Author | Xie Mei bath
Edit | Fu Ying
Source | Unicorn Finance
The position of general manager of Haibao Life Insurance Co., Ltd. (hereinafter referred to as "Haibao Life"), a rookie in the industry, has been changed for the first time.
Recently, Haibao Life announced that Li Gaofeng, the company's general manager and compliance officer, recently resigned from the company as the company's general manager due to personal reasons. Ma Yuchun, the current deputy general manager of the company, is designated as the temporary person in charge of the company and acts as the general manager of the company for a period of no more than three months.
However, Li Gaofeng is still the head of compliance at Haibao Life.
Since its establishment, Haibao Life Insurance has only achieved a net profit of 9.1451 million yuan in 2021. In 2022, it will return to the loss, with a loss of 180 million yuan, and a loss of 318 million yuan in 2023.
According to the latest solvency report, Haibao Life has lost about 200 million yuan in the first quarter of this year, an increase of about 60% compared with the loss in the same period in 2023.
It is worth mentioning that in 2022, the situation of the three major shareholders of Haibao Life Insurance was broken, and Haima Investment Group Co., Ltd. (hereinafter referred to as "Haima Group") became the largest shareholder of Haibao Life, holding 32% of the shares.
Expanding losses and facing a change of general manager, will Haibao Life affect the financial chess game of Haima Group?
1
The first general manager resigned to focus on compliance
Li Gaofeng is a "post-70s", born in 1974, and graduated from Tianjin University of Finance and Economics with a master's degree in economics. Li Gaofeng is a member of the preparatory team of Haibao Life Insurance and the first general manager of the company.
Since June 2018, Li Gaofeng has served as the general manager of Haibao Life Insurance, and since April 2019, he has also served as the company's compliance officer, since November 2019, and since May 2022, he has also served as the real estate investment business risk manager.
Prior to that, Li Gaofeng worked in securities companies such as Everbright Securities, Dapeng Securities, and Guohai Securities, and also served as the deputy manager of the market development department of Golden Eagle Fund Management Co., Ltd. Li Gaofeng began his insurance career at Sun Life Everbright Life Insurance Co., Ltd. (hereinafter referred to as "Sun Life Everbright"), where he served as the director of the office of the board of directors, the secretary of the board of directors, the deputy secretary of the party committee and the deputy general manager of the company.
Source: Canned Gallery
Today, according to the information on the official website of Haibao Life, Li Gaofeng's position is only the head of the company's compliance, and he is in charge of the compliance office of the company's risk compliance department.
In fact, the compliance of Haibao Life has been repeatedly questioned. On September 12, 2023, Haibao Life Insurance was fined 780,000 yuan for failing to perform customer identification obligations as required, failing to keep customer identity information and transaction records as required, and failing to submit large-value transaction reports or suspicious transaction reports as required, and fined Li Gaofeng, the then general manager, 58,900 yuan.
In the same month, Haibao Life Insurance was fined 710,000 yuan for untrue financial data, benefits other than those agreed in the entrustment contract of the insurance intermediary, and failure to use the recorded insurance rate in accordance with the regulations, and Li Gaofeng, the then general manager, was fined 70,000 yuan for the untrue financial data, and Huang Hui, the deputy general manager, was fined 25,000 yuan for the untrue financial data and the benefits other than those agreed in the entrustment contract of the insurance intermediary.
Huang Hui and Li Gaofeng are both "post-70s" and have experience in Sun Life Everbright. Mr. Huang served as Assistant General Manager and Deputy General Manager (in charge) of the Product Development Department and Deputy General Manager (in charge) of the Strategic Development Department of Sun Life Everbright Life.
It is worth mentioning that almost all of the current senior management of Haibao Life Insurance have worked in the "Everbright Sun Life Department", including Huang Jianghua and Zhou Hao, the current deputy general managers, Guo Tianyu, the current secretary of the board of directors, Gong Haixia, the person in charge of auditing, and Yin Li, the chief actuary.
Source: Canned Gallery
In terms of products, from 2020 to 2022, Haibao Life Insurance was "named" by the China Banking and Insurance Regulatory Commission three times, and the reported circumstances included gimmick marketing risks in the reported life insurance increase interest rate, defects in product portfolio sales rules, and no objective judgment criteria for symptoms stipulated in the terms of health insurance products.
There are also quite a few complaints received by Haibao Life. From 2020 to 2023, the company received a total of 72 regulatory referral complaints, all of which were insurance contract disputes, and the main causes of complaints were claims, insurance contract modifications and sales.
At present, Ma Yuchun is the interim head of Haibao Life, responsible for the company's operation and management, and is in charge of the company's general management department, planning department, operation service department, business development department and health insurance department. Ma Yuchun has worked for insurance companies such as Ping An of China, Taiping Life Insurance, and Qianhai Life Insurance.
2
6 years of cumulative loss of 760 million, investment return is only 0.57%
Since its inception, Haibao Life's performance has not been good. In 2021 alone, the net profit will be 9.1451 million yuan, and the losses from 2018 to 2020 will be 57.1455 million yuan, 97.0994 million yuan, and 118 million yuan respectively, and the losses will be 180 million yuan and 318 million yuan in 2022 and 2023, respectively.
Based on this calculation, Haibao Life Insurance has accumulated a loss of about 760 million yuan in 6 years.
Source: Wind data
According to the latest solvency report, Haibao Life Insurance lost about 200 million yuan in the first quarter of this year, an increase of about 60% over the same period last year. At the end of the first quarter of 2024, the comprehensive solvency adequacy ratio of Haibao Life was 164.01%, a slight decrease of 5% from 169.04% at the end of the fourth quarter of 2023.
From the perspective of insurance business income, Haibao Life Insurance will achieve 892 million yuan, 1.043 billion yuan, and 1.129 billion yuan from 2021 to 2023, respectively, compared with 1.429 billion yuan in 2020.
In terms of insurance business sales, Haibao Life Insurance is overly reliant on agency channels. In 2022, the company's bank agency income will be 320 million yuan, brokerage company agency income will be 283 million yuan, and professional agency income will be 198 million yuan, while the company's direct sales income will only be 16.3885 million yuan.
Source: Canned Gallery
In addition, from the first quarter to the third quarter of 2023, the combined surrender rate of Haibao Life was 0.62%, 1.2%, and 1.72%, respectively, while it soared to 28.46% at the end of the fourth quarter. Haibao Life said that due to the impact of the overall early termination of the inward business in the quarter, the comprehensive surrender rate was relatively high, and the comprehensive surrender rate of the original insurance business was 2.23%.
The surrender rate of Haibao Life in the first quarter of 2024 was 3.16%, which is five times that of the same period in 2023. During the Reporting Period, the surrender rate of Haibao Life Qingtianbao Whole Life Critical Illness Insurance (Happy Edition) was the highest (36.73%), and the product with the highest surrender amount was Haibao Life Golden Butler Insurance (Universal), with a surrender scale of RMB114 million.
It is worth noting that the average investment return and average comprehensive investment return of Haibao Life in the past three years are 5% and 4.08%, respectively, while the investment return and comprehensive investment return of Haibao Life Insurance at the end of 2023 are 0.57% and 1.64% respectively.
As of the end of the fourth quarter of 2023, the investment amount of "CITIC Trust-Hongye No. 91 Nanjing Jianye Project Financing Collective Capital Trust Plan" and "Ping An Trust Xiangyuan No. 239 Collective Capital Trust Plan" held by Haibao Life Insurance is 200 million yuan, and according to the actual situation of the project, the cumulative impairment amount is 46.18 million yuan and 39.01 million yuan respectively, and the cumulative impairment amount exceeds 5% of the company's net assets at the end of the fourth quarter, affecting the company's comprehensive solvency adequacy ratio by about 7 percentage points.
In the first quarter of 2024, the investment yield of Haibao Life Insurance further decreased to -1.91%.
3
Why is it favored by Haima Group?
In 2017, Haibao Life Insurance was jointly established by 8 companies. Among them, Haima Group, Haisco (002653. SZ), Yilianzhong (300096. SZ) each accounts for 20% of the total shares and is listed as the first shareholder.
The shareholding situation changed in 2022, when Shunyuan Construction (Group) Co., Ltd. withdrew from Haibao Life Insurance and transferred its 12% stake to Haima Group, which increased its shareholding to 32%.
On March 31, 2022, the legal representative of Haibao Life Insurance has been changed to Zhao Shuhua. Zhao Shuhua served as the former director of Haima Motor (000572. SZ), Chairman of Haima Finance Co., Ltd. (hereinafter referred to as "Haima Finance"), and Chairman of Haima (Shenzhen) Financial Holdings Co., Ltd. Judging from the resume, it is from the shareholder Haima Group system. Prior to assuming the post of chairman, Zhao Shuhua also served as the chairman of the board of supervisors of Haibao Life.
In August 2023, Yilianzhong transferred its 13.5% equity interest to Herui Medical (Beijing) Medical Device Co., Ltd. (hereinafter referred to as "Herui Medical"), after the transfer, Herui Medical became the third largest shareholder of Haibao Life, and Yilianzhong retired to the fifth largest shareholder.
At that time, Yilianzhong said that the transfer of 13.5% of the equity of Haibao Life Insurance was considered from the perspective of the company's development strategy, aiming to optimize the company's asset structure and resource allocation, and the remaining 6.5% equity transfer would be promoted in the future.
As of the end of the first quarter of 2024, Haima Group remains the largest shareholder of Haibao Life.
Source: Haibao Life Solvency Report
"There are seahorses in the world". As a veteran car company, Haima Automobile, a subsidiary of Haima Group, was once prosperous and made a great contribution to Hainan's total economy.
However, in 2017 and 2018, Haima Motor's net profit was -994 million yuan and -1.637 billion yuan respectively, and the loss for two consecutive years put Haima Automobile in trouble. In 2019, Jing Zhu, the founder of Haima Motors, who had retired from academia, returned to Haima Motors, admitting that "the difficulties faced are greater than those of previous ventures", and he began to reform and save himself. Later, the liquidity crisis was resolved through the sale of real estate and the transfer of shares.
It is not easy to get out of the predicament in a short period of time. After two years of net profit losses in 2019 and 2020, Haima Automobile will make a profit in 2021, but its profitability is not strong, and the net profit attributable to shareholders of listed companies will be 112 million. In 2022 and 2023, Haima Motor will still lose 1.574 billion yuan and 202 million yuan respectively.
Source: Canned Gallery
While the automobile business needs to be improved urgently, Haima Group has not stopped entering the financial field. Haima Group also established subsidiaries Haima Finance, Hainan Haitian Microfinance Co., Ltd. ("Haitian Microfinance") and Shenzhen Haima First Fund Management Co., Ltd. ("Haima First Fund").
Among them, Haima Finance is mainly engaged in personal automobile consumer loans, issuing car purchase loans for car owners who purchase Haima cars, so as to empower car sales. Haitian Microfinance specializes in micro-loan business and provides financial service support for automobile supply chain enterprises.
Haima First Fund focuses on industrial and financial investment in the industrial chain, mainly focusing on innovative technologies such as autonomous driving, intelligent networking, and new energy. In 2017, Haima First Fund was registered as a private equity fund manager by the Asset Management Association of China, and began to provide investment and information support for the development of Haima Group's main automobile business.
In 2015, Haima Group also acquired a 12% stake in Hainan Bank Co., Ltd. (hereinafter referred to as "Hainan Bank"), becoming the second largest shareholder of Hainan Bank.
Source: Canned Gallery
The related party transactions between the "Haima" company and Haibao Life Insurance have lasted for many years. In 2018 and 2019, Haima Finance purchased insurance of 123,700 yuan and 271,000 yuan from Haibao Life Insurance respectively, and in 2020 and 2021, Haibao Life Insurance received premium income of about 3.388 million yuan and 176,800 yuan from "Haima" companies, and in 2022, Jingzhu, chairman of Haima Group, also spent 12 million yuan to purchase insurance products from Haibao Life.
Bai Wenxi, chief economist of IPG, said that generally speaking, car users are potential customers and important market expansion targets for life insurance. After Haima Group incorporated Haibao Life Insurance into its subsidiary, it can logically improve the value-added services for customers, and also open up a common potential customer base for Haibao Life, which has a certain synergy and promotion effect on the existing financial sector business.
He further said that Haibao Life Insurance can form joint marketing and strategic synergy with Haima Motor, which will not only improve its own business but also help Haima Group's automobile sales.
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