whyDividendLower than expected? How does the equity market look in 2022? How do you view the company’s stock price?
On the evening of March 28,China Pacific InsuranceHeld in Shanghai in 2021performanceAt the press conference, the management of the company responded to the above hot issues one by one.
Source: Live Screenshot
China Pacific Insurancesaid, looking forward to 2022,China Pacific InsuranceLife insurance should promote the new breakthrough of CSC, property insurance should strengthen the construction of underwriting profitability, strengthen the coordination and linkage between the asset side and the liability side, continue to promote the construction of a healthy industry ecosystem, and comprehensively improve the level of technology empowerment.
Confidence in delivering long-term returns for investors
On the evening of March 27th,China Pacific InsuranceReleased the 2021 profit distribution planannouncementaccording to the plan,China Pacific InsuranceIt is proposed to distribute a cash dividend of RMB 1.0 (tax included) per share, which is lower than market expectations. From the perspective of the industry,China Pacific InsuranceThe dividend policy was fine-tuned in consideration of the impact of C-ROSS II on the company’s solvency adequacy ratio.
To this,China Pacific InsuranceZhang Yuanhan, the chief financial officer and chief actuary, responded, “In order to ensure that the company continues to maintain a reasonable and sufficient solvency under the C-ROSS II framework, and to support business development and new field layout, we have initially established a capital plan covering all subsidiaries. , has formulated relevant countermeasures and is promoting their implementation. At the same time, it is also actively studying the space and options for applying relevant regulatory policies, such as applying for a transition period,insuranceThe company has no fixed-term capital supplementary bonds, etc. However, in general, in view of the uncertainty in the implementation of these regulatory policies, the company has made appropriate adjustments to the level of dividends in 2021 from a prudent perspective to ensure the implementation of the group’s high-quality development strategy. “
Except for the second phase of C-ROSS,China Pacific InsurancePresident Fu Fan further said that another factor in adjusting dividends is the group’s next strategic layout. “Last year, the group’s 14th Five-Year Plan was approved and is currently being actively promoted. In terms of strategic layout, we must support the development of the current business, but also cultivate New economic growth points in the future, so it is necessary to leave a certain space for the capital utilization of the group.”
Fu Fan emphasized that fromChina Pacific InsuranceJudging from the 30-year development history, the company has always attached great importance to the reasonable return of investors. From the perspective of the industry, the dividend rate and dividend rate of CPIC have remained at a high level for a long time, and the relevant data in 2021 is still in the first echelon of the industry. CPIC will continue to maintain the continuity and stability of its dividend policy, and on the basis of taking into account sustainable development and meeting regulatory requirements, fully consider the interests of investors, and reasonably determine the level of cash dividends. The company has the confidence to bring long-term returns to investors. Looking at the investment value of a company, it should still look at the long-term.
There is still room for improvement in the current equity allocation ratio
In the first quarter of this year, A shares continued to fluctuate and adjust. In this regard, Fu Fan believes that this also fully reflects the differences of market participants’ views on the market outlook, “We believe that market adjustment brings more risk release and the appearance of long-term investment value. As a long-term insurance capital, we What we see is the opportunity and how to grasp it in time. At present, there is a certain room for improvement in the proportion of equity asset allocation of China Pacific Insurance.”
Regarding the overall stock market performance in 2022, Fu Fan said that China Pacific Insurance will remain highly cautious, and the investment in equity assets will, under the guidance of strategic asset allocation, strengthen the disciplined investment mechanism, strengthen tactical proportional control, and actively grasp the structure of the stock market. sexual opportunity.
If you zoom in on the overall investment strategy, Fu Fan believes that China Pacific Insurance insists on starting from the characteristics of liabilities to meet the requirements of risk management and control such as the second phase of C-ROSS, focusing on maximizing the return of long-term investment, and constantly optimizing and matching risk appetite. A diversified portfolio of assets, and unswervingly implement a dumbbell-shaped asset allocation strategy.
Regarding the investment in the real estate field that the market is concerned about, Fu Fan said that by the end of 2021, according to the asset class, the total investment real estate of the group is 7.5 billion yuan, and the real estatefundIt is 8.9 billion yuan, accounting for less than 1% in total (the group’s total investment assets are 1.8 trillion yuan). At present, China Taiyuan has strong comprehensive strength in debt repayment of warehouse enterprises and good credit risk management and control capabilities. From the perspective of the next investment strategy, we will focus more on serving national strategic projects and infrastructure projects in key regions, adhere to a multi-strategy and diversified investment layout, diversify risks, and at the same time strengthen the role of core asset base positions to achieve stability Cash flow, and seize trend asset allocation opportunities to obtain value-added premiums.
The current share price is undervalued
Regarding the performance of CPIC in the secondary market, Su Shaojun, secretary of the board of CPIC, said that in the past yearinsuranceThe overall performance of the sector is not good, but from the perspective of historical data, China Pacific Insurance’s share price is indeed at a significantly undervalued level.
Su Shaojun said that there are many reasons for the pressure on stock prices. The first is the impact of repeated epidemics on the industry, the second is external environmental factors such as capital market sentiment fluctuations, and the last is theinsuranceThe industry itself is also undergoing in-depth transformation and value remodeling. “However, the fundamental factors driving the development of the insurance industry, such as China’s long-term economic and social stability, aging population, and innovation in social security mechanisms, remain unshaken, and China’s insurance market remains unchanged. It is one of the most dynamic markets in the world. At present, compared with developed countries, China’s insurance depth and density are still relatively low, and there is still a lot of room for development.”
“Of course, the company’s fundamentals are the most closely related to the stock price performance.” Su Shaojun said that from the company’s own point of view, it is still necessary to work solidly, maintain strategic focus, always grasp the main line of high-quality development, focus on the main business of insurance, and be precise Insurance professional. At present, the company’s fundamentals are solid and stable. In the long run, including adherence to transformation, technological layout, and active creation of the second growth curve for healthy pensions will lay the foundation for the company’s future value growth.
(Article source: Chinasecuritiesnewspaper)
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