Produced by Dharma Finance.
After the traditional life insurance entered a period of deep adjustment, Chen Dongsheng personally sat in Taikang for the elderly.
Recently, Taikang Pension announced that the company received relevant approvals, and the State Administration of Financial Supervision and Administration has approved Chen Dongsheng's qualifications to serve as the chairman of the company.
The post of chairman of Taikang Pension has been vacant for more than three months. On November 23, 2023, the board of directors of Taikang Pension received a letter of resignation from Chairman Li Yanhua, who resigned from the chairman of Taikang Pension and all other positions due to his age.
According to public information, Li Yanhua was born in September 1961 and worked in the National Audit Office and Taikang Life Insurance. Since July 2010, Li Yanhua has been serving as the chairman of Taikang Pension, and also the chief executive officer, executive vice president of Taikang Insurance Group, presiding over the company's operation and management.
Chen Dongsheng is the founder of Taikang Insurance Group, born in 1957, compared with the statutory retirement age, it is also "overage service", and even older than Li Yanhua. Since the establishment of Taikang Pension, Chen Dongsheng has not held a position in the company. Chen Dongsheng, who has reached the age of 67, went out in person, which also made Taikang Pension the object of heated discussion in the industry.
Taikang pension rarely suffers large losses
Founded in August 2007, Taikang Pension is one of the nine professional pension insurance companies in China. Taikang Pension has set up 34 branches across the country, covering enterprises, individuals, and enterprises have always regarded annuity as the company's core business, as of December 2022, Taikang Pension Enterprise Annuity Trustee Management Scale exceeded 164.9 billion yuan.
In April and September 2023, Taikang Insurance Group injected 1 billion yuan into Taikang Pension twice. After the completion of the capital injection, the registered capital of the company was changed from 5 billion yuan to 7 billion yuan. After the capital increase, Taikang Insurance Group held 99 shares14%, Taikang Asset Management Co., Ltd. holds 086%。
As an important company in the pension sector of Taikang Insurance Group, Taikang Pension has been in a steady growth trend in recent years. At the end of 2021, Taikang Pension's total assets were 680300 million yuan, in 2022, the total assets of Taikang Pension will increase to 867700 million yuan, achieved 216% high growth.
As of the end of 2023, Taikang Pension's total assets are 10242.3 billion yuan, entering the 100 billion mark for the first time, an increase of 1805%。Among them, the income from insurance business was 2601.6 billion yuan, compared to 224 in 20226 billion yuan, a year-on-year increase of 1583%。
As of the end of 2023, Taikang's comprehensive solvency adequacy ratio was 18968% and the core solvency adequacy ratio was 9484%, in line with regulatory requirements for solvency companies.
According to the General Office of the State Administration of Financial Supervision and Administration, at the end of the fourth quarter of 2023, the total assets of insurance companies were 2996 trillion yuan, an increase of 10 from the beginning of the year4%, and the comprehensive solvency adequacy ratio of the insurance industry was 1971% and the core solvency adequacy ratio was 1282%。From this point of view, although Taikang's pension solvency meets the standard, it is slightly lower than the average level of the insurance industry.
It is worth noting that while Taikang Pension's total assets and insurance business income are both **, Taikang Pension has suffered a rare loss. Taikang Pension's solvency report for the fourth quarter of 2023 shows that in 2023, the company's cumulative net profit for the whole year will be -97.5 billion yuan, compared to 10 in 2022The net profit of 2.8 billion yuan turned sharply to a loss, a year-on-year decrease of 1948%。
From the perspective of a single quarter, Taikang Pension's large loss in 2023 is mainly due to the drag in the fourth quarter. In the first three quarters of 2023, Taikang Pension's net profit was 02.3 billion yuan, 11 billion and 09.1 billion yuan. In the fourth quarter of 2023, Taikang Pension suffered a single-quarter loss of 119.9 billion yuan, and the single-quarter return rate was all negative, and the return on net assets was -1552% and the return on total assets is -115%, the return on investment is -155%。
Split into a single quarter, Taikang Pension's insurance business income, total assets and net assets in 2023 will be stable**. In other words, Taikang Pension's loss in the fourth quarter may have nothing to do with the change in premium income, but why the company suffered a large loss in the fourth quarter, Taikang Pension did not explain in the solvency report.
Taikang pension may usher in changes
Chen Dongsheng personally took over Taikang Pension, and it has not yet been confirmed whether it is related to Taikang Pension's rare loss in the fourth quarter of 2023. But with Chen Dongsheng at the helm, Taikang pension may usher in new changes.
Chen Dongsheng has publicly stated that the traditional two-dimensional structure model of "liability + investment" in the life insurance industry is facing major challenges. Especially in the context of the acceleration of aging and the imminent era of longevity, medical care and health care services covering the whole life cycle should become the new main business of the people-oriented life insurance industry.
From an operational point of view, Taikang pension is also in progress in accordance with Chen Dongsheng's concept. Taikang Insurance Group combines the physical medical care and health care services with traditional life insurance, introduces the "service side" into the two-dimensional structure of traditional life insurance, and forms a new life insurance with the three-end synergy of "payment + service + investment", that is, through the combination of Taikang Home and Taikang Pension, to create an innovative business model of life insurance payment + pension service.
According to the information on the official website, Taikang Home is a brand of Taikang Health Investment focusing on elderly care, nursing, first-class entity construction and operation and innovative services. Adopt the continuous care model and combine medical care and elderly care to create a large-scale, full-functional, high-quality chain medical care community.
As early as 2009, Taikang was qualified as a pilot for insurance institutions to invest in retirement communities. Up to now, Taikang has completed the layout of chain medical care communities and ** hospitals in 35 core cities. The planned total above-ground construction area is about 4.76 million square meters, which can accommodate more than 830,000 elderly people, planning more than 550,000 elderly care units and more than 4,400 medical beds.
However, as an important part of Chen Dongsheng's new life insurance concept, Taikang Home did not achieve profitability until 2021. From 2017 to 2021, Taikang's operating cost investment in medical and senior living communities was 43.4 billion yuan, 195.8 billion yuan, 323.5 billion yuan, 33$9.7 billion and $3.69.1 billion yuan. However, the revenue achieved by this business during the same period was only 26.9 billion yuan, 198.7 billion yuan, 348.4 billion yuan, 33$3.9 billion and $396.9 billion yuan.
Before Chen Dongsheng took over Taikang Pension this time, Taikang Pension began to increase related party transactions with Taikang Home. According to the solvency report for the fourth quarter of 2023, on December 13, 2023, Taikang Pension and Taikang Health Investment signed the "Cooperation and Unified Transaction Agreement" to stipulate the related party transactions of providing services to nearly 43 related parties of Taikang Home, with a total transaction amount of 14.5 billion yuan.
With Chen Dongsheng's comprehensive takeover of Taikang Pension, there may be more coordination and collocation between Taikang Home and Taikang Pension in the future, and it is still worth looking forward to whether Taikang can pass through the traditional life insurance cycle with its special concept in the era when the marginal benefits of the life insurance value chain are decreasing. Hotspot Engine Program