(Image source: Visual China)
Blue Whale News, July 1 (Reporter Shi Yu) The entire equity of Dajia Pension Insurance Co., Ltd. (hereinafter referred to as "Dajia Pension") was listed on the Beijing Equity Exchange on July 1 for pre-disclosure. In this regard, its shareholder Dajia Insurance Group told the Blue Whale News reporter that "it is a normal business decision of the company, and the rights and interests of our pension customers will not be affected." ”
From the former Anbang pension turned around, the current business scale and value to maintain growth, pension substantial attributes of the business accounted for 98.23%, and solvency is sufficient, with license value, although it is still in a state of loss, the Anbang period of financial products redemption is also continuing, but still attractive. What is the follow-up listing price of everyone's pension and whether the equity can be successfully transferred in the end, it is worth continuing to pay attention to.
We have been "spin-off" to sell our pensions, and we have planned to sell them as a whole to introduce social capital
The reporter noted that on July 1, we pension 330,000 shares, accounting for 100% of the total share capital, began pre-disclosure at the Beijing Equity Exchange, and the pre-disclosure ended on July 26, and the transfer price was not shown. The transferred equity is 99.99% held by Dajia Life Insurance Co., Ltd. (hereinafter referred to as "Dajia Life") and 0.01% by Dajia Asset Management Co., Ltd.
(Source: Beijing Equity Exchange)
Looking back, in 2018, in order to deal with the risks of Anbang Group, the former China Insurance Regulatory Commission took over Anbang Group in accordance with the law. In 2019, China Insurance Security Fund Co., Ltd., China Petroleum & Chemical Corporation, and Shanghai Automotive Industry (Group) Corporation jointly funded the establishment of Dajia Insurance Group, with a registered capital of 20.36 billion yuan. Dajia Insurance Group acquired the equity interests of Anbang Life Insurance, Anbang Pension and Anbang Asset Management, and established Dajia Property Insurance to acquire part of the insurance business, assets and liabilities of Anbang Property Insurance. Subsequently, Anbang Life Insurance and Anbang Pension changed their names, and "turned around" to become Everyone's Life and Pension.
In February 2020, the former China Banking and Insurance Regulatory Commission terminated the takeover of Anbang Group under the premise that the liquidity risk of Anbang Group was resolved and the relevant insurance business was undertaken by the newly established Dajia Insurance Group Co., Ltd.
However, as a risk relief fund, the insurance protection fund is usually withdrawn after capital injection and help rectification. Therefore, after the risk is basically digested, one of the important tasks of our insurance is to introduce strategic investors. At the time of the termination of the takeover of Anbang, the former China Banking and Insurance Regulatory Commission also made it clear that it would continue to promote the introduction of social capital by the insurance group, maintain its private nature, and improve its governance structure.
As early as the second half of 2019, we started to solicit potential investors. In July 2021, the Insurance Security Fund was listed to transfer 98.78% of the equity of Dajia Insurance Group, with a reserve price of 33.569 billion yuan, and the property rights transaction price was paid in a one-time manner, and only the consortium was transferred. At that time, there was news that interested investors had been raised, but in the end, there was no follow-up.
In this context, there have been voices in the industry that the packaged sale of our insurance group has high requirements for investors' funds and qualifications, and it is not easy to make a move, so it can be considered to split and sell, which can optimize asset allocation and help focus on the main business.
The solvency of our pension is at a high level but the loss continues, and the value of the license is attractive
In January this year, we plan to transfer 100% of the equity of our third-party payment company Bangfubao, with a listing price of 438 million yuan.
In the same month, after the end of the solvency disclosure exemption period, the solvency reports of our subsidiaries were disclosed one after another. At that time, there were rumors in the industry that we were looking for buyers for two subsidiaries in the market.
After half a year, the news landed. For the equity listing of our pension, the relevant person in charge of our insurance told Blue Whale News that it is a normal business decision of the company, and the rights and interests of our pension customers will not be affected.
It is understood that since the "turnaround", we have focused on the third pillar of commercial pension insurance protection and transformed to long-term pension insurance business. According to the data, as of the end of 2023, the pension insurance business accounted for 98.23% of the income of the pension insurance business, the regular delivery accounted for 73.41%, and the premium continuation rate in December was 93.71%, and the business scale and value maintained growth. As of the end of last year, the core solvency adequacy ratio and comprehensive solvency adequacy ratio were 415.8% and 428.98% respectively, higher than the industry average, and there is sufficient room for business development.
In 2023, the first annual report disclosed by everyone after a gap of 7 years shows that its net loss in 2022 and 2023 will be 132 million yuan and 159 million yuan respectively, and it will lose 137 million yuan again in the first quarter of this year.
In addition, it is worth mentioning that in 2023, everyone will still be "digesting" the wealth management products during the Anbang period and promoting the redemption, as shown in the annual report, the Anbang Pension Pension Pension Insurance (Universal) product will add 930,000 yuan in 2023, but the surrender of the policy this year will reach 2.562 billion yuan.
In addition to the insurance itself, the license value of its pension insurance is also the attractiveness of its listing transaction. At present, there are only 10 pension insurance companies in the mainland. Mainly engaged in annuity insurance, life insurance, long-term health insurance, and accident insurance with pension attributes; commercial pensions; Pension fund management and other businesses.
In December 2023, the State Administration of Financial Supervision issued the "Interim Measures for the Supervision and Administration of Pension Insurance Companies", as the industry's first special regulatory measures, to standardize the industry in terms of institutional management, corporate governance, business rules, etc., with the intention of promoting industry companies to focus on the main business of pension and innovate pension financial products and services.
Behind the regulatory measures is the determination to promote the growth and value of professional pension insurance companies. Since 2023, Hengan Standard Pension, Taikang Pension, and Taiping Pension have successively promoted capital increase plans, prepared enough "ammunition", and accumulated strength in the pension market. Recently, the national pension has promoted capital increase and share expansion, introduced strategic investor Allianz, and increased the layout of the main pension business.
A relevant person in charge of a domestic pension insurance company once said that in the context of China's aging and longevity era, the pension system is facing increasingly severe longevity risk challenges. As the only professional financial institution with the word "pension" in its name, the pension insurance company should give full play to the core advantages of "focusing on the main business of the pension", and do in-depth and refined in asset and liability management, long-term investment, actuarial science, and customer demand insight.
As far as everyone is concerned, the 100% equity listing sale, if the transaction is implemented, will face a full change in shareholders, the board of directors and even the strategic layout.
At present, our pension equity is clear, solvency is sufficient, coupled with the value of the license, in the eyes of the industry, for the strong strength, interested in entering the pension insurance market, it is indeed attractive. At present, the equity is still in the pre-disclosure stage, the listing price is not yet known, how the follow-up pricing is, who will be the flower, Blue Whale News will continue to pay attention. (Blue Whale News, Shi Yu, [email protected])