Foreign shareholders change their blood, Bank of Communications and Confederation, or change the "Japanese flavor" new name

1comment 2019-03-14 20:22:41 source:International financial newspaper Author:Tang Wei Today, someone earned flying! (with record)

At the initial timing of the capital increase plan, it was reported that the foreign shareholders of Bank of Communications and Kanglian were ready to withdraw, and now the "transformation of blood" has finally landed. From the perspective of the new payment of insurance policies for the insurance premiums representing universal insurance, in 2018, the premium of BOCOM Kanglian was 3.53 billion yuan, a year-on-year decrease of 25.3%.

At the initial timing of the capital increase plan, it was reported that the foreign shareholders of Bank of Communications and Kanglian were ready to withdraw, and now the "transformation of blood" has finally landed.

March 13th,Bank of Communications Kanglian Life InsuranceCo., Ltd. (hereinafter referred to as "Bank of Communications and Kanglian") in ChinaInsurance industry associationThe website announced that the 27th meeting of the third board of directors of the company reviewed and approved the "Bank of Communications Kanglian Life Insurance Co., Ltd."Equity transferAnd the name change proposal, unanimously agreed that Kanglian Group transferred its stake in Bank of Communications Kanglian Life Insurance.

The announcement shows that the original shareholder of Australia Kanglian Group will completely withdraw, and the takeover will be Japan MS&; AD Insurance Group.

Foreign shareholders "transform blood"

Before the change of shareholders of Bank of Communications Kanglian,Bank of Communications(Quotes601328,Medical stock) Holding 62.5% of shares, Kanglian Group holds 37.5%.

After the equity transfer, Kanglian Group will no longer hold the equity of Bank of Communications. This also means that MS&AD Insurance Group will replace Kanglian Group as a foreign shareholder of Bank of Communications and hold a 37.5% stake.

Regarding the reasons for the change of shareholders and the follow-up renaming, the relevant person in charge of Bank of Communications Kanglian Life toldInternational financeReporter, according to regulatory requirements, has yet to be approved. The relevant content is subject to the announcement of the company's official website. If there is further clear information, the company will release it in time.

According to the data, the predecessor of Bank of Communications and Kanglian is a Sino-foreign joint venture established by China Life Group and Kanglian Group.Insurance companyZhongbao Kanglian. In 2010, China Life Group transferred its 51% stake in the company to Bank of Communications, and the company changed its name to Bank of Communications. In June 2010, Kanglian Group transferred its 11.5% stake to Bank of Communications.

The reporter noted that on July 11, 2018, BOCOM Kanglian had just been approved to complete a larger amount of capital increase plan, and the registered capital increased to 5.1 billion yuan. Among them, the registered capital contribution of Bank of Communications increased from 1.313 billion yuan to 3.188 billion yuan, and Kanglian Group increased from 788 million yuan to 1.913 billion yuan, all of which increased in proportion.

At the same time as the proposed capital increase plan was announced, it was reported that Kanglian Group was also seeking to withdraw. According to the announcement of the Commonwealth Bank of Australia, 37.5% of the shares held by Bank of Communications will be sold at a price of 3.2 billion yuan.Sumitomo Mitsui Marine Fire InsuranceThe Commonwealth Bank of Australia is the parent company of Kanglian Group and holds 100% of the shares of Kanglian Group.

Mitsui Sumitomo Marine Fire Insurance Co., Ltd. is a subsidiary of MS&AD Insurance Group. MS&;AD Insurance Group was established in April 2010 and was established after the integration of operations of Mitsui Sumitomo Marine Group, Aiheyi Property Insurance Company, Rishengtong and Property Insurance Company. The business covers property insurance, risk management, asset utilization and life. Insurance and other fields. After the integration, MS&AD Insurance Group became the No. 1 and No. 7 property insurance group in Japan, and its shareholders include Toyota Auto Co., Ltd. and Japan Life Insurance Co., Ltd.

  Bank of China insurance channel no longer enjoys fragrance

Like most bank life insurance companies, BOCOM Kanglian premium income is also highly dependent on the bancassurance channel.

The bancassurance channel used to be the place where the domestic life insurance market dream began. Under the regulatory approval in 2003, the bancassurance channel quickly grew into one of the most important insurance sales channels in China, and the premium income surged rapidly. In 2008, it exceeded the insurance marketing channel for the first time.

However, with the change of time, the wind direction is also changing. The supervision will put the guarantee in the first place. The policy of “short and fast” is no longer popular. The impact of this is also immediate: in 2018, the income of the bancassurance channel business fell by more than 20%, and the business share fell by more than 10 percentage points.

Used to be backed upBig treeIt’s good to take a cool look, but now it’s considered to be a single channel and too dependent. Take Bank of Communications and Kanglian as an example. In 2017, the company achieved a scale premium of 17.85 billion yuan, of which 17.72 billion yuan was paid by the Bank of Communications, accounting for as much as 99.2%. In 2018, BOCOM Kanglian achieved a scale premium of 11.54 billion yuan, and the premium income through Bank of Communications sales was 11.35 billion yuan, accounting for 98.4%.

In this regard, Bank of Communications and Kanglian responded to the "International Finance News" reporter said that as a banking company, the natural ownership of the bank's customers and channel advantages, giving priority to self-advantage is an inevitable choice. To measure the quality of development, it is necessary to see whether the insurance subsidiary can reflect the professional value and whether the channel, customers and the company can achieve a win-win situation.

According to Bank of Communications, according to this direction, since 2012, the company has established a development strategy of integrated two wings, that is, the strategic goal of “becoming a leading company in the growth and profitability of the insurance insurance service sector”. On the one hand, it fully integrates into the wealth management security system of the Bank of Communications Group, and actively exerts the professional advantages of the insurance subsidiaries; on the other hand, it creates excellent asset management capabilities.

  "Banking Department" to the branch

According to the past, the lack of profitability of insurance companies is often the main reason for the transfer of equity by shareholders.

Although it was established at the beginning, Bank of Communications and Kanglian had a constant loss, but this situation began to reverse in 2012, and in 2014 it achieved a profit of 21 million yuan for the first time.

From 2015 to 2018, BOCOM Kanglian achieved profitability of 204 million yuan, 205 million yuan, 256 million yuan and 322 million yuan respectively.

Why did the profit increase and the scale premium decreased?

In this regard, Bank of Communications and Kanglian responded to this reporter's report, on the one hand, the company continued to optimize the debt-side business structure, actively reduce the scale of universal insurance, and adhere to the path of value development. Although the total annual premiums decreased year-on-year, the operating efficiency and business value have been further improved. On the other hand, the company focused on channel and capacity building, explored new insurance business, and launched anotherUpgrade.

From the perspective of the new payment of insurance policies for the insurance premiums representing universal insurance, in 2018, the premium of BOCOM Kanglian was 3.53 billion yuan, a year-on-year decrease of 25.3%.

In fact, there are still many bank-based insurance companies like Bank of Communications and Kanglian. What are their performances in the face of transitional barriers?

The solvency report shows that in 2018, all the insurance companies of China Merchants Cigna, ICBC Ansheng, China Post Life Insurance, Jianxin Life Insurance, Bank of Communications Kanglian, Agricultural Bank of China Life, Zhonghe Life Insurance, BOC Samsung, and Everbright Everbright all achieved profitability. The total net profit was 3.288 billion yuan, a year-on-year increase of 39.3%. However, compared with other non-listed life insurance companies, the profitability is still lacking. For example, the net profit of more than 1 billion yuan is only the business credit.

From the perspective of new payment for insurance policies on behalf of universal insurance premiums, in 2018, there are four banks of insurance companies with universal insurance premiums still growing: Jianxin Life Insurance, BOC Samsung, Sino-Dutch Life Insurance, China Merchants Cigna The premiums were 16.75 billion yuan, 4.34 billion yuan, 110 million yuan, and 0.7 billion yuan respectively, with year-on-year growth rates of 31.8%, 35.5%, 12%, and 157%, respectively.

In addition, the insurance premiums of ABC Life, Everbright Yongming, ICBC AXA and China Post Life Insurance in 2018 were 1 billion yuan, 840 million yuan, 0.8 billion yuan, and 0.05 billion yuan respectively, down 36.9%, 48%, 37.6. %, 45.3%.


Keyword reading:Bank of Communications Exchange of blood Foreign shareholder Shareholder change Japanese life

Editor in charge: Zhang Zhenjiang
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