Sudden! Evergrande Life Insurance is fully taken over by Haigang Life Insurance

Release time:Apr 16, 2024 21:22 PM

On September 15th, the Shenzhen Regulatory Bureau of the State Administration for Financial Supervision and Administration of China released the "Reply on the Acquisition of Insurance Business of Evergrande Life Insurance Co., Ltd. by Haigang Life Insurance Co., Ltd.", which clearly agreed to the overall acquisition of insurance business and corresponding assets and liabilities of Evergrande Life Insurance Co., Ltd. by Haigang Life Insurance Co., Ltd.

On the same day, the State Administration for Financial Regulation also announced the approval for the opening of Haigang Life Insurance and its branches. The approval shows that we agree to the opening of Haigang Life Insurance and accept the territorial supervision and management of Shenzhen Banking and Insurance Regulatory Bureau.

State owned assets enter and take over

From the perspective of shareholder composition, contribution amount, and shareholding ratio, the investors of Haigang Life Insurance all have state-owned backgrounds:

Shenzhen Penglian Investment Co., Ltd., with a capital contribution of 7.65 billion yuan and a shareholding ratio of 51%;

China Insurance Protection Fund Co., Ltd., with a capital contribution of 3.75 billion yuan and a shareholding ratio of 25%;

Guangdong Yuecai Investment Holding Co., Ltd., with a capital contribution of 1.2 billion yuan and a shareholding ratio of 8%;

Chongqing Yuxin Investment Co., Ltd., with a capital contribution of 1.2 billion yuan and a shareholding ratio of 8%;

Taiping Life Insurance Co., Ltd. has invested 1.2 billion yuan and holds an 8% stake.

According to business information, Shenzhen Penglian Investment Co., Ltd. is a state-owned enterprise controlled by Shenzhen, Guangdong Yuecai Investment Holdings Co., Ltd. is controlled by the Guangdong Provincial Government, and Chongqing Yuxin Investment Co., Ltd. is a state-owned enterprise controlled by Chongqing.

Regarding this public acquisition, Evergrande Life Insurance responded by stating that Haigang Life Insurance has acquired Evergrande Life Insurance's insurance business and corresponding assets and liabilities as a whole. Haigang Life Insurance will fulfill its obligations under the insurance contract signed in the name of Evergrande Life Insurance, effectively protecting the legitimate rights and interests of insurance consumers.

Sudden! Evergrande Life Insurance is fully taken over by Haigang Life Insurance

Quickly and steadily complete the undertaking work of Evergrande Life Insurance's policy liabilities and other related tasks

The reporter searched the official website of Evergrande Life Insurance and found that the annual information disclosure report of Evergrande Life Insurance was only updated to the year 2020, and the solvency report was also only updated to the third quarter of 2021.

As of the end of the third quarter of 2021, the net assets of Evergrande Life Insurance were 15.102 billion yuan, a decrease of 1.525 billion yuan compared to the end of the second quarter of 2021; The core solvency adequacy ratio and comprehensive solvency adequacy ratio are both 104.55%, and the insurance business revenue is 5.249 billion yuan, a decrease of 2.542 billion yuan from the end of the second quarter of 2021.

In the first three quarters of 2021, Evergrande Life Insurance's insurance business revenue was 21.927 billion yuan, 7.79 billion yuan, and 5.249 billion yuan, respectively; The net profits were 605 million yuan, -1136 million yuan, and -583 million yuan, respectively.

"For a period of time, due to various reasons, Evergrande Life has encountered great difficulties in operation," said Liang Dong, Chairman of Evergrande Life.

The latest data on Evergrande Life Insurance comes from the second quarter consumer rights protection information disclosure report of Evergrande Life Insurance Co., Ltd. for the year 2023, which was released on July 14 this year. According to the report, in the second quarter of this year, Evergrande Life Insurance provided risk protection of over 1.68 trillion yuan to more than 2.65 million customers, with a total of 24900 claims cases, a compensation amount of 511 million yuan, a claim time limit of 1.13 days, and a claim payout rate of 99.87%.

During a recent media interview, Zhu Ying, Chairman of Haigang Life Insurance, stated that under the guidance of regulatory authorities, Haigang Life Insurance will carefully organize and deploy various tasks, accelerate the progress of work, and quickly and smoothly complete the undertaking of Evergrande Life Insurance's policy liabilities, effective assets, and all institutional branches, effectively protecting the legitimate rights and interests of insurance consumers and relevant parties, and fully maintaining social stability and industry confidence.

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