Ford property insurance has recently added 100 million yuan executives to be exempted from litigation or need to be strengthened

After the chairman and general manager of Fude Property Insurance were removed from office, the company recently added a newly executed person information, with a total amount of 100 million yuan. At the same time, the company's accumulation of more than 1 billion yuan from 2018 to 2021. In recent years, the lawsuit has been punished by the regulatory authorities.

At the end of June, Fude Property Insurance Co., Ltd. (hereinafter referred to as: Fude Property Insurance) issued three consecutive announcements to announce the exemption company chairman and general manager at the same time. Executive information, the total amount of the total amount is 100 million yuan.

It was not disclosed in the announcement of the reasons, but the industry believes that this may be caused by the company's performance unsatisfactory. Data show that Fuder's property insurance achieved profit in 2015 and 2017, and the company's cumulative loss of over 1 billion in the following four years will achieve profitability again in the first quarter of this year.

At the same time, Ford's property insurance has continued in recent years. In the first seven months of this year, the company involved 275 referee documents and 170 announcements. At the same time, Fude property insurance has been punished many times in the regulatory authorities in the past two years. In response to the above situation, it was found that the network sent an interview letter to the Ford's property insurance to request a question, but as of press time, Ford's property insurance did not give a reasonable explanation.

The chairman and general manager are removed from office, with a four -year accumulation of more than 1 billion

Public information shows that Fude Property Insurance opened on May 7, 2012, and is a member of Fude Insurance Holdings Co., Ltd., a member of the company. The company's existing registered capital is 3.5 billion yuan. , 81%of the shares.

On June 21, Fuder Property Insurance issued three temporary information disclosure reports. In accordance with the relevant provisions of the regulatory agency, Gong Zhijie's Director and Chairman's position was eliminated, and Luo Guiyou Ford's Director and General Managers' position was removed. The board of directors of the company is three directors.

(Picture source: Fude property official website)

According to the first quarter of the Ford Property Insurance Report, Gong Zhijie was elected as the chairman of the company in December 2012, and also served as the director of the director of Fude Insurance Holdings Co., Ltd. and the Chairman of Life Insurance Asset Management Co., Ltd. Managing Director.

From office to removal, Gong Zhijie has been the chairman of Fude property insurance for 10 years, and Luo Guiyou has been served as general manager for 7 years. Regarding why the two senior executives were removed from the announcement, Fuder Property Insurance did not disclose the specific reasons in the announcement, and industry insiders analyzed the discovery network that this may be due to the loss of Ford's property insurance performance for many years.

Review data found that the net profit of Fuder's property insurance in the early days of opening was -057 million yuan, and the net profit in 2013 and 2014 was -111 billion yuan and -113 million yuan, respectively; in June 2015, Luo Guiyou served as the general manager. The profit was 242 million yuan, but in 2016, it turned to a loss from profit, and the net profit was -195 million yuan.

In 2017, Fude property insurance once again achieved micro-profit of 002 million yuan, and from 2018 to 2021, the net profit of Fude property insurance was -115 million yuan, -668 million yuan, -249 million yuan and -024 million yuan, respectively. The annual loss is 1.056 billion yuan. In the first quarter of 2022, Fuder's property insurance realized insurance business revenue of 373 million yuan and net profit of 61 million yuan.

(Picture source: Wind)

At the time of losses for the year, the operating expenditure of Fuder's property insurance expanded year by year. In 2019, the company's operating expenditure of the company's operating income was 670 million yuan, which was 2.703 billion yuan. At the same time, in 2019 and 2020 The value of the values ​​was 45.123 million yuan and 89.418 million yuan, while in 2017 and 2018, it was only 16,600 yuan and RMB 2,600.

(Picture source: Wind)

Net profit or danger and litigation drag down

In addition to the impact of operating expenditures, the net profit of Fuder's property insurance may also be affected by insurance operations and litigation. The annual report shows that in 2015, Fude Property Insurance began to develop guarantee insurance. In the current period, the premium income was 60 million yuan, and the underwriting profit was -23.274 million yuan, which was the company's second largest insurance type. Insured profit-186 million yuan; the company's accidental injury insurance underwriting loss of 36 million yuan during the same period.

(Picture source: Fude property insurance 2015 annual report)

From 2016 to 2018, Ford's Insurance Automobile Insurance Business Insurance had narrowed losses, and guarantee insurance changed from underwriting profit of 33 million yuan to an underwriting loss of 23 million yuan. In 2019, Fude Property Insurance guarantee insurance business dropped to the fourth largest insurance, realizing premium income of 56 million yuan, but the default loss of 639 million yuan, the loss of the car insurance business with the first premium will continue to narrow; by 2020, the company guarantees the insurance business The underwriting continued to lose 296 million yuan, and the auto insurance business made a profit of 22 million yuan. In 2021, the insurance premiums in the top five of the company's premiums were all losses, of which the insurance insurance business underwriting lost a loss of 156 million yuan.

(Picture source: Fude property insurance 2019 and 2020 annual report)

In the first quarter of 2022, Fuder's production insurance said that the company's comprehensive cost rate was 36.78%, the comprehensive compensation rate was 59.35%, and the comprehensive cost rate was 96.13%. The company shall control the implementation of the cost in accordance with the plan of the planned budget and control the comprehensive cost rate; secondly, the company pays attention to the risk of the ownership of the credit insurance business. Finally, due to the rapid growth of non -auto insurance business in the early stage, the concentration risk of trading opponents' default risks increased, and credit risk management was strengthened. With the continuous operation of the company and the accumulation of earning premiums, the cost and costs have gradually diluted, the comprehensive cost rate indicator will gradually decrease, and the operation will gradually become controllable. It should be mentioned that the Ford's property insurance competent solvency report disclosed 6 major litigation matters in the first quarter, and a total of 15.617 million yuan involved in the litigation label.

According to the investigation of the enterprise, on July 8, Ford's property insurance added a record of the executed person, with a total execution amount of 100.5458 million yuan, and the executive court was the Shenzhen Intermediate People's Court of Guangdong Province; 22 records involved in the history of the history of the history, 22, and 22 people recorded by the executive. The total amount of the execution was 1.2956 million yuan.

(Photo source: Enterprise check)

In terms of legal proceedings, Fuder's property insurance involves 2,756 referee documents, with a total amount of cases of 276.7809 million yuan to ensure that insurance contract disputes are mostly. Among them, the referee documents in 2018 and 2019 are 152 and 211, respectively, and 831 and 1160 in 2020 and 2021, which are much higher than the total of 2018 and 2019; 275.

At the same time, as of July 20, Fuder's property insurance involved 572 court announcements; 3299 announcements for the opening of the trial; 326 delivery announcements and 2935 case information. It is worth mentioning that most of the disputes in insurance contracts involved in the announcement.

(Photo source: Enterprise check)

In this regard, industry insiders said that after the comprehensive reform of the auto insurance, the non -auto insurance business market has intensified, and the credit insurance business has become a new market growth point. The department has also strengthened the management of credit insurance business. Therefore, Ford's property insurance credit business compensation and credit risk management pressure is high, and busy litigation may also cause the company's performance to be unsatisfactory.

It should be noted that it is found that the network is not complete statistics. In 2020, the Fund's property insurance reached 2 tickets and other illegal acts and other illegal acts and the fines were 460,000 yuan. The Shenzhen Regulatory Bureau issued 6 tickets to Fude Property Insurance. The illegal and violations were not recorded in insurance terms, insurance premium rates, and unrealistic records of insurance business matters in accordance with regulations.

(Reporter Luo Xuefeng Financial Researcher Liu Lixiang)

- END -