A "Regulatory Opinion" put Qianhai Life Insurance in the spotlight.
html On July 15, Qianhai Life Insurance issued an announcement stating that the company had received a "Regulatory Opinion Letter" from the regulatory authorities. The company resolutely implements the requirements of the "Regulatory Opinions", effectively fulfills the main responsibilities of the enterprise, operates independently in accordance with the law, and protects the safety of the company's assets and funds.Earlier, Qianhai Life posted a "Regulatory Opinion" from the Personal Insurance Department of the China Banking and Insurance Regulatory Commission on its official website. This document shows that there are problems in the governance of Qianhai Life Insurance Company and it was required to immediately rectify the problems.
It is worth mentioning that the "Supervisory Opinion" also shows that China Banking and Insurance Regulatory Commission has conducted a regulatory interview with Yao Zhenhua, the actual controller of Qianhai Life Insurance, and ordered him to correct the violations; shareholders are strictly prohibited from improperly intervening in the company's operations; shareholders are strictly prohibited from improperly intervening in the company's operations; Use related transactions to convey benefits and transfer assets, and no misappropriation of insurance funds is allowed. Information from the
official website shows that Qianhai Life Insurance was established in February 2012 and is the first national financial and insurance institution headquartered in the Qianhai Shekou Free Trade Zone. The company has a registered capital of 8.5 billion yuan, total assets of more than 300 billion yuan, and serves more than 5 million customers.
In the first quarter of 2022, Qianhai Life Insurance business revenue was 10.955 billion yuan, a sharp decrease of 78.53% from 51.014 billion yuan in the same period last year, and the net loss was as high as 2.323 billion yuan.
According to the solvency report for the first quarter of 2022 disclosed by Qianhai Life, the company’s core solvency adequacy ratio is 66.39%, and the comprehensive solvency adequacy ratio is 110.17%, both of which are lower than the average level of life insurance companies, and the company has been for 7 consecutive years. The comprehensive risk rating for each quarter was C grade. (Article | "Financial World" Weekly Tang Guo)
