Hanwha life, far from the only way to go negative margin risk mitigation expectations - Shinhan geumtu

It was [Korea goyounghun financial newspaper reporter] Shinhan Investment far only way to go for 24 days Hanwha Life negative margin is expected doendamyeo risk mitigation target price of short-term BUY recommendation is to keep 7300 won.

4Q11 Earnings Hanwha individual life lasted a deficit pretax profit -403 million. Net income was also lower than both our estimate and the consensus -303 million.

Shinhan Investment hands unknown researcher "Suicide claims paid one-off costs of dwaeteumyeo additional variable insurance guarantee reserves that are commonly reflected in the end the industry annually earn reflects 178 billion won bonus payment of about 350 billion and approximately 20 billion won was also there," said "Last year 10 risk of negative margin thanks to a life insurance company to a global rebound since March has entered the interest rate easing trend, "said diagnosis.

If interest rates are kept at the current level it is expected later this year will reduce variable insurance guarantee reserves earn additional burden.

Was hand-researcher "negative margin risks of October last year after thanks to global interest rates rebound life insurer has entered the easing trend" and "solvency ratio (RBC) regime headwinds last year, the third quarter of 289.8% of the enhanced interest rates and a rebound RBC He explained that the review of the rate hybrid capital securities of the scale corresponding to 500 billion won to 200.4 percent plunge into the end of the year. "

He continued to consider including "The recent trend increases the possibility the United States in March rate hike are mitigated negative margin risk as interest rates rebound is positive," said "negative spread burden is still serious, but two shareholder stake possibility of a Deposit Insurance Corporation were reiterate, "he said.



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