Another insurance company opened. From approval to opening, it took less than a year.
Last week, Shenergy Property & Casualty Insurance Co., Ltd. officially opened. Recently, the official website of Shenergy P&C Insurance has also been officially launched. The unresolved endgame of Tianan P&C Insurance may be accelerated as a result, and whether Shenergy P&C Insurance will take over the assets and liabilities of Tianan P&C Insurance has once again become the focus of attention in the industry.
Tens of billions of Shenergy, the head of the Tianan Property Insurance Trusteeship Group, served as the first general managerShenergy P&C Insurance is headquartered in Shanghai with a registered capital of 10 billion yuan.
At present, a number of senior executives of Shenergy P&C Insurance have been put in place, the first chairman of Shenergy P&C Insurance is Gong Dexiong, Vice President of Shenergy Group and Secretary of the Party Committee of Orient Securities, and Sheng Yafeng, the former president of CPIC P&C, has been appointed as the general manager of Shenergy P&C.
On November 11 last year, Shenergy Group's official WeChat account announced that the founding meeting and the first general meeting of shareholders of Shenergy Property Insurance were successfully held in Shanghai recently. The meeting was presided over by Gong Dexiong, Vice President of Shenergy Group and proposed chairman of Shenergy Property Insurance.
According to public information, Gong Dexiong was born in October 1969 and has a master's degree in business administration.
Gong Dexiong has more than 30 years of management experience in the financial industry, and has successively served as the chairman of Shanghai Securities Futures, the general manager, vice chairman and chairman of Shanghai Securities. Since November 2016, he has served as the vice president of Guotai Junan, the president of Guotai Junan's Asset Management Business Committee, and the chairman of Guotai Junan Capital Management Co., Ltd. In April last year, Gong Dexiong resigned as vice president of Guotai Junan and became the party secretary of Orient Securities in September last year.
Sheng Yafeng, 59, is a senior manager of CPIC Group, and his rich experience in the insurance industry is a huge asset for Shenergy P&C. He held various key positions in CPIC Group, including Deputy General Manager of CPIC Motor Insurance Department, Deputy General Manager of CPIC Property & Casualty Chengdu Branch, etc., and was approved as General Manager of CPIC Property & Casualty in July 2018.
In March 2021, Sheng Yafeng resigned as general manager due to work adjustments, and then served as the head of the custody team of Tianan Property and Casualty Insurance, and at the same time, he also served as the director of the Greater Bay Area Development of CPIC Group. According to CPIC's 2023 annual report, during the reporting period, he worked in the industry risk management custody team, and his salary was paid from the custody fee.
On December 8 last year, the official WeChat account of the Henan Insurance Industry Association released a message showing that Sheng Yafeng, as the person in charge of the authorized management team of Tianan Property Insurance, went to the Henan branch to conduct in-depth research, and discussed and exchanged views with the branch's management team, department heads, cadres and employees of the sales department, as well as cadres and employees of some four-level institutions in Kaifeng Central Branch and Zhengzhou District.
In January this year, Sheng Yafeng stepped down from his position as CPIC's director of Greater Bay Area development.
The shareholders have a strong background, and only one foreign company participated in the initiationShenergy Property & Casualty Insurance was jointly established by 8 state-owned enterprises, including Shenergy Investment Management Co., Ltd., Shanghai International Group Co., Ltd., Shanghai Lingang Yuanjin Investment Co., Ltd., and Taizhou State-owned Assets Investment Group Co., Ltd., among which Taizhou State-owned Assets Investment Group Co., Ltd. was the only Shanghai and foreign enterprise to participate in the initiation, and Taizhou State-owned Assets Investment Group invested 800 million yuan, accounting for 8% of the shares.
Shenergy Investment Management Co., Ltd. is a wholly-owned subsidiary of Shenergy Group, and Shenergy Co., Ltd. is a holding subsidiary of Shenergy Group. Shenergy Group is a wholly state-owned enterprise group funded and supervised by the Shanghai State-owned Assets Supervision and Administration Commission, with more than 200 wholly-owned and holding enterprises and more than 19,000 employees.
The establishment of Shenergy P&C Insurance will help Shenergy Group further improve its financial industry layout. At present, Orient Securities is one of the core assets of Shenergy Group in the financial industry, and Shenergy Group holds 26.63% of the shares of Orient Securities, making it the largest shareholder. Shenergy Group also holds a 14.05% stake in China Pacific Insurance, and has stakes in Guotai Junan Securities, Haitong Securities, Everbright Bank, Changjiang Pension Insurance and other companies.
In addition to Shenergy Group, several other shareholders are not small. For example, Shanghai International Group Co., Ltd. was established in April 2000 with a registered capital of 30 billion yuan, and its main business is financial holding, investment and asset management, as well as state-owned capital investment and operation, accounting for more than 60% of the total state-owned equity of Shanghai's financial institutions, and is the largest shareholder of Shanghai Pudong Development Bank, Guotai Junan Securities, Shanghai Rural Commercial Bank, and the main shareholder of China Pacific Insurance.
In addition, Shanghai Lingang Yuanjin Investment Co., Ltd. and Shanghai Lingang New Area Private Equity Fund Management Co., Ltd. are subordinate to Shanghai Lingang Economic Development Group and Shanghai Lingang New Area Investment Holding Group respectively. Shanghai State Investment Capital Management Co., Ltd. and Bailian Group Co., Ltd. are both subsidiaries of Shanghai State-owned Assets Supervision and Administration Commission.
After a few years, Tian'an property insurance has settled down?Shenergy P&C may be the undertaker of the assets and liabilities of Tianan P&C Insurance.
Tianan Property Insurance is the fourth property insurance company in China, with more than 18,000 employees and nearly 10,000 salesmen. In 2020, Tianan Property Insurance encountered an unprecedented financial crisis. Tianan Property Insurance suffered a substantial default after the maturity of its trust products and other assets, and the revaluation of the equity investment fund held by the investment according to the market value of the pledged shares, resulting in huge losses. Xishui Co., Ltd., as the parent company of Tianan Property Insurance, will have a staggering 27.05 billion yuan in losses attributable to shareholders of listed companies after deducting non-recurring gains and losses in 2020.
Since July 2020, Tianan Property Insurance has been taken over by the former China Banking and Insurance Regulatory Commission (CBIRC) and has embarked on a journey of seeking "insurance".
In June 2022, Tianan Property Insurance listed on the Shanghai United Equity Exchange to transfer its insurance business asset portfolio, including the assets, liabilities and insurance business of Tianan Property and Casualty Insurance, at a reserve price of 2.1 billion yuan. After the first listing was delisted, Tianan Property Insurance "re-auctioned" in July of the same year, planning to list its insurance business asset package at a reserve price of 1.9024 billion yuan, but unfortunately it still failed to successfully trade.
At that time, it was reported that Shenergy Group planned to jointly establish Shenergy Property Insurance with several local state-owned enterprises in Shanghai to take over the asset package of Tian'an Property Insurance business.
A year ago, on May 19 last year, investors asked again on the interactive platform, "Is Shenergy Group an applicant for Shenergy P&C Insurance?" Will Shenergy P&C Insurance's asset portfolio be injected into it after its establishment? In this regard, Shenergy replied, "The company actively pays attention to and participates in various high-quality investment opportunities, and Shenergy property insurance company is still in the early stage of regulatory approval." In the future, when the disclosure conditions are met, a unified announcement will be made in accordance with the relevant regulations. ”
However, from the perspective of the management arrangement, the shadow of Tianan Property Insurance can be seen through Shenergy Property Insurance. The first general manager of Shenergy P&C Insurance was Sheng Yafeng, the head of the custody team of Tianan P&C Insurance. Sheng Yafeng is currently the legal representative of Shenergy P&C Insurance.
It is worth noting that in 2020, the former China Banking and Insurance Regulatory Commission officially took over four insurance companies, including Tianan Life Insurance, China Life Insurance, Tianan Property Insurance and Yi'an Property Insurance.
At present, the official website of Tianan Property Insurance is still operating, the product insurance page is still open to users, and its official account is still being updated on March 14, which seems to send a signal to the outside world that the business is still continuing.
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