Everyone insurance out of the "shadows": continuous asset sales, new general managers take office, subsidiaries frequently collect fines

Source of this article: Times Finance Author: Liu Ziqi

Source: Diagram Worm

After the spin-off from Anbang Insurance, Dajia Insurance Group Co., Ltd. (hereinafter referred to as "Dajia Insurance") continued to sell assets.

Recently, Shanghai Jiakang Engineering Management Co., Ltd. (hereinafter referred to as "Jiakang Engineering") 100% equity and 47.7313 million yuan of debt were listed for transfer, with a reserve price of about 1.321 billion yuan, and the transferor was Dajia Life Insurance Co., Ltd. (hereinafter referred to as "Dajia Life"), a subsidiary of Dajia Insurance.

This is not the first time that Everybody Life has transferred its stake in the company. On September 11, 2023, Dajia Life Insurance listed and transferred 100% of the equity of Jiakang Engineering and 47.7313 million yuan of creditor's rights, with a transfer price of 1.462 billion yuan, but it was ultimately unsuccessful. Now, the second listing is 141 million yuan lower than the first one.

Since the beginning of this year, we have frequently put our assets on the shelves. In June, the equity of Everybody's pension under Everybody Insurance was listed for transfer, and the transferor was Everybody Life and Everybody's assets; In April, the Beijing Equity Exchange resumed the overall transfer of Chengdu Houde Tianfu Real Estate Co., Ltd.'s creditor's rights project by Everyone's Holdings, a wholly-owned subsidiary of Dajia Insurance; In January, Dajia Insurance listed and transferred 100% of the equity of its third-party payment company Bangfubao.

In addition to the sale of assets, we have also made key personnel adjustments. In July this year, Sun Xianliang, a "veteran" of Everybody Insurance, jumped from the position of chairman of the board of supervisors to the new general manager of the company, filling the vacancy of the general manager of Everybody Insurance for nearly three years. In addition, two subsidiaries of Everybody Insurance, Everybody Property Insurance and Everybody Life, have been fined many times. For issues such as fines and listed assets, Times Finance contacted everyone for insurance, but has not received a reply as of press time.

Frequent asset sales "slimming"

The predecessor of Dajia Insurance was Anbang Insurance. Anbang Insurance was established on December 31, 2011, headquartered in Shenzhen, with a registered capital of 37 billion yuan. On February 23, 2018, the former China Insurance Regulatory Commission (CIRC) decided to take over Anbang Group on the grounds that Anbang Insurance had violated the Insurance Law by operating in violation of the Insurance Law.

In July 2019, China Insurance Security Fund Co., Ltd. (hereinafter referred to as the "Insurance Security Fund"), Shanghai Automotive Industry (Group) Corporation and China Petroleum & Chemical Corporation held 98.23%, 1.22% and 0.55% of the shares respectively.

At present, we have four subsidiaries: Life Insurance, Property Insurance, Pension and Assets, covering life insurance, property insurance, pension insurance, asset management, payment and other licenses. These four companies were mainly for the acquisition of the equity and business of Anbang Insurance, of which Dajia Property Insurance was a newly established company at that time, and the remaining three were renamed as subsidiaries of Anbang Insurance.

For these four companies, the major shareholder of Everybody Insurance had the idea of selling them as a whole. On July 16, 2021, the equity of Dajia Insurance held by the Insurance Security Fund was publicly transferred at the Beijing Financial Assets Exchange at a reserve price of 33.569 billion yuan. However, after two extensions, the equity transfer has been terminated to this day.

The overall sale was fruitless, and the Insurance Protection Fund began to try to split and sell. On June 28 this year, Dajia Life Insurance and Dajia Assets were listed on the Beijing Equity Exchange to transfer 100% of the equity of Dajia Pension.

Not long ago, we released our solvency report for the second quarter. In the second quarter of this year, the income of our pension insurance business was 695 million yuan, and the net loss was 61.7926 million yuan. As of the end of the second quarter, the company's total assets were 8.022 billion yuan, and the core and comprehensive solvency adequacy ratios were 388.39% and 406.28% respectively.

Since the beginning of this year, we have been selling off assets. At the beginning of the year, the project information of the Beijing Financial Assets Exchange disclosed that 100% of the equity of Bangfubao Payment Technology Co., Ltd. (hereinafter referred to as "Bangfubao"), a third-party payment institution under Dajia Insurance, was being transferred, and the transaction price was 438 million yuan. The listing period starts on December 29, 2023 and ends on January 26, 2024. At present, the equity has not been successfully cleared.

In April, the debt project of Chengdu Houde Tianfu Real Estate Co., Ltd. held by Dajia Holdings successfully resumed the trading process after a brief suspension on the Beijing Equity Exchange. In late May, the company's shareholding changed, and Chengdu state-owned assets became its new owner.

In addition, since March this year, we have begun to intensively reduce our holdings in the Financial Street (000402. SZ). From April 17th to May 20th, we reduced our holdings of 123 million shares of Financial Street through centralized bidding, and after this equity change, we held 4.99% of the shares of Financial Street. This also means that if we continue to reduce our holdings in Financial Street, there is no need to make an announcement.

After a three-year vacancy, a new general manager was ushered in

At the same time as frequently selling assets, we are also making personnel adjustments.

In July this year, we welcomed the company's second general manager. On July 25, Dajia Insurance announced that after the company's resolution, Sun Xianliang will serve as the general manager of the company from July 12, 2024. The company's first general manager, Xu Jinghui, has been vacant for nearly three years since he stepped down in September 2021.

Born in 1973, Sun Xianliang has served as an editor, reporter and cadre of China Financial Publishing House, a cadre of the General Office of the People's Bank of China, a staff member, deputy director and director of the General Office of the China Banking Regulatory Commission, the former deputy director of the General Office of the China Banking Regulatory Commission, and the former deputy director of the General Office of the China Banking and Insurance Regulatory Commission. In May 2020, Sun Xianliang was appointed as the chairman of the board of supervisors of Dajia Insurance.

At present, the leadership team of Dajia Insurance includes: Chairman He Xiaofeng, General Manager Sun Xianliang, Deputy General Manager Luo Sheng, Deputy General Manager Li Xin, Assistant General Manager and Secretary of the Board of Directors Zhao Peng, Assistant General Manager Tang Ning, and Audit Responsible Person and Audit Director Luo Yanhua.

In addition, we and our subsidiaries also face some compliance issues. In April this year, we received 2 fines for preparing false financial information, falsely listing expenses and other violations.

Among them, on April 1, the Liaoyuan Central Branch of the Jilin Branch of the People's Property Insurance Company was fined 220,000 yuan by the Liaoyuan Supervision Branch of the State Financial Supervision and Administration for falsely listing expenses, and Chen Zhigang, then deputy general manager of the branch (presiding over the work), was given a warning and fined 40,000 yuan.

On April 7, according to the administrative penalty information released by the Shandong Supervision Bureau of the State Administration of Financial Supervision and Administration, the Jinan Branch of Dajia Property Insurance was fined 250,000 yuan by the Shandong Supervision Bureau of the State Financial Supervision and Administration for preparing false financial information.

In July, the Tonghua Supervision Branch of the State Administration of Financial Supervision and Administration was given a warning and fined 40,000 yuan by the Tonghua Supervision Branch of the State Financial Supervision and Administration for violating the law in the sales process of new life insurance products, such as returning visits beyond the hesitation period, issuing false promotional information by agents, making one-sided comparisons of insurance rates, and failing to manage agents.

On April 24 last year, the Qingdao branch of Dajia Property Insurance was fined 250,000 yuan by the former Qingdao Banking and Insurance Regulatory Bureau for the illegal acts of falsely listing business management fees and falsely listing personal agents for direct sales business, and employee Chen Xi was warned and fined 30,000 yuan for the above-mentioned violations of laws and regulations.

In June last year, the Zhengzhou Central Branch of China Insurance Company was fined 860,000 yuan by the former Henan Banking and Insurance Regulatory Bureau for preparing or providing false reports, statements, documents and materials, using insurance business to seek improper benefits for other institutions or individuals, and operating insurance business across provinces, autonomous regions and municipalities directly under the Central Government.