On improving corporate governance structure to strengthen the role of the insurance company risk management

Enhance risk management is to promote China's insurance industry and insurance companies sustained and healthy development, adapt to new trends in international risk management requirements. Insurance company risk management and corporate governance is closely related to: risk management corporate governance structure is an important part of the work, improve the corporate governance structure is the risk management system security. Therefore, my insurance company should be through the improvement of corporate governance structure to create a good risk management culture, establish a rational system of risk management and risk-oriented incentive mechanism, so as to enhance the risk management of insurance companies.

Key words: insurance companies, risk management, corporate governance

Analysis of national insurance and risk management knowledge of the universal

As human development and social progress, have insurance and risk management. Vigorously promoting the insurance and risk management has become the only way to guard against the risk of modern, internal and external factors require universal promotion of national insurance and risk management expertise. Although China is the world's most serious natural disasters one of the countries. However, nationals in the insurance and risk management awareness and treatment is still lagging behind with the West, the crux of the problem lies not universal access to insurance and risk management knowledge. Insurance and risk management of universal knowledge is a long-term, complex and systematic work, the need to guide public opinion, the integrity of education, culture and overcome the utilitarian thinking consciously use of risk management and insurance, and other aspects of the good habits make painstaking efforts.

Key words: risk management, risk awareness outreach

On dominant deposit insurance system's impact on the risk of moral hazard

The establishment of a deposit insurance system to protect the interests of depositors, because the buffer depositors in the banking liquidity worries and the Bank Runs. However, deposit insurance and any other insurance, there are moral hazard problem. Through the empirical analysis of the implementation of deposit insurance in Indonesia after the impact of the risk of moral hazard, the results show that implementation of the deposit insurance system dominance to a certain extent, the Indonesian banking sector to reduce the risk of moral hazard.

Key words: deposit insurance; the risk of moral hazard; franchise value; uninsured creditors

The field of health insurance causes of the high risk of moral hazard and restraint mechanisms

Medical insurance moral high-risk areas, mainly due to personal investment, the treatment costs paid by a third party; prevention and control and punishment of the wrong system, medical insurance risk of moral hazard income / expenditure than a big medical treatment of the cumulative negative entropy information, induction ; Clinics standard personality characteristics Obviously, the process of treatment and supervision after the more difficult social medical insurance unique to the area of moral hazard caused direct damage to the interests of the main deficiencies. Should be designed in the mode of medical insurance, medical insurance mechanism for public education, medical insurance fund in the process of the use of control mechanisms, in the insurance laws and regulations, gradually proceeded directly involved in the medical insurance clinics Central

Festival four aspects of medical insurance to establish the moral high-risk control mechanism.

Key words: medical insurance; risk of moral hazard; restraint mechanism

Based on the safety of China's insurance industry systemic risk study

On the insurance risk of research, at home and abroad are mostly concentrated in the literature of the risk measure, insurance regulation, securitization of insurance risk and insurance enterprises are facing the risk of such areas, with little systematic literature on China's insurance industry risk. However, with the opening of the financial sector continues to deepen, the insurance industry risks becoming a problem can not be avoided. Leading to the risk factors of the insurance industry sources as the standard, the insurance industry can be divided into risk caused by internal factors and external factors caused the industry risk. Internal factors, including the industrial structure, institutional changes and historical factors; external factors including market factors, regulatory and other factors, and so on. China's insurance industry to avoid and defuse the risk of industry should strengthen supervision of the insurance industry risk, improve the existing risk-control system, so as to guide the development of the insurance industry fast.

Key words: industry risk insurance supervision; risk control

Based on the system design and measures to choose a comprehensive risk management of insurance companies

Construction of a comprehensive risk management system has become the world's largest insurance company management trends. A comprehensive understanding of the precise meaning of risk management on the basis of the insurance companies need to develop strategies, establish and improve the coverage of risk management policies, organizational model, process control, risk response, information systems, risk culture, comprehensive risk management system framework to support and Protection to achieve sound business objectives. In order to achieve risk of internal control standards, departments are constrained, operating system, and posts have responsibilities, process control, risk monitoring, evaluation work, after the assessment is the goal, should do a good job of seven areas of work: to establish risk management The framework of the Organization: to strengthen risk management team building; cultivate risk management culture; clear risk management strategy; Construction of the risk management system processes; improve risk management supervision and incentive mechanisms for the establishment of risk management information systems, improve risk management skills.

Key words: comprehensive risk management, insurance companies, risk management system

On Insurance Holdings (Group) Company and the effectiveness of risk management ①

Insurance Holdings (Group) Company of the traditional benefits include economies of scale and scope economies, China's Insurance Holdings (Group) Company not only to play the traditional efficiency, but, more important thing is to play the effectiveness of the capital. Insurance Holdings (Group) Company in play to their advantages of the risks but also accompanied by the emergence of its unique risks, including insider trading risks, the repeated use of risk capital, the opaque structure of risk and the risk of conflict of interest. States should adopt the form of legislation to address Insurance Holdings (Group) Company of the legal status of its development and create a good external environment for regulatory agencies should actively research and innovative means of monitoring and regulatory approach to prevent Insurance Holdings (Group) Company The potential high risk; Insurance Holdings (Group) Company should play their own advantages to make full integration of resources, adhere to the Group of development strategies, at the same time, should improve the corporate governance structure, strengthen internal controls, and highlighted the risk management Status and role, and ensure the healthy development of the Group.

Key words: insurance holding company, capital operation, capital control, risk management

Insurance Law, the "important facts" on

Insurance Act, in essence, is an important fact: the fact that affect the risk insurers to speculate. Important form of expression that is: the fact that could lead to the emergence of insurance coverage or refused to higher insurance premiums. Determine whether the important fact that the main criteria is "prudent insurance" standard, that is, at the same time on the market and have the same general level of knowledge and ability to foresee the insurers. In fact the care insurers of the question, the common law to "consider the standards." At the same time, in order to eliminate the "consider standards" on the insured, the adverse impact of common law to develop "incentives" rules to limit the insurer's Jupei acts. The pure fact, the main standards and the causal link, a British and American insurance law on the important facts.

Insurance contract with the wrong address

Error, meaning and effect is caused not mean that one of the reasons why. Common law and civil law countries of the Contract Law and the "Principles of International Commercial Contracts" on the definition and treatment of error varies. In all kinds of erroneous concepts on the basis of the special nature of insurance contracts for (chime in, and radio Fortunately, long-term service), insurance contracts can be divided into the wrong insurance contracts entered into in the course of the mistakes and errors in the settlement of insurance claims. According to China's "Contract Law" and "Insurance Law", according to the insurance contract for the wrong classification, the insurance contract may be wrong by a corresponding withdrawal, changes and other methods.

Key words: insurance contracts; wrong; unilateral mistake common errors

Engineering insurance benefits insurance special issue of ①

Insurance works as a property insurance, general insurance interests and property insurance similar, but has its particularity. The insured's insurance benefits from the construction JL: r_-way contract, in the course of construction projects related to the owners, contractors, designers and so on a legally recognized insurance benefits, the relationship between the insurance benefits is around Construction of the insurance benefits of decentralization, therefore, works insurance by the insured person is a relationship to the common insured, the insurance interests of special projects is a form of expression.

Key words: engineering insurance, insurance interests of the standard contract; common insured

Insurable interest laws and regulations to examine the proposed changes

In this paper, the use of systems analysis method, the "cornerstone of the insurance order," said the principle of insurable interest of a comprehensive deconstruction, the analysis of the role of insurable interest areas, the effect on people, time effectiveness, effectiveness of the Elements, in the evaluation of the effectiveness of Legal Regulation of the deficiencies level, should be made to "insurance law" Second Amendment as an opportunity and security interests of the system can be reconstructed.

Key words: insurable interest laws; excess insurance; duplicate insurance

On the U.S. tort liability insurance and the interaction between

Tort liability insurance and the relationship between the extremely complex, although the USA and France interested in the interaction between the two separated, but in legal practice, the law of tort and liability insurance has a very close association. The tort liability insurance primarily reflected the impact of tort liability in determining the amount of compensation and the possibility of how much these two aspects, in tort law, liability insurance and the link is the most significant source of parallel rules and the right of subrogation. Liability insurance will in turn have an impact on tort law, which in four areas are obvious manifestation of that is: infringement proceedings in the number of infringement proceedings by way of compensation for the amount of tort liability and tort changes in the scope of the appeal by the focus of attention . The law of tort liability insurance is the impact of a more special effects, this impact will be in the same area two opposite direction. Clear and in-depth understanding of the U.S. tort liability insurance and the interaction between, on China's dealing with tort liability insurance and the relationship between a certain reference.

Key words: tort law; liability insurance; parallel rules of origin; subrogation

On China's compulsory insurance legislation perfect ①

Compulsory insurance policyholders of the main force. The establishment of compulsory insurance system has its profound and reasonable basis. Construction of the compulsory insurance system should adhere to the principle of statutory, mandatory principles, the basic principle of protection for victims access to protection principles and differential treatment principle. China's compulsory insurance legislation exists more inadequate, should be a clear idea of legislation to improve such areas.

Key words: compulsory insurance; basic theory; compulsory insurance legislation

Insurers note obligations on the level

Insurers to the extent that the obligations of the insurance contract, including the important provisions of the degree of attention and prompt explanation level. Insurance terms of the insurance policy for the prompt attention to the degree should be "fully reasonable" for judging the accuracy; insurers to determine the extent of that obligation: to ordinary layman to understand the level of public awareness for the general standards to specific special understanding of the individual As the exception to policy holders on the subjective understanding of the scope and terms of insurance as reflected by the objective facts in line with the benchmarks for judging.

Key words: Note obligations; prompt attention, the level

Marine Insurance's "voluntary compensation" with the subrogation right to exercise ①

The "responsibility of the insurance restrictions" could constitute the exercise of marine insurance subrogation right of one of the conditions, namely the marine insurers insurance on the contract beyond the scope of responsibility of the compensation, or "voluntary compensation" part of it The same can exercise the right of subrogation of the problem in theoretical circles there have always been controversial, different viewpoints. During his inspection tour in China this paper is on the basis of relevant legislation, through the roots back to certificates of "voluntary compensation" under the sea insurers corresponding right of subrogation the legitimacy of the exercise.

Key words: the right of subrogation; voluntary compensation; statutory right

Insurance terms "negative interpretation" principle Interpretation

Currently, insurance terms "adverse interpretation" principle in judicial practice was widespread misunderstanding, the reader is wrong because the default is wrong. It is necessary to correctly interpreted, we must first correct definition of "ambiguity" to avoid the "differences" confusion and secondly to define the different types of ambiguity, avoid the application of the principle of expansion; Finally, in the presence of natural ambiguity of the situation, the parties should also seek The true consensual.

Key words: "negative interpretation" principle; misreading; misleading ambiguity: Nature of Ambiguity

The insured person declared dead on relevant legal issues

The insured persons were declared dead in the insurance business is a special personal circumstances. At present the domestic research is weak, the practical understanding of the more ambiguous. Some insurance companies still exist in terms of local self-contradictory. This article holds that the insured person because of accidents and missing were declared dead, insurance companies should bear the responsibility of insurance; declared dead due to other reasons, insurance companies should be disclaimer. Insurance should be in terms of accidents occurred, as the insured person's death. Such as life insurance was also, the effectiveness of the original contract and has paid the insurance money should be dealt with as the case may be.

Key words: declared dead; liability insurance; time of death; contractual effect

Guarantee insurance laws of nature

Guarantee insurance disputes, legal issues directly determine the nature of the application of the law and the verdict. Domestic and foreign academics and practical guarantee insurance on the legal nature of the problem have a different theory. But in general, ensure that insurance is a form of a security role in the insurance, the insurance is to provide security, the insurance companies in their business scope, operating in a legitimate form of a "guarantee for the debtor," as the content The types of insurance. Ensure that the nature of insurance contracts must be in accordance with the agreed terms of specific contracts specific judgement.

Key words: guarantee insurance, guarantee security, legal nature

On the insurance law on the principle of compensation

Insurance system as a cornerstone of the theory, the principle of compensation is that the accident occurred so that the insured losses, the insurance must be within the scope of insurance liability by insurers to compensate the losses suffered. Academics on the application of the principle of compensation to a controversy for the sake of logic ZHOU, to apply the principle of compensation contracts suitable compensation. From the functional analysis, the principle of compensation is to contain gambling, and prevent the risk of moral hazard, the prohibition of unjust enrichment and other social effects.

Key words: insurance contracts; compensation; scope of application

On the insurance law in the Chuxian notification obligations

China's Insurance Law, in principle, should become the beneficiaries Chuxian the obligation to notify people. Notice period should be identified as a specific deadline, and should allow the parties to agree to a longer notice period. Chuxian breach of the obligation to notify the legal consequences should be designed exemption for the insurance people and damages, but should not be given the right of rescission insurers.

Key words: Chuxian notice; notification obligations; notice period; notification; legal consequences

Insurance proximate cause of the principle of "proximate cause" of the concept of content

Over the years, the academics at home and abroad on the principle of proximate cause of the Insurance Law "proximate cause" there have always been the interpretation of the word "time" and "effect that" two distinct points of view. The former believe that the time close to the reason for this is that the most proximate cause, while the latter effect that the most significant reasons is the proximate cause. In this paper, that the "proximate cause" of the content of the concept of accurate and scientific understanding in the insurance practice is of great significance, "Time said," is not in line with insurance claims in that the actual cause and effect relationship. Any loss because the situation at that time involved the most likely cause of a very wide, so not only to measure time decision proximate cause "that results" may not necessarily make good its United States, because in the practice of insurance claims, if there regardless of how many Lead to the loss of objective reasons, can only choose one of the two as a result of the basis for the claims. "More because of a fruit," the objective is to become a no practical significance, the shell extra term. "Proximate cause" should also consider the time the injury occurred close to the role and effectiveness of two reasons, "proximate cause" should be a time and effectiveness of both elements of the organic integration.

Key words: Insurance Law; proximate cause; proximate cause principles

Construction is the net value of auto insurance business model innovation a natural choice

As the insurance industry's growing market and intense competition, the traditional auto insurance business model has been faced with severe challenges, the times call for new models. Construction vehicle insurance net value of the purpose is to create a chain throughout the auto insurance industry, with the main deep-level cooperation in the new auto insurance platform, for a car service providers and insurance companies, automotive consumers a win-win situation of innovation management system . Specific performance in the following areas: product development - focus on demand; sales channels - to seek "from the media"; underwriting - take the initiative to choose; adjustments - bold outsourcing; customer service - innovation; uses of funds -- Commissioned investment.

Key words: value network; vehicle insurance business model; traditional business model

Marine environmental liability insurance system and operational mechanism for border

As human-depth understanding of the oceans, marine economic activities are more and more pollution of the marine environment and ecological problems have become increasingly prominent, such as unscientific management will speed up its deterioration. Therefore, the mobilization of economic, administrative and legal means of a comprehensive and effectively solve the marine environment is to ensure the sustainable development of marine priority. Can take the following measures to establish responsibility for the marine environment of China's insurance mechanism, improve the legal system and management mechanism, set up a total security mechanism, set up coordination mechanisms for division of labor.

Employer liability insurance and vehicle development ideas

Vehicle employer liability insurance, automobile liability insurance is between the employer liability insurance and a cross-cutting between the products. At this stage, our independence form of motor vehicle product liability insurance employers vacancy, resulting in other insurance products have to take some alternative ways to meet the needs of the market. But in practice, this alternative approach does more harm than good. Therefore, the independent development of China's motor vehicle products form the essential terms of employer liability insurance. The development of motor vehicle liability insurance employers should change their concepts, from the insured's point of view of innovative products; learn from Taiwan's experience and take the form of an independent product line, re-organize the existing motor vehicle insurance products to make them more consistent with the laws of the market; strictly related insurance For the custody of control, to avoid the undesirable alternative products.

On the basis of the cost of non-life insurance products

Non-life insurance products cost basis has been a weak link in the management of insurance companies, is also a lack of professional items. The existing system of management theory is not non-life insurance business and non-life insurance products characteristics. Non-life insurance companies should establish standard operating procedures and clear cost reserve with the rules of proper insurance costs; classified reasonable cost costs, the real accounting of funds use proceeds; actuarial reserve to improve the management model.

Directors liability insurance needs of Review

Typical of directors liability insurance typically include some personal protection and security of the company. Personal insurance needs can be used to explain risk aversion, and the company's demand for insurance has been a theory of economics and finance companies a major problem. The first Mayers and Smith (1982) put forward the seven major insurance companies to purchase motive, and added after the extension later formed a variety of directors liability insurance needs of the proposition. After the 1990s, researchers and the implication of these theoretical proposition of a positive test, has made some of the research results.

On the Chanxiangongsi dispersion of business marketing model of innovation

Although China since reform and opening up to home-based dispersion of Property Insurance Property & Casualty business has achieved a good development performance, but to enter the mid-1990s, the dispersion of business gradually into a state of the remains in the doldrums. In China, there is still great dispersion of the space business has not been developed and utilized. Together, their impact on the development of the system are the major constraints and the policy level, social and consumer level, the reasons for the insurance company level. Because of the decentralized property insurance business involves many areas, therefore, need to promote quality service, take scientific and effective business strategies, establish and improve the marketing network, application of flexible and diverse means of marketing, innovation dispersion of business marketing model, to maximize the excavated Dispersion of the insurance market potential.

China's SME non-life insurance products and market analysis

Due to various reasons, the reality of China's SMEs insured rate is very low, insurance companies in the SME business difficult. While non-life insurance SMEs facing a long-term supply and demand are not high enthusiasm of the situation, but because of its tremendous market potential, but also attract a number of property insurance companies have "test the waters." Chanxiangongsi have already launched a number of insurance products for SMEs, in the long term, China's SMEs non-life insurance rate will be increased significantly, the majority of SMEs will be fully and quality of insurance services. But the development process needs of the Government, regulatory bodies and the two sides work together to promote insurance to complete.

Additional damage to the investment risk of auto insurance product development and design

At present there is no domestic market motor-vehicle insurance investment products, which will not only fail to meet market and product diversification of motor personalized requests, nor in line with the state of non-life insurance investment-oriented insurance products, the development of ideas. With the current market environment and market demand, the paper design of the development of a functional and investment protection with the innovative vehicle insurance products. As a line of thought, as domestic production insurance product innovation and development and to provide reference information.

My family property insurance study

- Property Insurance in China's property insurance business in the area are relatively long history, and operational efficiency is relatively good business, but business volume has been little in the property insurance business is very small as a share. I state General Insurance business for the beginning of the new China so far, there are basically four types of business models, namely, "units welfare", "long-term savings", "mortgage business" and "vote with the product." I led the reasons for the State Property Insurance plight of the complexity of many factors, but the supply is the main contradiction in the performance of specific products, marketing and operation of the three aspects. I State Property Insurance to promote sustained and healthy development to address the existing problems in a comprehensive way, in the process of solving problems, it is necessary to further emancipate the mind, the concept of innovation, reinforce the foundation, bold in practice.

The quality of construction-related issues on the development of insurance

From August 2005 construction quality insurance system since the introduction of the Chinese construction market, market development and experimental work has been throughout the encounter various difficulties and obstacles, such as mandatory policy or market choice of quality inspection agencies prepared for the risk assessment and Decentralization; interest in the deal with the perfect follow-up claims; goals and development direction. To resolve these problems, China's construction project for the promotion of the development of quality insurance have important practical significance.

On improving fire public liability insurance system

The fire of public liability insurance has become the common understanding throughout the government, but in the process of implementation should be adopted model has been controversial. Weigh the pros and cons can design a middle way: a relatively compulsory insurance model which is a public place the owner or operator can independently choose insurance liability insurance or provide financial guarantees in the form in order to solve the public's responsibility to protect the victims did not fully question. In addition, the implementation process, the insurance must pay attention to the role of accident prevention, the establishment of supervision and management mechanism.

Road safety and motor vehicle insurance Situation Analysis and Countermeasures

Traffic accidents has become a threat to people's lives and property of the social safety hazards, and that the prevention of traffic accidents in motor vehicle insurance, economic compensation plays an important role. In this paper, a lot of statistical data on the basis of China's road safety and motor vehicle insurance development of the status quo, the causes of road traffic accidents in-depth analysis, proposed the establishment of "a frontline point," the three-dimensional control system, vigorously develop the motor vehicle insurance, Improve the economic compensation for loss of traffic capacity and increase research and legislative efforts to strengthen the main vehicles of the passive safety research, strengthen traffic management and control and carry out road safety performance evaluation, and other countermeasures.

International securities market regulatory system evolution of China's insurance regulatory Inspiration

Based on the comprehensive study the historical development of securities market regulatory system on the basis of the last 10 years on the securities regulation and insurance supervision of the major literature of a more detailed comment on the help of institutional economics and evolution of the economics of the securities market regulatory framework The evolution of the system was analyzed, the securities regulation and insurance supervision of the analysis of the relationship. That will become mixed monitoring China's insurance regulatory system design-led concept of perfect information disclosure system is the building of China's insurance regulators need to solve the problem; strict supervision of China's insurance regulatory system design must adhere to the main idea.

On Construction and standardize order in the insurance market in long-term mechanism

With the rapid development of insurance business, insurance coverage of the constantly expanding, the market system are maturing and city insurance market competition in the insurance industry has become an important area. Urban development in the insurance market potential on show began, the increasingly fierce market competition, increasing regulatory pressure. At present, the insurance market in order to control mechanism in question is poor conduction, the company internal control can not be successfully implemented; unknown mechanism, trade associations to play an effective role; strong enough, the effectiveness of regulatory bodies can not be fully in place. To build cities of long-term mechanism for the insurance market in order to be linked from top to bottom, and increase supervision, improve the city's self-regulating insurance agencies, self-control capacity; comprehensive mechanism to strengthen the responsibility to implement, a trade platform for mutual supervision, the role of mutual restraint : Focused. Enhance on-site inspection, effectively perform its regulatory agencies to protect the city regulate the market operation functions. Through vertical and horizontal linkages, and set up a company, industry self-regulatory organizations, regulatory bodies mutual division responsible for the effective control mechanism and supervision network, the overall increase in the insurance market to guard against risks and又好fast development.

On the strengthening of China's motor vehicle insurance rates regulatory provisions

At present, motor vehicle insurance market is not strictly enforce the terms of the rate to a vicious price competition is quite prominent, and it reduces the solvency of the insurance companies, insurance companies the impact of sound operation, it also undermines the insured, the insured's Legitimate interests. To this end, property insurance companies to improve the management structure, improve operational evaluation system; determining auto insurance rates net loss risk, rationally determine the motor operating costs; solvency principle of giving priority to the implementation of regulation: to further improve handling of property insurance company vehicle insurance business Information systems; strengthen the industry self-regulatory mechanism to enhance the knowledge of the insurance propaganda.

Foreign insurance regulatory approach to the solvency of China's insurance supervision of the Enlightenment

Solvency supervision is the core of insurance supervision, solvency only through the effective regulation of the insurance business can achieve the stability and the protection of the interests of policyholders. Insurance regulators major developed countries by providing capital adequacy requirements, the establishment of solvency early warning systems and on-site inspection of the solvency of insurance companies to monitor. Regulatory standards be established on the insurance companies on the basis of risk assessment, the establishment of a risk-oriented monitoring the solvency of insurance supervision has become a trend. At present, China's insurance regulatory bodies monitoring the solvency of insurance companies from micro "provisions of the rate regulation" to macro "solvency supervision." To improve the solvency of China's insurance industry regulation, supervision of insurance companies to be flexible use of funds, improve asset evaluation methods with a variety of methods to reduce the regulatory recognition errors cost the establishment of dynamic capital adequacy ratio test; emphasis on the foreign insurance companies Regulation; perfect laws and regulations.

The implicit value of life insurance regulation and the relationship between research ①

The intrinsic value is a measure of life insurance companies and the entire life insurance industry an important tool for development, and the dynamic evaluation of life insurance companies to operate the core indicators of the actual situation of the company effective business value in the next time the distribution. There is no business in an effective evaluation system for the distribution of the value of the intelligence and ST, the intrinsic value assessment of the introduction of help from the dynamic evaluation of the life insurance company to operate the actual situation, to reflect the actual life insurance company's future solvency, Can make up for inadequate supervision of solvency, but the intrinsic value of their own limitations determine its life insurance regulation can not be used as the decisive indicator.

On the core business system to strengthen supervision of insurance companies

Core business operating system has been widely infiltrated into the insurance companies in all aspects of management, strengthening of core business operations monitoring system will help standardize the insurance market, solve the illegal issue and the realization of "supervision forward and guard against risks" to enhance monitoring results. In view of the current core business of insurance companies operating in the functional regulation system design, regulatory control, business processes, indicators calibre, operating in areas such as the problem, should be the core business of operating systems into the regulatory risk insurance Unity regulatory framework, the guiding Insurance companies improve the governance mechanisms of the Insurance Information, introduced the core business operating system standard guidelines, insurance data and information standards to speed up the formulation and implementation, strengthen business operations of the site inspection, to raise the guard against and defuse the ability of business risk.

On the insurance rate regulation

In order to protect the public interest and maintaining the insurance system's security and stability, and promote the healthy development of the insurance industry, it is necessary for the insurance rate regulation. From a global perspective, the insurance rate regulation to market discipline can be divided into the loose-led model, the government regulatory body dominated by strict, and a combination of the two-mode hybrid model. At present, China's insurance rates for terms of the formulation and implementation process to varying degrees, similar to existing products, product marketability of the poor, not enough of the popular articles, product pricing unreasonable, arbitrary terms of the implementation of rates, and other issues. Therefore, we must encourage product innovation, enhance the innovative power of insurance products; increase the intensity of the regulatory solvency, the suppression of irrational price competition, strengthening the building of the insurance industry associations to improve the company's product design support to: strengthen the insurance surcharge rates Regulatory control, curb high-fee, high-paste fees; enhance product information disclosure and give full play to the role of market mechanisms.

On the insurance company branches regulatory solvency

Solvency supervision of insurance supervision is the focus of the work. Strengthen supervision of insurance company solvency grass-roots branches, to ensure true and reliable data, strict internal control effectively, is to improve the solvency monitoring system and an important guarantee. Solvency monitoring system includes site supervision, off-site supervision, monitoring the use of funds and internal control monitoring. Impact on the solvency of the insurance company subsidiaries have a business major factor in abnormal fluctuations in operating mismanagement, fraud misleading, weak implementation of the internal control system, data untrue. Strengthen supervision of insurance company solvency branches, "the insurance company solvency level indicators and monitoring regulations," according to data authenticity and internal control system construction as the core and the site inspection and off-site monitoring as a means of effective use of Measures to promote branch to strengthen internal management, improve the defense risks, and maintain sustainable and healthy development for the overall supervision of solvency to lay a solid foundation.

AIG190 billion loan-to-Tai Hang affecting the global insurance domino

The loan-to-deep black hole does not bottomed out.

The recent fall into the pits, the insurance giant American International Group, AIG (NYSE: AIG).

February 11, AIG to the U.S. Securities and Exchange Commission (SEC) in the documents submitted to Yukui that will guarantee the loss from the previously announced 1.1 billion U.S. dollars, revised to 4.88 billion U.S. dollars. This involves only loss in October 2007 and November.

Just two months ago, AIG CEO Martin Sullivan (Martin Sullivan) also vowed to investors: the company credit portfolio of the possibility of damage to close to zero (minimal). Last year, investors in early December meeting, Sullivan said, "Although not indicate the future, but we have made so far turnover high degree of certainty (certainly)."

Such statements make the situation even more embarrassing AIG.

These documents, AIG external audit bodies PricewaterhouseCoopers said its internal audit of "substantial weaknesses", the credit default swaps (Credit Default Swaps, CDS) product difficult to accurately valuation.

News on that day, AIG shares plummeted 11.7 percent, to 44.74 U.S. dollars, the record since October 19, 1987 Black Monday crash of Wall Street's largest single-day decline.

The next day, AIG issued a statement saying that I believe will not happen any "substantial" losses. AIG will be announced on February 29 report, and loss of market analysis that will also expand.

19 billion U.S. dollars big trouble

In fact, AIG can not continue in the loan-to-detached crisis. Because the information, AIG of the residential mortgage market (residential mortgage market) of all investment companies accounted for 11% of investment assets.


Last year, in November announced the three Bulletin show that by September 30, AIG in the residential mortgage market with about 93.1 billion U.S. dollars, including non-institutional assets of 78 billion U.S. dollars, of which AAA-level assets of 89 percent, 8 percent for the AA level; Alt - A mortgage-backed securities (Alt-A RMBS) amounted to 26 billion U.S. dollars, secondary mortgage-backed securities (Sub-Prime RMBS) amounted to 25.9 billion U.S. dollars, both of the total amount of investment of 28 percent.

爆出Jukui this time may be sold by AIG subsidiary of AIGFP Super Senior CDS products, for CDOs (mortgage bonds) to provide credit protection contracts.

As at September 30, AIG provided for ultra-high CDS book has reached 513 billion U.S. dollars, including loans against the company's 294 billion U.S. dollars, the European residential mortgage loans of 141 billion U.S. dollars, and mortgage bonds in many fields of 78 billion U.S. dollars; The latter include, according to the level of CDOs reached 63 billion U.S. dollars.

Some analysts pointed out that these intermediate risk for mortgage bonds is particularly difficult.

"AIG secondary mortgage bonds on the disclosure shows that companies have the lowest quality risk, and will have to pay large sums of cash compensation." February 14, Morningstar (Morningstar), Lens analyst Matt (Matt Nellans) in that.

As at September 30, in view of the high-level intermediate CDO to provide guarantees of credit default swaps product, AIG prepared a 19 billion U.S. dollars set aside, the transaction agreed to pay an average starting point of 36 percent. This means that in the former AIG to pay reparations, 36 percent of the CDO is likely to be drawn, low-level securities holders are likely to no avail.

Research report said: "This 19 billion U.S. dollars the most trouble, because even if only for the super-AIG senior secondary CDO security, CDO itself is mainly composed of securities from BBB-." Because in case of payment, AIG will give priority to the claims of high-grade assets. Lens within the forecast: "AIG to be capable of 19 billion U.S. dollars set aside the loss, but it will reduce its 19 per cent of net assets, and about 15 months of revenue."

Currently, Moody's, Fitch universal standard three rating agencies to AIG's ratings outlook from Standard & Poor's on the 12th sent a letter to investors, "the managers believe that AIG will face extremely difficult for some time to regain the confidence of investors . "

The insurance industry over-react

AIG incident on the global market to fierce reaction.

February 11, the insurance panel led by the British stock market. London-listed South Africa's largest insurance companies Society Guardian Group of the day down 5.7 percent, the veteran British insurance company Aviva dropped 5.6 percent, the British insurer Royal & Sun Alliance fell 5.4 percent, the British life insurance fell 5.5 percent.

The same day, Japan's stock market also Chouyuncanwu, Japan's largest non-life insurance companies in Asia Millennium Group fell 5.7 percent, Japanese Finance Chanxiangongsi fell 4.5 percent, Sumitomo Mitsui Shanghai sea disaster insurance also fell 6.4 percent. The broader Topix insurance index fell 5.7 percent in the 33 industry groups in the largest decrease.

Two days later, the largest U.S. mortgage insurer MGIC announced Four Seasons reported that quarter loss of 1.47 billion U.S. dollars, and may further expand to 3.5 billion U.S. dollars. Last October, Swiss Re insurance group two credit default swap transaction losses 1.07 billion U.S. dollars.

The relative pessimism of the market, analysts optimistic about the prospects of AIG.

As one of the U.S. financial magazine , quoted UBS analyst Andrew Keligeman insurance (Andrew Kligerman) point of view, said AIG decline is only temporary. "Because of the loan-to-crisis and the damage to investor confidence temporary factors, AIG will be short-term pressure, but its global superiority did not abate, AIG diversity and scale of hard copy."

Perhaps this question should be: AIG on behalf of the entire insurance industry can »

"AIG and its events will be considered as commercial issues, it would be better classified accounting issues." Lens in a telephone interview that "accounting problems and does not reflect the fact too many of the business."

, Lens, the insurance industry will not experience the banking industry, swept by winter, because the insurance companies invested more cautious. "Almost all insurance companies have the loan-to-related assets, but many in the controllable range - to 3-4 percent, and some radical who was AIG in August% -9%." This will enable the majority of insurance companies From the loan-to-day crisis in the escape of Health.

AIG itself and the massive and complicated, so in the loan-to-crisis depression deeper.

"More than 2,000 insurance companies nationwide, many will not participate in CDS transactions, but for AIG CDS, CDOs such transactions set up a corresponding investment institutions, specialized departments engaged in various securities, CDS, which is also increased AIG losses. "

As holders of AIG, the average duration CDS (weighted maturity of the remaining maturity) shorter, at 3.3 years, low risk. Lens within the company that in about three years time to recover, he will share fair value for AIG in 83 U.S. dollars. "2007, AIG annual rate of return on assets of 15%,…… We believe that, AIG managers is to make money for shareholders, rather than the shareholders who take money from." Lens in the final report of the study wrote.

February 15, AIG closed at 46.11 U.S. dollars.

New York Gov. shots rectification bond insurance market

New York insurance regulators recently said that the Government has not bond industry assistance plan, but with the bond insurance companies are likely to explore all options to resolve the issue of bonds. According to reports, New York Gov. Eliot Spitzer (Eliot Spitzer) to M BIA, An Bake (Ambac), such as bond insurance companies an ultimatum, ordering its 3-5 business days to find capital injection, To ensure that municipal bonds the highest credit ratings, or they will force the company split.

Security system responsible for handling debt crises of the New York State Insurance Secretary Eric Dina Luo (Eric Di-nallo), in his testimony to the House of Representatives shows that the company's debt-policy target is divided into two categories, namely, municipal bonds and the structure of Wall Street Of financial products, while the Government is the primary task is to protect the former. And the other by the same margin impact of problems in mortgage debt certificate (CDO), credit default exchange (CDS) structure of financial products, the Government is not prepared to intervene to help.

In his testimony, Dina Luo tend to protect the bond insurer's entire business, but if that can not be clearly do this, then he would give priority to the protection of municipal bond insurers and investors.

But he also said that while the bond trades without assistance plan, but the New York State regulators are working with the insurance company bonds of all possible options to solve the debt problem, including allowing them to split the bond insurance companies. U.S. bond insurers will be allowed to be relatively strong strength of the municipal bond insurance business and higher risk asset-backed securities and other structured finance products business from each other.

Earlier, According to foreign reports, the government's active operation, to the international financial giant Warren Buffett has issued recommendations on the 12th, he led by the Berkshire-indebted company to undertake a comprehensive M BIA, An Bake and FGIC currently covers 8,000 100 million U.S. dollars of municipal bonds, to Berkshire's AAA debt secured these bonds will not be downgraded. Dina Luo said that Buffett invited to the three major New York bond insurer of municipal bonds issued to provide reinsurance, is the main reason for worry about the safety and security of municipal bonds solid enough. But analysts worry that the municipal bonds sold debt-equivalent to claiming the most stable income assets.

However, the bond insurance companies do not seem to reject the Government's guidance. Last week lost the highest grade rating of FGIC bond insurance company, on the 15th to the competent authorities expressed their willingness to split the company will prepare the coverage of 220 billion U.S. dollars of municipal bonds and other securities underwriting business to cut open, in order to stabilize Municipal bond market.

In response, Dina Luo said, FGIC has applied for division, intends to municipal bond insurance, and other "good account", and the structure of financial products insurance "bad debts" split into two companies. New York and the Government has effectively started the operation. On the 16th, government officials have begun working with international financial giants such as Buffett and the sovereignty of foreign funds start negotiations in the hope that they the "good account" of the capital injection. Dina Luo split on the prospect of a considerable show of optimism, he said: "It was the entrance of the queue waiting for investment."

The world's largest bond insurer MBIA Huanshuai

February 19, the world's largest bond insurer MBIA announced that, please return to former CEO Joseph Brown (Joseph Brown) control the company. At the same time that the company is working with regulatory authorities in consultation, hoping to retain AAA rating.

According to Bloomberg news agency reported, MBIA incumbent CEO Gerui Dan Dayton (Gary Dunton) took office in 2004, began in 2007 as chairman of the board. MBIA said the statement, Denton would not retire from the company to remain in.

Brown, 59-year-old, he was in May 2004 after former CEO, also continue to serve as Chairman of the Board to May 2007. 1986 to 1999, he has served as a director of MBIA. According to the Associated Press reported that he was the property and accident insurance company Safeco Corp's non-executive directors, but will resign from the post.

Brown returned to MBIA's main task is to draw up plans to save bogged down in the quagmire of the loan-to-MBIA. At present, the loan-to-related securities for MBIA has brought more than 50 billion dollars in losses. Not only affect the ratings, but also drag in the 2007 stock 83 percent down. Last week, New York state insurance regulators who even suggested that Eric Dinallo, the loss of the bond insurance business into two, to avoid affecting the value of more than 1 trillion U.S. dollars of municipal bonds.

"MBIA is facing a major challenge." Brown said, he said that MBIA will build a new business model. Concrete change, Brown said First, change the type of securities issued, the number is changed. Bloomberg News reported that Brown has Dinallo MBIA discuss the restructuring plan.

In order to keep AAA rating, MBIA recent months has raised over 30 billion dollars of funds. However, many rating agencies have stated that there may be more recent loans in arrears, resulting in the value of the securities lending support to the bond insurer MBIA caused such a loss.

In fact, MBIA counterparts have suffered ratings were down. The second largest bond insurer Ambac publishers and the ratings, Fitch has been downgraded from AAA to AA, Moody's and Standard & Poor's has begun its rating revaluation; ranked third in FGIC and Fitch ratings were superscript Pronk also downgraded to AA, Moody's has not made any decisions, but also began to reconsider.

According to "The Wall Street Journal" reports, Ambac is preparing to sell discounted stock shareholders to raise 2 billion U.S. dollars of funds. But the spokesman did not Ambac to comment.

Allianz Ciji Zhai deficit of 1.3 billion euros

Munich local time on February 21, the Allianz Group (Allianz) announced financial results for the year 2007.

Allianz Group, the second half of 2007, the Allianz Group's operating profit and net income a year in varying degrees of increase, life insurance and health insurance, property insurance and personal accident insurance, and asset management businesses are Have a better profit growth. However, the investment banking part of the business of credit by the impact of the crisis is more serious, because of the loss of ABS transactions, Allianz recorded a loss of 1.3 billion euros.

2007, subject to the loan-to-crisis, the Allianz Group's investment banking business subject to certain effects, such as Dresdner Bank (Dresdner Bank) in operating profit in 2007 remained at 730 million euros, while in 2006, For 1.4 billion euros, a decrease of nearly 50 percent.

2007, the Allianz Group's total revenue in 2006 from the 101.1 billion euros to 102.6 billion euros in 2007 net income of 8 billion euros, an increase of 13.5 percent, while profits from the previous year's 10 billion euros an increase of 9 percent to 10.9 billion Euro. In addition, the interests of shareholders in 2007 for 4.8 billion euros, Allianz plans to raise dividend 45 percent to 5.50 euros per share.

Allianz Group President and CEO Michael Diekmann (Michael Diekmann) said: "This should be attributed to the diversification of the Group a good business structure, so that we in individual markets and plates, by accident or the impact of a cyclical Low. "

Property insurance premium income from 2006's 43.7 billion euros to grow to 44.3 billion euros, a profit of 6.3 billion euros, with a year to maintain the same level, while the compensation due to natural disasters to 774 million euros.

In life insurance and health insurance business, Allianz's operating profits from 2006's 2.6 billion euros to a record growth of nearly 3 billion euros, the total revenue growth, taking into account the changes in exchange rates, after adjusting for still reach 6.3 percent.

At present, the Allianz Group in China with a joint venture company - Dean of the Life Insurance Company. According to CIRC statistics, 2007, the Dean of the realization of the original insurance premium income of 3 billion yuan, ranking fifth in the joint venture company.

New York insurance regulators denied bond insurance crisis intervention

New York insurance regulators Eric • Dina Luo (Eric Dinallo) on the bond insurance companies for their handling of the crisis in defence. He said that last month he decided to convene talks on Wall Street's top banks, is to arouse people's attention to these issues, rather than critics alleged forcible intervention.

Dina Luo denied the external criticism that his focus on Wall Street and investors to the interests of cost, to protect the municipal bond issuance.

"Inaction is promising, and this is accept the status quo," he accepted the British "Financial Times" said in an interview, "I know that if we do not affirmative action, the matter will fall on our heads. By that time, some people will Criticize me dozing while driving. "

Britain's "Financial Times" A Lina• Fan • Fortuyn (Aline van Duyn), Francisco • Ge Leila (Francesco Guerrera), the • White (Ben White), New York reported

U.S. bonds or insurance giant rescue scheme introduced

U.S. and EU ready to help large banks

Because of mortgage bonds Wei Yueshuai continues to rise, bond insurers facing huge claims

Ambac companies trying to keep 3 A credit rating.

Well-known U.S. financial channel CNBC recently quoted informed sources as saying that the parties to rescue Wall Street bogged down in the quagmire of the loan-to-crisis U.S. bond insurance giant - Ambac's plans may be on the 25th or the 26th introduced. Affected by this, the company's shares rose 16 percent on that day, to close at 10.71 U.S. dollars per share in and promote U.S. financial stocks rebound. Meanwhile, the U.S. investor confidence has been strengthened, the United States last Friday all three major indexes rose.

Trying to keep 3 A credit rating

The report did not provide details of the rescue plan, but said the plan could save the company Ambac crucial 3 A credit rating. Since the outbreak of the crisis, loan and mortgage bonds Wei Yuelv continues to rise, bond insurers facing huge claims. The United States and some European banks are preparing large-scale cooperation aid ailing U.S. bond insurer, to prevent further impact the credit crunch.

The Associated Press quoted the same day informed source as saying that a U.S. Citigroup, UBS, Wachovia, Royal Bank of Scotland is working with the consortium composed of New York state insurance departments work together to seek to make the company from Ambac plight of the solution . He said that things seem to have some progress.

Ambac companies to have been a few weeks with the New York State banking regulators and to negotiate purpose is to raise funds in order to maintain its 3 A credit rating.

Goldman Sachs analyst said earlier that, Ambac company needs to raise about 3.5 billion U.S. dollars of funds, to keep Moody's and Standard & Poor's to the 3 A credit rating, Fitch has been reduced by Ambac's credit rating.

Notes the insurance industry in difficult circumstances

Another U.S. giant MBIA bond insurance company, announced that in the fourth quarter net loss of 2.3 billion U.S. dollars, the company's history as the most serious single-quarter loss. The company may be forced to substantial funding to offset the depreciation of assets related to loan-to-the adverse effects.

The time of distress, MBIA announced on the 19th of this month to return to former CEO Joseph Brown to control the company. The 59-year-old Brown in 1999 to early 2004 as head of MBIA, the re-took office after the primary task is to try to keep the company 3 A credit rating, and to develop plans to save bogged down in the quagmire of the loan-to-MBIA.

Brown said last week that the bond insurer of municipal bond insurance business should be and asset-backed securities (ABS) and other higher-risk insurance for the separation. He announced in a statement, because of the bond insurance industry future direction took a different view, the company decided to withdraw from major industry organizations - the Association of financial guarantee insurance.

Another media, in the United States several other major insurers in bonds, FGIC last week to seek regulatory permission to split its operations; Ambac said do not intend to take similar action.

"Unit God," said Master Warren Buffett's investment in the United States this month to the United States three largest bond insurer Ambac, MBIA and FGIC proposed, is willing to their underwriting of municipal bonds to provide reinsurance, but does not include other high - Risk financial instruments.

Hillary and Obama for medical insurance reform plan Dazui Zhang

U.S. Democratic presidential candidate, former first lady Hillary Clinton on February 23 Nuchi rival Obama "disgraceful" and accused him of distorting the election publicity materials in their own health insurance reform plan, to the voters to spread "false information." Obama then responded, promotional materials in the accuracy of the content, and implied that Hillary This is deliberately "Wanhua Yang."

According to British media reports, Hillary Clinton's campaign team has recently been accused Obama campaign team spread the message to the voters of the false information. In the message that Hillary Clinton on universal health insurance plan will be "forced" to buy insurance for all, even in people unable to pay the insurance costs of the case. Hillary on the 23rd in Ohio at a rally waving a promotional material said to reporters: "Barak Obama, you should be ashamed!" She also said that Obama's campaign team in the spread of the Her medical insurance scheme the "false, misleading and unreliable information."

Hillary Clinton said: "Obama is not really aware of this, my plan does not force people to buy insurance, even if they can not afford to buy…… This is totally wrong, but he continues to spend millions of dollars to the wrong extension. This is no hope, and destructive, especially Democrats suspected a universal health insurance plan. "It is reported that Hillary Clinton's health insurance plans to require everyone to enjoy medical insurance, but provides tax breaks and other subsidies to make People are able to pay for medical insurance costs.

Hillary for a strongly worded speech, Obama responded that the content of promotional materials is correct. He also said the Clinton suddenly "change the tone" was puzzled, because she mentioned the e-mail and other promotional materials as early as in a few days ago or a few weeks ago on the issue to the. Analysts point out that Obama's remarks is to imply that Hillary Clinton is now suddenly "Chen Nian events of the past" is out to attack him for "tactical" considerations. At the same time, Obama also fight back, Hillary has been on since late last year in his criticism of the health insurance plan, said the plan would allow 15 million Americans are unable to obtain medical insurance. Obama campaign team spokesman Bier Bo Dayton also criticized Hillary "negative competition."

In addition, Clinton also criticized Obama to the voters in her e-mail miscommunication North American Free Trade Agreement on the stand. Obama said that, although Hillary Clinton is now the North American Free Trade Agreement have criticized, but when the Clinton administration through this agreement, Hillary Clinton has expressed support for this agreement. It is learnt that the North American Free Trade Agreement and other trade agreements is very unpopular in Ohio. As a result of these agreements, the state's number of blue-collar jobs have been transferred to other countries.

Obama recent situation excellent, in the party primaries has won 11 games. At present, Hillary and Obama campaign is being launched in Ohio. Ohio and Texas will be March 4 at the Democratic presidential primaries. Analysts point out that Hillary Clinton must win next week's primaries, the two will continue to campaign. Recent polls show Clinton and Obama in the support rate of Ohio, two in Texas, the support rate is even more close.

U.S. debt-to boost global stock markets were rescued news

Debt-to in trouble, to provide insurance to insurers loan-to-dimensional crisis also suffer losses

Bond insurers will be expected to rescue the market news will keep the bond rating insurers, so as to avoid further with the loan-to-related losses. Boosted by the news, yesterday's Asian stock markets financial stocks, insurers stocks rose.

-- 6:54 p.m. yesterday, Morgan Stanley Asia-Pacific index rose 1.4 percent to 1460.6 points. As of yesterday closed, the Taiwan weighted index closed the whole day at 8286.31 points, up 177.6 points, or 2.19 percent. The Nikkei Average Index closed at 13914.57 points, up 414.11 points, or 3.07 percent. European stocks are also yesterday's news to stimulate the higher, pan-European Dow Jones in Stockton 600 index rose 1.6 percent, 18 in the international market are rising, Germany's DAX rose 1.4 percent, France's CAC 40 rose 1.8 percent, Britain's FTSE 100 Index rose 1.6 percent. -- As of 22:30 last night, U.S. stocks closed the Dow was up 11.80 points to 12,392 points, or 0.1 percent, the S & P 500 index rose 0.02 percent, the Nasdaq composite index rose 0.05 percent.

With the worsening credit problems, many housing loans secured by the rating company lowered last Friday Fannie and premises of the U.S. rating was lowered, and trigger U.S. stocks fell on that day. In addition, to avoid further from the impact of the housing market downturn, the premises of the United States last Thursday, the third increase rates for high-risk mortgage assets.

To save more victims and prevent further spread of the crisis, the U.S. government and the financial sector recently launched a series of measures to rescue the bond insurer's plan is one of them. It is estimated that if the large U.S. debt-rating lowered to the U.S. banking sector will therefore suffer further losses of 70 billion U.S. dollars, and trigger a financial sector crisis further.

In fact, the bond insurer in trouble when, to provide reinsurance reinsurers loan-to-dimensional crisis also suffer losses. The world's second largest reinsurer Munich Re insurance - yesterday said fourth-quarter profit fell 12 percent, is expected in 2008 will be even more difficult situation. Munich Reinsurance fourth-quarter net income from a year ago, 636 million euros fell to 560 million euros (830 million U.S. dollars) in the fourth quarter with the United States, loan-to-crisis-related losses of up to 15 million euros.

In addition, in order to avoid the U.S. economy into recession, the U.S. Congress also plans to re-introduced to stimulate the housing programme, specific measures include: relaxing the Bankruptcy Ordinance to protect banks from litigation and to face the loss of collateral to redeem the holder the right to housing, such as the provision of government assistance . The market is expected to face resistance to the motion than the recently passed the 168 billion U.S. dollars economic stimulus package is much greater.

Insurance giant Allianz Group of 8 billion euros last year, net income

Yesterday, Europe's largest insurance group Allianz Insurance Group of Germany released the performance report shows that in 2007, the Group's total revenue from last year's 101.1 billion euros rose to 102.6 billion euros, operating profit increased to 10 billion euros from 10.9 billion euros, an increase of 9 percent, from 7 billion euros net income soared 13.5 percent to 80 billion euros.

The report said, although the second half of 2007 the financial market environment extremely challenging, the investment banking part of the business of credit by the impact of the crisis, but by 2006 natural disasters grade lower than perennial factors, the Allianz Group's total revenue, operating profit and net Receipts have increased over last year. Among them, life insurance and health insurance business operating profit hit a record 3 billion euros.