Research On Valuation Of Insurance Group

In recent years,China's insurance and financial industry develop fast,but it is hard for traditional enterprise value assessment to value life insurance companies and new insurance group.This essay is based on a lot of documents and worldwide research,as well as their method and achievements.A model built on cash flow discounted and the embedded value is used to evaluate insurance group,and do relevant research.This thesis divided into five parts.The first part mainly Summarizes the relevant research all over the word.It illustrates the research background,significance and structure of the study about insurance group valuation.The second part lists the relevant theories of the traditional valuation methods and their problems.And then the valuation model of Discounted asset appreciation is established on the discounted cash flow valuation theory.The third part introduces GAAP and the European embedded value.Then it shows the actuarial principles of life insurance reserve according to the “Accounting Measurement Regulations on Insurance Contracts”.Hereafter,based on a 30-years whole life insurance case,this thesis analyzed the effect of our existing measurement mode of insurance liabilities?problems existing in the process of measurement and the impact on company value assessment.Afterwards,it will give a deep understand of the rise and reason of embedded value for life insurance.Then here comes the sensitivity analysis of the embedded value added,the valuation method and the change of investment income,resulted on China Ping An Life Insurance Group business case.The four parts gives an evaluation of traditional non-life insurance and new internet business and the group,from China Ping An group funds scheduling and Internet finance and Comprehensive financial development trend comprehensively analyzing.It also shows their comprehensive financial service provider strategy.The fifth part is a summary,draws the conclusion,and looks forward to the research direction in the future.