The China Insurance Regulatory Commission (CIRC) yesterday approved the establishment of an asset management company by Sino life insurance Co., Ltd. in Hong Kong, being the first like company announced publicly after the CIRC promulgated policies on the management of oversea investment by insurance capitals on October 22.

The asset management company set up by Sino life insurance has a registered capital of HKD 100 million. The CIRC required that the company must go through relevant procedures according to local laws and regulations and report related information after the formal foundation.

So far, mainland insurers have formed six asset management companies in Hong Kong.

Basic earnings per share stood at CNY 0.74, dropping 30.2% year on year. Net assets per share touched CNY 11.05, mounting 10.1% from the beginning of this year.

NCI gained a net profit of CNY 420 million in Q3, slipping 15% from a year earlier and 63% from CNY 1.136 billion in Q2. Basic earnings per share narrowed 31.6% from the Q3 of 2011 to CNY 0.13.

The dual-listed company has obtained premium revenue of CNY 77.62 billion by the end of Sep., leaping 4.1% from a year ago. Net expenses for compensation amounted to CNY 5.013 billion, widening 1.1% year on year. Surrender rate sank 0.2 percentage point from the corresponding period of 2011 to 4%.

NCI raked in original insurance premium revenue of CNY 77.8 billion in the Q1-3 period, jumping 4.7% from the prior Q1-3 period. In Sep. alone, the company got CNY 9.02 billion in premium revenue, dipping 3.5% from last Sep.

That compared with CNY 6.064 billion in Q1 and CNY 7.895 billion in Q2. The dual-listed company ascribed the net profit fall in Q3 mainly to a widening of investment loss and asset depreciation on the heels of the sluggish stock market.

Q1-3 net profit amounted to CNY 16.085 billion, up 10.8% from a year earlier. Basic earnings per share stood at CNY 2.03. By Sep. 30, Ping An has had total assets of CNY 2.630601 trillion, growing 15.1% from the beginning of 2012. Equity rights attributable to the shareholders of the parent came to CNY 146.198 billion at the end of Sep, up 11.7% from 2012 inception.

The life insurance unit of Ping An reaped gross premium of 157.568 billion in the first 9 months of this year, as gross premium from individual insurance products hiked 9.8% from a year ago to CNY 138.709 billion.

The property insurance unit of Ping An gained premium of CNY 73.887 billion in the Q1-3 period, up 20% year on year and boosting its market share up by 0.4 percentage point from the end of 2011 to 17.8%.

On July 23, the CIRC promulgated interim measures for the management of entrusted investment of insurance capitals, approving securities and fund management companies to manage insurance capitals.

The entrusted companies must have gotten qualification for managing customer assets for more than three years. Balances of assets under management in recent one year are not lower than CNY 10 billion or assets under custody not less than CNY 5 billion.

Japanese major damage insurers have suspended offering related insurance service to Japanese companies when they meet strikes in China.

Earlier, Japanese insurers offered damage insurance to losses of Japanese companies incurred from strikes according to auxiliary clauses for fire and indemnity insurance. Most of the Japanese companies that have business in China have participated in such insurance.

Because of tense relationship between China and Japan, Japanese insurers are reevaluating the necessity for accepting such insurance. If the suspension continues, Japanese companies will face greater risks in operating business in China.

An official attending the conference pointed out that the company is eyeing the brand influence of the CBA, in line with its nationwide development strategy. Besides, China Continent hopes that it can offer insurance service to basketball players to fulfill its social responsibility.

During this period, direct written premium income totaled CNY 958.658 billion, up 5.87% year-on-year. Premium income from property insurance stood at CNY 312.351 billion, rising by 14.56% year-on-year. That from life insurance was CNY 646.307 billion, down 2.08% year-on-year. Direct written premium income was CNY 105.411 billion in July alone, falling by 27.51% from June.

By the end of July 2012, insurance investment balance had stood at CNY 4.05 trillion, turning positive after the negative growth in previous month and surging by CNY 124.009 billion from the end of June. Insurance deposit balance had hit CNY 2.05 trillion by the end of this July, declining by CNY 206.684 billion from the end of this June. It was the second negative growth this year after April.

The company released its semi-annual report on August 24. The earnings per share were CNY 1.76. The board of directors has suggested a cash dividend of CNY 0.15 per share (including tax).

The company harvested CNY 114.84 billion in premium during the reporting period, including CNY 102.37 billion gained from personal life insurance business, up 7.9% year on year. The premium income from property and casualty insurance business came at CNY 48.75 billion, growing by 19.7%, with a net profit growth of 2.0%. The premium income from property and casualty insurance business via cross-selling and telemarketing grew by 31.7% in the period, contributing to 41.9% of the total. The balance of credit card loans amounted to CNY 30.63 billion, involving 9.89 million cards in circulation and new issuance of 1.85 million in the first half.