As the economy enters a high-quality development cycle,InsuranceIndustry transformation adjustments and prevention of liquidity risks have also been frequently mentioned.
The reporter noted that as of the end of the fourth quarter of 2018, Bohai Property Insurance Co., Ltd. (hereinafter referred to as “Bohai Property Insurance”) has a comprehensive liquidity ratio within three months and within one year, which has been below 100% for two consecutive quarters. In this regard, Bohai Property Insurance admitted that according to the existing assets and liabilities, the assets due to expire have a gap in the liabilities for the same period.
In addition to tight liquidity, the personnel changes in Bohai Property Insurance are also slightly frequent. The former general manager has rushed to leave without a post, and the veteran Yang Jianjun has returned to serve as the interim head. Although the personnel movements are not yet clear, they are also given to the industry. Leaving the imagination space, and posing in front of the new general manager is the situation that Bohai Property Insurance has suffered losses for three consecutive years, which needs to be reversed, and how to ease the liquidity risk.
Comprehensive current ratio knocking "alarm bell" Bohai property insurance assets and liabilities gap
On the whole, the comprehensive liquidity ratio and liquidity coverage rate are important indicators for measuring the liquidity risk of insurance companies. In addition to providing warnings to insurance companies themselves, they also provide a measurement reference for supervision.
The reporter noted that as of the end of the fourth quarter of 2018, the comprehensive current ratio of Bohai Property Insurance within 3 months and within 1 year decreased from 97.79% and 65.62% in the previous quarter to 92.44% and 63.29% respectively, both of which were lower than 100%. .
Looking back, in the third quarter of 2017, the comprehensive liquidity ratio of Bohai Property Insurance fell from 108.73% to 91.91% within one year, falling below 100%. At that time, Bohai Property Insurance stated that although it is less than 100%, the company holds asset management products and financial bonds that can be realized in advance, and the comprehensive current ratio is sufficient within one year. The comprehensive current ratios of all other sections are greater than 100%. Cash flow is expected to cover the cash outflow of liabilities.
However, in the past one and a half years, the comprehensive liquidity rate of Bohai Property Insurance within 3 months and the comprehensive liquidity rate within 1 year have been in a downward trend. The comprehensive liquidity rate within 1 year has been lower than 100% for 6 quarters within 3 months. The overall rate is also below the horizontal line for two consecutive quarters.
Regarding the status quo, Bohai Property Insurance admitted that from the perspective of the comprehensive liquidity ratio, the company has sufficient liquidity for more than one year, and the comprehensive current ratio within three months and within one year is less than 100%. Assets due within three months and within one year have gaps in liabilities for the same period."
“The comprehensive liquidity ratio is lower than 100%, indicating that the assets under maturity are lower than the maturity liabilities in the short-term, and there is a certain liquidity risk.” Guo Zhenhua, director of the Insurance Department of Shanghai University of International Business and Economics, reminded that it pointed out that the comprehensive ratio of property insurance companies was compared. Life insurance companies are relatively low, but liquidity risks cannot be ignored. It is recommended that such insurance companies maintain morecurrencyThe amount of funds held, or the increase in the short-term asset allocation ratio, "can be adjusted through stock assets, or can be adjusted at the time of configuration through new premiums."
In fact, liquidity risks have been repeatedly mentioned in the near future. Earlier, PricewaterhouseCoopers released the "2018 Insurance Company's Comprehensive Risk Management and Asset and Liability Management Survey Report". From the perspective of the insurance institutions surveyed, liquidity risk has exceeded operational risk and become the second weakest sub-risk area. .
Many institutions have carried out liquidity risk indicator calculation, reporting and stress testing in accordance with regulatory requirements, formulated liquidity contingency plans and conducted drills.
"In the case of tight liquidity, insurance companies should tighten investment spending and withdraw funds." Economist Song Qinghui gave his opinion from the investment side.
In this regard, the reporter has repeatedly contacted Bohai Property Insurance to conduct an interview on whether to issue corresponding liquidity response measures, but as of the press release, it has not been answered.
ExecutiveFrequent change veteran will return to serve as temporary person in charge of Bohai Property Insurance
The other side of liquidity is the level of profit that Bohai Property Insurance is not optimistic about.
As the first property insurance legal entity in Tianjin, Bohai Property Insurance was established by Tianjin Teda International Holdings (Group) Co., Ltd. (hereinafter referred to as “Teda Holdings”), a large comprehensive state-owned group in Tianjin. TEDA Holdings entered the insurance and was also seen as One of the steps to expand the financial layout. Initiated from 5shareholderFrom the background, Bohai Property Insurance has obvious advantages and rich shareholders.
In 2012, Bohai Property Insurance introduced the Australian Insurance Group as a strategic investor. In 2015, Tianjin Binhai High-tech Zone Asset Management Co., Ltd. was introduced, and the registered capital was raised to 1.625 billion yuan. Behind the frequent actions, it is not difficult to see the expectations of the shareholders on the Bohai Property Insurance.
The reporter combed the situation of Bohai Property Insurance in recent years and found that from 2013 to 2018, the income of Bohai Property Insurance Insurance business increased year by year. In 2018, the insurance business income was 4.003 billion yuan, up 3.54% year-on-year, lower than the entire property insurance industry 11.52%. Premium growth rate.
In addition, Bohai Property Insurance achieved a total of 105 million yuan in 2015.Net profitIn addition, the rest of the year was in a state of loss, with a loss of 112 million yuan in 2018.
In fact, the clues of losses can also be seen from the premium structure. From 2013 to 2018, Bohai Property Insurance Motor Vehicle Insurance accounted for more than 80% of the premium income. In 2016 and 2017, it accounted for 90% of the total. The auto insurance business continued to lose money, and the company was dragged into the overall loss. Specifically, since 2013, the losses of Bohai Property Insurance's auto insurance business have all exceeded 100 million. In 2017, the loss increased to 309 million.
As the “big head” of premium income, the auto insurance business can quickly increase the scale premium, but the high overall cost rate also makes many auto insurance businesses of small and medium-sized property insurance companies at a loss.
The insiders pointed out that due to the decline in economic growth, the growth rate of automobile sales has stabilized. In 2019, auto insurance premiums entered a bottleneck period. In addition, the reform of commercial vehicle fees continued to deepen, and the rate level continued to fall, resulting in lower average car premiums. Put pressure on premium income. Bohai Property Insurance, which continues to develop its auto insurance business, is undoubtedly facing industry “difficulties”.
It is noteworthy that in the near future, the personnel changes in Bohai Property Insurance have also been slightly more frequent.
On February 3, Bohai Property Insurance official website disclosed major events on the 1st of 2019.announcementShen Xiaoyu ceased to be the general manager and executive director of Bohai Property Insurance, and Xu Ning, the chairman of the board, became the interim head. Since then, the basic information announcement of the “Change of Investment Collective Fund Trust Plan, Indirect Equity Investment and Overseas Investment Administration Leader” issued by Bohai Property Insurance has given clearer information. The company was relieved of the post of Shen Xiaoyu on January 25. .
According to early data, Shen Xiaoyu has a three-year term of office. Today, he has been rushed to leave office for one and a half years. In December 2018, Shen Xiaoyu also served as the company's e-commerce work conference and guided the work.
In less than a month, the temporary person in charge of Bohai Property Insurance also changed. On February 25, Bohai Property Insurance announced that the temporary responsible person was replaced by Yang Jianjun, and the general manager position was temporarily vacant.
It is understood that Yang Jianjun is a veteran of the insurance industry. He has served in Ping An Property Insurance for many years, and later served as Deputy General Manager of Bohai Property Insurance; Vice President of Yongcheng Property Insurance and Mr. Yongcheng Insurance Asset Management Co., Ltd.; Vice Chairman of Zhongrui Wanbang Insurance Broker Co., Ltd.
Returning to the "old club" and serving as the temporary person in charge, Yang Jianjun took over the post of general manager of Bohai Property Insurance, and also left the imagination space for the industry, but in front of it, Bohai Property Insurance needs to turn losses and ease the flow. The situation of sexual risk.
(Article source: China Net Finance)