Do not increase the income?Lian Life Life lost 703 million yuan in the first half of the year, and comprehensive risk rating was reduced

Picture source: Oriental IC

With the successive disclosure of the solvency report in the second quarter, the operating situation of non -listed insurance companies in the first half of 2022 was also seen.

For Lian Life Insurance Co., Ltd. (hereinafter referred to as "Li'an Life"), which shouted "Building a Lian in three years and striving for the early listing" and the total assets of 2023, and the total assets exceeded 100 billion yuan in 2023, the transcript is not good -looking. Increasing the income, the cumulative loss of 703 million yuan in the first half of the year, in the first half of the new three years, failed to achieve "opening the door".

In the second quarter, the loss was magnified, and the comprehensive rating of risk fell to BB

In 2021, Li'an Life ushered in the 10th anniversary and completed the board of directors. Wang Huiqing, from the largest shareholder of Jiangsu International Trust Co., Ltd., served as the chairman of Lian Life Life in January 2021; Fu Jie, who had experienced the management experience of several insurance companies such as Ping An, Taikang, Qianhai Life Insurance, from 2021 Since June, he has served as president of Lian Life, and the two have formed a new leadership team.

Standing at a new starting point for development, Li'an Life Management also proposed a grand goal. President Fu Jie revealed in an exclusive interview with the media that at the starting point of the development of the new three years, the board of directors proposed the strategic development goal of "three years to build a Lian and strive for early listing". Focusing on this goal, the company will fully and transform to high -quality development, increase the value rate of new business rapidly, and achieve the double business value. In 2023, the total assets exceeded 100 billion yuan; Brokerage investment banks formulate a listing plan to prepare for the promotion of IPO listing; digital construction in key areas to catch up with the level of development of the industry; apply for the establishment of asset management companies, and form a "group Li'an" structure with the core of life insurance; model.

Looking back at the business status of the past years, affected by earlier equity issues, the development of Lian Life's business was slightly tortuous. From 2011 to 2017, it continued to lose money. In 2018, it turned to profit and continued until 2021. It achieved profit for 4 consecutive years. 100 million yuan, 181 million yuan, 382 million yuan, 138 million yuan. The improvement of financial indicators may be the confidence of Lian Life's dare to shout "listing" again.

However, Lian Life's business performance in the first half of 2022 was not optimistic, and increasing income did not increase. In the first quarter, the net loss of Lian Life Insurance was 269 million yuan, and the losses in the second quarter were enlarged to 434 million yuan. The cumulative net loss in the first half of the year was 703 million yuan. percentage point.

From the perspective of other indicators, in the first half of the year, the net asset yield of Lian Life Corporation was -10.5962%; the total asset yield was -0.9232%; the investment yield was 3.45%; the comprehensive investment yield was 0.86%; The rating results dropped from the A class in the previous quarter to the BB class.

In terms of solvency, due to the differences caused by the actual capital and liability structure of the company in the quarter, and the differences caused by the transition from the first phase to the second phase of the regulatory rules, in the first quarter of this year, the core and comprehensive solvency adequacy ratio of Lian Life Insurance changed to 89.4%, respectively, respectively, respectively, respectively, respectively, respectively. 162.61%, picked up in the second quarter, 103.6%and 181.12%, respectively, at a relatively low level of the industry.

Recently, the success of debt issuance from Lian Life Insurance. Approved by the Central Bank and Jiangsu Banking Regulatory Supervision Bureau, Lian Life was approved to issue 5 billion yuan of capital supplementary bonds, with a period of 5+5 years, and the ticket interest rate was 4.8%.

Li'an Life said that this is the first appearance of the company in the capital market. By actively innovating financing methods, the new debt capital tools are effectively used, and capital will be used to supplement the company's capital, further improve the solvency and anti -risk capabilities, and support the continuous business structure. Optimization to help the company deepen the transformation and development. Judging from the level of payment capacity adequacy ratio, this is also a action that Lian Life has to advance.

Then mention the listing plan, the qualification conditions may be lacking

Li'an Life is not the first time that the slogan of "listing".

As early as 2019, as soon as it achieved losses and the profitability was unstable, Lian Life proposed a listing plan. In April 2020, the board of directors of Lian Life's 2019 Shareholders Conference reviewed and approved multiple bills, including the "Proposal on the Conversion of the Board of Directors of the Lian Life", which mentioned that "the goal of listing as soon as possible and strive to be listed next year" Essence

Judging from the actual situation, the "listing" of insurance companies is more similar to a target direction, which can be visible, but it may not be achieved. Many insurance companies have mentioned the listing plan in the development process, but rarely goes to it The practical level.

An insurance company managers have introduced to the blue whale insurance that the insurance company must have "hard power" to achieve listing, such as steady performance, continuous and stable profitability, sufficient solvency, and long -term business advantages. Share the company's growth with shareholders and employees to enhance their operating capabilities, rather than integrate more funds through the capital market. "

"As long as insurance institutions have the willingness to go public, meet the conditions of listing, and meet relevant procedures and standards, they can go to the market. Shen Meng, executive director of capital, pointed out.

From the perspective of industry insiders, insurance companies' listing requirements are not low, and the current situation of the capital market has also been tested on listing. From the perspective of Lian Life's operating performance, the relevant qualifications such as development level and profitability are still lacking. The stability and administrative penalty of shareholders' equity are also influencing factor for insurance companies to go to listing. The solvency report shows that at present, 816 million shares (17.82%) held by Run Holdings, the third largest shareholder of Lian Life, are frozen, and Yurun Holdings is listed as the executor of the dishonesty, the fifth largest shareholder Moon Star Group holds about 9%of the equity in pledge.

In the first half of the year, Li'an Life also received several regulatory tickets. Public information showed that its Anhui Feixi Branch was fined 70,000 yuan for fictional intermediary business; Puyangzhizhizhi, Henan, for other individuals to seek unfair interests for other individuals and fined 180,000 yuan for 180,000 yuan ; Henan Shangqiuzhong was fined 280,000 yuan for providing false documents, reports, and information; Jiangsu Dafeng Corporation was fined 10,000 yuan for losing business insurance business license. In this regard, industry insiders believe that Lean Life needs to further strengthen the level of corporate governance and internal control compliance management.

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