Recently, jianxin life's official website updated the management list, and Ding Hui from the China Construction Bank system became the new general manager of JIANXIN Life, and her qualifications were approved by the Shanghai Regulatory Bureau on April 21.
Since December 2020, Jianxin Life has made many changes in personnel, including general manager, assistant general manager, compliance officer, etc., and the personnel change has also given the industry new expectations for its transformation and development.
Ding Hui was the Vice President of ccb bank hubei branch
The financial industry has been working hard for more than 20 years
According to public information, Ding Hui was born in 1975 and graduated from Tsinghua University majoring in theoretical economics with a doctoral degree and a doctorate degree in economics.
Ding Hui has more than 20 years of experience in the financial industry, since joining the work in 2000, she has successively served as a cadre and deputy director of the First Department of Banking Supervision of Chinese Min bank, a former deputy director and chief section member of the Banking Supervision Department of the China Banking Regulatory Commission (during which he was sent to the US Monetary Supervision Office), a deputy director and a director, a former vice president of the Party School of the China Banking Regulatory Commission, and since entering the China Construction Bank in 2015, he has served as the deputy general manager of the equity and investment management department of the head office, a member of the party committee and vice president of the Hubei branch.
Since December 2020, Ding Hui has been the deputy secretary of the Party Committee of Jianxin Life, and since April 2021, she has served as the executive director and president of Jianxin Life.
Ding Hui's appointment ended the state of president vacancy of Jianxin Life for more than half a year, and together with Xie Ruiping, the newly appointed chairman of Jianxin Life in July last year, jointly opened the era of "Xie Lipai" of Jianxin Life.
JIANXIN Life is a life insurance company controlled by China Construction Bank Co., Ltd. and headquartered in Shanghai. The predecessor of Jianxin Life is Pacific Aetna Life, which was established in 1998 and changed its name to Jianxin Life Insurance Company Limited in 2011 due to the change of shareholding. In 2016, the company completed the shareholding system reform and changed its name to Jianxin Life Insurance Co., Ltd. The business scope includes life insurance, health insurance, accident insurance and other types of life insurance business; reinsurance business of the above business.
Since December 2020, there have been many changes in the personnel of Jianxin Life, and the China Banking and Insurance Regulatory Commission has successively approved the qualifications of most of the relevant personnel of Jianxin Life, including general manager, assistant general manager, compliance officer, independent director and supervisor. It is worth noting that insurance veteran Wan Feng was approved as an independent director of Jianxin Life in January 2021.
The product is still mainly wealth management
Transformation efficiency needs to be improved
Sitting on the natural advantages of the bancassurance channel, bank-based insurance companies were once considered by the industry to be the most likely to enter the first echelon. Since CCB Holdings, CCB Life has relied on high cash value wealth management insurance, and its premium scale has rapidly exceeded 10 billion, and its insurance business income has increased from 5.868 billion yuan in 2012 to 15.889 billion yuan in 2014. In 2020, the revenue of Jianxin Life Insurance business has reached 43.329 billion.
However, the surge in premiums brought about by relying on high cash value financial insurance has caused capital pressure on Jianxin Life, followed by a gradual decline in solvency, and even approached the regulatory red line for a time. Coupled with regulatory restrictions on short-term wealth management insurance products, Jianxin Life has to think about transformation.
The data shows that in 2018, the revenue of Jianxin Life Insurance business was 25.291 billion yuan, down 15.1% year-on-year. In the same year, Jianxin Life's surrender payment surged to 27.935 billion yuan, an increase of 107.43% year-on-year. In its 2018 annual report, Jianxin Life said that the reason for the decline in insurance business revenue was that companies actively sought a shift from large-scale to high-value, and the change in premium size was in line with expectations. In 2020, the surrender payment of Jianxin Life was 13.078 billion yuan.
Judging from the data, the bancassurance channel is a double-edged sword for Jianxin Life, and it is easy to trigger liquidity risks when it is rapidly done on a large scale. In July 2019, Jianxin Life issued an announcement of a proposed capital increase of 6 billion yuan, and a year later, the capital increase was approved, at that time, Jianxin Life said that the new capital will further enhance the company's profitability and business value, strengthen the ability to resist risks and lay a more solid capital foundation for the company's transformation to high-quality development.
It is understood that in 2016, Jianxin Life began to transform. According to the transformation and development plan of Jianxin Life at that time, by 2020, Jianxin Life will become "a professional insurance service platform and an important business segment of the group's value creation that meets the needs of customers for insurance protection, long-term savings and asset inheritance". Xie Ruiping, who was the president of Jianxin Life at that time, introduced that to achieve this goal, Jianxin Life will take the lead in completing three transformations, including the transformation to an integrated insurance company, gradually opening asset management and property insurance, intervening in health and pension, and forming a complete industrial chain.
It is worth noting that Jianxin Life's 2020 annual report shows that its insurance products with the highest premium income in 2020 are still mainly wealth management insurance, and the sales channels still mainly rely on bancassurance channels.
In the future, how to further improve the efficiency of CCB Life's value transformation will be a challenge facing the new leadership team.
Text/Beiqing-Beijing headline reporter Fan Hui and Li Ziman