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1, the break-even point of investment yield is extremely low.
Due to the large proportion of China Ping An's long-term security business, the breakeven point of its return on investment is extremely low, only 1.5%.
Long-term security is the core indicator. This means that even if there is a very small probability of long-term zero interest rate (the investment income of European and American insurance companies can still reach nearly 4 points during the zero interest rate period), Ping An still has a good profit rate.
Those insurance companies whose insurance is not named Bao, because they mainly focus on wealth management insurance, have very high costs and have no protection at all.
2. The investment income is extremely stable.
As a result of taking precautions, China Ping An accumulated a large number of bonds and creditor's rights investments with very high returns during the high interest rate cycle, and at the same time allocated extremely stable and highly safe preferred shares and high dividend stocks in the stock market.
At present, Ping An's net investment income reaches 6, much higher than that of similar insurance companies. This means that the investment income of Ping An will be very stable in the next few years (some people like to invest in radical insurance companies, but Ping An has matured after 2007-08, especially after the failure of Fortis. Relying on large-scale asset allocation to form a standardized and stable investment system and logic of insurance companies)
3. embedded value is rich in gold.
In the annual report of 16, the investment income was reduced from 5.5 to 5, while the discount rate of 1 1 remained unchanged. This adjustment of investment assumptions has affected tens of billions of embedded value.
The investment income of China Life decreased from 5.5 to 5, and the discount rate also decreased from 1 1 to 10. After two tones, they cancel each other out. This different assumption means that Ping An embedded value is far more conservative than China Life. At the same time, considering that the net investment income of China Ping An is much better than that of China Life Insurance, it means that the investment income of China Ping An is obviously conservative.
4. The new business value growth and robustness of Ping An Life Insurance are the best in the industry.
Because of Ping An's long-term advantages in life insurance (Huangpu Military Academy, which used to be the insurance industry), the advantages of increasing staff (the income of comprehensive financial agents is higher), actuarial advantages (the cradle of domestic actuaries), training advantages (Ping An established a special training school ten years ago) and other channel advantages (Ping An's life insurance industry is absolutely ahead, and Internet technology is significantly ahead of its peers).
5. Advantages of valuation
At present, the valuation of China Ping An is about 1EV, which is lower than that of China Life Insurance, Pacific Insurance and Xinhua.
To sum up, the five advantages of Ping An mean that Ping An can enter and attack, and its valuation has risen sharply. Ping An's embedded value Hypothesis is very conservative, which makes it a long-term solid bottom below 1EV (China Ping An's annual embedded value growth is 15-20, and buying 1EV means annual income 15-20). Therefore, China Ping An is very suitable for long-term investors to hold.