Bob Leung

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  www.forbes.com/2009/03/26/china-life-insurance-markets- - [Cached Version]
  Published on: 1/1/2009    Last Visited: 7/16/2009  

  But Bob Leung, an analyst with Citigroup, raised the target price on China Life to 30.50 Hong Kong dollars ($3.91), from 28.50 Hong Kong dollars ($3.65). Despite the poor performance of its investment returns, “China Life still delivered a 25% growth in individual regular premium and only a 5% Embedded Value decline. New Business Value growth was 16% tracking along our compounded [per annum] assumption of 15% between 2003 and 2010,” he said in a research report released Thursday.

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  www.atimes.com/atimes/China_Business/JI18Cb02.html - [Cached Version]
  Published on: 9/16/2008    Last Visited: 9/18/2008  

  One immediate effect of AIG's collapse could be on PICC P&C's stock price, which would be at risk if AIG liquidated its stake, Citigroup analyst Bob Leung said in a research note on Tuesday.
  
  Chinese insurers also face a greater counter-party risk from the collapse of AIG than from Lehman Brothers, the other US financial giant that crumpled in the past few days.Lehman, which has filed for bankruptcy has significant exposure in Asia."Given the very low life insurance accession rate in Asia, "if AIG loses its A- rating or its situation worsens significantly, we expect the financial impact to affect mainly P&C insurers," Leung wrote.
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  "China Life, with a strong balance sheet and limited non-yuan asset exposure (less than US$3 billion and mainly in H-stock [Hong Kong listed shares] and cash) has the strongest balance sheet of all regional insurers and is likely to benefit from a 'flight to quality' perspective," Leung wrote.

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  www.ochuk.com/?p=1221 - [Cached Version]
  Published on: 11/22/2007    Last Visited: 11/22/2007  

  "We expect that while its first year regular premium business continues to demonstrate strong growth, the overall slowdown in investment/deposit type investments will continue to provide a strong headwind to top line premium numbers," said Citigroup analyst Bob Leung.

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  www.sharewatch.com/story.php?storynumber=19974 - [Cached Version]
  Published on: 9/10/2007    Last Visited: 9/10/2007  

  "We are disappointed with the government's enigmatic market intervention," Citigroup analyst Bob Leung said.
  
  Citigroup is sticking with a "sell" rating on the stock because the government has not shared any details on the future integration between HKEx and mainland exchanges, he said.

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  www.programbusiness.com/v2/resources/newsFlashDetail.as - [Cached Version]
  Published on: 7/25/2007    Last Visited: 10/7/2007  

  "In the short run, diversifying overseas might not be the first priority for insurance companies" since the local currency is appreciating, said Bob Leung, a Citigroup analyst in Hong Kong.
  
  Shares of China Life Insurance Co. and Ping An Insurance Co. have still rallied since June 1, when the regulator first announced that rules allowing additional investment abroad would be forthcoming within two months.Investing in real estate and other areas abroad may help "Chinese carriers secure the recurring yields they seek," Leung said.

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  www.forbes.com/home_europe/markets/2008/03/13/pingan-in - [Cached Version]
  Published on: 3/13/2008    Last Visited: 3/13/2008  

  We view development in this area is positive for Ping An and the life insurance sector," Bob Leung, an analyst with Citigroup, said in a research note Thursday.

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  www.china-briefing.com/news/2008/09/18/asia-jittery-as- - [Cached Version]
  Published on: 1/1/2008    Last Visited: 10/25/2008  

  Asia Times quoted Citigroup analyst Bob Leung as saying "if AIG loses it's a- rating or its situation worsens significantly, we expect the financial impact to affect mainly P&C insurees."
  
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  This entry was posted on Thursday, September 18th, 2008 at 6:13 pm and is filed under Economy & Politics.

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  www.thestandard.com.hk/news_detail.asp?pp_cat=2&art_id= - [Cached Version]
  Published on: 9/10/2007    Last Visited: 9/10/2007  

  "We are disappointed with the government's enigmatic market intervention," said Citigroup analyst Bob Leung."We question the suitability of [Ronald] Arculli's dual role as `independent chairman of HKEx, while he serves also as a member of the Executive Council."
  
  Leung, noting the government suggested its holding in the bourse operator would better enable it to promote HKEx's strategic development, said the bourse operator is sacrificing its independence for long-term potential.
  
  He said the purchase does not seem to fit in with Exchange Fund objectives, which require the fund be used primarily for purposes such as defending the value of the Hong Kong dollar.

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  www.perceptric.com/blog/_archives/2008/9/22/3894660.htm - [Cached Version]
  Last Visited: 3/29/2009  

  One immediate effect of AIG's collapse could be on PICC P&C's stock price, which would be at risk if AIG liquidated its stake, Citigroup analyst Bob Leung said in a research note on Tuesday.
  
  Chinese insurers also face a greater counter-party risk from the collapse of AIG than from Lehman Brothers, the other US financial giant that crumpled in the past few days. Lehman, which has filed for bankruptcy has significant exposure in Asia. "Given the very low life insurance accession rate in Asia, "if AIG loses its A- rating or its situation worsens significantly, we expect the financial impact to affect mainly P&C insurers," Leung wrote.
  ...
  "China Life, with a strong balance sheet and limited non-yuan asset exposure (less than US$3 billion and mainly in H-stock Hong Kong listed shares and cash) has the strongest balance sheet of all regional insurers and is likely to benefit from a 'flight to quality' perspective," Leung wrote.

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  content.marketcenter.com/news/story.action?id=XFN057h22 - [Cached Version]
  Published on: 2/27/2008    Last Visited: 2/27/2008  

  "While we do not include any A-share related investment gains in our forecasts, we would highlight the close correlation between A-share market performance and life insurers' stock performances," analyst Bob Leung said.
  
  "As older policies mature, overall cost of liabilities is expected to rise for traditional policies over the next 12 to 18 months.Transferring this spread risk and finding alternative investments remain key challenges as A-share gains are expected to diminish this year," he said.
  
  Citigroup prefers Ping An to China Life due to its stronger growth and fundamental business development, agency force and network expansion.
  
  "We expect it to weather the current product and investment cycle better than China Life," Leung said.

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