reserve increase caused by the lower benchmark yield curve of the insurance contract reserve. In response to investor questions about the impact of continued interest rate hikes on Ping An's performance, he said that a sustained rate hike would have a positive impact on the company's investment earnings in the long run.　　The main interest rate hike will be to increase the income of ping An new investment funds (new income and the reinvestment of investment funds). Talking about inflationary pressures, Sun Jianyi, vice chairman and deputy chief executive of Ping An, said the inflationary environment is usually an upward cycle of interest rates, which has a positive effect on the increase in insurance premiums and the maturity of investment returns. For the insurance fund, in the case of good balance of assets and liabilities, it can resist the fluctuation of the market interest rate to some extent.　　The situation in the next year is indeed uncertain, but the general direction of the financial and insurance industry is expected to be good, with the company's various business advantages, the next year's development prospects are very confident. The head of Ping An of China also said that the completion of the consolidation will be promoted as soon as possible.　　It is hoped that in the next 3-5 years, the profit contribution of life insurance and Non-life insurance will be divided into half, and the profit contribution of insurance, bank and investment will be balanced in the next 10-15 years. For the current regulatory department to standardize the issue of bank and insurance channels, Sun Jianyi said, silver insurance business as one of the important sales channels of safe life insurance, has maintained a steady pace of development. Silver insurance business in the safety of life insurance business, the proportion of low, I believe that the new regulations on the impact of Ping ' an sales of silver insurance controllable.　　In the future, under the premise of legal compliance, the deep development should become one of the important platforms for the sales of bank insurance business. On the establishment of the Ping An Dahua fund, Sun built a disclosure, the establishment of its approval work is currently under the relevant procedures, but there is no clear timetable. Ping An China fund has completed the preparation of the fund company, including office space, application systems, professionals, wind control measures and regulations of the establishment and optimization.　　If the fund company is successfully approved, the investment business will be further developed. Personnel change does not affect the company's development a few days ago, China Ping An general manager Zhang Zixin announced resignation for personal reasons, by Ren Chuan successor general manager of the post. The matter has aroused great concern from investors and has been mentioned many times in the exchange. The company's board respects Zhang Zixin's personal choices, Sun said. China's Ping An system, mechanism, process and management platform mature, but also a sound talent growth mechanism, not affected by individual personnel adjustments.The company's phased business objectives and development strategies are unaffected. He also said that Ren Chuan is the group general manager of the best candidate. He also answered two other staffing changes announced at the same time, saying that Li Yuanxiang, deputy general Manager and chief insurance executive of the group, joined Ping an life in 2004, and served as Special assistant, general Manager and chairman of the board. Since the overall responsibility for life insurance business, Li Yuanxiang has realized the continuous development of life insurance. While doing the main business, it also makes the life insurance become the most important contributor of the group Cross-selling. Li Yuanxiang is a rare comprehensive professional manager in the insurance industry, and Yesulan, Vice general manager and chief Audit officer of the group, is familiar with the operation process and business operation of financial institutions at home and abroad, and successfully applies the internal control work of the company. During the period of being the Chief Audit executive and auditor, Yesulan used the international Advanced risk management model to explore and innovate the internal audit management mode of the insurance company, and set up the internal audit system which is suitable for the corporate governance structure, the control mode, the nature and the scale of the company, and improve the level of the company　　Her appointment will further improve the company's compliance management system, and promote compliance management organizational structure and compliance management system to improve the company to ensure compliance, sound operation. Whether he will leave the company, Sun built a response that there is no retirement plan, the new Hao when the staff share reduction will not affect corporate governance.