Text|Perseverance. **Bowang Finance.
Recently, the news of the veteran listed insurance company China Pacific Insurance has been frequent.
What is most interesting is not the frequent change of management.
On the evening of December 11, CPIC announced that the notice of the 29th meeting of the 9th board of directors of the company was issued in writing on December 6, 2023 and held in Shanghai on December 11, 2023. Until Fu Fan's qualifications as chairman are approved, Kong Qingwei will continue to perform his duties as chairman. At the same time, it was agreed to appoint Zhao Yonggang as the President of the Company for a period of time until the expiration of the current Board of Directors. Until Zhao Yonggang's qualifications as president are approved, Fu Fan will continue to perform his duties as president. It is reported that Kong Qingwei is no longer the secretary of the CPIC Party Committee due to his age.
That is, the Chinese Taibao.
The first and second leaders have all been replaced, and a new leadership group has taken shape.
On the same day as this announcement, according to the information of the Hong Kong Stock Exchange, Schroders PLC ** China Pacific Insurance 570020,000 shares, priced at 14 per shareHK$8,751, with a total amount of about HK$8,479100,000 Hong Kong dollars, ** after the number of shares held is about 38.8 billion shares, the latest shareholding ratio is 1398%。
In addition, CPIC's performance was under significant pressure, with operating income of 2,559 in the first three quarters2.6 billion yuan, a slight increase of less than 1% year-on-year, and net profit fell sharply by 24 year-on-year39% to 2314.9 billion yuan. In this regard, CPIC explained that it was mainly affected by changes in the capital market, the switch of new standards and disasters.
Under the leadership of the new leadership, where will the giant ship of the CPIC go?
Personnel adjustment actions are frequent, and the first and second handles are all replaced
For the change of leadership, the industry has given affirmation, which is inseparable from Fu Fan's rich experience in asset management, insurance and other financial fields.
It is reported that Fu Fan, who is about to become the chairman of the ninth board of directors, was born in October 1964 and is currently the executive director and president of CPIC and the director of CPIC Assets. It is worth mentioning that Fu Fan is also an important participant in CPIC's three major strategies of "big health", "big region" and "big data", as well as an important participant in the steady development and transformation breakthrough of major business segments.
Born in November 1972, he has served as the director of the Party and Mass Work Department of CPIC, the director of the Strategic Transformation Office of CPIC Life, the general manager of Heilongjiang Branch, the general manager of Henan Branch, the chairman of CPIC Life Insurance Labor Union and the director of human resources, the chairman and vice president of the labor union of the Company, and the vice chairman and director of the board of supervisors of Haitong ** listed on the Shanghai Stock Exchange and the Stock Exchange.
CPIC's management changes are still ongoing, and if the time is further extended, it also fired Sun Peijian, chief risk officer, and on the same day, independent director Chen Jizhong also filed for resignation.
On October 28, CPIC announced that the board of directors reviewed and passed the "Proposal on the Dismissal of Mr. Sun Peijian as Chief Risk Officer (Assistant General Manager) of China Pacific Insurance (Group) Co., Ltd.", agreed to dismiss Sun Peijian as the chief risk officer (assistant to the general manager) of the company, and designated Mr. Zhang Weidong as the interim person in charge of the company's chief risk officer. At the same time, it was also announced that due to personal reasons, Chen Jizhong had submitted his resignation to the board of directors of the company on October 26, 2023, and resigned as an independent director of the company, chairman of the risk management and related party transaction control committee of the board of directors and a member of the nomination and remuneration committee.
Earnings growth was sluggish, with net profit falling by more than 20% in the first three quarters
As a leading comprehensive insurance group in China, CPIC continued to refine and deepen its main insurance business, focusing on key areas and key links, deepening reform and innovation, and actively building a new highland for high-quality development.
The proof is in the data. From 2018 to 2022, CPIC's insurance business revenue was 321.9 billion yuan, 347.5 billion yuan, 362.1 billion yuan, 366.8 billion yuan, and 398.8 billion yuan, respectively. In the first three quarters of this year, CPIC achieved insurance service revenue of 2,0477.5 billion yuan, a year-on-year increase of 74%。Among them: CPIC Life Insurance achieved 639 insurance service income1.4 billion yuan, down 52%；CPIC Property & Casualty achieved insurance service revenue of 13953.3 billion yuan, a year-on-year increase of 139%。
In addition, since the beginning of this year, China's economy has experienced a gradual bottoming process, with government bond yields falling slightly, credit spreads narrowing, and equity markets adjusting. CPIC adheres to maintaining the basic stability of the allocation of large types of assets based on the characteristics of liabilities, actively allocates long-term fixed income assets under the guidance of strategic asset allocation, extends the duration of assets, and flexibly carries out tactical asset allocation, fully considers the impact of the new accounting standards, and actively manages equity assets. As of the end of September 2023, CPIC has investment assets of 21,7266 billion yuan, an increase of 11 from the end of the previous year1%；The net investment return on invested assets in the first three quarters was 30%, down 02 percentage points;The total return on investment is 24%, down 08 percentage points.
However, the fly in the ointment is that CPIC's profitability growth is sluggish.
From 2018 to 2022, CPIC's net profit was 180200 million yuan, 277400 million yuan, 245800 million yuan, 268300 million yuan, 246100 million yuan, and in the first three quarters of this year, it fell sharply by 2439% to 2314.9 billion yuan.
CPIC attributed the decline in net profit to changes in the capital market, the switch to new standards and the impact of catastrophes: the data for the same period in 2022 was not traced back to i9, the fluctuations in the capital market were not fully reflected in the net profit, and the company's investment income was at a high levelIn 2023, the new standard will be implemented, and the fluctuation of the capital market will be fully reflected in the company's net profitIn the third quarter of 2023, the company's compensation expenses increased due to the impact of typhoons and other major disasters. At the same time, in 2022, due to the epidemic prevention and control and the low occurrence of natural disasters, compensation and other related expenses were lower than the normal annual level.
The past has achieved remarkable results, and the future will keep pace with the times
There is no doubt that in recent years, CPIC has put forward the transformation goal of building a leader in the healthy and stable development of the industry, deepened reform in key areas and key links, and achieved remarkable results, with the following significant characteristics:
First, we will always implement the leadership of the party, put corporate governance in the first place, and insist on building high-quality development. In recent years, the premium income of property insurance has continued to hit a record high, and life insurance has taken the lead in transformation based on the research and judgment of the industry, with remarkable results. Third, the scale of assets under management has grown steadily, comprehensive asset and liability management has stabilized the fundamentals, and effective risk management and control has provided important support. Fourth, the big health strategy has been basically finalized, and with the joint efforts of the board of directors and management, a clear roadmap and phased development goals have been formed. Fifth, risk management and corporate governance have been affirmed by regulators, and the Group and its major subsidiaries have taken the lead in this year's industry regulatory assessment.
As for the future development, CPIC will also keep pace with the times, with the new leadership taking office, life insurance, property insurance, health insurance, pension construction and investment may still be the most important melody tone.
The new official takes office with three fires", the "fire" of the Chinese Pacific Insurance will burn in the ** market still needs to give an answer, we will wait and see.