Although China Life Insurance Co., Ltd. (hereinafter referred to as China Life) has long been involved in bank equity investment and has become the largest shareholder such as Minsheng Bank and Guangdong Development Bank, but in terms of capital attributes, they are only financial investors; what is it "Hindered" the pace of China Life's strategic participation in bank equity? Or what does China Life value most?
Three major conditions
Recently, on the "2010 China Life Global Open Day", China Life Chairman Yang Chao revealed that he is still looking for and has not strategically invested in any bank's equity. He said that it does not depend on whether the other bank is a regional bank or a national bank; there are three conditions for cooperation, depending on the contribution of its development potential to China Life's profit; whether it can interact and help each other and achieve common development; whether it is beneficial to the main business and China Life Overall development strategy.
Yang Chao denied the rumor that “China Life intends to acquire equity in Minsheng Bank and become its strategic investorâ€.
Yang Chao said that at present China Life is the single largest shareholder of Minsheng Bank, the investment attribute is still financial investment, and a director is stationed to participate in its major decisions. After years of development, Minsheng Bank has provided services and products that are competitive among listed banks.
"Despite being financial investors, there is extensive cooperation in the business field and there is no strategic investment; but I believe that there will be closer cooperation in the future." Yang Chao said.
10 billion equity investment
As for the Insurance Fund Equity Investment Management Measures just issued by the China Insurance Regulatory Commission, Liu Jiade, deputy general manager of China Life Insurance, said that he is studying, the next step is to improve governance in accordance with relevant regulations, and make good foreign equity investment; Enterprises must have a choice, such as looking at the industry growth of the enterprise, its role and status in the national economy; and finally, whether its investment return rate meets the needs of shareholders.
Liu Jiade said that China Life's investment in unlisted companies was nearly 10 billion yuan, of which Guangdong Development Bank, which invested in China Life in the first half of 2010, contributed the most to China Life's income, with an annualized income close to 13%.
It is understood that as of now, China Life ’s 10 billion equity investment scale includes Guangdong Development Bank, China UnionPay, Hangzhou Commercial Bank and other financial institutions, as well as China Life ’s subsidiaries such as China Life Asset Management Company and China Life Property Insurance. Companies, China Life Pension Insurance Company, etc.
Liu Jiade thinks that the annualized investment return rate for unlisted companies is more than 9%. It is reported that the largest contribution to China Life's investment income is to participate in the Guangdong Development Bank. As of the first half of 2010, its annualized return rate reached 13%; another China Ocean Life's equity investment in China COSCO Real Estate also provided China Life with an investment return of 7%.
And based on the strategic cooperation relationship established by China Life Insurance and China Development Bank as early as 2007-one of the industry investment funds in the cooperation field. According to relevant media reports, CDB intends to co-invest with the Social Security Fund, China Life Insurance and a venture capital company in Suzhou to set up a Suzhou venture capital fund. The initial fund raising amount is about 15 billion yuan.
In this regard, Yang Chao revealed that China Life, which values ​​cooperation with China Development Bank, has signed an investment letter of intent for the aforementioned venture capital fund, but is still subject to regulatory approval.
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