Related News
Banks still keen on insurers
By Feng Jianmin |
February 21, 2012, Tuesday
|
Print Edition
Print Edition
THE sales of insurance products through banks will not grow sharply this year as the yields "are not attractive," but banks may still invest or raise their stake in insurance firms, KPMG said in a report yesterday.
The banks posted a significant decline in sales of insurance products through the bancassurance channel last year after the China Banking Regulatory Commission banned insurance staff from selling their products in the banks, KPMG said.
Some of the large banks experienced a 20-30 percent decline in bancassurance premiums last year after they fell 15 percent in the first half of 2011, according to the latest available data, which didn't provide detailed figures.
"The yields on insurance products are not as attractive as other wealth management products, and concerns with inflation are creating higher customer expectations and hampering the sale of participating and long-term products," the report said. "We expect companies will find it difficult to deliver significant growth in this market (this year)."
But banks may still invest in insurers as demand for insurance in China is seen to rise in the long term. In the last 12 months, China Construction Bank, China Merchants Bank, the Agricultural Bank of China and the Industrial and Commercial Bank of China have raised or announced plans to raise their stakes in an insurance firm.
The report said bank-owned insurers can tap the opportunities and demand for insurance via the banks' network in the long term.
The banks posted a significant decline in sales of insurance products through the bancassurance channel last year after the China Banking Regulatory Commission banned insurance staff from selling their products in the banks, KPMG said.
Some of the large banks experienced a 20-30 percent decline in bancassurance premiums last year after they fell 15 percent in the first half of 2011, according to the latest available data, which didn't provide detailed figures.
"The yields on insurance products are not as attractive as other wealth management products, and concerns with inflation are creating higher customer expectations and hampering the sale of participating and long-term products," the report said. "We expect companies will find it difficult to deliver significant growth in this market (this year)."
But banks may still invest in insurers as demand for insurance in China is seen to rise in the long term. In the last 12 months, China Construction Bank, China Merchants Bank, the Agricultural Bank of China and the Industrial and Commercial Bank of China have raised or announced plans to raise their stakes in an insurance firm.
The report said bank-owned insurers can tap the opportunities and demand for insurance via the banks' network in the long term.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
