PDF《董事长报告》

2012 RESULT OF TPRe TPRe'

s gross premiums written for the Year increased by 0.1% to HK$3,435.30 million from HK$3,431.08 million in 2011. If the one-off non-renewable reinsurance contract with a major Hong Kong client in

2011 is excluded, TPRe would have registered a premium growth of approximately 10% for the Year. During the Year, TPRe enhanced underwriting risk control by tightening underwriting terms and conditions for its core Asian- Pacific markets. The Mainland China market, which is the vital engine for fast and sustainable premium growth, continued to demonstrate favorable underwriting and investment performance. Premium incomes from most of the other regions have also shown stable growth in accordance with its territorial diversification strategy. TPRe'

s geographical distribution of gross premiums written is summarized as follows: For the year ended

31 December, HK$ million

2012 % of Total

2011 % of Total 二零一二年 占总额百分比 二零一一年 占总额百分比 Hong Kong &

Macau 香港及澳门 431.94 12.6% 705.92 20.5% Mainland China (&

Taiwan) 中国大陆 (及台湾) 1,521.36 44.3% 1,271.29 37.1% Japan 日本 209.85 6.1% 180.63 5.3% Rest of Asia 亚洲其他地区 668.97 19.5% 677.65 19.8% Europe 欧洲 380.21 11.1% 391.59 11.4% Others 其他 222.97 6.4% 204.00 5.9% 3,435.30 100.0% 3,431.08 100.0%

2012 was a sanguine year for TPRe in respect of claims activity since no major catastrophes impacted its portfolio. However, the incurred loss amount relating to the

2011 Thai floods deteriorated sharply during the first half of 2012, by around HK$640 million, mainly due to belated claims notifications from a number of ceding companies. During the Year, claims reserve provisions and development pattern were routinely reviewed, and thorough studies and analysis were conducted on the adequacy of major catastrophe claims reserves, resulting in the release of redundant loss reserve provisions of HK$215 million. The net incurred loss ratio for the Year increased to 76.5%. (2011 (restated): 73.4%).

10 Taiping Reinsurance Company Limited Annual Report

2012 Chairman'

s Statement (Continued) 董事长报告 (续) 二零一二年太平再保险对投资组合内的资产 配置进行了适度调整,主要是在年初大幅减 持股本证券持仓,股本证券投资占比降低,随 后又加大债务证券的投资力度.相关配置的 适度调整确保了债务证券恒常的利息收入, 也规避了股本证券场异常波动对股本证券 投资造成的不确定性影响.债务证券、债权 计划、现金及银行存款於二零一二年十二月 三十一日合共占投资资产总额约96.8% (二 零一一年:91.4% ) . 二零一二年录得总投资收入溢利3.2849亿港 元,大幅优於去年的1.3066亿港元.债务证券 组合的规模增长令净投资收入增加,减低了 年内总投资收入的波动性. 展望 虽然二零一二年年初续保业务的续保条件因 二零一一年的连串巨灾发生后,费率有所提 升,承保条件有所收紧,但随著场供应能 力增多,下半年场明显变得软,反映场 对环境变化的敏感度非常高.展望二零一三 年,再保险业经营仍将面对重重困难:一是二 零一二年对再保险业来说是严重大灾害相对 平静的一年 (美国例外) ,续保业务费率无可 避免走低;

二是大型保险公司或集团重组合 并壮大,减少对再保险的需求;

三是环球场 流动性资本充裕,新参与者挟巨资进入再保 场寻找机会,势加剧业界竞争.加上环球利 率一直处於低位,高收益投资机会匮乏,都不 利於再保险业的经营和发展. During the Year, TPRe moderat........