"Tomorrow Department" will break the risk again, Zhonghui Life will replace Tian'an Life, and the central enterprise is full of background
Source: Spy Finance
The slightest action of the "Tomorrow Department" will still affect the nerves of the financial market, which shows its strong influence.
I remember that at the end of May, Xinhua Trust, one of the members of the "Tomorrow Department", was declared bankrupt by the court, which made the industry sigh and regretted.
However, Yi'an Property & Casualty, another member of the "Tomorrow Department", turned into "BYD Property & Casualty Insurance" due to the strong intervention of the "domestic car giant" BYD, and has transformed into "BYD Property & Casualty Insurance".
In mid-July 2020, six financial institutions, including "Tian'an Property & Casualty Insurance, Huaxia Life, Tian'an Life, Yi'an Property & Casualty Insurance, New Times Trust and Xinhua Trust", were taken over by the China Banking and Insurance Regulatory Commission for one year. Since then, the fate of these six financial companies has been different.
In early May this year, the China Banking and Insurance Regulatory Commission issued a circular on the solvency supervision of the insurance industry in 2022, mentioning that "the risk disposal of high-risk institutions will be steadily and orderly promoted, and the 'tomorrow's system' insurance institutions will be taken over as scheduled".
Obviously, the transformation of Yi'an Property Insurance into BYD Property & Casualty Insurance is one of the fruitful results of disposal. At present, the most concerned in the market is undoubtedly the "Tomorrow Department" Huaxia Life, Tian'an Life, and New Times Trust.
Among them, Huaxia Life is huge, and in the early days, Zhongtian Finance threw a deposit of 7 billion yuan to "swallow the elephant" to take control, but unexpectedly he was dragged to death and faced the danger of delisting.
According to the latest news, there has been a "big breakthrough" in the risk resolution and disposal of Tian'an Life, that is, Tian'an Life plans to transform into "Zhonghui Life", and the Central Huijin Investment Company (backed by CIC and the State Council) and the China Insurance Protection Fund (backed by the Ministry of Finance) will jointly acquire Tian'an Life, and the background of the central enterprise is very distinct.
Source: Cheonan Life
At the end of May, the brand logo of "Zhonghui Life" first appeared on the industrial and commercial registration page, and Tian'an Life also added trademarks with related words such as "Zhonghui", "Zhonghui Life" and "ZHONGHUI LIFE".
It has been rumored that Ren Xiaobing, who has served in a number of key positions in financial supervision such as the central bank and the former Insurance Regulatory Commission, as well as senior executives of many companies such as Huaan Property & Casualty, China Reinsurance, and Central Huijin, will become the chairman of Zhonghui Life.
Founded in 2000, Tian'an Life Insurance currently has a registered capital of 14.5 billion yuan, involving five major corporate shareholders, headquartered in Beijing, and began nationwide expansion in 2011 with 262 branches.
By the end of 2022, the scale premium of Tian'an Life exceeded 70.6 billion yuan, and the original insurance premium exceeded 58.4 billion yuan. Note! At the end of the same period, Tian'an Life achieved a new order value premium of more than 6.4 billion yuan, of which 5.217 billion yuan was paid during the bank insurance period, 1.124 billion yuan was guaranteed by marketing standards, and 141 million yuan was guaranteed by the standard guarantee.
According to research reports released by relevant platforms, in 2022, domestic life insurance companies ranked high in terms of comprehensive competitiveness from six dimensions, including "premium growth rate, ROE, total assets, actual capital, complaint rate, and solvency adequacy ratio", and AIA Life, Chinese Life, Pacific Insurance Life, Taikang Life, Ping An Life, Xinhua Insurance, and Sunshine Life.
Now, with the joint takeover of Tian'an Life by the central enterprise Zhonghui and the Insurance Protection Fund, it will soon become "Zhonghui Life" in the future, backed by the strength of the central enterprises, at least in terms of capital strength, will stand firm in order to seek development.
Compared with Tian'an Life, the larger Huaxia Life can also be successfully taken over by central enterprises, state-owned enterprises or powerful private enterprises, of course, it is also a good thing. At present, the China Insurance Protection Fund is leading the preparation of Ruizhong Life to undertake the replacement of Huaxia Life's assets and liabilities.
The specific composition of investors is still unknown.
Zhongtian Financial previously disclosed that its plan to acquire the controlling stake of Huaxia Life by "Tomorrow Series" has long been reported to the level of Guizhou Province, but now it is taking care of itself, with the preparation of Ruizhong Life will replace Huaxia Life, will the 7 billion yuan deposit be lost?
As a private enterprise in Guizhou, Zhongtian Finance may as well give Guizhou state-owned assets, such as Kweichow Moutai Group, which has strong cash flow, to participate in the preparation of Ruizhong Life and then take over Huaxia Life, perhaps with greater development potential in the future.