In May, insurance executives performed new duties intensively

Source: International Financial News

　　 The senior executives of insurance institutions ushered in a group of "new" faces.

The reporter of the International Finance News noted that since May, China Life Leading group members of the Group, Dajia Insurance Group, ICBC AXA Life Insurance, Pearl River Life Insurance and other insurance companies have successively taken up their posts, which has attracted the attention of the industry.

Looking back on the past April, the State Administration of Financial Supervision and Administration and the provincial bureau issued the qualifications of more than 100 insurance executives, including two chairmen and two chief actuaries, involving PICC Pension, AIA Life Insurance, ABC Life Insurance, Hua'an Property Insurance and other companies. also CPIC The core executives of the Group, CITIC Prudential Life, Fude Property Insurance, Happy Life, Xinhua Pension, Haibao Life, Hengqin Life and Guolian Life have changed, which is still pending regulatory approval.

　　 Huang Benyao was transferred to Guoshou Group

On May 22, The official website of China Life Insurance Group (hereinafter referred to as "Guoshou Group") has updated the information in the column of "Group Leaders", and Huang Benyao is a member of the party committee of the group company.

According to public information, Huang Benyao was born in 1972 with a doctor's degree in management, and took up his current post in May 2024. Before being transferred to Guoshou Group, Huang Benyao PICC Secretary of the Party Committee, President and Executive Director of Asset Management Co., Ltd.

So far, the leading group of Guoshou Group is: Bai Tao, secretary of the Party Committee and chairman of the board, Cai Xiliang, deputy secretary of the Party Committee and president, Dong Yunpeng, head of the discipline inspection and supervision team of the Central Commission for Discipline Inspection and the State Supervision Commission in China Life Insurance (Group) Corporation and member of the company's Party Committee, Wang Kai, Yang Liping (also the chief risk officer), Li Mingguang, Lin Zhaohui, member of the Party Committee and vice president, Huang Benyao, member of the Party Committee. Among them, Wang Kai, Lin Chaohui and Huang Benyao are all "post-70s".

Guoshou Group is one of the large state-owned financial institutions and an important institutional investor in China's capital market. The Group has 8 first level subsidiaries, 1 national joint-stock commercial bank and 1 directly affiliated college, and its business involves insurance, investment and banking. In 2023, the combined operating income of Guoshou Group will be nearly 990 billion yuan, the combined premium income will be nearly 790 billion yuan, the total assets of the insurance and investment sectors will be nearly 6.8 trillion yuan, the total assets of the banking sector will exceed 3.5 trillion yuan, the scale of third-party assets under management will be 2.5 trillion yuan, and the total scale of assets under management will be nearly 13 trillion yuan.

It is worth noting that Huang Benyao officially took the post of general manager of PICC Assets on April 8, and has been transferred to Guoshou Group as a member of the Party Committee less than two months since his performance. According to the introduction on the official website of PICC Assets, Huang Benyao has been working in PICC for a long time. Before taking office, he was the executive director of the company, a member of the strategy and investment decision-making committee of the board of directors, the secretary of the party committee and president of the company. He used to be the assistant general manager of PICC Asset Development Planning Department/Market Development Department, general manager of Financial Accounting Department, Portfolio Management Department and Stock Investment Department; Member of the Party Committee of PICC Health, Vice President, Chief Investment Executive Officer, and Financial Principal; Vice president and temporary head of PICC Asset Management Co., Ltd.

　　 ICBC AXA High level Exchange

Also on May 22, According to the information released on the official website of ICBC AXA Life Insurance, Wang Dufu has been the chairman and executive director of the company since May 13, 2024. In the previous year and a half, the position of chairman of the company has been vacant.

According to his resume, Wang Dufu was born in 1971 and has been engaged in financial and economic related work for more than 30 years. He has long served in China Industrial and Commercial Bank of China With solid theoretical foundation, professional knowledge and rich experience in business management.

He started work in August 1993 and joined the Industrial and Commercial Bank of China. He successively served as the Deputy Director and Director of the Second Office of the Secretariat of the ICBC Head Office, the Deputy Director of the ICBC Head Office and the Deputy Director of the Party Committee Office; In July 2011, he went to Jiangsu Branch and successively served as Vice President and Deputy Secretary of the Party Committee of Nanjing Branch, Vice President and Member of the Party Committee of Jiangsu Branch and President and Secretary of the Party Committee of Nanjing Branch.

In March 2016, Wang Dufu returned to the head office of ICBC as the general manager of the bank card business department and president and secretary of the party committee of Peony Card Center; Deputy Secretary of the Party Committee and Vice President of Beijing Branch (General Manager level of the Head Office) from May 2021. At the beginning of this year, Wang Dufu joined ICBC AXA Life Insurance as the party secretary and chairman of the management committee of the company.

According to media reports, Wu Qian, who is currently serving as the deputy secretary of the party committee and president of ICBC AXA Life Insurance, will serve as the secretary of the party committee and chairman of the board of directors of ICBC Wealth Management, which means that the position of the company's general manager is also facing changes. In addition, on May 9, Zhang Tao was appointed as the Deputy General Manager of ICBC AXA, and served as a member of the company's Party Committee and Chief Financial Officer.

ICBC AXA, formerly AXA Minmetals Assurance, has been established for 25 years and was initially controlled by foreign shareholders. In 2012, Industrial and Commercial Bank of China gradually gained the controlling right and officially changed its name. In the next year after ICBC became the owner, ICBC Ansheng turned losses into profits and continued to make profits. However, in 2022, ICBC experienced its first loss in ten years, with a loss of 709 million yuan.

In 2023, the company will turn loss into profit again, realizing a net profit of 445 million yuan for the whole year. In the first quarter of this year, ICBC AXA realized a total premium income of 19.622 billion yuan, up 20% year on year; The net profit was 28 million yuan, a year-on-year decrease of 90%, the core solvency adequacy ratio was 145%, the comprehensive solvency adequacy ratio was 209%, and the latest comprehensive risk rating was AA.

According to the analysis of insiders, on the one hand, the decline in profits of bank insurance companies is due to the poor performance of investment income; on the other hand, on the product side, most of the bancassurance products are investment and wealth management insurance products. The continuous decline in market interest rates and the continued downturn in the capital market have put pressure on the profitability of insurance companies.

　　 Zhujiang Life Insurance changed hands for the first time

On May 15, Fu Anping was approved to take the post of General Manager of Pearl River Life Insurance, which is the first time that Pearl River Life Insurance has changed its General Manager since its establishment nearly 12 years ago. Prior to that, Hu Guoping had always taken the post.

Fu Anping has been deeply involved in the insurance industry, with rich experience in both supervision and insurance companies.

According to public data, Fu Anping, born in 1963, is a postdoctoral economist, a Chinese actuary, and an expert enjoying the special allowance of the State Council. He participated in the drafting and revision of China's first Insurance Law, and was also involved in the development of China Life Insurance Industry Experience Life Table (1990-1993). In addition, he has successively served as Deputy Director of the Insurance Division and Director of the Life Insurance Division of the People's Bank of China, Deputy Director of the Personal Insurance Supervision Department of the former CIRC, Deputy Director of the Beijing Insurance Regulatory Bureau, Chief Actuary of PICC Life Insurance, Secretary of the Party Committee, President, etc.

However, for Fu Anping, even though he had a professional background, he still had a heavy burden and faced great business challenges.

Founded in 2012, Pearl River Life Insurance is the only national life insurance company headquartered in Guangzhou, with a registered capital of 6.7 billion yuan. It is composed of Guangdong Pearl River Investment Holding Group Co., Ltd., Guangzhou Financial Holding Group Co., Ltd., Guangdong Hanjian Investment Co., Ltd., Guangdong New South Group Co., Ltd., Hengyang Hechuang Real Estate Development Co., Ltd 7 shareholders including Guangdong Zhuguang Group Co., Ltd. and Guangdong Yuecai Trust Co., Ltd.

When Pearl River Life Insurance was founded, the real estate industry was in full swing, and it coincided with the reform of insurance fund utilization. The "real estate" Pearl River Life Insurance realized profitability in its third year (2015) by virtue of the asset driven liability model, and continued to make profits until 2020, breaking the practice of "seven evens and eight surpluses" in the life insurance industry.

Chengye Real Estate is a loser. Since 2021, the development of the real estate industry has gradually fallen into a downturn, and Pearl River Life Insurance has also entered a "trough period", with a loss of 70 million yuan in 2021. Since then, no financial statements and solvency reports have been disclosed.

According to the latest solvency report publicly disclosed by Pearl River Life Insurance, as of the end of the fourth quarter of 2021, the core and comprehensive solvency adequacy ratios of Pearl River Life Insurance were 52.02% and 104.04%, respectively. The comprehensive risk rating was Class C, and the solvency was substandard.

According to the bond tracking report of Pearl River Life disclosed by Lianhe Credit, by the end of 2021, the real estate investment scale of Pearl River Life was 22.14 billion yuan, accounting for 26% of the total investment scale, which was at a high level; The real estate investment period is mainly five years, and the liquidity and short-term liquidity of assets are weak. By the end of 2021, the total risk exposure of Pearl River Life to the real estate industry was 28.067 billion yuan.