tag:blogger.com,1999:blog-28838839.post243228322910865488..comments2024-03-26T13:11:07.836+08:00Comments on 市場先生自語: 再講人壽保險股市場先生http://www.blogger.com/profile/16233063454441287643noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-28838839.post-84167447259951593032008-04-11T23:11:00.000+08:002008-04-11T23:11:00.000+08:00Yes, it's the "deferred acquisition cost", you can...Yes, it's the "deferred acquisition cost", you can't amortized all cost...no way, as everyone knows it....there is always conditions in accounting per IFRS or IAS or whatever to provide guidance to the DAC charges, but of cos, there is always "rooms" for company. DAC charge is also another way to guage a company's result indirectly apart from EV. usually new company are granted with some allowance on DAC charge to smooth out the earnings in early years, cos, if not, the figures doesn't make sense at all becos the book may show big loss while actually the company is very successful and huge profits is coming out in the 5th or 8th year. Understand the DAC charges would help in knowing if the company is in good shape as well, but usually there is not enuf info. on DAC, even for EV, there "was" limited info as well.Valehttps://www.blogger.com/profile/17383697177923801567noreply@blogger.comtag:blogger.com,1999:blog-28838839.post-46154262431305591912008-04-11T18:46:00.000+08:002008-04-11T18:46:00.000+08:00Is DAC the deferred commission charge? If all cost...Is DAC the deferred commission charge? If all cost are amortized then there's limited "loss" in the initial years.<BR/><BR/>RCAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-28838839.post-59836273357850379082008-04-11T16:51:00.000+08:002008-04-11T16:51:00.000+08:00theoretically, RDR should be determined by differe...theoretically, RDR should be determined by different product lines (fine-tuned/ underlying breakdown). But for the whole portfolio basis, there are two methods.....one is "market consistent", 人係乜我係乜, usually for new startup. For unstable biz performance, a higher margin should be set. The other one is the risk free + the suitable risk margin (that incls. the cost of capital of the company itself) to achieve the final risk discount rate. RDR could be adjusted from time to time to reflect the change of assumption incl the investment conditions. But it shouldn't be changed too freq, cos it may then reflected changes not simply due to market condition, but the wrong underwriting assumptions (e.g. wrong pricing, accepted too much substandard risk/ risk adversed biz) or management problem like the lapse ratio (poor mgt on agency force) etc....Then one must be aware if either company doesn't disclose EV, or with too freq changes of assumptions like RDR.Valehttps://www.blogger.com/profile/17383697177923801567noreply@blogger.comtag:blogger.com,1999:blog-28838839.post-73674521716639807922008-04-11T14:55:00.000+08:002008-04-11T14:55:00.000+08:00Mr. Market,I want to buy 3968, and I saw the post ...Mr. Market,<BR/><BR/>I want to buy 3968, and I saw the post about 野村估計合理價值為38.84港元.<BR/>Any post and comment after 2007 finanical report of 3968. How much about its EV, thanks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-28838839.post-51521466818211779582008-04-11T14:19:00.000+08:002008-04-11T14:19:00.000+08:00呢個即頭係economic of scale, 經濟越好,人工升就會加保(好少會減),加保通常都會用...呢個即頭係economic of scale, 經濟越好,人工升就會加保(好少會減),加保通常都會用番而家個間保險公司.<BR/><BR/>人工減個growth 少了最多係agent 無飯開,保險公司無問題.<BR/><BR/>而家大陸股市搵唔到食,保險公司個d Annuity,傳統保單應該多番人買.呢d東東真係肥仔都不得了.... <BR/><BR/>保險公司是一個穩健的行業.如保險全部PK 的時候我估金錢對人類都已經無意思了.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-28838839.post-78936371761906910022008-04-11T06:16:00.000+08:002008-04-11T06:16:00.000+08:00Mr. Market,Could you explain what is "風險貼現率"? If ...Mr. Market,<BR/><BR/>Could you explain what is "風險貼現率"? If it's a discount rate that determines the present value of future obligation, this number seems high (although I know Ping An uses the same value)...<BR/><BR/>Thanks,another value investorhttps://www.blogger.com/profile/07659083327214275843noreply@blogger.comtag:blogger.com,1999:blog-28838839.post-34556423466425619382008-04-11T06:08:00.000+08:002008-04-11T06:08:00.000+08:00True. life co.'s profit stream will only appear/ s...True. life co.'s profit stream will only appear/ squeezed out in future. THe more stable the biz, the greater the profit stream in future. But the initial years will have bigger losses. But nowadays, they usually capitalize the expenses into DAC, so it's better to understand and analyst the "DAC" charge as well......Valehttps://www.blogger.com/profile/17383697177923801567noreply@blogger.comtag:blogger.com,1999:blog-28838839.post-89707105641249855902008-04-11T06:05:00.000+08:002008-04-11T06:05:00.000+08:00totally true. The profit stream fr. life ins co. i...totally true. The profit stream fr. life ins co. is only squeezed out slowly in future, so as time goes by, the profit rolling out will be huge. But the more they write on the first year, the more they lose becos of the acquisition costs, so they usually have a "DAC" charges in B/S. But if you analyse a company, it's better if you can also analyse its DAC......Valehttps://www.blogger.com/profile/17383697177923801567noreply@blogger.comtag:blogger.com,1999:blog-28838839.post-66189907546873404502008-04-11T02:12:00.000+08:002008-04-11T02:12:00.000+08:00"初期支出多, 收益少, 後期支出少, 收益多的業務" 哈, 從沒認真思考過, 一言驚醒夢中人, 原..."初期支出多, 收益少, 後期支出少, 收益多的業務" 哈, 從沒認真思考過, 一言驚醒夢中人, 原來如此. Thanks.<BR/>K66Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-28838839.post-88344389499359558842008-04-10T22:53:00.000+08:002008-04-10T22:53:00.000+08:00多謝先生講解,現在明白多了。多謝先生講解,現在明白多了。Anonymousnoreply@blogger.com