Weekly Compilation | The head of the Chinese People's Insurance Company "changed hands", and China Merchants Bank responded to the conversion of existing housing loans to mortgages

hot spot

The head of the Chinese People's Insurance "changed hands" Wang Tingke officially resigned as chairman

On September 6, Chinese Insurance Company issued an announcement that the board of directors of Chinese People's Insurance Group Co., Ltd. received the resignation of Mr. Wang Tingke, who resigned as executive director, chairman of the board and chairman of the strategy and investment committee of the board of directors of the company due to work needs, and the resignation will take effect from September 5, 2024.

The county agencies of insurance companies will complete the first data submission before October 10 to meet the new regulatory regulations

On September 6, the State Administration of Financial Supervision issued the "Statistical System for County Institutions of Insurance Companies". The "Statistical System" clearly states that insurance companies should submit the statements of the previous month before the 10th of each month, and can be postponed for 3 working days in case of statutory long holidays such as May Day, National Day and Spring Festival. Insurance companies should complete the first data submission by October 10, 2024.

The list of insurance institutions is updated! A total of 239 property and casualty insurance companies were added

On September 4, the State Administration of Financial Supervision released a list of 239 insurance institutions. Compared with the end of December 2023, a new property insurance company has been added to the newly released list, which is Shenergy Property & Casualty Insurance Co., Ltd.

State Administration of Financial Regulation: Revised and promulgated the Measures for the Administration of Criminal Cases Involving Financial Institutions

On September 2, the State Administration of Financial Supervision and Administration issued the Measures for the Administration of Criminal Cases Involving Financial Institutions. The Administrative Measures make it clear that a case with any of the following circumstances is a major case:

(1) The balance of the business involved in the case is equivalent to 100 million yuan (inclusive) or more; (2) At any point in time during the period from the confirmation of the case to the conclusion of the trial, the amount of risk exposure (referring to the amount involved in the case minus the cash recovered or assets equivalent to cash) is equivalent to 50 million RMB (inclusive) and accounts for 10% (inclusive) or more of the net assets of the legal person institution at the time of the case; (3) It has a major negative social impact, such as being vile in nature, causing major negative public opinion, causing a run on insurance or centralized surrender, and may induce regional systemic risks; (4) Other circumstances identified by the State Administration of Financial Supervision and its dispatched agencies as major cases.

General Office of the State Council: Support financial institutions to improve their international service capabilities

On September 2, the General Office of the State Council issued the Opinions on Promoting the High-quality Development of Trade in Services through High-level Opening-up. The "Opinions" make it clear that professional service institutions such as finance, consulting, supply chain, and standardization will be supported to improve their international service capabilities and cultivate new growth points for service trade. The "Opinions" mainly put forward 20 suggestions in six aspects: promoting the institutional opening of trade in services, promoting the cross-border flow of resource elements, promoting the innovation and development of key areas, expanding the layout of the international market, and improving the support system.

Wang Liang of China Merchants Bank: I have not received the notice of "refinancing of existing housing loans".

On September 2, China Merchants Bank held the 2024 interim results exchange meeting. When asked about the "remortgage of existing housing loans", Wang Liang, president of China Merchants Bank, said that he had not received any relevant notices and the policy had not yet been confirmed. Wang Liang said frankly that if the relevant policies are to be introduced, it will have a certain negative impact on the stock mortgage interest rate of the banking industry.

The Standing Committee of the People's Republic of China was convened to study several opinions on promoting the high-quality development of the insurance industry

Recently, Premier Li Qiang of the State Council presided over an executive meeting of the State Council to study several opinions on promoting the high-quality development of the insurance industry. The meeting pointed out that the insurance industry plays an important role in protecting and improving people's livelihood, preventing disasters and reducing losses, and serving the real economy. It is necessary to consolidate the institutional foundation for the high-quality development of the insurance industry, firmly establish the concept of service priority, give full play to the role of commercial insurance and other market mechanisms, and vigorously improve the insurance industry's protection capacity and service level. It is necessary to pay close attention to key areas and weak links, strengthen supervision, protect the legitimate rights and interests of consumers, and improve the risk prevention system. It is necessary to cultivate and expand patient capital such as insurance funds, break through institutional obstacles, improve the assessment mechanism, and provide stable long-term investment for the capital market and scientific and technological innovation.

Jefferies: Mainland insurance industry's Q2 performance is higher than expected, raising the annual profit forecast by 9% to 23%

A few days ago, Jefferies released a report saying that the second-quarter performance of the mainland insurance industry was better than expected, mainly due to better investment income, which led to a sharp increase in profits, and raised the bank's annual profit forecast for the industry by 9% to 23%. The bank believes that in the case of falling interest rates, the recovery of the insurance industry after the second half of the year has a longer way to go.

Personnel

Peng Lifeng appeared at the press conference of the State Council Information Office and has been appointed as the director of the Credit Market Department

On September 5, the State Council Information Office held a series of press conferences on the theme of "Promoting High-quality Development". At the press conference, Peng Lifeng, former deputy director of the Financial Market Department of the People's Bank of China, has been appointed as the director of the Credit Market Department of the People's Bank of China and made a public appearance at the press conference. According to public information, Peng Lifeng has served as the director of the open market operation department and the director of the foreign exchange business department.

Shanghai Pudong Development Bank: Zhang Jian's qualifications for vice president were approved to take office on September 3

On September 4, Shanghai Pudong Development Bank announced that it had received the "Reply of the State Administration of Financial Supervision and Administration on the Qualifications of Zhang Jian as Vice President of Pudong Development Bank", and the State Administration of Financial Supervision and Administration had approved the qualifications of Zhang Jian's vice president. Zhang Jian will be appointed as the vice president of the company from September 3, 2024.

Kong Fanxin was appointed Secretary of the Party Committee and Chairman of the Board of Directors of China Agricultural Development Group

On September 4, according to the State-owned Assets Supervision and Administration Commission, Kong Fanxin was appointed Secretary of the Party Committee and Chairman of China Agricultural Development Group Co., Ltd., and no longer served as the general manager of China Agricultural Development Group Co., Ltd.

Jia Jinglei was appointed deputy director of the Tianjin Financial Supervision Bureau

On September 3, according to the official website of the Tianjin Supervision Bureau of the State Administration of Financial Regulation, Jia Jinglei, director of the Secretariat of the State Administration of Financial Regulation, has arrived at the Tianjin Financial Supervision Bureau as a member of the Party Committee and deputy director. It is reported that Jia Jinglei was born in September 1979, and after he took office, he is currently the youngest cadre of the Tianjin Financial Supervision Bureau.

Chief actuary walks to the front desk Gong Xingfeng may be promoted to president of Xinhua Insurance

On September 3, the Organization Department of the Party Committee of CIC announced that Gong Xingfeng intends to be the main person in charge of the management of the directly managed enterprise from September 4 to September 10, 2024. Industry insiders speculate that the so-called company directly managed by CIC is Xinhua Insurance, and this announcement means that its promotion to president of Xinhua Insurance is only a matter of procedure. It is reported that Gong Xingfeng is the No. 1 vice president of Xinhua Insurance, and also serves as a member of the Party Committee, interim financial director, chief actuary and secretary of the board of directors of Xinhua Insurance.

Cao Li was approved as the head of finance of Taiping Technology Insurance

On September 2, the Zhejiang Supervision Bureau of the State Administration of Financial Supervision issued a reply showing that it approved the qualifications of the financial director of Cao Li Taiping Technology Insurance Co., Ltd.

Zhang Jianfu's qualifications to serve as vice president of Bank of Hangzhou were approved

On September 2, the Zhejiang Supervision Bureau of the State Administration of Financial Supervision issued a reply showing that it approved the qualifications of Mr. Zhang Jianfu as the vice president of the company.

Bank of Beijing: It is planned to appoint Guo Yifeng, vice president of the post-80s generation

Recently, Bank of Beijing announced that it passed the "Proposal on the Appointment of Mr. Guo Yifeng as the Vice President of the Bank", agreeing to appoint Mr. Guo Yifeng as the Vice President of the Bank of Beijing, and his qualifications are subject to the approval of the regulatory authorities. It is reported that Guo Yifeng was born in January 1980, 44 years old, and is a senior economist.

capital

ICBC invested 1 billion yuan to set up an equity investment fund

On September 6, Tianjin Gongrong Huafu Equity Investment Fund Partnership (Limited Partnership) was established with a capital contribution of 1 billion yuan, and its business scope includes: engaging in equity investment, investment management, asset management and other activities with private equity funds. According to the equity penetration of the enterprise check, the partnership is jointly held by ICBC Financial Assets Investment Co., Ltd. and ICBC Capital Management Co., Ltd., both subsidiaries of ICBC.

CICC Capital and others established a green carbon technology private equity fund with a capital contribution of 3 billion

On September 6, CICC Titanium Green Carbon Technology Private Equity Investment Fund (Shenzhen) Partnership (Limited Partnership) was established, with CICC Capital Operation Co., Ltd. as the executive partner, with a capital contribution of about RMB 3 billion, and its business scope is to engage in equity investment, investment management, asset management and other activities with private equity funds. According to the partner information, the fund is jointly funded by China Pacific Insurance, China Pacific Property Insurance Co., Ltd., and CICC Capital Operation Co., Ltd.

Approved! Allianz Insurance transferred a 53.33% stake in JD Allianz to Allianz China Holdings

On September 5, the Guangdong Supervision Bureau of the State Financial Supervision and Administration approved Allianz Insurance Group's application to transfer its 53.33% stake in JD Allianz Property & Casualty Insurance Co., Ltd. to Allianz China Holdings. Upon completion of the transaction, Allianz China Holdings will hold a 53.33% stake in JD Allianz, while Allianz Insurance Group will no longer hold a direct stake. The businesses involved in this equity transfer include life insurance, property insurance and insurance asset management.

Bank of Zhengzhou: Signed an asset transfer contract with a transfer price of 10 billion yuan

Recently, Bank of Zhengzhou announced that on September 4, 2024, the Bank signed the Asset Transfer Contract with Zhongyuan Asset Management Co., Ltd. in Zhengzhou, Henan Province, agreeing to sell credit assets and other assets to Zhongyuan Asset Management. The carrying balance of principal and interest of the assets to be transferred before deducting impairment provisions is approximately RMB15.011 billion. The transfer price is RMB10 billion, which will be paid in cash of RMB5 billion and trust beneficiary rights with an aggregate value of RMB5 billion.

Great Wall Life Insurance: On September 3, it increased its holdings of Qingang shares by 3 million shares

According to the disclosure of interests of the Stock Exchange, on September 3, Qingang shares were increased by 3 million shares by Great Wall Life Insurance Co., Ltd., at a price of HK$2.1911 per share, costing about HK$6.5733 million. After the increase, the latest number of shares held by Great Wall Life Insurance Co., Ltd. is 133.23 million shares, and the shareholding ratio has increased from 15.69% to 16.05%.

Great Wall Life Insurance: On September 3, it increased its holdings of 2 million shares of Green Power Environmental Protection

According to the disclosure of interests of the Stock Exchange, on September 3, Great Wall Life Insurance Co., Ltd. increased its holdings of 2 million shares of Green Power Environmental Protection at a price of HK$3.0525 per share, costing about HK$6.105 million. After the increase, the latest number of shares held by Great Wall Life Insurance Co., Ltd. is 94.38 million shares, and the shareholding ratio has increased from 22.85% to 23.34%.

The People's Bank of China launched a reverse repurchase of 3.5 billion yuan, and the winning interest rate was 1.70%

According to the official website of the People's Bank of China, on September 2, the People's Bank of China launched a reverse repurchase operation of 3.5 billion yuan in the form of fixed interest rate and quantity bidding, and the winning interest rate was 1.70%, the same as before.

The major shareholder of Zhongcheng Insurance has changed! Shanghai Lingxiu plans to withdraw from Guangzhou Financial Holdings

On September 2, Guangzhou Financial Holding Group Co., Ltd. acquired about 225 million shares of Zhongcheng Insurance held by Shanghai Lingxiu Industrial Group Co., Ltd. through a block transaction of the national small and medium-sized enterprise share transfer system, with a transfer equity ratio of 9.917%. The above-mentioned changes in shareholders shall take effect after the approval of the Guangdong Supervision Bureau of the State Financial Supervision Administration. It is reported that Shanghai Lingxiu is the fifth largest shareholder of Zhongcheng Insurance, but the status of its shares is "unapproved".

Citigroup Financial Holdings established a new company in Beijing on September 2 with a registered capital of 1 billion yuan

Tianyancha App shows that on September 2, Huaqi Holdings (Beijing) Co., Ltd. was established, the legal representative is Wu Xuefeng, with a registered capital of 1 billion yuan, and its business scope is the management of the corporate headquarters. According to shareholder information, the company is wholly owned by Citigroup Financial Holding China Investment Co., Ltd.

Ping An Life Insurance and others invested 10 billion yuan to set up a private equity fund in Shenzhen

Tianyancha App information shows that recently, Shenzhen Zhengping Private Equity Investment Fund Partnership (Limited Partnership) was established, and the executive partners are Ping An Chuangying Capital Management Co., Ltd. and Shenzhen Ocean Investment Management Co., Ltd., with a capital contribution of 10 billion yuan, and its business scope includes private equity funds engaged in equity investment, investment management, asset management and other activities. According to the partner information, the fund is jointly funded by Ping An Life Insurance Co., Ltd. of China and Ping An Chuangying Capital Management Co., Ltd.

products

Ten fund companies collectively reported the first batch of CSI A500ETF index funds

On September 5, a total of 10 fund companies, including Huatai Pineapple Fund, JPMorgan Asset Management, Wells Fargo Fund, China Merchants Fund, Taikang Fund, Harvest Fund, Invesco Great Wall Fund, Guotai Fund, China Southern Fund and Yinhua Fund, collectively reported the first batch of CSI A500ETF. It is reported that CSI A500ETF tracks the CSI A500 Index, which is a new index launched by CSI Index Company and will be officially released on September 23, 2024.

The first case in the country! Hunan Hengyang issued a document to support "guaranteed delivery insurance" and "stable price insurance"

Recently, the Office of the People's Government of Hengyang City, Hunan Province issued the "Several Measures to Further Promote the Stable and Healthy Development of the Real Estate Market", which will be implemented from the date of issuance and will be valid for two years. One of the measures proposes to "support the real estate insurance claims business", that is, "support insurance companies to research and develop new types of real estate insurance and price stabilization insurance, encourage developers to purchase insurance, and home buyers to enjoy insurance dividends", Hengyang has become the first city in the country to explicitly support "guaranteed delivery of real estate insurance" and "stable price insurance".

Say goodbye to the 3.0% era for life insurance products! The latest scheduled interest rate cap is raised to 2.5%

According to media reports, a number of life insurance companies have completed the switch of ordinary life insurance products on September 1, and launched a number of new whole life insurance products with a predetermined interest rate of 2.5%. Previously, the State Administration of Financial Supervision had issued the "Notice on Improving the Pricing Mechanism of Life Insurance Products", requiring that from September 1, the upper limit of the predetermined interest rate of newly filed ordinary life insurance products will be adjusted to 2.5%, and the relevant liability reserve assessment interest rate will also be implemented accordingly. At the same time, the sale of ordinary life insurance products with predetermined interest rates exceeding the upper limit will be discontinued.

stock market

Hong Kong stock insurance sector performed strongly, China property insurance, Chinese Insurance rose more than 3%

On September 5, the Hong Kong stock insurance sector performed strongly, with the share prices of China Property Insurance, Chinese Insurance and China Pacific Insurance rising 4.10%, 3.73% and 2.72% respectively.

The share price of Tianmao Group rose violently, and the stock price of 4 boards in 5 days has reached 2.4 yuan per share

On September 5, the insurance sector rose in the capital market, and Tianmao Group achieved four daily limits in five consecutive trading days. As of the close of trading on September 5, Tianmao Group's share price has climbed to 2.4 yuan per share.

Bank stocks continued to pull back, and the five major banks closed on September 3 with a decline of more than 10%

On September 3, A-share listed bank stocks continued to pull back, as of the close of the day, 41 of the 42 bank stocks listed on A-shares closed down today, and only 1 Shanghai Rural Commercial Bank rose, with a share price increase of 0.30%.

The Shanghai Composite Index fell below 2,800 points, and the turnover of ICBC was 2.982 billion yuan

On the morning of September 3, the Shanghai Composite Index fell below 2,800 points, and the Shenzhen Composite Index and ChiNext Index rebounded. The half-day turnover of the Shanghai and Shenzhen stock markets was 379.2 billion yuan, a decrease of 82.7 billion yuan from the previous trading day. In terms of individual stocks, ICBC ranked first with a turnover of 2.982 billion yuan.

The list of gold stocks in September is released! China Pacific Insurance and Ping An are favored by brokers

A few days ago, a number of brokerages released a portfolio of gold stocks in September, and the popular sectors were mainly concentrated in the fields of power, electronics, and insurance. In the insurance industry, CPIC has been recommended by Ping An Securities, Huatai Securities and other institutions, and Ping An has been recommended by Shenwan Hongyuan, Kaiyuan Securities and other institutions.

The five major state-owned banks announced the distribution of interim cash dividends with a total scale of more than 190 billion yuan

With the end of the 2024 interim results disclosure, a number of listed banking banks have simultaneously disclosed their interim dividend plans. According to statistics, among the six major state-owned banks, except for the Postal Savings Bank, all announced medium-term cash dividends, and the total cash dividends of the five major state-owned banks were about 190.177 billion yuan.

The interim dividends of the four major A-share insurance companies totaled nearly 27 billion yuan, and three participated in the interim dividend for the first time

With the completion of the disclosure of the interim results, the medium-term dividend plans of listed insurance companies have also been released. According to statistics, the four insurance companies of Ping An, Chinese Life, Chinese Insurance and Xinhua Insurance are expected to pay a total of nearly 27 billion yuan in medium-term dividends. Among them, Chinese Life, Xinhua Insurance and Chinese Insurance are participating in interim dividends for the first time in recent years.

outstanding achievement

Bank of Qingdao: net income from fees and commissions in the first half of the year was 931 million yuan

On September 5, Bank of Qingdao held its 2024 interim results conference. In the first half of 2024, Bank of Qingdao's net fee and commission income was 931 million yuan, a year-on-year decrease of 0.09 million yuan, a slight decrease of 0.95%, which remained stable overall and performed relatively well.

Water Drop Company: Q2 Insurance Operating Profit of 123 Million, New Users Up 15.8% MoM

On September 4, Shuidi Company released its results for the second quarter of 2024. In the second quarter of 2024, Shuidi's insurance business achieved related revenue of 574 million yuan, operating profit of 123 million yuan, and operating profit margin of 21.4%. During the quarter, the short-term insurance public domain customer acquisition capability further broke through, driving the overall number of new users to increase by 15.8% quarter-on-quarter.

Dadi Property Insurance: The original premium income in the first half of the year was 28.094 billion yuan and the net profit was 560 million yuan

On September 3, China Continent Property Insurance Co., Ltd. released its operating results for the first half of 2024 on its official website. In the first half of 2024, Dadi Property Insurance achieved original premium income of 28.094 billion yuan, a year-on-year increase of 1.2%; net profit was 560 million yuan, a year-on-year increase of 275.8%; the comprehensive cost ratio was 99.86%, down 1% year-on-year; The comprehensive solvency adequacy ratio was 280%.

Bank of Dalian: operating income of 2.64 billion yuan and net profit of 356 million yuan in the first half of the year

Recently, Bank of Dalian released its 2024 interim results report. During the reporting period, Bank of Dalian achieved operating income of 2.64 billion yuan, of which net interest income was 1.676 billion yuan and net profit was 356 million yuan.

Guohua Life: The proportion of renewal premiums increased to 56% in the first half of the year, and the value of new business surged

Recently, Tianmao Group issued an announcement announcing the results of its holding subsidiary Guohua Life Insurance for the first half of 2024. According to the financial report, Guohua Life Insurance Co., Ltd. will achieve original insurance premium income of 24.608 billion yuan in the first half of 2024, of which the renewal premium will be 14.552 billion yuan, a year-on-year increase of 47%, and the proportion of scale premium will increase from 28% last year to 56%. The new business value ratio was effectively improved, and the new business value reached 1.986 billion yuan, an increase of 575% over the same period last year.

China Reinsurance: Natural disasters occurred frequently in the first half of the year, and the impact of catastrophe losses was controllable

Recently, China Reinsurance held its 2024 interim results conference in Beijing. The meeting pointed out that in the first half of 2024, the direct economic loss caused by natural disasters in the mainland will be about 93.2 billion yuan, significantly higher than the 38.2 billion yuan in the same period last year. Wang Zhongyao, general manager of China Re Property & Casualty, said at the press conference, "The company's net catastrophe loss from international business in the first half of the year has been fully reflected in the operating results of the first half of the year. For now, the overall impact of catastrophe losses on our operations throughout the year is manageable. ”