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The general managers of 3 insurance companies changed, and the State Financial Regulatory Administration issued Announcement No. 1 13 Fine Weekly Report

author:13 actuary

A quick overview of the week's news

"13 fine" review

The 2022 annual report of life insurance companies was released, solving the profit problem of small and medium-sized life insurance companies, and foreign life insurance companies handed over better answers

In the first quarter of 2023, the premium ranking list of property insurance companies: the third old Chinese and Pacific insurance companies overtook the market, and Taikang online insurance premiums doubled

From March to April 2023, the top executives of insurance were readjusted: many senior executives of insurance companies such as PICC, China Life, and Xinhua took up their duties

State Farm, the largest U.S. property insurer, announced it would stop selling homeowners insurance in California

Weighted Pay-to-Guarantee Ratio Ranking of Property & Casualty Insurance Companies: Controlling the pay-to-insurance ratio is the key to controlling the expense ratio

Notice on the 2023 "China Insurance Cup" prize research topic essay activity

Regulatory dynamics

The State Financial Regulatory Administration issued Announcement No. 1: The channels for financial consumers to report and complain remain unchanged for the time being

The State Financial Regulatory Administration issued two consecutive approvals, the first time since its listing

State Financial Regulatory Administration: The reinsurance international board will be officially opened in Shanghai in the near future

State Financial Regulatory Administration: Steadily resolve stock risks and resolutely curb incremental risks

The 2023 legislative work plan of the Standing Committee of the National People's Congress was announced, and the Insurance Law was included in the preliminary review items

The Lujiazui Forum was held on June 8-9 Li Yunze and Gong Zheng served as co-rotating chairmen

Ministry of Commerce: Exports of insurance services increased by 260.5% from January to April

The individual pension system has been implemented for half a year, with more than 37 million participants and more than 650 products

In 2022, 20 prefectures and cities in Guangdong have achieved full coverage of customized medical insurance

Henan issued the latest notice to make every effort to do a good job in wheat insurance claims

Heilongjiang reported on insurance consumer complaints in the first quarter of 2023

Company dynamics

Huagui Life and its Guizhou branch were fined a total of 3.495 million yuan

CPIC's RMB9.8 billion dividend was approved by the shareholders' general meeting

Great Wall Life plans to issue an additional 688 million shares

Great Wall Life raised Zhejiang Jiaoke, and its shareholding increased to 5.03%

Waterdrop announced its first-quarter results: revenue of 606 million yuan, maintaining profitability for five consecutive quarters

WiseChoice achieved an adjusted net profit of 18.414 million yuan in the first quarter, an increase of 30.3% from the previous quarter

In the first quarter, the manpower of insurance intermediary Pan-China Holdings Life Insurance fell sharply by 30%.

Personnel changes

Yu Zhigang, vice president of Xinhua Insurance, and Yue Ran, assistant to the president, left their posts

Liang Xinjie's qualification as general manager of property and casualty insurance was approved

Taibao Health: Appointed Shang Jiaoyan as the general manager of the company

Huang Zhiwei, general manager of Hengqin Life, resigned, and Cui Wangling, deputy general manager, became the interim leader

Yu Ze was elected vice chairman of PICC Property & Casualty Insurance

Industry dynamics

Report: By 2030, the scale of Internet insurance premium income will nearly 6 times higher than in 2022, or will exceed 2.85 trillion

The number of insured people in "Shenzhen Huimin Insurance" exceeded 3 million, and 24-45 years old is the main force of insurance

"13 fine" review

The 2022 annual report of life insurance companies was released, solving the profit problem of small and medium-sized life insurance companies, and foreign life insurance companies handed over better answers

Previously, 13 Jing wrote in "What does the profit of small and medium-sized life insurance companies rely on? Is the law of "seven equals and eight wins" still valid? has mentioned five elements of profitability for small and medium-sized companies:

First, shareholders should be patient; The second is to reduce transaction costs; The third is to reduce investment expectations; Fourth, it is necessary to discard the illusion of scale; The fifth is to improve the customer experience.

Through the collation of the operating data of life insurance companies in 2022, we found that there is such a small and beautiful joint venture life insurance company, which unexpectedly meets the above five elements, which is Tongfang Global Life.

Therefore, we can use the analysis of the business data since the "second venture" of Tongfang Global Life to see if it can be used as a reference for the development of small and medium-sized companies.

For details, please refer to "2022 Annual Report of Life Insurance Companies Released, Solving the Profit Problem of Small and Medium-sized Life Insurance Companies, and Foreign-funded Life Insurance Companies Submitting Better Answers".

P&C insurers' premium ranking list for the first quarter of 2023

In the first quarter of 2023, 84 P&C insurance companies ranked premiums, and the old three had a solid position in the auto insurance market; The growth rate of CPIC exceeded that of the market, and the growth rate of health insurance and liability insurance exceeded 30%; Taikang premiums doubled, rising 9 places to 12th in the industry.

For details, please refer to the "2023 Q1 Q1 Insurance Company Premium Ranking List: The Old Three Tai Insurance Supermarket, Taikang Online Premium Doubled!" 》。

From March to April 2023, the top executives of insurance were significantly adjusted

Chinese Bao Wang Tingke proposed to be the chairman, Chinese Shou Li Mingguang became a member of the party committee (or promoted to vice president), and Ping An Yao Bo was transferred to a non-executive director; Sunshine Insurance launched "co-CEO" and New China Insurance "three changes in four years" chairman.

With a new senior at the helm, how will the path of development and transformation continue? For details, see Executive Changes! PICC, China Life, Xinhua and other leading insurance companies, many executives have newly performed their duties, and the insurance personnel changes in the past two months have been inventoried~".

State Farm, the largest U.S. property insurer, announced it would stop selling homeowners insurance in California

California's largest homeowners insurance company ceased sales to boost the company's financial strength; Cost↑> premium↑, loss pressure, market effectiveness, head insurance companies take the initiative to withdraw; The times are different, it is difficult to follow the trend or it is difficult to survive, and taking the initiative to change is the way out?

For details, see State Farm, the largest property insurance company in the United States, announces that it will stop selling homeowners insurance in California! 》。

Weighted Pay-to-Guarantee Ratio Ranking of Property & Casualty Insurance Companies

Since 2019, when the concept of pay-insurance ratio was first defined by "13 Jing", this is the fifth consecutive year that the pay-insurance ratio index for property and casualty insurance has been announced. It should be emphasized that the salary insurance ratio refers to the ratio of employees' remuneration to the original insurance premium income. The lower the value of this indicator, the lower the labor cost in the company's unit premium.

This indicator can reflect the proportion of labor costs of insurance companies, and can also provide quantitative data support for insurance companies to prepare annual budgets, assessment plans, institutional preparation, fixed cost and variable cost analysis, cost behavior decisions, etc.! This time, we will focus on the pay-insurance ratio again, and give the weighted pay-insurance ratio ranking of property insurance companies from 2018 to 2022.

For details, please refer to the "Weighted Pay-Insurance Ratio Ranking of Property Insurance Companies: Controlling the Pay-Insurance Ratio is the Key to Controlling the Expense Ratio!" Property & Casualty Insurance Industry's Pay-to-Life Ratio Hit Second Record Low in Nearly 13 Years! 》

Notice on the 2023 "China Insurance Cup" prize research topic essay activity

2023 "China Insurance Cup" prize research topic essay activity is coming, 12 topic selection directions, rich bonuses, submit the registration form before July 31, submit the research project results before October 31, welcome to sign up!

For details, please refer to the Notice on the 2023 "China Insurance Cup" Prize Research Project Essay Solicitation Activity.

Regulatory dynamics

The State Financial Regulatory Administration issued Announcement No. 1: The channels for financial consumers to report and complain remain unchanged for the time being

On June 2, the State Financial Regulatory Administration, the People's Bank of China and the China Securities Regulatory Commission jointly issued the "Announcement on the Work Arrangements for the Handling of Financial Consumer Complaints", implementing the relevant contents of the previous institutional reform and deployment.

It is mentioned that the channels, handling methods, and notices for financial consumers to reflect petitions, reports, and complaints remain unchanged for the time being. The service scope of 12378 Bank Insurance Consumer Complaint and Rights Protection Telephone, 12363 Financial Consumer Rights Protection Consultation and Complaint Telephone, and 12386 Investor Service Platform remains unchanged.

The general managers of 3 insurance companies changed, and the State Financial Regulatory Administration issued Announcement No. 1 13 Fine Weekly Report

The State Financial Regulatory Administration issued two consecutive approvals, the first time since its listing

Recently, the State Financial Regulatory Administration publicly approved it for the first time since its listing on May 18.

Both approvals were dated May 23 and were approved by property insurance companies. According to the content of the approval, the amended articles of association of Ping An Property & Casualty were approved, and the qualifications of Dong Qingxiu, Zhou Zhiwen and Fu Xiaoliang were approved as supervisors of PICC Property & Casualty.

State Financial Regulatory Administration: The reinsurance international board will be officially opened in Shanghai in the near future

The Shanghai Municipal People's Government held a press conference on May 31.

At the meeting, Zhang Zhongning, deputy director of the General Office of the State Financial Regulatory Administration, said that in the near future, it will jointly issue relevant implementation rules for promoting the construction of the Shanghai International Reinsurance Center with Shanghai, and officially open a global-oriented international reinsurance trading market (hereinafter referred to as the "Reinsurance International Board") in Shanghai, so as to solidify the construction path and supporting support of the reinsurance center.

State Financial Regulatory Administration: Steadily resolve stock risks and resolutely curb incremental risks

Li Yunze, secretary of the party committee and director of the State Administration of Financial Regulation, recently pointed out that it is necessary to persist in seeking progress while maintaining stability, pioneering and innovating, and properly handle and resolve financial risks in key areas. Under the premise of stabilizing the overall situation, we should use reform and innovation methods to solve problems, steadily resolve stock risks, resolutely curb incremental risks, and firmly hold the bottom line of no systemic risks.

The 2023 legislative work plan of the Standing Committee of the National People's Congress was announced, and the Insurance Law was included in the preliminary review items

The 2023 legislative work plan of the Standing Committee of the National People's Congress was recently announced.

Among them, the items included in the preliminary review are the amendment of the Organic Law of Urban Residents' Committees, the Law on Guarding State Secrets, the Law on Railways, the Law on Enterprise Bankruptcy, the Law on Commercial Banking, the Law on Insurance, the Law on People's Bank of China, the Law on Anti-Money Laundering, the Law on Anti-Unfair Competition, the Accounting Law, the Law on the People's Police, the Law on Teachers, the Law on Fisheries, the Law on the Quarantine of Animals and Plants Entering and Leaving the Country, the Law on Arbitration, the Law on the Protection of Cultivated Land, the Law on Real Estate Registration, the Law on Pharmacists, the Law on Telecommunications, the Law on Medical Security, the Law on Guarantee of the Operation of Organs, the Law on Comprehensive National Fire Rescue Teams and Personnel, and the Law on the Protection of Cultivated Land. The Hazardous Chemical Safety Law, the Law on the Prevention and Control of Cybercrime, the Law on Publicity and Education on the Rule of Law, as well as legislation on optimizing the business environment and promoting fair competition, fiscal budgeting, labor and social security, shall be investigated and drafted by relevant parties and deliberated as appropriate.

The Lujiazui Forum was held on June 8-9 Li Yunze and Gong Zheng served as co-rotating chairmen

According to media reports, the 14th Lujiazui Forum, co-hosted by the Shanghai Municipal People's Government and the People's Bank of China, the State Financial Regulatory Administration and the China Securities Regulatory Commission, will be held on June 8-9, 2023, with the theme of "Global Financial Openness and Cooperation: A New Driving Force for Economic Recovery", and will be co-chaired by Li Yunze, Director of the State Financial Regulatory Administration, and Gong Zheng, Mayor of Shanghai.

Ministry of Commerce: Exports of insurance services increased by 260.5% from January to April

On June 1, the Ministry of Commerce held a press conference. Ministry of Commerce spokesperson Shu Hengting said that from January to April 2023, the mainland's exports of knowledge-intensive services were 538.48 billion yuan, an increase of 18% year-on-year; The fastest growing area was insurance services, with an increase of 260.5%.

The individual pension system has been implemented for half a year, with more than 37 million participants and more than 650 products

According to the latest data from the Ministry of Human Resources and Social Security, as of May 25 this year, that is, half a year after the implementation of the individual pension system, the number of participants has reached 37.4351 million, and the total number of four types of individual pension products launched by financial institutions has exceeded 650, and the individual pension system has operated smoothly and orderly.

In 2022, 20 prefectures and cities in Guangdong have achieved full coverage of customized medical insurance

On May 30, the 2023 Guangdong Insurance Industry High-quality Development Forum was held in Foshan. Wu Jian, president of the Guangdong Insurance Association, said that in recent years, the Guangdong Insurance Association has insisted on focusing on its main business and actively serving high-quality development.

It mentioned that in 2022, 20 prefectures and cities in Guangdong have achieved full coverage of customized medical insurance, 18 insurance institutions have launched a total of 25 customized medical insurance projects, and the number of insured people in 2022 will reach 17.84 million.

Henan issued the latest notice to make every effort to do a good job in wheat insurance claims

At present, in the critical period of "three summers", due to many days of rainy weather, wheat lodging, mold and germination in some areas of Henan Province, the wheat planting income of affected farmers has been damaged.

It was learned from the Office of the Rural Work Leading Group of the Henan Provincial Party Committee that in order to give full play to the economic compensation function of agricultural insurance and reduce the losses of wheat farmers as much as possible, the Department of Finance of Henan Province has notified all agricultural insurance underwriting institutions to make every effort to make wheat insurance claims.

Heilongjiang reported on insurance consumer complaints in the first quarter of 2023

In the first quarter of 2023, a total of 945 consumer complaints involving the insurance industry were received, a year-on-year decrease of 30.10%. Among them, 317 cases involved property insurance companies (207 cases of non-jurisdictional institutions), a year-on-year increase of 27.82%, accounting for 33.54% of the total number of complaints in the insurance industry; 625 life insurance companies (19 non-jurisdictional institutions), a year-on-year decrease of 43.18%, accounting for 66.14% of the total number of complaints from the insurance industry; There were 3 insurance intermediaries, down 25.00% year-on-year, accounting for 0.32% of the total number of complaints in the insurance industry.

Company dynamics

Huagui Life and its Guizhou branch were fined a total of 3.495 million yuan

On June 2, the administrative penalty information on the website of the State Financial Regulatory Administration showed that the Guizhou Banking and Insurance Regulatory Bureau issued 16 fines, targeting Huagui Life, Huagui Life Guizhou Branch and a number of relevant responsible persons.

According to statistics, Huagui Life and Guizhou Branch of Huagui Life were fined a total of 2.735 million yuan, a number of relevant responsible persons were warned and fined a total of 760,000 yuan, and in summary, the company was fined a total of 3.495 million yuan.

The general managers of 3 insurance companies changed, and the State Financial Regulatory Administration issued Announcement No. 1 13 Fine Weekly Report

Specifically, due to the failure to use the recorded insurance terms and rates in accordance with the regulations, concealing important information related to the insurance contract from the policyholder, obstructing supervision and inspection according to law, failing to truthfully record insurance business matters, failing to return the original license in accordance with the regulations, conducting related party transactions with favorable conditions for similar transactions of non-related parties, and the fact that some investment managers were not determined by the decision-making procedure of the board of directors, and falsely listing financial matters, Huagui Life was given a warning and fined 2.015 million yuan.

Huagui Life responded that the penalty was a comprehensive on-site investigation of the company conducted by the Guizhou Banking and Insurance Regulatory Bureau in June 2021, involving the business of our company and its Guizhou branch from 2019 to 2021. As of the date of this statement, our company has completed the rectification of all penalties, and has held relevant responsible persons accountable in accordance with laws and regulations, and will pay all fines before the specified date, and this penalty will not affect the normal operation of the company and the rights and interests of insurance contract customers.

The general managers of 3 insurance companies changed, and the State Financial Regulatory Administration issued Announcement No. 1 13 Fine Weekly Report

CPIC's RMB9.8 billion dividend was approved by the shareholders' general meeting

Recently, CPIC announced that it intends to distribute annual cash dividends at RMB1.02 per share (including tax) based on a total share capital of about 9.620 billion shares, with a total distribution of RMB9.812 billion, and the remaining undistributed profits will be carried forward to 2023.

It is reported that in 2019, 2020 and 2021, the dividend scale of CPIC was 10.874 billion yuan, 11.544 billion yuan and 10.582 billion yuan respectively.

Great Wall Life plans to issue an additional 688 million shares

Recently, Great Wall Life issued an information disclosure announcement on the change of registered capital, intending to increase the registered capital to 6.219 billion yuan and introduce two new shareholders.

According to the announcement, Great Wall Life's first extraordinary general meeting of shareholders in 2023 deliberated and passed the "Proposal on Increasing the Company's Registered Capital", agreeing that the capital increase price is 1.59 yuan per share, and 688 million new shares are planned to be issued this time, and the registered capital will be changed from 5.532 billion yuan to 6.219 billion yuan. The proposed new registered capital of RMB688 million corresponds to 688 million new shares, each with a nominal value of RMB1, all of which are registered ordinary shares.

Great Wall Life raised Zhejiang Jiaoke, and its shareholding increased to 5.03%

On June 2, Great Wall Life issued an announcement that the company increased its stake in Zhejiang Communications Technology Co., Ltd. through centralized bidding transactions on June 1.

Before participating in this transaction, Great Wall Life held about 128 million A shares of Zhejiang Jiaoke, accounting for 4.93% of its A share capital. On June 1, Great Wall Life purchased 2.5201 million A shares of Zhejiang Jiaoke, holding a total of about 131 million A shares of Zhejiang Jiaoke, accounting for 5.03% of the A share capital of the listed company.

Waterdrop announced its first-quarter results: revenue of 606 million yuan, maintaining profitability for five consecutive quarters

On June 2, Waterdrop announced its unaudited financial results for the first quarter of this year. The data shows that the business modules of Waterdrop achieved good performance in the first quarter of this year, maintaining high-quality and healthy development, the scale of insurance business premiums and the number of new users have achieved month-on-month growth, the company's net operating income is 606 million yuan, net profit is 49.73 million yuan, maintaining profitability for five consecutive quarters.

WiseChoice achieved an adjusted net profit of 18.414 million yuan in the first quarter, an increase of 30.3% from the previous quarter

WiseChoice recently released its unaudited results for the first quarter of 2023. Data show that in the first quarter, the three major indicators of WiseChoice premium, revenue and profit all achieved double-digit growth: the platform contributed to a total premium of 1.93 billion yuan (RMB, the same below), an increase of 33.4% month-on-month; Total revenue was RMB300 million, an increase of 15.7% sequentially; Achieved an adjusted net profit of 18.414 million yuan, an increase of 30.3% from the previous month.

In the first quarter, the manpower of insurance intermediary Pan-China Holdings Life Insurance fell sharply by 30%.

Pan-China Financial Holdings Group recently released its unaudited financial report for the first quarter. Data show that in the first quarter, Pan-China Holdings' operating income was 830 million yuan, a year-on-year increase of 21%; Operating profit was 60.355 million yuan, a year-on-year increase of 193%.

It is worth noting that with the gradual decline of the demographic dividend and the continuous sharp decline in the number of insurance agents in the industry, in the first quarter, Pan-China Holdings Life Insurance issued 6,941 manpower, a sharp decrease of nearly 30% compared with 9,731 in the same period of 2022.

Personnel changes

Yu Zhigang, former vice president of Xinhua Insurance, and Yue Ran, former assistant to the president, left their posts

Recently, Xinhua Insurance announced that the company's board of directors deliberated and approved the proposal for the departure of Yu Zhigang, former vice president and Yue Ran, former assistant to the president.

According to public information, Yu Zhigang was born in December 1964 and has served as vice president of Xinhua Life since November 2016. Yue Ran was born in February 1963 and has served as assistant to the president of Xinhua Life since February 2013.

Liang Xinjie's qualification as general manager of property and casualty insurance was approved

According to CBIRC Fu [2023] No. 296, the qualification of the general manager of Liang Xinjie Property Insurance Co., Ltd. was approved.

According to public information, Liang Xinjie, male, born in 1977, graduate degree, worked in Huaan Property Insurance Co., Ltd. and Shenzhen Insurance Regulatory Bureau of China Insurance Regulatory Commission. He used to be the deputy general manager and general manager of the underwriting department of China United Property & Casualty Insurance Co., Ltd., the general manager of the auto insurance department of Dinghe Property Insurance Co., Ltd., the assistant to the general manager of Anbang Property Insurance Co., Ltd., and the assistant general manager and deputy general manager of Big Property Insurance Co., Ltd.

It is reported that in 2022, our property insurance will achieve original premiums of 7.94 billion yuan, a year-on-year increase of 13.1%, and non-motor insurance premiums will reach 1.89 billion yuan.

Taibao Health: Appointed Shang Jiaoyan as the general manager of the company

Recently, CPIC Health issued an announcement that Mr. Shang Jiaoyan was appointed as the general manager of Pacific Health Insurance Co., Ltd. after being deliberated and approved by the 31st meeting of the second board of directors of Pacific Health Insurance Co., Ltd. (interim) and approved by the former China Banking and Insurance Regulatory Commission (CBIRC Fu [2023] No. 293).

According to public information, Shang Jiaoyan, male, born in March 1978, has served as the deputy general manager of Weimin Insurance Agency Co., Ltd., the deputy general manager of Shenzhen Tengfu Botou Co., Ltd., the marketing director and general manager of the personal business division of Ping An Health Insurance Co., Ltd., the deputy general manager (in charge of work) of Ping An Health Insurance Beijing Branch, and the sales leader of Ping An Health Insurance Beijing Branch.

Hengqin Life: General Manager Huang Zhiwei resigned, and Deputy General Manager Cui Wangling became the interim leader

Hengqin Life issued an announcement that Huang Zhiwei applied to resign as the company's general manager and all concurrent positions due to personal reasons. At the same time, the board of directors of Hengqin Life designated Cui Wangling, deputy general manager, as the interim head of the company.

According to media reports, Huang Zhiwei's next stop is China Merchants Renhe Life, who is expected to become the general manager.

Yu Ze was elected vice chairman of PICC Property & Casualty Insurance

PICC Property & Casualty recently announced that on May 29, the company's board of directors elected Yu Ze, executive director and president of the company, as the vice chairman of the board. Yu Ze's term as vice chairman shall begin on May 29, 2023 and expire at the expiration of the fifth term of the company's board of directors.

Industry dynamics

Report: By 2030, the scale of Internet insurance premium income will nearly 6 times higher than in 2022, or will exceed 2.85 trillion

The Institute of Finance of the Chinese Academy of Social Sciences and the Research Center for Insurance and Economic Development of the Chinese Academy of Social Sciences recently released the "2023 Internet Insurance Claims Innovation Service Research Report".

The "Report" predicts that by 2030, the scale of Internet insurance premium income will nearly 6 times that of 2022, or will exceed 2.85 trillion yuan, and the overall claim amount will be close to 1 trillion yuan.

The report finds that the current Internet insurance claims industry in China has fully presented three major trends: online, intelligent and paperless, and it is expected that Internet insurance claims are expected to take the lead in achieving paperless claims in 2030.

The number of insured people in "Shenzhen Huimin Insurance" exceeded 3 million, and 24-45 years old is the main force of insurance

On June 1, it was learned from the official underwriter of "Shenzhen Huimin Insurance" that as of press time, the number of insured people has exceeded 3 million.

From the perspective of insured gender, men accounted for 49.63% and women accounted for 50.37%, indicating that the awareness of security of men and women in Shenzhen is generally high and comparable.

From the perspective of age structure, the average insurance age of "Shenzhen Huimin Insurance" is 33 years old, and 24-45 years old is the main force of insurance, accounting for more than 52%, highlighting that the insured people of "Shenzhen Huimin Insurance" are very "young".