Insurance : Ming An "China Business October Premium Income"
Events:
Ming An China announced October premium income under PRC GAAP.
Our Comments:
• Ming An China’s October premium income totaled Rmb83.32mn or HK$94.25mn under PRC GAAP, up 182.4% YoY in HK dollar terms, significantly higher than the growth of 101.5% in September. Its January~October premium income rose 121.8% YoY to HK$842.5mn, higher than the 116.0% growth over January~September (Chart 1).
• In 2008, Ming An China’s business continues to boom, boosted by surging premiums from newly established branches. Looking forward, we expect Ming An China will be the company’s major revenue driver and will dominate Ming An’s revenue structure (Chart2).
• With high growth of premium income, we believe product mix control and customer selection will be the essential factors to Ming An China’s underwriting performance. Keeping decent underwriting discipline will help to gain a comparatively low loss ratio. The trend of expense ratio in 2H08 deserves attention as well.
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发表于 2008-11-17 17:07
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