Yongan Insurance's net profit has fallen two consecutive times, and the former chairman was exp

On May 27, Yongan Insurance River Source was punished for unauthorized change of business places without the approval of the regulatory department. At the same time, the former chairman was taken away from investigation. At the time of the frequent compliance issues, Yongan Insurance has fluctuated in insurance business income and net profit in recent years.

In recent years, Yongan Property Insurance Co., Ltd. (hereinafter referred to as: Yongan Insurance) has repeatedly attracted the attention of the industry for issues such as corporate governance, compliance operations, and executives. On May 27th (announcement time), Yongan Insurance River Source Center Branch was punished without the approval of the regulatory department's approval of changing business places without authorization.

Before the company was punished, the former chairman of Yongan Insurance was taken away by the investigation. The five typical issues of violations of the eight central regulations of the Shaanxi Provincial Discipline Inspection Commission's supervision of the Discipline Inspection Commission showed that Tao Guangqiang, the former secretary of the party committee and chairman of Yongan Insurance, has the problems of illegal acceptance of gifts, borrowing management and service objects.

It is worth mentioning that when the issue of compliance is frequent, Yongan insurance performance is not ideal. The annual report data found that Yongan Insurance has fluctuated in the insurance business income and net profit in recent years, and the net profit fell in 2021, and there was a loss in the first quarter of this year. In response to the above issues, I found that the network sent an interview letter to the request to explain the question, but as of press time, Yongan Insurance did not give a reasonable explanation.

He was punished again for violations of laws and regulations.

Public information shows that Yongan Insurance was established in Xi'an on September 28, 1996. It is currently a state -owned capital holding enterprise. The main shareholders are extended oil groups, Shanghai Fosun Group, Shaanxi Nonferrous Group, etc. The existing registered capital is 3.09 billion yuan.

According to the official website of Yongan Insurance, as of the end of 2021, it had a total of 142 institutions, including 28 branches, 1 shipping insurance operation center, and a thousand companies in the central branch company, branch company, marketing service department and business department.

Many branches have also challenged Yongan Insurance compliance operations. On May 27th, the public information on the administrative punishment information published by the Heyuan Banking Insurance Regulatory Bureau showed that the Yongan Insurance Heyuan Center Branch was fined 20,000 yuan for unauthorized change of business places due to the approval of the regulatory department. Yuan.

(Picture source: official website of the China Banking Regulatory Commission)

It was found that the network was not complete statistics. In 2021, Yongan Insurance and its branches received a total of 22 tickets, and the cumulative penalty was not 3.44 million yuan. Among them, the administrative penalty decision announced on February 23, 2021, 2021, shows that from April 17th to 26th, 2019, Yongan Insurance Audit Center conducted a special audit of the company's 2018 related transaction management. There are 1827 unsatisfactory insurance business -related transactions, and the premium income amount is 4.169 million yuan.

On August 14, 2019, Yongan Insurance reported to the China Banking Regulatory Commission "Yongan Property Insurance Co., Ltd.'s Self -Inspection Report on the Special Rectification of Equity and Related Transactions" (Yongbao Zi [2019] No. 626). This question. In response, the Banking Regulatory Commission fined a total of 260,000 yuan in Yongan Insurance and relevant leaders.

(Picture source: official website of the China Banking Regulatory Commission)

After being punished in 2021, on April 26, the relevant media reported that the CBRC issued the "Notice on the Quality of the Equity and Related Transaction Supervision Information System of Bank Insurance Insurance Insurance Insurance Insurance Insurance Institutions", of which Yongan Insurance did not complete the equity system and the equity system and Basic data reporting of related transaction systems.

In addition to the issue of compliance operations, Tao Guangqiang, Secretary of the Yongan Insurance Party Committee and Chairman, has made new progress. On August 5, 2021, the website of the National Commission for Discipline Inspection disclosed that Tao Guangqiang, Secretary of the Yongan Insurance Party Committee and Chairman of the Yongan Insurance Party Committee, was suspected of serious disciplinary violations and was undergoing disciplinary review and supervision investigation.

On April 26, the Shaanxi Provincial Commission for Discipline Inspection publicly notified five typical issues of spiritual spirit in violation of the eight regulations of the Central Committee. One of them was Tao Guangqiang, the former secretary of the Yongan Insurance Party Committee and Chairman of the Yongan Insurance Party Committee and chairman Tao Guangqiang.

The report shows that from the Spring Festival from the Spring Festival in 2013 to 2021, Tao Guangqiang successively received gifts from 16 people including management and service objects in violation of regulations, which was equivalent to a total of 299,000 yuan. From the second half of 2017 to January 2021 and July 2021, Tao Guangqiang borrowed one car for two management and service objects for long -term use.

Tao Guangqiang also has other serious violations of discipline and law. In March 2022, Tao Guangqiang was dismissed by the dismissal of party membership and government affairs, and his position was determined according to the level 6 of the management sequence.

(Source: Government Website of Shaanxi Provincial Commission for Discipline Inspection)

Yongan Insurance's first quarter solvency report shows that Tao Guangqiang served as the company's party committee secretary from November 2016 to January 2022. In February 2016, he served as chairman and executive director of the company. Former party secretary and deputy general manager of the Northwest Hotel, deputy general manager of Shaanxi Extended Petroleum (Group) Co., Ltd., Chairman of Oilfield Co., Ltd., and Party Secretary of the Party Committee. On March 30, 2022, Tao Guangqiang was removed from the company's 5th chairman of the board of directors.

(Source: Yongan Insurance for the first quarter of 2022

A subsidiary of the major shareholders make up, and the net profit declines continuously

On November 1, 2021, the temporary meeting of Yongan Insurance's fifth board of directors was reviewed and approved, and the chairman of the chairman of Sha Chunzhi, the director of the Director of the Director, was approved. Three months after the duties of the chairman of the Prade, on January 24th, according to the "Notice on Comrade Chang Lei" (Shaanxi Tzu [2022] No. 35), Comrade Chang Lei served as Secretary of the Secretary of the Party Committee of Yongan Insurance Party Committee. On February 13, the Shaanxi Provincial People's Government approved the appointment of Chang Lei as the chairman of Yongan Insurance. It should be noted that the position of the general manager of Yongan Insurance is still vacant.

(Source: official website of the Shaanxi Provincial People's Government)

It is understood that Chang Lei had previously served as deputy general manager of Shaanxi Financial Asset Management Co., Ltd. (hereinafter referred to as: Shaanxi Financial Management). The investigation of the enterprise shows that the Shaanxi Financial Management was established in August 2016 and is managed by the Shaanxi Provincial People's Government. It is also one of the major shareholders of Yongan Insurance.

(Photo source: Enterprise check)

It is worth noting that whether Chang Lei's appointment can bring to Yongan Insurance's corporate governance and business operations, it is unknown, but the current performance of Yongan Insurance is not optimistic. Since its establishment, the premium of Yongan Insurance has continued to grow. With the changes in the market environment, Yongan insurance performance has fluctuated, especially during Tao Guangqiang's tenure.

Data show that in 2015, Yongan Insurance's premium business revenue was 8.10 billion yuan and net profit was 833 million yuan; in 2016, its premium business revenue increased to 9.102 billion yuan, and by 2021, Yongan Insurance's premium business revenue was 10.976 billion yuan. On the other hand, net profit was 643 million yuan in 2016, a year -on -year decrease of 22.83%; in 2017 and 2018, it decreased to 301 million yuan and 181 million yuan; the net profit of Yongan Insurance in 2019 increased, an increase of 59.29%year -on -year to 289 million yuan; In the year and 2021, the net profit was 283 million yuan and 203 million yuan.

(Picture source: Wind)

In the first quarter of 2022, Yongan Insurance's insurance business revenue was 3.136 billion yuan, and the net profit was -502.69 million yuan; the core and comprehensive solvency sufficient ratio was 218.21%, a decrease of 32.96 percentage points from the end of the previous quarter.

Picture source: Yongan Insurance Report in the first quarter of 2022

It should be mentioned that for the business situation in the first quarter, Yongan Insurance held a business analysis meeting pointed out that despite the affected by the epidemic and other factors, the company's business development in the first quarter was still good. The year -on -year decrease of more than 1 percentage point, the cash flow is sufficient, and a good start in the first quarter.

However, industry professionals said that the long -term vacancies of Yongan Insurance Manager, the incomplete corporate governance structure, and the problems of compliance operations will have a adverse impact on the company's management and performance. In fact, Yongan Insurance has more movements in strengthening compliance operations, and frequently held work conferences such as prudent supervision, compliance management, and risk prevention, but how the follow -up results still take time inspection.

(Reporter Luo Xuefeng Financial Researcher Liu Lixiang)

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