Operator Finance Network Intern Zhao Mengyao/Text
Data shows that Pearl River Life Insurance Co., Ltd. (hereinafter referred to as: Pearljiang Life ) saw a year-on-year increase of 79.60% in insurance business revenue, but its net profit turned from profit to loss. , the loss amount was 70.3363 million yuan.
Operator Finance Network is trying to reveal to you the secrets of Li Xiang, Vice President of Pearl River Life Insurance.
has served in this position for 9 years.
Information shows that Li Xiang was born in July 1972 and is 50 years old this year. He has worked in the insurance industry for many years. He entered the insurance industry as early as 1994 and has more than 20 years of experience. Judging from his resume, he previously worked at Ping An Life Insurance . He successively served as the head of the bancassurance department of Ping An Life Guangxi Branch and the head of the sales planning office of the bancassurance division of Ping An Life Corporation.
Since then, Li Xiang has successively served as deputy general manager of the Banking and Insurance Department of United Life Insurance Company and deputy director of the Banking and Insurance Center of Sunshine Life Insurance Company. In September 2011, he joined Pearl River Life Insurance.
On August 21, 2013, China Insurance Regulatory Commission issued a reply on Li Xiang’s qualifications (CIRC Permit [2013] No. 197), approving his qualifications to serve as assistant to the general manager of Pearl River Life Insurance. So far, he has served in this position for nine years.
The company turned from profit to loss last year
Judging from the data of previous years, Pearl River Life’s net profits from 2015 to 2020 were 42 million yuan, 538 million yuan, 287 million yuan, 103 million yuan, 374 million yuan and 343 million yuan respectively. Yuan. However, in 2021, while Zhujiang Life's insurance business income was 13.092 billion yuan, a year-on-year increase of 79.60%, its net profit was -70.3363 million yuan.
In March this year, Pearl River Life received administrative penalties from regulatory authorities due to violations of real estate-related investment regulations. Pearl River Life and its relevant responsible persons were fined a total of 1.38 million yuan.
For example, from May to September 2017, Zhujiang Life Insurance acquired Datong Wanda Real Estate Development Co., Ltd., Yiyang Wanda Plaza Investment Co., Ltd., Chengdu Chongzhou Wanda Plaza Real Estate Co., Ltd., and Pingdingshan Wanda Plaza Investment from Dalian Wanda Commercial Real Estate Co., Ltd. Co., Ltd. holds 100% equity in four project subsidiaries of the Company, and has agreed that Zhujiang Life Insurance will provide shareholder loans to the project subsidiaries. The estimated total investment of the four projects is 784 million yuan, 859 million yuan, 701 million yuan and 882 million yuan respectively. As of June 30, 2019, the total actual financing borrowing amount of the projects was 4. 3.2 billion yuan, 448 million yuan, 396 million yuan and 427 million yuan. The financing scale accounts for 55.15%, 52.16%, 56.48% and 48.37% of the total project investment respectively.
The China Banking and Insurance Regulatory Commission stated that the above-mentioned equity transactions violated regulatory regulations that the financing scale should not exceed 40% of the total project investment.
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