Zhongan's online shareholders reduced their holdings and changed from profit in the first half of the year. Consumer complaints and litigation risks also need to pay attention to

In the first half of this year, Zhongan's online total premiums and underwriting profits increased year -on -year, but their net profit lost 680 million yuan, which was significantly reduced from the end of the previous year. At the same time, the company also has insurance consumer complaints and legal litigation risks.

With the continuous innovation of Internet technology and a series of new regulations on Internet insurance, the Internet insurance industry has gradually entered a stage of high -quality development. On the evening of September 9th, the first domestic listed company in China, Zhongan Online Property Insurance Co., Ltd. (hereinafter referred to as: Zhongan Online, 6060.HK) released a mid -term report for 2022. In the first half of this year, the total premiums of Zhongan Online increased by 6.8%year -on -year, and the underwriting profit increased by 63.4%year -on -year, but its net profit changed from profit to losing.

It is worth mentioning that on July 20, Zhongan Online issued a profit early warning. The next day, Zhongan's online stock price fell more than 10%, and it fell to a new low of 19.14 Hong Kong dollars per share during the market. At the same time, in the first half of this year, Zhongan's online solvency indicator decreased significantly compared with the end of the previous year, and the company's two major shareholders also reduced their holdings.

In addition, there are many chaos behind the development of Internet insurance. In the first quarter, Zhongan's online insurance consumer complaints ranked at the forefront of property insurance companies; at the same time, Zhongan Online involved 622 complaints on the Black Cat Complaint Platform. In response to the above situation, it was found that the network sent an interview letter to the interview letter to request doubts, but as of press time, Zhongan Online did not give a reasonable explanation.

The net profit in the first half of the year was from profit to 680 million, and the two shareholders reduced their holdings.

Public information shows that Zhongan Online opened on November 6, 2013, and was initiated by Act Technology Group Co., Ltd., Shenzhen Tencent Computer System Co., Ltd., etc., and listed on the main board of the Hong Kong Stock Exchange on September 28, 2017.

It is understood that Zhongan Online is driven by the "Insurance+Technology" dual engine. It provides a new generation of new generations around the four major ecology of health, digital life, consumer finance, and automobiles. Essence

Since its listing, the net profit of Zhongan Online has a large undertaking. According to Wind data, from 2017 to 2019, Zhongan's online net profit was 996 million yuan, 1.797 billion yuan, and 639 million yuan, respectively; in 2020 and 2021, profitability was achieved, with net profit of 254 million yuan and 757 million yuan, respectively.

(Picture source: Wind)

In the first half of 2022, Zhongan Online achieved a total premium of 10.515 billion yuan, an increase of 6.8%year -on -year; the underwriting profit was 81 million yuan, an increase of 63.4%over the same period last year; the net profit loss was 680 million yuan, and the net profit of the mother was 622 million yuan.

From the financial report, healthy ecology and digital life ecology are the core sectors of Zhongan Online. In the first half of the year, the total premiums of healthy ecology were 4.33 billion yuan, accounting for 42%, an increase of 10%over the same period last year; the total premiums of digital life ecology were 3.819 billion yuan, accounting for 36%, an increase of 14%over the same period last year.

(Picture source: Zhongan Online 2022 mid -term report)

It is worth mentioning that based on the comprehensive cost rate in the first half of the year, it was further optimized to 99.2%, of which the cost rate decreased by 7.0 percentage points, and Zhongan's online underwriting profit increased. However, the weak market performance caused the decline in investment revenue and the appreciation of the US dollar caused the company's planned bills to generate exchange losses of more than 300 million yuan. In the first half of the year, Zhongan's net profit loss loss was 680 million yuan, and the net profit loss of mother -in -law was 622 million yuan.

The financial report shows that in the first half of 2022, the investment yield of insurance capital asset management of Zhongan Online was affected by factors such as the fluctuation of the capital market, the fluctuation of market interest rate fluctuations, and the increase in impairment. 275 million yuan, a net fair value of a net amount of -165 million yuan. During the same period, the company's net investment yield was 1.1%, a year -on -year decrease of 0.2 percentage points; the total investment yield was 0.3%, a year -on -year decrease of 3.2 percentage points.

(Picture source: Zhongan Online 2022 mid -term report)

It is worth noting that before the mid -term report was released, Zhongan Online issued a profit warning on July 20. The next day, Zhongan's online stock price opened low and low, opened at 21.4 Hong Kong dollars/share, and fell to a new low of 19.14 Hong Kong dollars/ Stocks fell by 10.44%a day. From July 21st to September 14th, Zhongan's online rose and declined -0.22%, and the annualized yield was -1.42%.

(Picture source: Wind)

At the same time, on January 20th, Mr. Ma Yun, the actual controller of Zhongan's online shareholder Ant Group, reduced its holdings of 46.5371 million shares, cashed out 1.188 billion yuan, and the shareholding ratio of 10.74%after the reduction was reduced; 666 million yuan, 8.09%of the shareholding after reducing holdings. Zhongan Online Interim Report shows that Mr. Ma Huateng holds 54.29%of the company's shareholder Tencent Computer System. At the same time, the 25 million shares held by the company's shareholders Youfu Holdings Co., Ltd. were pledged and 39.84 million shares were frozen.

(Picture source: Wind)

Compared with the end of the last year, the payment capacity is declining, and insurance consumption complaints are in the forefront

During the above shareholders' reduction, Zhongan Online also launched a capital supplementary bond plan. On April 20, the company held a temporary shareholders' meeting to review the 10-year capital supplementary bonds with a total amount of no more than RMB 7 billion and the company's "2022-2024 Three-year Capital Planning Report" within two years from the date of the resolution. For the use of capital and bonds, Zhongan Online did not announce it, and industry professionals said that the company's issuing bonds raised funds may be supplemented. According to the financial report, as of the first half of 2022, Zhongan's online actual capital and core capital were 15.581 billion yuan, a decrease of 1.2 billion yuan from the end of 2021; the core and comprehensive solvency sufficient ratio of 314%, a decrease of 158 percentage points from the end of 2021.

(Picture source: Zhongan Online 2022 mid -term report)

It should be noted that in the process of business, Zhongan online still has insurance consumer complaints and legal litigation risks. The first quarter of insurance consumption complaints announced by the China Banking Regulatory Commission showed that the total number of complaints from Zhongan Online, including 269 and 50 claims and sales disputes, 7th in the property insurance company; 100 million yuan premium complaints 8.05 Piece/100 million yuan, 13th in property insurance companies.

As of September 15, Zhongan Online involved 622 complaints on the black cat complaint platform; complaints involved Alipay Zhongan online unreasonable deduction, refused to claim the epidemic isolation insurance, the product promoted privately, and the consumers compensated for compulsory forced to compensate for compulsory compulsory. Operation, etc.

At the same time, the company's investigation showed that 61 people's records were recorded online, with a total execution amount of 10.2516 million yuan; 4,381 referee documents involved a total amount of cases, with a total amount of 343,394,200 yuan, accounting for 45.01%as the defendant's documents; It involves 266 court announcements, 5699 announcements of the trial, 225 announcements and 4020 case information information.

(Picture source: official website of the China Banking Regulatory Commission) Please click to enter the picture

(Photo source: Enterprise check)

In addition, on August 2, 2021 (announced time), the CBRC promoted the insured on the self -operated network platform existing on Zhongan Online. Insurance terms and insurance rates, the four illegal acts and illegal acts are compiled or provided with false reports, reports, documents, and data, and a total of 2.02 million yuan in the company and related responsible persons are fined.

Therefore, for the problems and risks of the Internet insurance business exposed, the CBRC issued the "Measures for the Supervision of Internet Insurance Business", and used the "Notice on Standardizing the Staying Management of Internet Insurance Sales Behavior" and other standardized documents supporting Internet insurance supervision Institutional systems, improve the flexibility and effectiveness of the supervision of the Internet insurance field, gradually build a creek -based Internet insurance system, and effectively protect the rights and interests of insurance consumers.

(Reporter Luo Xuefeng Financial Researcher Liu Lixiang)

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