Produced by: Huabo Business Review Email hbsypl2023@163The employees of com insurance companies can do everything to persuade users to buy insurance, but have you ever seen someone who pretends to be an employee of another insurance company to "dig into the wall"? On January 20, a consumer reported to the Black Cat complaint platform that he had originally purchased Ping An insurance, but a staff member of Fude Life Insurance pretended to be a Ping An employee to give gifts, check his policy, and asked the consumer to return Ping An's policy and upgrade to a new policy on the grounds of poor quality of his original policy and the loss of supplementary refunds. As a result, the consumer's policy was "upgraded" to Fude Life Insurance, and the refund was also shirked by the staff of Fude Life Insurance. As of January 27, the consumer's issue remains unresolved.
It is not uncommon for Fude Life to commit various violations. According to the information on the official website of the State Administration of Financial Supervision and Administration, in January 2024 alone, Fude Life Insurance was punished 5 times by the financial management departments at all levels for instigating and inducing the insurer to carry out activities that violate the duty of good faith, giving the policyholder benefits other than those agreed in the insurance contract, and other violations of laws and regulations.
It can be found that the internal control problems of Fude Life Insurance are prominent, and some grassroots staff have used non-compliant or even illegal means in order to win the policy. This may be related to the transformation dilemma of Fude Life Insurance. Since being taken over by the Fude Department in 2006, Fude Life Insurance has experienced a period of rapid development for 10 years. As of 2016, the asset size of Fude Life Insurance reached 45589.7 billion yuan, and the total revenue under the consolidated caliber reached 130.5 billion0.9 billion yuan, market share from 086% climbed to 68%, second only to Chinese Life and Ping An Life, jumping to the third place. However, since 2015, Fude Life Insurance has begun a painful transition period, announcing that it will gradually transform its development direction from the past investment-driven to insurance and investment-driven. In 2016, the former China Insurance Regulatory Commission, the central bank and other regulatory agencies launched investigations and investigations on Fude Life Insurance. From 2016 to 2020, Fude Life's operating income continued to decline. According to the financial report, in 2020, the consolidated revenue of Fude Life Insurance fell to 7952.2 billion yuan. Not only that, during this period, the profit of Fude Life Insurance also fluctuated very much, and the net profit under the consolidated caliber was -377.6 billion yuan, 51.7 billion yuan, 08.1 billion yuan, 05.5 billion and 7$1.4 billion. After 2020, Fude Life began to suspend the disclosure of annual reports. Since the fourth quarter of 2021, Fude Life has stopped publishing solvency reports. According to the solvency report for the fourth quarter of 2021, Fude Life's insurance business revenue was 807$500 million, which is between the income of insurance business in 2015 and the same period in 2017; Net profit was -68.4 billion yuan, another loss; The core solvency adequacy ratio was 87%, and the comprehensive solvency adequacy ratio was 103%, and the comprehensive solvency indicators were close to the regulatory "red line". It is worth noting that in the announcement on the suspension of disclosure of the information disclosure report in 2021 and 2022, Fude Life Insurance stated that it was to ensure the completeness and accuracy of the company's information disclosure, but did not announce the estimated disclosure time. According to Article 24 of the Administrative Measures for Information Disclosure by Insurance Companies, if an insurance company fails to disclose information on time, it must disclose the reasons for the failure to disclose on time and the estimated time of disclosure. There are flaws in the compliance of information disclosure. At the 6th International Insurance Festival in 2021 and the 2020 Insurance Celebrity Award Ceremony, Fang Li, then Chairman of Fude Life Insurance, delivered a keynote speech entitled "Let Transformation Become the Light Through the Cycle", saying that only transformation can lead the industry out of the trough and through the cycle. This is also a portrayal of the predicament of Fude Life. In the industry, the release of claims service reports has become the standard configuration of insurance companies to show their service "muscles" and is part of the strength of insurance companies, so although Fude Life Insurance has suspended information disclosure, it can speculate on the current business status of Fude Life Insurance by comparing the claim amount of life insurance companies horizontally and vertically. According to the report of Fude Life Insurance, the total amount of claims of Fude Life Insurance in 2023 will reach 401.1 billion yuan, a year-on-year increase of 1123%。If compared with 2021, the claim amount of Fude Life Insurance at that time was 35800 million yuan, then the premium income of Fude Life Insurance should be in a growth trend, and the premium income in 2023 should be greater than 807500 million yuan. But in horizontal comparison, the claim amount of Sunshine Life in 2023 is 43600 million yuan, slightly higher than Fude Life Insurance in the same period. The premium income of Sunshine Life in 2023 will be 74.6 billion yuan, does this mean that Fude Life Insurance has charged more premiums than Sunshine Life, but has given a lower claim amount? The answer to all this may only be known when Fude Life Insurance announces its results.