The news that has been circulating for a long time has finally settled.
On June 28, the Beijing Equity Exchange released the property rights transfer information, and we Pension Insurance Co., Ltd. (hereinafter referred to as "Pension Insurance") was listed to transfer 100% of the equity, and the transferor was Everyone's Life and Everyone's assets. This means that we have taken another important step forward in the transformation of the insurance work of the former Anbang Insurance Group.
In response to the impact of this move, Dajia Insurance Group responded to the media that this is a normal business decision for the company. At the same time, it is worth noting that, according to the current legal provisions, the transfer of equity and the change of actual control of an insurance company will not affect the existing policies and service rights and interests of the insurance company's customers.
Looking back on the past five years since the establishment of our insurance, not only has it encountered the continuous and deep transformation of the industry, but also caught up with the impact of the new crown epidemic on the entire social economy in the past three years.
01
We have taken another key step in the transformation of insurance, and we have listed our pension for sale
The Beijing Equity Exchange released the transfer information is only a pre-disclosure, so it does not disclose the transaction floor price, the qualifications of the transferee, etc., the announcement is clear, the property rights transfer behavior is subject to the approval of the authorized approval unit for formal information disclosure, project information to the content of the formal information disclosure. In addition, the announcement also shows that the pre-disclosure announcement period is 20 working days from the date of the announcement.
In the current downturn in the market environment, the overall volume of the insurance group is too large, it is not easy to find a new shareholder that meets the regulatory requirements, and its subsidiaries will be split and sold separately, and the risk disposal of Anbang Insurance Group will be promoted by zero, which can not only conform to the current market situation, but also effectively reduce the threshold of the transaction party, and then expand the scale of potential interested parties, so as to complete the risk disposal process more efficiently.
Founded on December 31, 2013 and headquartered in Beijing, with a registered capital of 3.3 billion yuan, Anbang Pension, the predecessor of Anbang Pension, is one of the only eight professional pension insurance companies in China.
According to the pre-disclosed information, Dajia Life Insurance and Dajia Assets are its direct shareholders, with the former holding 99.99% of its shares, and the latter holding only 0.01%. According to the data of the 2023 annual audit report, the company's total assets are 6.298 billion yuan, total liabilities are 2.777 billion yuan, the owner's equity is 3.522 billion yuan, and its operating income reached 2.210 billion yuan that year.
After the establishment of Dajia Insurance Group, Anbang Pension became Dajia Pension, and its own business has also made great progress while promoting risk disposal. According to public information, we will achieve a breakthrough in the pension insurance business from scratch in 2021. In 2023, the company will achieve insurance business income of 1.95 billion yuan, of which the pension substantive attribute business accounts for 98.2%, the term delivery accounts for 73.4%, the average scale premium in the first year reaches 96,000 yuan, and the customer repurchase rate is 19.3%, as of the end of the fourth quarter of 2023, the company's core solvency adequacy ratio and comprehensive solvency adequacy ratio are 415.8% and 428.98% respectively, exceeding the industry average and laying a solid foundation for healthy and sustainable development. This laid a solid foundation for a smooth overall sale.
For everyone's pension, in the current era when the regulatory authorities continue to strengthen the insurance industry to empower the three pillars of the pension, the pension insurance company will be independent and will also have greater market value.
02
The five-year transformation of the industry is superimposed on the three-year impact of the epidemic, and our insurance has been under pressure for five years
In fact, this is not the first time that Dajia Insurance Group has sold its stake in a subsidiary. Since the takeover of Anbang Insurance Group in 2018, a number of its overseas assets and non-core financial licenses that are not highly synergistic with the main insurance business have been sold by the takeover group, including Chengdu Rural Commercial Bank, Century Securities, Bangyin Financial Leasing, etc., in addition to Harmony Health. This time, the idea of continuing to promote the risk clearance of Anbang Insurance Group is obviously basically the same as the idea of the previous takeover group.
It is worth noting that in July 2024, we will officially usher in the fifth anniversary of the unveiling, and looking back on the past five years, it is to continue to promote the company's development on the basis of maintaining stability, correcting deviations, slimming down and restructuring.
In July 2019, the former China Banking and Insurance Regulatory Commission approved the establishment of Dajia Insurance Group, and according to the regulatory announcement at that time, Dajia Insurance Group acquired the equity of Anbang Life Insurance, Anbang Pension and Anbang Asset Management in accordance with the law, and established Dajia Property Insurance to acquire part of the insurance business, assets and liabilities of Anbang Property Insurance in accordance with the law. After the completion of the restructuring, Anbang Insurance Group will not carry out new insurance business. After that, we Insurance Group began to move forward under unprecedented and difficult negative pressure.
First, on the basis of continuing to promote risk clearance, the company will be reshaped in management and carefully maintain the company's steady development. Anbang Insurance Group is a huge group, and after the establishment of Anbang Insurance Group, the first thing to ensure is the legitimate interests of consumers and maintain the stability of the cash flow of each company. Since the beginning of 2019, the industry has entered a period of deep transformation, and the task of rectifying deviations has become more difficult, and since 2020, it has been affected by the new crown epidemic for three consecutive years, and business investment has been under double pressure...... Under the superposition of multiple unfavorable factors, the hardships are unimaginable.
The second is to actively introduce strategic investors in accordance with the established plan. According to the initial plan, one of the core tasks of the establishment of the insurance group is to introduce strategic investors, so that the insurance security fund can exit as soon as possible, as a result, in the context of the macroeconomic recession, the development of the industry encountering temporary difficulties, and the continuous increase in the entry threshold of insurance company shareholders, the qualified and willing investors in the market have become very few.
Third, on the basis of maintaining stability, we will strive to promote business breakthroughs. The insurance industry has entered a period of transition, and the traditional development model is no longer effective, so how to grasp the new trend, actively innovate and seek a breakthrough has become a must-answer question for all market players. In addition to maintaining stability and leading the war, our insurance group must also face this problem head-on, just like dancing with shackles.
It can be said that since its inception, we have faced many difficulties in our insurance group, but fortunately, with the concerted efforts of the entire group, many problems have finally been resolved one by one.
In response to the issue of corporate governance, we have set up party committees and grass-roots party organizations at all levels to give full play to the role of party committees in guiding the direction, managing the overall situation, and ensuring implementation; Establish the board of directors and board of supervisors of the group and its subsidiaries, establish a hierarchical authorization mechanism, improve the internal rules of procedure, and form a governance mechanism of collective decision-making, professional support, and effective checks and balances.
In response to business risks, it has taken a series of effective measures such as external financing support and transitional sales of new policies, and actively and steadily promoted the completion of the redemption of 1.5 trillion short and medium-term financial insurance sold by Anbang Group before taking over.
In response to the transformation problem, we reshaped the insurance operation and management system around the core strategy of pension, and initially provided a foundation for high-quality development of the company's liability side.
03
We have completely alleviated the liquidity crisis, and our subsidiaries have actively broken through the situation and achieved results
After five years of hard work, we have completed a systematic review and comprehensive innovation in various sectors such as party building, governance, strategy, planning, personnel, finance, operation, risk control, auditing, and IT infrastructure. According to the latest news, the liquidity risk caused by its history has been fundamentally alleviated, and the liquidity management work has returned to the normal track......
Specific to its subsidiaries, in addition to our pension, we have all life, we property insurance, we assets, we have also found a new direction of our own efforts:
In terms of Everybody Life, it has a layout in agents, bancassurance, economic agents, the Internet and other channels, but the main channel is still bancassurance. In 2023, the renewal premium of the bancassurance channel will increase significantly year-on-year; The comprehensive cost ratio of new liabilities and the cost of debt and capital ratio of new orders in the channel have also been optimized.
As of December 2023, the channel has achieved a premium of 1.25 billion yuan, ranking among the top 15 in the industry.
More importantly, it takes advantage of the company's newly established company without the historical burden of individual insurance channels, focuses on the independent agent model, continues to recruit and train elite agents, and innovates business models to bring about high per capita production capacity, which has aroused widespread concern in the industry, according to reports, in 2023, the monthly per capita delivery capacity of the independent agent channel of everyone life has reached 78,000 yuan.
Of course, in the past five years, among the many "business cards" created by our insurance group, in addition to bancassurance and independent agents, its layout in the pension service industry has also become a major signboard.
With pension as the core strategy, Dajia Insurance Group has established a multi-level pension service system through its professional pension brand "Everybody's Home" to create product lines such as "urban medical care", "sojourn recuperation" and "home care", and has laid out 17 urban medical care communities, 6 sojourn and recuperation communities, 9 home care centers and service outlets across the country, and is committed to providing one-stop high-quality elderly care services from independent living, assisted living to professional nursing. As the initiator of "urban heart pension" in China, in just a few years, the occupancy rate of several of its pension institutions has exceeded 90%, because it directly meets customer needs, pragmatic and efficient, this model has also triggered the industry to follow suit.
In terms of property insurance, the scale of property insurance has reached the level of medium-sized property insurance companies, ranking 19th among more than 80 property insurance companies in China in 2023, and its market ranking has improved significantly. Premiums doubled, from $4.3 billion in 2019 to $8.5 billion in 2023, with a compound annual growth rate of about 18%. The combined ratio has been declining from 160% in 2019 to 105% in 2023.
In terms of assets, in response to the low interest rate market environment, in the past five years, we have continued to optimize the structure of entrusted assets, by increasing the proportion of fixed income assets and continuing to reduce the proportion of equity assets, which has changed the previous problem that fixed income assets are mainly liquid, and equity assets are highly consolidated in long-term stock investment and a few companies, and the proportion of equity assets (excluding long-term stock investment) has decreased from 23% five years ago to about 14% at present, and the proportion of fixed income assets has increased from 77% to 86%; The business of the three parties started from scratch and grew to 330 billion yuan in five years, with a compound annual growth rate of 76%.
Focusing on the goal of efficiently promoting the transformation of risks, we effectively divested risk assets, revitalized the stock of real estate, completed the phased work of risk disposal, significantly reduced the scale of the stock of real estate, continued to optimize the asset structure, and basically cleared non-market risks, contributing nearly 2.5 billion yuan in profits; Alternative investment closely focuses on major national strategies, and has achieved leapfrog growth in management scale, with the management scale exceeding 25 billion yuan, and the return on investment is higher than the industry average.
According to the data, in the past five years, Dajia Insurance Group has served more than 48.14 million customers and paid a total of 338 billion yuan. By establishing a customer and an account, the data silos are broken, and the data is connected, customer aggregation and data integration are realized, and a unified customer database of the group is formed. As of the end of May 2024, the platform has integrated a total of 44 million individual insurance customers and 710,000 corporate insurance customers.
Although it is somewhat "untimely", today's Dajia Insurance Group has developed into a comprehensive insurance group covering the three core businesses of insurance, asset management and pension after five years of arduous journey. As one of the typical examples of risk disposal in the insurance industry in recent years, we have not only completely alleviated the huge cash flow crisis in a limited time, effectively safeguarded the legitimate rights and interests of our customers, and successfully achieved the arduous tasks entrusted to it by regulatory authorities at all levels, but also used our own resource endowment to create a completely different development path in the industry. It has become a force to be reckoned with in the market, and has provided a rare reference for the subsequent risk disposal of insurance companies with its own practical experience.
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