On the evening of April 15, Xinsan board listed property insurance company YongchengInsurance(834223) Disclosure of the 2018 Annual Report. In 2018, the company achieved insurance premium income of 6.163 billion yuan, a year-on-year decrease of 3.7%. 2018 companyOperating income5.303 billion yuan, a decrease of 394 million yuan over the same period of last year, down 6.9% year-on-year; operating expenses of 5.66 billion yuan, a decrease of 0.38 billion yuan over the same period of the previous year, down 0.7%. 2018 The company's total profit was 340 million yuan, an increase of 347 million yuan over the same period last year. As of the end of 2018, the company's total assets reached 10.153 billion yuan, the asset-liability ratio was 78.7%, an increase of 3.3 percentage points over the same period of the previous year; the company's net assets were 2.164 billion yuan, a decrease of 340 million yuan over the same period of the previous year.
Kang Guojun, executive vice president of Yongcheng Insurance, said that the company has begun a strategic transformation from 2018. Taking power and energy insurance as the strategic focus, we will continue to optimize and optimize the auto insurance business and reduce the overall cost ratio of the business.
According to Cao Zhiqiang, the director of Yongcheng Insurance, in 2018, the main reasons for the company’s profit target fluctuations are: First, investmentPerformanceinfluences. In 2018, the domestic capital market was relatively sluggish. The assets of Yongcheng Insurance's equity assets were relatively high, which was greatly affected by market fluctuations. In 2018, Yongcheng Insurance holds equity assets, including secondary market stocks,fundAnd equity investment assets totaled about 2.8 billion yuan, of which the secondary market stocks and funds were about 2.2 billion yuan. Due to the stock market downturn, the company continued to reduce its holdings. By the end of 2018, holding secondary market stocks, funds, etc. will not exceed 1 billion yuan.
Second, the auto insurance competition has intensified. In 2018, the underwriting profit rate of the entire auto insurance industry was only 0.14%, and the main profit subjects were mainly concentrated in large and large companies. Small and medium-sized companies generally suffered losses. Yongcheng Insurance participated in it, which dragged down the overall operation quality.
The third is the frequent occurrence of natural disasters in 2018. In 2018, super typhoons such as Yutu, Mangosteen, Skylark, Ambi, and Mountain God successively landed, causing damage to power generation enterprises everywhere. Yongcheng Insurance timely paid various types of indemnities to ensure the reconstruction and normal operation of enterprises after the disaster.
For the business results of 2018, the new Yongcheng management team is under great pressure. How to lead Yongcheng Insurance to realize profitability and build a new development model. The relevant person in charge of Yongcheng Insurance said that the company's new strategy has been completed and will become a leader in risk management in the power energy industry, focusing on international business development. Health insurance, etc., take the development path of innovation and differentiation.
As the core business of Yongcheng Insurance, the power energy insurance business is the foundation of “staying in life” and is also a competitive advantage. In 2018, such businesses maintained rapid growth and risk control measures became more sophisticated. At present, Yongcheng Insurance covers more than 2,400 power generation insurance projects, accounting for nearly one-third of the domestic power generation insurance market, and exclusive and chief underwriting power generation projects account for 2/3. In the future, Yongcheng will establish a leading position in the power and energy insurance business, and realize its leading position in power energy underwriting technology. Its power energy market share is ahead of its peers.
Yongcheng Insurance will actively respond to the national “Belt and Road” strategy, give full play to its professional advantages, and actively provide risk protection for Chinese enterprises' overseas energy investment.
In addition, for many years, Yongcheng Insurance has continued to pay attention to the health of people's livelihood. At present, it has built a low-, medium-, high-end, comprehensive and complete health insurance product chain, which can satisfy customers' all-round prevention, pre-treatment and post-tracking. demand.
(Article source: China Securities Journal)