Shanghai people's life profit declines and the solvency of the solution is not up to the standard.

After half a year of "loss", Mr. Mi Chunlei, chairman of Shanghai Life Insurance, returned to his duties. However, the Shanghai Life has not yet released the 2021 annual report and the first quarter of the repaid capacity report in 2022, and the company has pledged the equity of the affiliated equity with the presence of the sea.

After half a year of "loss", Mi Leichun, chairman of Shanghai Life Insurance Co., Ltd. (hereinafter referred to as Shanghai Life), returned to the public's sight again. On July 7th, Luanhai Medical Industry Investment Co., Ltd. (hereinafter referred to as: Lanhai Medical), which entered the delisting period, issued an announcement saying that since July 7, 2022, Mr. Mi Chunlei has normally fulfilled the company's director and chairman of the company Responsibilities.

The chairman "lost contact", and Shanghai Life's operations are not optimistic. As of July 20, Shanghai Renshou has not released the 2021 annual report and the first quarter solvency report of the 2022. According to the statistics of Shanghai Life's four quarterly solvency report last year, the company's net profit declined and the solvency of the payment was not up to the standard. At the same time, Shanghai Life's illegal equity is yet to be cleared.

In terms of business development, Shanghai Life Insurance has long -term equity investment, and investment income continues to grow, but its net cash flow has continued to negative. In response to the above situation, it was found that the network sent an interview letter to Shanghai Life to request a question, but as of press time, Shanghai Lianshou did not give a reasonable explanation.

The chairman returned after half a year, and pledged by the affiliated equity with the presence of the sea department

Public information shows that Shanghai Life Insurance was established in February 2015. It is the first national personal insurance company registered in the China (Shanghai) Free Trade Pilot Zone. The existing registered capital is 6 billion yuan, and the legal representative is Matechun.

In 2003, Mi Lei Chunzheng established Lanhai Holdings and served as the chairman. Since March 2015, he has served as chairman of Shanghai Life Insurance, and concurrently served as chairman of Lanhai Medical. On January 29, Lanhai Medical issued an announcement that Mr. Mi Leichun, chairman of the company, authorized Mr. Ni Xiaowei, director of the company to fulfill the duties of chairman, and within 3 months from the date of the board of directors.

In March of this year, according to relevant media reports, Mi Leichun, chairman of Shanghai Life Life, was taken away by the local economic investigation department at the end of December 2021. On June 21, Shanghai Lanhai Investment Co., Ltd. (hereinafter referred to as: Luanhai Investment), Mi Leichun, and Lauren Holdings were listed as the executor by the Shanghai Financial Court, and the implementation of the target was 719 million yuan. The case number was (2022) Shanghai 74 is No. 215.

(Photo source: Enterprise check)

On July 7th, Lanhai Medical issued an announcement again that the director and chairman of the chairman Mr. Mi Leichun authorized the company's director Ni Xiaowei to fulfill the duty of the chairman's duty to expire on July 6th. Mr. Chun fulfilled the duties of the company's directors and chairman.

According to the company's investigation, there are 16 companies related to Mi Lei Chun, serving as the legal representatives of 10 companies including Shanghai Life Insurance, Lanhai Holdings, Lanhai Medical, and Luanhai Shoushou Medical. In order to cancel, it also controlled 7 companies including Shanghai Chongming Highway Materials Co., Ltd. and Shanghai Zhongying Industry Co., Ltd., of which Shanghai Jiejie Business Consulting Co., Ltd. was canceled.

(Photo source: Enterprise check)

During the period of "loss" of Mi Lei Chun, on March 10 and 11, Luanhai Holdings and Shanghai Luanyou Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as: Luanyou Enterprise) Some equity of Shanghai Lanhai Automobile Development Co., Ltd. was pledged to Shanghai Life; on April 19, Luanhai Investment will produce some equity of Luanhai Medical to Shanghai Life.

(Photo source: Enterprise check)

Equity penetration discovered that the major shareholder of Luanyou Enterprise Shanghai Lantan Hylosh Investment Co., Ltd. is 100%holding of Luanhai Holdings; Shanghai Lanhai Real Estate Co., Ltd., Shanghai Lanhai Automobile Development Co., Ltd. They are all subsidiaries of Lanhai Holdings. Lanhai Holdings is the largest shareholder of Shanghai Life, holding 120 million shares of Shanghai Life. The pledge financing of multiple equity has deepened the Shanghai Life and the Lanhai Department.

In this regard, the industry professionals said that the Lanhai Department Company pledged its equity to Shanghai Life Life is a associative equity pledge. If the risk of business risks in the Lanhai system will inevitably affect Shanghai Life, it is likely to make Shanghai Life's funds unable to recover and affect the impact Shanghai Life's own solvency and stability of operations. As of the end of 2020, Shanghai Life's monetary funds were 5.490 billion yuan, a year -on -year decrease of 22.39%.

In addition to related equity pledges, Shanghai Life still has illegal equity still to be cleared. In 2016, Shanghai Life launched a capital increase plan to introduce Shanghai He Cui Industrial Co., Ltd. (hereinafter referred to as He Cui Industrial), Shanghai Yangning Industrial Co., Ltd. (hereinafter referred to as: Yangning Industrial) and Shanghai Xinglian Trading Co., Ltd. (hereinafter referred to as: Xing Xing: Fortunately Lian trade), approved to increase the registered capital to 6 billion yuan.

Due to the relationship between Shanghai Life's major shareholder Lanhai Holdings and the above three companies, the original Insurance Regulatory Commission revoked the registered capital administrative license in 2018 and asked Shanghai Life to introduce compliant shareholders within three months. However, in April 2020, Shanghai Life will only release equity changes. It is intended to transfer all the equity of He Cui Industry and Yangning Industrial to Shanghai Zhong'an Bank Investment Co., Ltd., Shanghai Yinrun Holdings (Group) Co., Ltd., and Dalian Malong International Logistics Co., Ltd. Essence

However, the change of the penalty of Shanghai Life has not been approved by the regulatory authorities. As of the end of the fourth quarter of 2021, He Cui Industry and Yangning Industry still held 13.75%of Shanghai Life Insurance, respectively. (Picture source: Shanghai Renshou official website)

The net profit declines and the solvency is not up to the standard

At present, Shanghai Life's 2021 annual report and the first quarter solvency report in 2022 have not yet been announced. According to a solvency report in the fourth quarter of 2021, the insurance business revenue of Shanghai people's life in the single quarter of people's life was 6.165 billion yuan, 5.556 billion yuan, 4.965 billion yuan and 3.764 billion yuan; net profit was -048 million yuan, RMB 68 million, respectively , 288 million yuan and -278 million yuan.

In terms of combination, in 2021, Shanghai Life realized insurance business revenue of 20.45 billion yuan, 16.851 billion yuan in the same period last year, a year -on -year increase of 21.36%; net profit achieved a net profit of 30 million yuan, 244 million yuan in the same period last year, a year -on -year decrease of 87.70%.

(Source: Shanghai people's life payment capacity report)

At the same time, as of the end of the fourth quarter of 2021, Shanghai Life's core solvency adequacy ratio was 119.99%, and the comprehensive solvency adequacy ratio was 124.89%. kind.

According to the newly implemented core solvency adequacy ratio of not less than 50%; the comprehensive solvency adequacy ratio is not less than 100%; comprehensive risk rating is stipulated in category B and above. Essence

It should be mentioned that according to relevant media reports, Mi Leichun was taken away shortly after being taken away by the local economic investigation department at the end of December 2021. The solvency report shows that Zhang Xilin has served as the director of investment in Shanghai Life Investment since April 2017; he has served as the manager of the capital operation department of Guangzhou Yuexiu Group Co., Ltd., and deputy general manager of Shanghai International Trust Co., Ltd. (presided over).

Since its establishment, Shanghai Life has a large scale in equity and real estate investment. Data show that in 2015, Shanghai Life's long-term equity investment was 949 million yuan, reaching 7.722 billion yuan in 2016, an increase of 714.01%year-on-year; long-term equity investment from 2017 to 2020 was 6.082 billion yuan, 7.102 billion yuan, 8.183 billion yuan, and 8.183 billion yuan, and 8.183 billion yuan and and 8.183 billion yuan and and 8.183 billion yuan and and 8.183 billion yuan. 9.737 billion yuan.

At the same time, in 2016, Shanghai Life Investment Investment Real Estate was 1.790 billion yuan, an increase of 108.05%year-on-year in 2017 to 3.723 billion yuan. In 2018 to 2020, investment real estate was 5.351 billion yuan, 5.449 billion yuan, and 5.548 billion yuan.

(Picture source: Wind)

The increase in investment scale has also continued to increase the investment income of Shanghai Life. In 2015, the net income of Shanghai Life Investment was only 231 million yuan; the net income of investment from 2016 to 2020 was 2.397 billion yuan, 2.354 billion yuan, 2.838 billion yuan, and 30.08 100 million yuan and 4.539 billion yuan.

Although the net income increase, the net cash flow generated by the company's investment activities is mostly negative. The net cash flow generated by Shanghai Life Investment Campaign in 2015 and 2016 was -13.618 billion yuan and -17.597 billion yuan; in 2017, the inflow was 2.710 billion yuan; Essence

(Picture source: Wind)

Regarding the scale of investment, industry professionals said that if the investment ratio of heavy asset models is too high, it is easy to cause the liquidity risk of insurance companies. Due to the long investment time, the head insurance company that invests earlier has passed the long -term value -added stage of real estate. cycle. However, once investment fluctuations will still affect the performance of insurance companies, so for Shanghai Life, investment risks are urgently needed.

(Reporter Luo Xuefeng Financial Researcher Liu Lixiang)

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