Today's highlights
Company today
Minsheng Bank intends to give the indirect major shareholder a maximum credit line of 22.3 billion yuan
On December 29, Minsheng Bank announced that on December 28, 2021, the board of directors of the bank deliberated and passed the "Proposal on the Unified Credit Granting of the Group of Everyone Insurance Group Co., Ltd. and the Single Business Under the Item", and agreed to give the insurance group a maximum credit limit of 22.3 billion yuan, a spending limit of 22.3 billion yuan, and a validity period of 2 years. Agreed to grant a comprehensive credit of RMB15.7 billion to Everyone Life for a period of 2 years, which was included in the unified credit line of the Insurance Group. (Zhitong Finance)
Three Gorges Life's proposed director Zhang Lumin resigned
On December 27, China Three Gorges Life issued an announcement that the company recently received written resignation reports submitted by Zhang Lumin and Chen Guanglei, who resigned as directors (proposed) of the company's second board of directors for personal reasons. It is worth noting that on August 26 this year, the second term of the board of directors and the board of supervisors were just completed, and it was announced that Zhang Lumin intended to serve as the chairman of the company. (China Times)
Today's News
The countdown to the new internet personal insurance regulations has suspended nearly 20 insurance companies
With less than a week to go until the end of the transition period of the new Internet life insurance regulations, a number of small and medium-sized insurance companies have completely suspended the Internet life insurance business, in addition, participating insurance, investment-linked insurance, and universal insurance products will also be completely removed from the Internet. According to incomplete statistics, there are 7 property insurance companies that have announced the suspension of Internet life insurance business, namely Fubon Property Insurance, Anxin Property Insurance, Sino-Italian Property Insurance, Fude Property Insurance, Chengtai Property Insurance, Dubang Property Insurance, and Huaan Property Insurance. There are also 10 life insurance companies, namely Centennial Life, Kunlun Health Insurance, Zhongrong Life, Jianxin Life, Xintai Life, Qianhai Life, United Life, Three Gorges Life, Xiaokang Life and Lujiazui Guotai Life. (Interface)
2021 Insurance Asset Management Product Inventory: Positive Returns of Bond-based Products Account for 98.26%
As of December 28, a total of 892 insurance asset management products disclosed return data during the year. Among them, the return rate of 6 products exceeded 50%, and the highest reached 67.81%. Overall, since the beginning of this year, the best performers of various types of insurance asset management products have been bond-type products, with an average return of 5.10%. In addition, the average return of equity products was 4.05%, the average return of hybrid products was 3.73%, and the average return of money market products was 3.07%. Among all the insurance asset management products with statistics, the bond-type product with the highest yield has returned 67.81% this year and 71.27% since its inception, ranking first in insurance asset management products. (China Securities News)
The new leadership team of the Insurance Asset Management Association: President Wang Junhui, Chairman Zhao Minghao, Executive Vice President and Secretary General of Cao Deyun
On December 28, 2021, the Third Member Congress of The China Insurance Asset Management Association deliberated and adopted the "Work Report of the Second Council of the China Insurance Asset Management Association", the "Work Report of the Second Supervisory Board of the China Insurance Asset Management Association", the "Financial Work Report of the China Insurance Asset Management Association", and listened to the "Report on the Party Building Work of the China Insurance Asset Management Association" and the "Report on the Overseas Investment of the China Insurance Asset Management Association". The names of the members of the third term of the Board of Directors and the Supervisory Board elected by secret ballot were announced. Subsequently, the first meeting of the third session of the Board of Supervisors and the first meeting of the third session of the Board of Directors were held, and the leadership team of the Association was elected by secret ballot. Elected Wang Junhui, Chief Investment Officer of China Life Insurance Group Corporation, Secretary of the Party Committee and President of China Life Asset Management, as President, Zhao Minghao, Vice Chairman, General Manager and Chief Operating Officer of Huatai Insurance Group, was elected as Chairman of supervisors, and Cao Deyun was elected as Executive Vice President and Secretary General. (21 classics)
Easy Group launches "InsurTech Peer Program": invest 500 million to support partners
On December 29, The Health Assurance Technology Platform Easy Group launched the "Insurtech Peer Plan", which plans to invest 500 million yuan in the three-wheel drive of capital, resources and technology to promote SaaS system optimization, traffic support, technology research and development and social responsibility empowerment. Adhering to the principle of value co-creation and win-win collaboration, the "Peer Plan" will evaluate from multiple dimensions such as premium scale contribution, user service quality, underwriting and claim efficiency, give priority to supporting high-quality partners, and strive to work with partners to build a world-leading insurance technology. (Today's Insurance)
The premium of Tesla's models has nearly doubled, and customer service responded that it was caused by the increase in car damage insurance
On December 27, the Shanghai Insurance Exchange officially launched captive insurance for new energy vehicles. However, some car owners found that according to the new premium policy, the premium purchased by their new energy vehicles not only did not decrease, but also rose partially, with an increase of between 20% and 80%, especially the premium of Tesla models has nearly doubled. The reporter noted that according to the insurance price given by Tesla officially, taking the hot-selling model Model Y model new car as an example, in the case of meeting the basic insurance, the new car premium before December 27 was more than 8,000 yuan, and after the implementation of the new energy vehicle exclusive insurance, the insurance cost increased to more than 14,000 yuan, nearly doubling the increase. In this regard, Tesla's official customer service said that the increase in premiums is caused by the increase in car damage insurance in the vehicle commercial insurance after the New Deal, and is actively communicating with car booking users. (Interface)
Regulation today
China Insurance Association: Promote the realization of the industry's average insurance information technology investment to operating income ratio of more than 1%
On December 29, the China Insurance Association issued the "14th Five-Year Development Plan for Insurance Technology", proposing to further increase investment in insurance technology and promote the industry's average insurance information technology investment to account for more than 1% of operating income. Among them, large and medium-sized insurance companies accounted for more than 1% of insurance information technology investment, and small and micro insurance companies accounted for more than 1.8%. Optimize the organizational price and talent team, and promote the proportion of information technology personnel in the industry to more than 5% of the number of formal employees. (CCTV)
China Insurance Association: Agriculture-related insurance has provided risk protection for 230 million households in eight years and has provided 3.5 trillion yuan
On December 28, the China Insurance Association issued the "Blue Book on Insurance Industry Service Rural Revitalization (2021)", indicating that since the poverty alleviation, insurance has played a prominent role as an important policy tool with unique attributes. According to statistics, in the past eight years, agriculture-related insurance has provided risk protection of 3.5 trillion yuan for 230 million poor households and unstable poverty alleviation households, which has built a solid insurance defense line for the development of the agricultural industry, the health of the masses, and the protection of people's livelihood. In terms of serving rural revitalization, the insurance industry should give full play to the unique advantages of insurance resource allocation, leverage mediation, social governance, precision drip irrigation, risk protection, etc., and provide assistance in industrial prosperity, ecological livability, rural civilization, effective governance, and affluent life. (International Finance News)
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