基于内含价值评估方法的保险公司价值评估——以中国平安和新华保险为例

On Evaluating the Value of Insurance Companies Based on the Method of Embedded Valuation--A Case Study of Ping An Insurance and New China Insurance

保险行业的国内外发展环境都有了较大改变,低利率环境给保险公司的利润带来了负面作用,投资者对保险业充满忧虑,内含价值法作为保险业特有的一种估值方法考虑到保险公司现有的有效保单的未来利润,在保险公司进行价值评估时起到了无可替代的作用。在内含价值法的基础上以中国平安和新华保险两个上市保险公司作为具体案例,通过其年度报表数据对两个保险公司进行基于内含价值的估值。

Nowadays,greatly changes have taken place for the development environment of the insurance industry.In addition,the low interest rate environment has brought negative effects on the profits of insurance companies.Therefore,investors are full of worries about the insurance industry.As a unique valuation method in the insurance industry,the embedded value method plays an irreplaceable role when evaluating the value of the insurance company,for it can take into account the future profits of the existing effective insurance policies of insurance companies.Based on the embedded value method,this paper makes a study on two listed insurance companies of Ping An and New China Insurance and evaluates the two insurance companies based on their annual report data.