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National Financial Supervisory Administration: The transition period for the insurance company's solvency regulatory rules has been extended until the end of next year.
The National Financial Supervision and Administration Bureau announced that it has decided to extend the transitional period for the solvency regulatory rules (II) for insurance companies, originally set to end this year, until the end of next year. Among them, insurance companies that are significantly affected by the switch between the old and new rules regarding solvency adequacy ratios may communicate with the Financial Supervision Bureau and dispatched institutions about the transitional policy before January 15 next year. The Financial Supervision Bureau will determine the transitional period policy for each company by the end of February next year. The transitional period policy already enjoyed by a single insurance company will, in principle, not be better than the policy enjoyed by the insurance company in the last year of its original transitional period.
Hong Kong stock early report on December 19: The hawkish Federal Reserve caused U.S. stocks to fall. IDREAMSKY has reached a cooperation with the Game Platform under Saudi Telecom Company (STC).
① Shenzhen established an AI industry Fund. ② The Federal Reserve lowered interest rates by 25 basis points as expected, with only two rate cuts anticipated in 2025. ③ The Hong Kong Securities and Futures Commission granted licenses to virtual Asset Trade platforms under an expedited licensing process. ④ The USA Biodefense Act was not included in the CR bill.
Sunshine Insurance Group Logs 120.9 Billion Yuan in 11-Month Premium Income
Express News | SUNSHINE INS: In the first 11 months, SUNSHINE LIFE INSURANCE had premium income from original insurance contracts of 77.089 billion yuan, a year-on-year increase of 12.6%.
From January to November, SUNSHINE INS (06963.HK) achieved a premium income of 120.918 billion yuan.
Gelonghui reported on December 18 that SUNSHINE INS (06963.HK) announced that from January to November 2024, the premium income from original insurance contracts of its subsidiaries, SUNSHINE Property Insurance Co., Ltd. and SUNSHINE Life Insurance Co., Ltd., amounted to RMB 43.82889 billion and RMB 77.08914 billion respectively, totaling RMB 120.918 billion.
BOCOM INTL: The mainland personal Retirement fund system is further optimized, looking forward to "long-term money for long-term investment."
BOCOM INTL released a research report indicating that the individual Retirement pension system in mainland China has been further optimized, with the implementation range expanded from pilot cities to nationwide and the product range broadened to include national bonds and Indices Funds. BOCOM INTL stated that the number of individual Retirement pension account holders in mainland China has surpassed 70 million, which is basically equivalent to the scale of the taxpayer population, thus necessitating the further expansion of coverage to the entire country. The inclusion of national bonds and Indices Funds as optional products will further enrich investment choices. Allocating individual Retirement pension funds to Indices Funds is expected to bring incremental long-term capital to the stock market. From international experience, pensions serve as long-term capital.
