fastestfishintheocean| Four life insurance companies failed to meet the solvency standards, and Hezhong Life Insurance and Huahui Life Insurance have been rated as Class C companies for a long time.

Huaxia Times reporter Wu Min reporting from Beijing

As of May 15Fastestfishintheocean77 life insurance companies have disclosed their solvency reports for the first quarter of 2024.

According to the "Huaxia Times" reporter combed, in addition to three Gorges Life, Hetai Life Insurance, Guohua Life Insurance, Hongkang Life Insurance four insurance companies did not disclose comprehensive risk rating results, the other 73 insurance companies have disclosed the first quarterly solvency report of the insurance companies, there are three insurance companies risk comprehensive rating of Class C, one insurance enterprise risk comprehensive rating of Class D, is a solvency substandard company.

Li Wenzhong, former deputy director of the Insurance Department of the Capital University of Economics and Economics, said in an interview with the Huaxia Times that 50% of the comprehensive risk rating can be capitalized and 50% of the risk score is difficult to capitalize. Therefore, the underachievement of the comprehensive risk rating of insurance companies may be not only a lack of solvency adequacy, but also a risk that is difficult to capitalize. It includes operational risk, reputation risk, strategic risk and liquidity risk.

The solvency of 4 life insurance companies is not up to standard

Risk comprehensive rating is an important index to measure the solvency of insurance companies. According to regulatory regulations, the solvency standard must meet three major conditions at the same time, that is, the core solvency adequacy ratio is not less than 50%.FastestfishintheoceanThe comprehensive solvency adequacy ratio shall not be less than 100%; the comprehensive risk rating shall be category B or above.

At present, among the 77 life insurance companies that have disclosed their solvency reports in the first quarter, in addition to the four insurance companies that have not disclosed their comprehensive risk rating, there are three insurance companies with a comprehensive risk rating of Cpene and one with a comprehensive rating of D. it belongs to a company whose solvency is not up to standard. Specifically, the C-level companies approved are Huahui Life Insurance, Ping an Endowment Insurance and Hezhong Life Insurance, while the D-rated companies are Peking University founder Life Insurance.

"once insurance companies are rated C or D, business development and other aspects may be restricted, and regulators will take targeted regulatory measures against them in accordance with relevant regulations, such as restricting dividends, replenishing capital, restricting business development, and so on." Li Wenzhong said.

Huahui Life Insurance has been rated as Category C for eight consecutive quarters. The company said in the quarterly report that due to the rectification work related to corporate governance has not yet been completed, regulators believe that the company's operational risk is high, and the comprehensive risk rating has been downgraded to Class C.

It is understood that since June 2013, because the proposed directors, supervisors and senior managers of Huahui Life Insurance have been unable to obtain qualification approval, the number of qualified directors and supervisors on the board of directors and board of supervisors has not reached a quorum, resulting in the normal operation of the board of directors and the board of supervisors and performing their corresponding duties, as well as the normal operation of the relevant professional committees of the board of directors. Some senior managers of the company have been performing their duties in the name of temporary leaders for a long time, and the compliance policy has not been approved by the board of directors, so there is uncertainty about the effectiveness.

Not only that, Huahui Life Insurance is also faced with restrictions on the application and approval of new products, business stagnation, unable to achieve business objectives. At present, the company's application and approval of new products, business scale, investment channels and institutional construction are all restricted, and the operating organization is only Shenyang headquarters and 6 central branch companies, and the operating area is relatively small. it exerts great pressure on its business development and the realization of the company's strategic goals.

Huahui Life Insurance said in the report that in the first quarter of 2024, the company had only one group term life insurance that could be sold, but could not form a group protection plan, and the company had not successfully filed new products and launched new business, resulting in a serious lack of market competitiveness.

Hezhong Life has rated Category C for the 12th consecutive quarter. The company said in the report that the main reason is the high operational risk. In addition, by the end of the first quarter, the core and comprehensive solvency adequacy ratios of Hezhong Life were 91.Fastestfishintheocean.58%, 168Fastestfishintheocean.26%, according to its forecast, the core and comprehensive solvency adequacy ratio will drop to 88.44% or 162.62% in the next quarter, or face some capital replenishment pressure.

Peking University founder Life Insurance has a comprehensive risk rating of Class C for four consecutive quarters. The company said in the report that in terms of capitalizable risk, the solvency adequacy ratio reached the target in the fourth quarter, but due to factors such as the time dimension of the indicator, the capitalization score was still low, affecting the rating results.

Ping an pension has a comprehensive risk rating of Category C for two consecutive quarters, but it pointed out in the report that the regulatory authorities did not take regulatory measures on the company during the reporting period, and the company's capital use and insurance business were effectively improved in the fourth quarter of 2023. The company's comprehensive risk rating score has reached Class B in the fourth quarter of 2023, but due to the regulation of the adjustment rules of risk comprehensive rating evaluation, the company's comprehensive risk rating temporarily maintained the results of the previous quarter.

All put forward improvement measures.

"for companies whose solvency is not up to standard, it is necessary to take measures such as replenishing capital and adjusting the structure of assets and liabilities to improve solvency adequacy; for companies with greater operational risk, strategic risk, reputation risk or liquidity risk, targeted remedial measures need to be taken." Li Wenzhong told the Huaxia Times.

In view of the existing problems, the insurance companies also put forward improvement measures in the solvency report.

With regard to the rectification and reform of issues related to corporate governance, Huahui Life said that it would strengthen communication and reporting with regulators and actively carry out corporate governance rectification work in accordance with the opinions of regulators. After the completion of the rectification and reform work and the consent of the regulatory department, a general meeting of shareholders shall be organized in accordance with the relevant provisions to elect the new board of directors and members of the board of supervisors; after the qualifications of the proposed directors and supervisors have been approved, the company will resume the operation of the board of directors and the board of supervisors; hold board meetings, elect members of various professional committees, and restore the normal operation of professional committees.

"after the 'three meetings' resume normal operation, they shall perform their corresponding duties in accordance with the law, review or approve matters related to the company's major decisions, organizational structure, strategic planning, etc., and at the same time employ senior managers, and no longer appoint temporary responsible persons, and then fully resume the operation of the 'three meetings and one layer' to solve problems related to corporate governance." Huahui Life Insurance said.

Peking University founder Life Insurance said: "for the difficult to capitalize risks, the company's management responsibility for decomposing indicators requires strengthening control and self-evaluation, continuously improving and upgrading indicators, and actively organizing rectification for weak indicators." and track the improvement quarterly. "

"After the company's comprehensive risk rating was downgraded, the company attached great importance to it and actively carried out relevant rectification work. After the company completed two capital increases in 2022, its registered capital increased from 4.86 billion yuan to 11.6 billion yuan. At the end of the first quarter of 2024, the company's comprehensive solvency adequacy ratio was 296.00%, and the core solvency adequacy ratio was 206.36%, both of which were in a healthy state." Ping An Pension said that the company's current business operations are stable, fully fulfilling the company's responsibilities and obligations, and actively protecting the rights and interests of consumers.

Hezhong Life also stated that in accordance with the established rectification plan, the company will gradually advance relevant rectification work.

Editor in charge: Meng Junlian Editor in chief: Zhang Zhiwei

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