在华再保险企业的财务分析

发布时间：2018-05-05 07:58

本文选题：再保险 + 财务分析　；参考：《复旦大学》2014年硕士论文

【摘要】：我国经济的发展和巨灾的频繁发生推进着再保险行业的不断前进。同时越来越多的学者开始研究再保险相关问题,但是对于在再保险企业的财务分析比较缺少。本文将在华的四家国际再保险公司一慕尼黑再保险、汉诺威再保险、劳合社以及法国再保险与中再集团的经营状况进行分析,主要研究了五家公司在偿付能力、成长能力和运营及盈利能力的状况。在偿付能力方面,本文不仅对比了五家公司的流动比率和偿付比率还总结了各家公司在应对偿付风险采取的措施。可以清晰的比较出五家公司处理流动风险上的不同,从而发现中再集团的不足之处。在成长能力发面,本文主要比较了资产、总保费以及净利润的增长趋势。根据资产增长率以及总保费增长率两者之间的趋势可以分析出再保险公司是否有效的利益了资本。总保费增长率反映出企业的市场占有情况。在分析净利润增长率时本文还着重研究了几家公司的投资收益情况。随后本文利用杜邦分析法综合分析了五家公司的运营与盈利能力。与传统的杜邦分析法不同,本文的模型中加入了现金流量,这样可以更全面真实的了解五家再保险企业的状况。最后根据以上的分析本文对中再集团未来的发展提出了一些改进措施。
[Abstract]:The development of economy and the frequent occurrence of catastrophe push the reinsurance industry forward. At the same time, more and more scholars begin to study reinsurance related problems, but the financial analysis of reinsurance enterprises is less. This paper analyzes the operating conditions of four international reinsurance companies in China, namely Munich Reinsurance, Hannover Reinsurance, Lloyd's, France Reinsurance and China Reinsurance Group, and mainly studies the solvency of five companies. The state of growth and operating and profitability. In terms of solvency, this paper not only compares the liquidity ratio and solvency ratio of five firms, but also summarizes the measures taken by each company to deal with the solvency risk. We can clearly compare the differences between the five companies in dealing with liquidity risk, and then find the shortcomings of ZhongzaiGroup. In terms of growth capacity, this paper compares the growth trends of assets, total premiums and net profits. According to the trend between asset growth rate and total premium growth rate, it can be analyzed whether the reinsurance company effectively benefits the capital. The total premium growth rate reflects the market share of the enterprise. In the analysis of net profit growth, this paper also focuses on the investment returns of several companies. Then this paper analyzes the operation and profitability of five companies by DuPont analysis. Different from the traditional DuPont analysis, the cash flow is added to the model, so that we can understand the situation of the five reinsurance companies more fully and truly. Finally, according to the above analysis, this paper puts forward some improvement measures for the future development of Zhongre Group.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F841.3;F840.4

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