The general manager of Beibuwan Property & Casualty Insurance has been approved to "turn right", facing the test of net interests in revenue, and the test of boosting solvency

(Picture source: Oriental IC)

Recently, the Beibu Bay Property Insurance announced that Wang Jianwei, the proposed general manager, was approved, and officially opened to the road of coach at the end of 2024. This national legal person's property insurance company in Guangxi, after experiencing a decline in premiums, turning profit to losses, and increasing capital "stranding" and other dilemma, will be led by Wang Jianwei and the management of the people. The market -oriented path is worthy of continuous attention.

Personnel changes are brewing: market -oriented recruitment, the general manager "turns right"

The general manager of Beibuwan Property & Casualty Insurance has finally settled. On June 28, Beibuwan Property & Casualty Insurance announced on the official website. After decision by the company's board of directors, and reporting to the Banking Regulatory Commission for qualifications, the company appointed Wang Jianwei as the general manager on June 21, 2022. Forgive Wang Jianwei's temporary person in charge.

Born in 1971, Wang Jianwei has been working in the insurance industry for many years. He was the vice president of Hua'an Property & Casualty Insurance, the general manager of Zhejiang Branch, and the deputy general manager of Zhongmin Hanzheng Insurance Brokerage Company. In January 2022, after the market -oriented marketization of the Beibu Bay Property & Casualty Insurance, he became a proposed general manager and served as a temporary person in charge. To be approved by supervision, Wang Jianwei's general manager also removed the word "to be appointed".

Looking back, Beibuwan Property & Casualty Insurance, as the first national legal insurance institution in Guangxi Province, was established in 2013. It was initiated by 13 companies including Guangxi Financial Investment Group Co., Ltd. (hereinafter referred to as "Guangxi Jindou") to actively control human beings. The State -owned Assets Supervision and Administration Commission of Guangxi Zhuang Autonomous Region.

Before Wang Jianwei, the Beibu Bay Property & Casualty Insurance had gone through two general managers. The first Huang Yingzhao had worked for PICC Property & Casualty Insurance and Earth Insurance. The key identity was that it came from shareholders Guangxi Jintou; Chen, who has served as the general manager of the general manager since November 2018 The mountain comes from the insurance regulatory system. In 2014, he entered the Beibu Bay Property & Casualty Insurance. He was the deputy general manager and head of financial leaders, chief investment officer, and other positions.

Wang Jianwei's office stems from a personnel reform in Beibu Bay Property and Casualty Insurance. In recent years, Guangxi Jintou shareholders Guangtou Group proposed the slogan of "gathering the world's talents", and put forward the idea of ​​"the idea of ​​transition and clarification of talent work, and adhere to flexible talents." In 2021, when investigating the property and insurance of Beibuwan, Guangtou Group once again emphasized that it is necessary to accelerate the reform of the personnel of the institution, adhere to the principle of marketization, and promote the work of the headquarters to "organize" and the reform of branches. Contract management system.

In this context, in November 2021, Beibuwan's property insurance launched a market -oriented recruitment at the "big pen" executive level: 1 general manager and 3 deputy general manager. Two months later, Wang Jianwei intends to be announced by the general manager.

Subsequently, the management of the Beibu Bay Property and Casualty Insurance Management conducted a large -scale iteration. Two deputy general manager, assistant general manager, person in charge of finance, compliant person in charge, and person in charge of audit, etc., all reviewed and approved at the board of directors in February 2022. Essence

"Marketization and reconstruction of leadership teams are an important aspect of market -oriented reform of state -owned enterprises. Through the inflow of talents, new management concepts, business ideas, and reviewing the development of the company from a market -oriented perspective." The analysis of Blue Whale Insurance was proposed, and at the same time, she also reminded that "need to pay attention to the running in between the new teams, the new idea and the company's original business philosophy and personnel structure."

Double pressure on premiums and profits, the capital increase plan is "stranded", and the payment capacity is still to be boosted

Wang Jianwei was approved by his qualifications, officially served as the general manager, and the burden on the development of Beibuwan's property and insurance operation was also compacted on his shoulders. For the local legal person and insurance companies that endorses the state -owned enterprise, there are still a lot of pressure to be solved in detail.

In 2013, the newly established Beibu Bay Property & Casualty Insurance achieved operating income of 327 million yuan, and then passed the 1 billion mark in 2015, but since 2019, the growth rate has slowed significantly. The increase is less than 10 %. In 2021, the insurance business income appeared 0.6%of the contraction.

In terms of profitability, in 2016, the establishment of three full -year Beibu Bay Property and Casualty Insurance to make a profit. The annual net profit reached 45.305 million yuan, but it was not stable. From 2017 to 2020, the profit was 80.7 million yuan and 100 million yuan, respectively. , 5.26 million yuan and 106 million yuan. However, in 2021, with the decline in premium income, Beibuwan's property insurance reappeared losses, and its net profit was -159 million yuan.

The loss is mainly reflected in the business side. Among the top five insurance types, only the second largest insurance agricultural insurance achieves profitability. Auto insurance, accident insurance, liability insurance and health insurance have suffered to varying degrees of losses. The loss reached 178 million yuan.

In this regard, the Beibu Gulf Property & Casualty Insurance stated in the annual report that in 2021, it was affected by factors such as comprehensive auto insurance reform, business structure adjustment, and high compensation of various business segments. Various indicators of business development planning, especially the strategic risk of profit and payment cost indicators, strategic risks There are certain deviations in preferences.

Due to the turnover of net profit, the actual capital of Beibuwan Property & Casualty Insurance in 2021 has declined. At the same time, under the influence of business structure and investment structure, the minimum capital increases. Under the comprehensive effect, the comprehensive settlement rate of Beibu Bay Property & Casualty Insurance at the end of 2021 appeared. The decline of 30 percentage points reached 192.49%.

As an important means to boost solvency, debt issuance and capital increase are the first choice for Beibuwan's property insurance. At the end of 2020, Beibu Gulf was allowed to publicly issue 10 -year redeemed capital supplementary bonds in the national interbank bond market. After the issuance scale of not exceeding 800 million yuan, at the end of 2021, Beibuwan Property Insurance intends to issue 300 million shares. Capital increased from 1.5 billion yuan to 1.8 billion yuan, of which Zhongheng Group, a related party, participated in the capital increase and expansion of not more than 450 million yuan. For capital increases, it is also clearly used to improve the ability to pay for the property and insurance of the Beibu Gulf, the insured capacity, the profitability, and the ability to resist risks. At the same time, Zhongheng Group announced that it intends to subscribe for the first phase of capital supplementary bonds in the first phase of the Beibu Bay Property & Casualty Insurance for not more than 100 million yuan, and the investment period is not less than 5 years. Although Zhongheng Group stated that participation in capital increase is "making a measure to make full use of the company's cash to increase investment income, which is conducive to the company's gains of value -added income and investment value return in Beibuwan's property insurance." However, based on the cross -industry investment of Zhongheng Group, which is mainly based on pharmaceutical manufacturing, combined with the loss of the Beijing Bay Property & Casualty Insurance, and frequent considerations of Zhongheng Group's related transactions, the Shanghai Stock Exchange immediately asked Zhongheng Group.

Facing the strict question of "whether to invest in the controlling shareholder and its affiliates or provide funding support, whether it harms the interests of small and medium investors", Zhongheng Group will stop participating in participation in the capital increase of capital and insurance in Beibu Gulf Capital supplementary bond announcements to answer.

It is planned to be stranded at the end of 2021, and so far, the Beibu Bay Property & Casualty Insurance has not launched a new capital increase plan. In weak performance and no capital supplement, helplessly, at the end of the first quarter of 2022, Beibu Bay Property & Casualty Insurance passed the "starting emergency plan", and the "cooperation of various departments" promoted the core and comprehensive solvency adequacy ratio to 173.14%and 214.6, respectively. %.

However, this is not a long -term strategy. From the perspective of the performance, in the first quarter, the Beijing Bay Bay Property Insurance had a net loss of 95.466 million yuan. The premium income contracted by about 20%year -on -year. The comprehensive cost rate reached 113.02%, which was not optimistic. It is also in the context of the increasing loss of losses and the increasing receivable premiums that Beibuwan Property & Casualty Insurance is expected to fall by about 19 percentage points in the next quarter.

In order to improve the solvency, Beibu Bay Property & Casualty Insurance also proposed that it is planned to advance in three aspects. One is to adjust the business structure, strengthen the control of underwriting control, and the cost of compression costs. The third is to promote the issuance of capital supplementary debts to increase actual capital. Beibuwan Property & Casualty Insurance revealed that it is expected to issue 550 million yuan in capital supplementary debts to improve solvency in the second quarter of 2022.

The second quarter of 2022 is about to end, and the New Bay Property & Casualty Insurance has not disclosed a new momentum. How to break the situation is to pay attention.

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