Since Huatai Insurance announced a delay in the disclosure of its 2021 annual report before January, there has been no further news so far.
According to the disclosed information, the reason for the delay of the annual report is that the re-election of the board of directors has not been completed.After many twists and turns, the Anda Department finally got hold of Huatai Insurance as it wished. In the past year that has experienced the struggle for controlling rights, how is the operation of Huatai Insurance? This annual report that has not yet been released has attracted attention. It is expected that the annual report in 2022 will be more Attention, after all, 2022 is the first year after Huatai Insurance turned into a foreign insurance company.
Judging from the current industry status and the performance of Huatai Life and Property and Casualty, the annual report of Huatai Insurance in 2021 may not be very eye-catching.
Net profit declines, and investment is cold
. From an industry perspective, the performance of insurance companies in the first quarter was mostly unsatisfactory.
In addition to the continuation of the previous year's decline, the debt side was under obvious pressure, and the investment side was also hit hard under the downward pressure on the capital market.
Huatai Property & Casualty Insurance and Huatai Life Insurance were also unable to escape the general trend of the industry, and many investment indicators were negative.
In the first quarter of 2022, Huatai Insurance achieved an insurance business income of 4.795 billion yuan and a net profit of 81 million yuan.
The specific performance is that Huatai Property & Casualty Insurance realized insurance business income of 2.457 billion yuan and a net profit of 95 million yuan; Huatai Life Insurance realized insurance business income of 2.338 billion yuan, with a net profit loss of 14 million yuan.
It is worth noting that in the first quarter, Huatai Property & Casualty Insurance achieved a signed premium of 2.347 billion yuan, and the signed premium from brokerage channels accounted for 53.47%.It is mainly based on non-auto insurance business premiums, and auto insurance contract premiums only account for 34.98%.
The performance of the investment side can only be said to be "going with the flow".It is difficult for Huatai Property & Casualty Insurance to break 1% investment yield, and Huatai Life Insurance is even more difficult to maintain its face, and many investment indicators are negative.
The specific performance is that the net investment rate of return of Huatai Property & Casualty Insurance is 1.71%, the total investment rate of return is 0.62%, the investment rate of return is 0.47%, and the comprehensive investment rate of return is -0.38%.
Huatai Life's return on net assets is -0.32%, the return on total assets is -0.04%, and the comprehensive investment return rate is -0.22%.
As a key indicator of the company's solvency in the first quarterly report, both Huatai Property & Casualty Insurance and Huatai Life Insurance declined due to the supervision of the second phase of C-ROSS.
Huatai Property & Casualty Insurance's core solvency fell by 65.82 percentage points from the previous quarter in the first quarter, and its comprehensive solvency fell by 62.23 percentage points.
Huatai Life's comprehensive solvency adequacy ratio and core solvency adequacy ratio in the first quarter showed opposite performance.The core solvency decreased by 7.94% from the previous quarter, and the comprehensive solvency adequacy ratio increased by 22.7% from the previous quarter.
Although the operating financial report of Huatai Insurance in 2021 has not been disclosed, the net profit of its property and life insurance business has declined.
In 2021, Huatai Property & Casualty will realize insurance business income of 7.946 billion yuan, a year-on-year increase of 8.3%.The net profit was 486 million yuan, a year-on-year decrease of 6.12%.
Mainly due to the increase in the unexpired liability reserve and the decrease in investment income during the reporting period, the revenue decreased by 5.82%, and the net profit decreased due to the decrease in income tax expenses.
From the perspective of insurance types, compulsory traffic insurance, motor vehicle and commercial third-party liability insurance, and home property insurance are the cornerstones that support premiums.
In 2021, Huatai Property & Casualty Insurance's premium structure will be adjusted.Home property insurance has become the main force supporting the growth of original insurance premiums, which increased by over 40% year-on-year to 1.005 billion yuan compared with 2020.
As the main insurance types, compulsory traffic insurance and motor vehicle and commercial third-party liability insurance achieved premiums of 1.574 billion yuan and 1.462 billion yuan respectively, down 6.64% and 31.9% year-on-year compared with the original insurance premiums in 2020.
Among the top 5 commercial insurance types of Huatai Property & Casualty Insurance in 2021, the original insurance premium income of motor vehicle insurance ranks first.However, it is worth noting that its underwriting profit lost 106 million yuan.
From the perspective of sales methods, in 2021, Huatai Property & Casualty Insurance will still focus on exclusive insurance agents, achieving an original insurance premium of 3.028 billion yuan.However, it accounted for a decrease of 12.24 percentage points compared with 2020.
Brokerage of heavy customers, other insurance agents and direct sales of original insurance premiums all increased compared to 2020.The year-on-year increases were 50.67%, 12.92% and 30.79% respectively.
In terms of life insurance, Huatai Life Insurance will realize insurance business income of 6.474 billion yuan in 2021, a slight increase of 3.65% year-on-year, and a net profit of 282 million yuan, a year-on-year decrease of 31.55%.
The decrease in net profit of Huatai Life was mainly due to the increase of surrender funds, the increase of insurance liability reserves, policy dividends, taxes, additional business and management fees, and other business costs. The operating expenses increased by 12.43% year-on-year, which was greater than the revenue growth rate of 11.09%. %, the superimposed non-operating income has decreased by more than 90% year-on-year, and the increase in income tax expenses will lead to a decline in Huatai Life's net profit in 2021.
In 2021, Huatai Life's premium structure is dominated by participating life insurance, ordinary life insurance, and health insurance, with premiums of 2.341 billion yuan, 2.452 billion yuan, and 1.587 billion yuan respectively.
In addition to the year-on-year increase of more than 40% in ordinary life insurance premiums, the proportion of participating life insurance and health insurance premiums has decreased compared with 2020.
Compared with the sluggish growth of new policy premiums in the life insurance industry, Huatai Life Insurance's first-year new policy premiums in 2021 will increase by more than 20% year-on-year to 1.219 billion yuan.
In contrast, the performance of renewal premiums increased slightly by 0.99% compared with 2020, and the single premiums fell sharply by more than 50% compared with 2020.
From the perspective of channels, the main sales force of Huatai Life Insurance is the personal agent, which contributes more than 80% of the premium.However, affected by the general trend of the life insurance industry, personal agency premiums fell by 2.77% year-on-year compared to 2020.
Under the general environment of the industry, the sales of individual insurance were blocked, and insurance companies suddenly looked back and restarted the bancassurance channel, and Huatai Life Insurance was no exception.
Compared with 2021, the postal agency premiums of corporate banks have increased by more than 90% year-on-year to 902 million yuan compared with 2020.
As an inevitable consideration, the company's fee expenses climbed from 55 million yuan in 2020 to 153 million yuan, a year-on-year increase of 178.18%.
Frequent incidents of violations
At the first extraordinary general meeting of shareholders in 2022 held by Huatai Insurance, Wang Zimu, the soul of the company, was no longer re-elected as a director of the eighth board of directors due to his age, and Zhao Minghao and Li Cunqiang were elected as executive directors of the eighth board of directors.
With the changes in the company's equity in recent years, especially after the official holding of the Anda Department, changes in executives followed.
According to the solvency report of Huatai Property & Casualty Insurance in the first quarter, Wang Junjian officially became the general manager of Huatai Property & Casualty Insurance, and Chen Peiqi replaced Liu Jinyou as the company's compliance officer.This is one of the signs that the Anda Department started to operate.
Wang Junjian was born in the Anda department, and served as the senior underwriter, Hong Kong manager, North Asia director, Asia director, Asia Pacific director of Anda Insurance Hong Kong Company, as well as the president of Hong Kong, Taiwan and Macau.ACE Insurance Macau Co., Ltd. serves as a director; ACE Insurance Hong Kong Co., Ltd. serves as a director.
With the changes in equity and personnel, the company has been punished repeatedly for violations.
Recently, the Heilongjiang Supervision Bureau's statistics on the complaints of banking and insurance consumer institutions in the province in the first quarter showed that Huatai Life Insurance ranked first in the number of complaints of 100 million yuan of premiums from life insurance companies with 11.37 cases per 100 million yuan.
According to the disclosure on the website of the China Banking and Insurance Regulatory Commission, there have been frequent violations of Huatai Property & Casualty Insurance and Huatai Life Insurance.
In January, Huatai Life Insurance Sichuan Branch and Chizhou Central Branch of Anhui Branch changed the business premises of Tianjin Marketing Service Department without approval, failed to take back the resignation practice certificate of sales employees, and failed to complete the cancellation procedures for the resigned employees in time. The Chizhou Supervision Bureau fined a total of 35,000 yuan.
In March, Huatai Property & Casualty Insurance Ji'an Central Branch was fined 150,000 yuan for illegally underwriting vehicles outside the province, and the responsible person was warned and fined 30,000 yuan.
In April, Huatai Life Insurance Quzhou Central Branch was fined 10,000 yuan for not accurately registering the basic information of insurance agents, and its employees were warned and fined 20,000 yuan for deceiving policyholders, insureds or beneficiaries.
During the same period, Huatai Property & Casualty Insurance Ordos Central Branch was given a warning and fined 20,000 yuan for the preparation of false statements.
It is worth noting that five months ago, this company was also fined 160,000 yuan for preparing false reports.
In May, Huatai Life Insurance Beijing Branch was given a warning and a fine of 10,000 yuan due to irregularities in the retrospective internal control management of insurance sales.
