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Jiangsu Trust invested in Lian Life Insurance net profit of 689 million 10 trust companies holding shares insurance
Securities dailyXing Meng
March 12,Jiangsu GuoxinPublish the first quarter results forecast. According to the announcement, the net profit attributable to shareholders of listed companies in the first quarter of 2019 was 1.05 billion yuan - 1.15 billion yuan, an increase of 136% -158% over the same period of the previous year. When talking about the surge in performance, Jiangsu Guoxin attributed it to the investment income of the holding subsidiary Jiangsu Trust for Li'an Life.
In February of this year, Jiangsu Guoxin disclosed that it had invested in Li'an Life Insurance to complete the industrial and commercial change. Jiangsu Trust became its largest shareholder through the transfer of equity, and its shareholding ratio increased from 11.18% to 22.79%.
Insurance licenses are precious to the trust company's exhibition industry. According to the "Securities Daily" reporters, at least 10 trust companies currently hold equity in insurance companies, most of which are financial investments.
Accounting method change
Jiangsu Trust's net profit increased by 689 million yuan
The performance forecast shows that Jiangsu Guoxin’s net profit rose sharply in the first quarter of this year, which also aroused the attention of the market while boosting investor confidence.
According to the announcement, the main reason for the increase in the first quarter of this year's performance of Jiangsu Guoxin was the investment income of its subsidiary to Li'an Life. According to the first quarter results of Jiangsu Guoxin in 2019, after Jiangsu Guoxin Holdings subsidiary Jiangsu Trust became the largest shareholder of Li'an Life Insurance, Jiangsu Trust's accounting method for Li'an Life Insurance became the equity method according to accounting standards. As a result, Jiangsu Trust's investment income for Li'an Life Insurance was 919 million yuan, excluding income tax. It is estimated that Jiangsu Trust's net profit for the first quarter of 2019 will be approximately 689 million yuan, affecting the net profit attributable to Jiangsu Guoxin shareholders of approximately 561 million yuan. It can be seen that the investment income of Li'an Life Insurance directly led to a significant increase in the net profit of Jiangsu Guoxin in the first quarter of this year.
Jiangsu Trust has secured a large shareholder seat in Li'an Life Insurance. It has taken more than half a year from planning to landing. In July 2018, Jiangsu Guoxin announced that the company's controlling subsidiary, Jiangsu Trust, intends to transfer Jiangsu Suhui Asset Management Co., Ltd. and Jiangsu Phoenix, respectively, through the transfer of the agreement, in accordance with the needs of business development.Publishing mediaThe Group and Nanjing Zijin Investment Group held 150 million shares, 162 million shares and 219 million shares of Li An Life Insurance. The transfer price was 4.47 yuan/share, and the transaction amount reached 2.375 billion yuan. In October 2018 and January 2019, respectively, the approval of the Banking Regulatory Commission on agreeing to change shareholders and amend the articles of association was obtained. Jiangsu Guoxin issued an announcement in February this year, disclosing that Lian Life Insurance has completed industrial and commercial changes, and Jiangsu Trust officially became the largest shareholder of Lian Life Insurance.
Jiangsu Trust believes that this foreign investment will enable Jiangsu Trust to provide more complete financial services. Jiangsu Trust has become the largest shareholder of Lian Life Insurance through this equity transfer, which is conducive to optimizing the proportion of equity investment in Jiangsu Trust. It is understood that Jiangsu Trust is keen on financial equity investment and prefers local bank equity. In recent years, Jiangsu Trust has invested in a total of 9 local banks in Jiangsu, with a strong return on investment, except for listed companies.Bank of JiangsuIn addition, the rest are rural commercial banks or rural banks.
However, some industry observers believe that the change of Li'an Life's major shareholder is only "left-handed right hand", it is likely to be a local state-owned strategic plan, because the equity transfer of the three parties and the transferee Jiangsu Trust are all Jiangsu state-owned background.
Trust prefers investment life insurance
Most of them are financial investments
In recent years, insurance licenses with high gold content have become scarce resources, and investment insurance companies have become the first choice of many trust companies.
According to the shareholding ratio, qualification conditions and the impact on the management of insurance companies, according to the "Insurance Company Equity Management Measures", the insurance company shareholders are divided into four categories: financial class I shareholders (holding less than 5%), financial class II shareholders (holding 5%-15%), strategic shareholders (holding 15%-1/3 or having significant influence), controlling shareholders (holding more than 1/3 of the shares or having a controlling influence), and four types of shareholders The qualifications are all requested.
According to the incomplete statistics of the "Securities Daily" reporters, at least 10 trust companies currently hold shareholding insurance companies, of which 7 trusts are financial shareholders, holding less than 15% of insurance companies.
According to the types of shareholders of insurance companies, one trust company is the controlling shareholder of the insurance company: National Trust holds 50% of HSBC Life; 2 is strategic shareholders: Jiangsu Trust holds 22.79% of Lian Life, Zhongtai The trust holds 19.07% of DuPont Property Insurance; 7 are financial shareholders: Northern Trust holds 13.54% of Bohai Property Insurance; Chongqing Trust holds 10.34% of ABC Life; Shandong Trust holds 9.85% of Taishan Property Insurance Jilin Trust holds 6.15% of Zhongrong Life; Zhongjiang Trust holds 4.42% of Tian'an (Hong Kong stock 00028) property insurance; Guangdong Finance Trust holds 1.79% of Zhujiang Life; Shanghai Trust holds 1.33% of Shanghai Life Insurance.
It can be seen that trust companies prefer investment life insurance. Six out of 10 companies have invested in life insurance companies, which are significantly higher than property insurance companies. The reason is that senior trust researcher Yuan Jiwei analyzed that the future life insurance field is very promising. The trust company's use of the inherent funds to invest in the insurance company's equity is also a channel for long-term financial equity allocation, and it is also conducive to the realization of insurance fund allocation trust and insurance. Gold Trust and other credit insurance cooperation.
There are various forms of cooperation in the letter and insurance, and the prospects are promising. There are four main reasons: First, the trust company provides diversified investment products for insurance institutions, and the insurance funds can be docked with trust products. Second, according to the needs of insurance companies, trust companies can design customized investments. The third is that the insurance company cooperates with the small loan company to issue a trust plan, which can provide loan loss credit insurance services. Fourth, in the insurance fund trust and family trust business, the trust company can also cooperate with the insurance company.
Editor in charge: Fu Jianqing RF13564
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