Reporter Xie Zhengguo and intern reporter Yun Yi report
On July 22, according to the Dalian Banking and Insurance Regulatory Bureau, Wang Jian was approved as the chairman of Sino-Dutch Life Insurance Co., Ltd. . This is already the fifth chairman of Sino-Dutch Life Insurance since 2016. Prior to this, the China Banking and Insurance Regulatory Commission and the Dalian Banking and Insurance Regulatory Bureau also approved Yang Yongding's qualifications as general manager and director of China-Dutch Life Insurance in February and June this year, respectively. Last October, the company's five risk owners also made changes.
As a joint-venture life insurance company with a history of 19 years, since Bank of Beijing took over, under the support of the bancassurance channel, Sino-Dutch Life has steadily increased its insurance business income, but with the increase in premium income Fees and commission expenses are also rising. In 2020, China Life Insurance realized a net profit of RMB 5.7269 million, a sharp drop of approximately 93.80% year-on-year.
The reporter called Sino-Dutch Life Insurance about the changes in senior management and operating conditions. The other party said that he would not accept interviews for the time being.
's senior management team changed blood
Sino-Dutch Life Insurance Co., Ltd. is a joint venture life insurance company with a registered capital of 2.67 billion yuan and total assets of 27.6 billion yuan. It is a joint venture between Bank of Beijing and BNP Paribas Operating. Its business covers the Bohai Rim Economic Circle, Central Plains Economic Zone, and the Yangtze River Delta Economic Circle. It has established 9 branches and 11 branches in Dalian, Beijing, Liaoning, Shandong, Henan, Anhui, Tianjin, Shanghai, Jiangsu, Hebei and other provinces and cities. Central branch companies, a total of 53 branches.
On October 16 last year, China Life Insurance issued two announcements stating that as the former chairman and general manager Qian Lijun resigned on May 8, 2020, his acting chairman’s duties were qualified for the appointment of the new chairman. Before approval, the company’s director Cao Zhuo will temporarily act on behalf of the company; and the general manager position originally held by Qian Lijun, before the qualification of the new general manager is approved,The company's deputy general manager Lan Niansheng will act on his behalf.
Five days later, China Life Insurance issued 5 consecutive announcements on the person responsible for the risk of changes in the use of funds, the company’s real estate investment management ability risk owner, stock investment management ability risk owner, equity The person responsible for the risk of the investment management capability, the person responsible for the risk of the trust investment business, and the person responsible for the capability risk of credit risk management have all changed. Among them, the administrative person in charge of the credit risk management capability risk person was changed to Cao Zhuo, who is acting as chairman of the board.
On February 2, 2021, the China Banking and Insurance Regulatory Commission will approve Yang Yongding's general manager qualifications. Since then, the position of general manager of Sino-Dutch Life, which has been vacant for nearly 9 months, has been settled.
On July 22, the Dalian Banking Regulatory Commission and the official website of China Life Insurance both issued a notice on the approval of Chairman Wang Jian’s qualifications. The new chairman formally took office. According to public information, Wang Jian is currently the deputy governor of the Bank of Beijing. Before joining the Bank of Beijing, he worked in the Beijing branch of the Industrial and Commercial Bank of China in information technology.
It is worth noting that since the resignation of the first chairman Shi Yuan in 2016, the top management of China Life Insurance has changed frequently. During the five years, the company has changed five chairmanships, including Wang Jian.
According to public information, the predecessor of Sino-Dutch Life is the first Antai Life. The original shareholders of are Beijing Capital Group and ING Group of the Netherlands.
On June 25, 2010, Bank of Beijing acquired Beijing Capital Group, and Holland Insurance each held 50% of the company's shares and became its shareholders. The company therefore became a bank-related insurance company. July 1st of the same year,The company officially changed its name to Sino-Dutch Life. Shi Yuan, vice chairman of Bank of Beijing, became the first chairman of Sino-Dutch Life after its name was changed.
After Shi Yuan stepped down, in June 2016, Qiangxin formally took over and became the second chairman of the board after the company changed its name to Sino-Dutch Life. However, in July of the following year, China Life Insurance issued an announcement stating that Qiangxin had resigned as chairman of the company due to personal reasons, and was approved by the 22nd meeting of the second board of directors. At the same time, Luo Yahui was elected as the chairman of the company, Luo Yahui The position of the chairman shall take effect after the approval of the China Insurance Regulatory Commission.
While waiting for the regulatory approval of Luo Yahui’s qualifications, Du Zhihong and Ji Yu will perform the duties of the chairman of the board. However, until the end of 2018, Luo Yahui did not obtain regulatory approval.
In January 2019, China Life Insurance announced the news: As Luo Yahui (proposed) no longer serves as the chairman of the company, the sixteenth meeting of the third board of directors on December 21, 2018 was deliberated and approved to elect Qian Lijun Served as the chairman of Sino-Dutch Life Insurance Co., Ltd. The resolution took effect from the date of approval by the China Banking and Insurance Regulatory Commission. On August 28 of the same year, Qian Lijun received regulatory approval and resigned in May of the following year.
It is worth mentioning that, from the first chairman after the name change to the latest Wang Jian, the five chairman of China Dutch Life Insurance are all from the Bank of Beijing.
's profit plummeted by more than 90%
With frequent changes in executives, China Life Insurance's performance is also fluctuating up and down, and overall profitability is facing greater downward pressure.
According to the annual report, from 2010 to 2019, China Life Insurance's premium income was 1.176 billion yuan, 1.481 billion yuan, 1.756 billion yuan, 2.122 billion yuan, 2.517 billion yuan, 2.338 billion yuan, 2.89 billion yuan, and 4.021 billion yuan. , 4.694 billion yuan, 5.434 billion yuan.
However, the net profit index has not kept up with the rising pace of insurance premiums. The company's net profit from 2010 to 2019 is -15 million yuan, -109 million yuan, 12 million yuan, 19 million yuan, 38 million yuan, 32 million yuan, 135 million yuan, -66 million yuan, 74 million yuan, 92 million yuan Yuan.Looking back on the development of Sino-Dutch Life in the past ten years, the company only had a net profit of over 100 million in one year.
According to the 2020 annual report, China Life Insurance achieved revenue of 6.491 billion yuan last year, an increase of 19.45% year-on-year; however, the realized net profit was only 5.726 million yuan, a decrease of about 93.80% from the previous year's 92 million yuan.
The decline in performance may be related to the rising fees and commission expenses. Data shows that since 2010, China Life Insurance's handling fees and commission expenses have shown an upward trend. Its 2010-2020 fee and commission expenses are 101 million yuan, 141 million yuan, 182 million yuan, 196 million yuan, 182 million yuan, 214 million yuan, 326 million yuan, 456 million yuan, 466 million yuan, and 527 million yuan respectively. Yuan, 547 million yuan.
As a bank-based insurance company, Sino-Dutch Life has steadily increased its premiums in recent years thanks to the support of the bancassurance channel. According to China Life Insurance's 2020 annual report, among the top five insurance products of the company's original insurance premium income, the top four insurance products are all sold through bancassurance channels.
" bancassurance channel commission expenses are also very high, because it relies on bank channels, every time an insurance policy is sold, a certain intermediate commission is required to be returned to the bank, so that its profits will be under pressure." A life insurance company According to the person, “and if protection products account for a relatively small proportion of products sold through the bancassurance channel, they will face greater financial pressure on maturity payments in the future.”
Over-reliance on bancassurance channels has become The bottleneck of the performance growth of insurance companies. The performance prospects are not optimistic. Will the appointment of new executives help China Life Insurance get out of the profit dilemma? The reporter will continue to pay attention.
This article is originally produced by the new media · Insight Finance and Economics under Ganshang Magazine. Please do not reprint it without permission. Lead collection hotline: 18519027831.
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