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2011 performance disclosures of China’s four
major insurance companies all show increase in surrenders. Last year the amount
of surrenders by China Life Insurance Co., Ltd. (601628. SH, 2628. HK), Ping An
Insurance (Group) Co. of China Ltd. (601318.SH, 2318.HK), China Pacific
Insurance (group) Co., Ltd. (601601.SH, 2601.HK), and New China Life Insurance
Co. Ltd. (601336. SH, 1336. HK) exceeded CNY 65 billion, and the surrender
ratio increased considerably compared with last year. Among them, Pacific
Insurance surrender rate increased the most, by 113.6% year-on-year.
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The higher surrender rate is explained by poor
capital market return, higher bank deposit rates and the tighter bancassurance
control of the China Insurance Regulatory Commission (CIRC).
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