On the eve of the Mid-Autumn Festival, the insurance industry once again came the news of the fall of executives!
On the evening of September 12, the Sichuan Provincial Commission for Discipline Inspection said that Yi Jun, secretary of the party committee and chairman of Guobao Life Insurance Co., Ltd. (hereinafter referred to as "Guobao Life"), was suspected of serious violations of discipline and law. As a national joint-stock life insurance company that has only been in operation for a year and a half, Guobao Life seems to be in the midst of its biggest crisis since its opening.
Yi Jun, the first in command, fell from power
Yi Jun, 57, participated in the preparation of National Treasure Life.
Public information shows that Yi Jun was born in October 1962 and is a native of Mianzhu, Sichuan. He has been the chairman of National Treasure Life since May 2018 and the party secretary of the company since July of the same year.
From December 1995 to July 2014, Yi Jun successively served as deputy director of the Investment Promotion Office of the Sichuan Provincial Government, deputy director of the Investment Promotion Bureau of the Sichuan Provincial Government, director of the Third Division of International Cooperation of the Sichuan Investment Promotion Bureau, member of the party group and secretary of the party committee of the Sichuan Provincial Investment Promotion Bureau, member of the party group and deputy director of the Sichuan Provincial Investment Promotion Bureau, member of the party group and deputy director of the Sichuan Investment Promotion Bureau, and member of the party group and deputy director of the Sichuan Investment Promotion Bureau.
Since July 2014, he has served as the head of the preparatory team for Guobao Life insurance while serving as a member of the party group and deputy director of the Sichuan Investment Promotion Bureau. In June 2018, Yi Jun began to serve as the chairman of Guobao Life, and in July of the same year, he also served as the party secretary of the company.
On the evening of September 12, the Sichuan Provincial Commission for Discipline Inspection released a message on its official website that Yi Jun, secretary of the party committee and chairman of Guobao Life Insurance, was suspected of serious violations of discipline and law and was currently under disciplinary review and supervision and investigation.
Just over a month before his downfall, on August 5 this year, Yi Jun said in an interview with local media in Sichuan that transforming the chairman of an insurance company was the biggest challenge in his career. "Guobao Life is the first national life insurance legal entity in Sichuan, filling the gap that there is no national life insurance legal entity in Sichuan. The responsibilities we have are heavy, and naturally there will be pressure. ”
Turning a profit in the first half of the year
According to the official website of Guobao Life, the company was led by the Sichuan Provincial Government and is the first national joint-stock life insurance company headquartered in Chengdu, with business scope including life insurance and annuity insurance, health insurance, accident insurance, participating insurance, and universal insurance.
On January 24, 2017, the former China Insurance Regulatory Commission approved its establishment, and on March 27, 2018, the China Banking and Insurance Regulatory Commission approved its opening with a registered capital of RMB 1.5 billion.
The 21st Century Business Herald reporter checked Qixinbao and found that the company has a total of 9 shareholders, including large state-owned enterprises and private enterprises, specifically Sichuan Development (Holdings) Co., Ltd., Chengdu Advanced Manufacturing Industry Investment Co., Ltd., CICC Guotai Holding Group Co., Ltd., Shanghai Zhongjiu Investment (Group) Co., Ltd., Sichuan Sichuan Business Development Holding Group Co., Ltd., Chongqing Jinyang Real Estate Development Co., Ltd., Sichuan Xiongfei Group Co., Ltd., Chengdu Tianxinyang Gold Industry Co., Ltd. and New Hope Liuhe Investment Co., Ltd.
Among them, Sichuan Development, which is 100% owned by the Sichuan Provincial People's Government, is the majority shareholder of the company, holding 20%; followed by CICC Guotai and Advanced Manufacturing, both holding 13.5%; Sichuan Business Development and Jinyang Real Estate holding 12%; Xiongfei Group, Tianxin Yangjin holding, and Liuhe Investment holding 10%, 5% and 1% respectively.
According to the data, as of the end of the first half of 2019, the company's premium income was 586 million yuan, and the net profit was 0.1 billion yuan compared with the end of the previous year. At the end of 2018, the company's premium income was 328 million yuan and a loss of 69 million yuan.
Also in a media interview in August, Yi Jun revealed that in the next three years, Guobao Life will open a provincial branch, 10 central branches and more than 20 marketing service departments in Sichuan. "Before the end of this year, the Sichuan Branch, Yibin Central Branch and Mianyang Central Branch will be opened."
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