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1 Cathay Life Insurance Ltd. (Vietnam) 29 August1.

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Presentation on theme: "1 Cathay Life Insurance Ltd. (Vietnam) 29 August1."— Presentation transcript:

1 1 Cathay Life Insurance Ltd. (Vietnam) 29 August1

2 2 Cathay Life Insurance Ltd. (Vietnam) 29 August2 Outline This month activities -Briefly of operation of life insurance from June to Sep,2008 -Briefly of investment activities -Economy in brief -Company Budget 2009 -Accounting Jobs -Taxation Next month project -Payment solution for customer without bank account -Company Budget -Taxation Jobs -Accounting Jobs -External Auditing

3 3 Cathay Life Insurance Ltd. (Vietnam) 29 August3 I.Briefly of operation of life insurance from June to Sep,2008 THIS MONTH ACTIVITIES MonthHo Chi MinhHa Noi PremiumRefund Net Premium feePremiumRefund Net Premium fee July 450,095,000 0 August 515,223,00050,748,000464,475,000393,525,0002,386,000391,139,000 Sep 349,431,00059,828,000289,603,000625,813,00013,458,000612,355,000 Total 1,314,749,000110,576,0001,204,173,0001,019,338,00015,844,0001,003,494,000 Average premium fee 401,391,000 501,747,000 % Refund premium fee 8.41 1.55

4 4 Cathay Life Insurance Ltd. (Vietnam) 29 August4 The 4 th Investment banking, Loss USD 3,2bil Buyed back by JP Morgan on March, 2008 Price $2 /share ($ 170 last year ) THIS MONTH ACTIVITIES III. Economy in brief -Financial Crisis of America -What are the reasons? * Collapse of many Financial Institutions

5 5 Cathay Life Insurance Ltd. (Vietnam) 29 August5 Loan and loan guarantees Leading of Secondary Mortgage Market Liability : USD 5.000 bil Loss : USD 14 bil 7 th Sep 2008 U.S Federal Reserve turnover of Fannie Mae and Freddie THIS MONTH ACTIVITIES

6 6 Cathay Life Insurance Ltd. (Vietnam) 29 August6 Investment banking, Financial Services Liability : USD 600 Bil Loss 7bil On September 15,2008,the firm filed for Chapter 11 bankruptcy protection, the filing marks the largest bankruptcy in U.S history THIS MONTH ACTIVITIES Finance Service and Investment banking Liability : USD 900 bil Loss : USD 40bil On Sep 14, 2008 Bank of America announced to purchase Merrill Lynch

7 7 Cathay Life Insurance Ltd. (Vietnam) 29 August7 THIS MONTH ACTIVITIES The biggest insurance firm Loss : $ 18.5 bil in three quarterly September 17,2008 a emergency loan $85 bil by Government to rescue AIG ** KEY-FACTS Employs 116,000 people in more than 100 countries Employs more than 2,000 people in the UK Founded in 1919 in Shanghai Now based in New York

8 8 Cathay Life Insurance Ltd. (Vietnam) 29 August8 What are the reasons? ENGAGED PROJECT THIS MONTH 1)The innovative Financial tools that allowed lender to lend to subprime borrowers without taking responsibility for the risk of future default 2)Process:

9 9 Cathay Life Insurance Ltd. (Vietnam) 29 August9 ENGAGED PROJECT THIS MONTH Finance Institutions Housing borrower Mortgage agreements Mortgage back securities (1) Lend Financial Investment Firms/ insurance funds... (2) Sell Securities

10 10 Cathay Life Insurance Ltd. (Vietnam) 29 August10 ENGAGED PROJECT THIS MONTH I.BUDGET: Company Budget 2009  Noticed to Related department planning the Budget for year 2009  Reviewed in draft the department budget 2009 (11 departments)  Suggested Departments to revise the budget if something wrong  Arranged the 1 st meeting for official reviewing the department budget with present of Department Budget checker, Department Director & two E.V.P

11 11 Cathay Life Insurance Ltd. (Vietnam) 29 August11 ENGAGED PROJECT THIS MONTH II.TAXATION:  Prepared monthly Tax reports (VAT, PIT, Commission for Agent, Invoice using)  Registered with HCMC Tax Department for changing the Head office address  Prepared Official letter to Tax Dept getting their approval for us continuous using the blanked printed Premium Invoice  Registered with HCMC Tax Department for issuing the Individual Tax Code of TW officers

12 12 Cathay Life Insurance Ltd. (Vietnam) 29 August12 I.BUDGET:  Arrange the 2 nd meeting for reviewing the Company budget 2009  Continues to update & control Budget 2008  Work with IT Department if they can help to improve the Accounting System (to control the Budget) ENGAGED PROJECT NEXT MONTH

13 13 Cathay Life Insurance Ltd. (Vietnam) 29 August13 II.TAXATION:  Monthly tax report, especially Corporate Income Tax Report for the third quarter year 2008 III.ACCOUNTING: Operating Result of Sep.08 IV.AUDITING: Provide documents & work with External Auditors for auditing the Financial Report of the third quarter 2008  5 people from E&Y Audit Co. come from Oct.2-Oct.8  They will complete & send report to Parent Co. by Oct.10 ENGAGED PROJECT NEXT MONTH

14 14 Cathay Life Insurance Ltd. (Vietnam) 29 August14 I.Payment solution for customer without bank account - Offer fee service open bank account to customer at IVB - This account will use for payment premium fee of customers or any compensation pay for customer of company PLANING PROJECT NEXT MONTH

15 15 Cathay Life Insurance Ltd. (Vietnam) 29 August15

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