Securities Times reporter Liu Jingyuan
In the environment of increasing investment volume and rising credit default risk, insurance capital investment, which has always focused on soundness and safety, is no longer indestructible.Recently, several insurance companies have disclosed information on historical risk events and expressed their desire to promote risk mitigation.
The person in charge of the investment of an insurance company said that "everyday there is a lot of psychological pressure", but still maintain a positive attitude. The progress of the phased disposal of some risk projects is better than initially expected.
Breach of contract is not uncommon
According to a reporter from the Securities Times, there have been reports of insurance companies encountering defaults in recent years. Several insurance companies have disclosed credit risks in their 2021 annual reports or recent quarterly solvency reports, and said they are promoting relevant resolution work.
The annual report of the listed company Zhongtian Finance shows that due to the influence of the real estate industry regulation and other influences in 2021, the holding subsidiary Zhongrong Life Insurance will not meet expectations, and the asset-side business will cause a large impairment loss.According to reports, Zhongrong Life Insurance mainly stepped on the thunder of a certain real estate company, Baoneng Department and HNA Department-related bonds, trust plans and other products, and the related impairments accrued reached more than one billion.
According to the 2021 annual report of Yongan Insurance, as of the end of 2021, an asset management product held by the company had a substantial default.
According to the Securities Times reporter, various insurance companies have different disclosure standards for credit risk encounters, and selective disclosure has always existed.If there is no credit risk event, it will directly indicate that there is no default in the annual report, and if there is a credit risk, it is not necessarily disclosed. Therefore, the number of insurance companies that actually experience credit risk is more than the number of insurance companies that publicly disclose information.
Judging from several insurance companies that have invested in CFLD-related bonds, debt investment plans, and trust investment plans, in addition to the Ping An Department, other insurance capital institutions that step on the thunder have generally not disclosed.
The investment director of an insurance institution bluntly stated that with the increasing downward pressure on the economy, some projects invested by insurance companies in pursuit of relatively high returns in the past may face greater pressure of default this year.
An insurance asset management executive said that credit financial products are highly correlated with the economic cycle, and some creditor’s rights plans fully comply with risk control requirements when issued, but with changes in the economic environment, related projects or entities may be subject to unexpected risks. Influence, liquidity is tight, resulting in the problem of debt repayment pressure.As the scale of investment expands, such a situation is inevitable.
Since this year, regulators have required insurance companies to disclose information on major investment losses in their quarterly solvency reports, and more information in this regard may be made public in the future.
Promote historical risk resolution
As defaults are inevitable, some insurance institutions have paid more attention to credit risks in recent years, and have started risk disposal and mitigation.
Bohai Life Insurance disclosed in its 2020 annual report that several products it invested in had defaulted; in its 2021 annual report, the company stated that it would actively implement penetrating management, comprehensively sort out the risk status of underlying assets, steadily promote the disposal of investment risk projects, and reasonably accrue risks Project impairment provision, and according to market changes and the company's investment strategy, suspend investment in alternative assets and take the initiative to reduce the holdings of urban investment bonds in some low-level administrative regions.However, due to the impact of historical risk projects, the recovery of principal and interest of some investment projects is still uncertain and faces a greater risk of default.
Ruitai Life has disclosed in its 2020 annual report that there is a high probability that the principal and interest of the HNA bonds it holds will be extended; in the 2021 annual report, Ruitai Life said in this part that in terms of HNA bonds, the company has received "11 HNA 02" Debt repayment resources of 260,000 yuan in cash and 15,958,900 "ST HNA" shares were exchanged. The company will continue to pay attention to the implementation in the follow-up.
Ruitai Life also mentioned that in terms of the credit risk of accounts receivable, it is necessary to focus on the receivables (net value of RMB 80.5 million) arising from the transfer of the beneficiary rights of Huaxin Trust.According to the provisions of the Trust Benefit Transfer Agreement, this amount will be repaid after the trust plan is liquidated.As of the end of 2021, the trust scheme has not been liquidated.The company will actively follow up the progress of the repayment of the trust plan, supervise and complete the recovery of the receivables according to the terms of the contract.
In addition, insurance companies such as Bohai Property and Casualty Insurance also mentioned that some historical non-standard assets have experienced different degrees of risk, and are promoting the risk resolution of defaulted non-standard investment assets.
An insurance company investor said that in reality, after the investment defaulted, the first few days were particularly tense and stressful.In particular, small and medium-sized institutions often encounter defaults by investing in non-standard asset management products. If they do not have a corresponding team, in addition to contacting the product trustee, they also need to consult external third parties such as legal service providers to deal with ideas and specific measures. Waiting for a lot of work.
An insurance asset manager believes that to avoid default risks, the most important thing is to have a sound credit risk management and control system, which can play a key role in the occurrence of risk signals or errors in judgment. At the same time, some insurance institutions should also emphasize the risk control team. To be integrated into the entire investment management cycle.
【Editor: Shao Wanyun】
