Original title: the new head of trillion Guoshou Group has been settled, Bai Tao has returned! Where is the insurance ship headed?

Source: time Weekly

Guoshou Group ushered in a new boss.

A number of industry insiders confirmed to time that China Life Insurance (Group) Company (hereinafter referred to as "Guoshou Group") held a general meeting on the afternoon of January 14 and announced Bai Tao as party committee secretary.

Prior to that, Bai Tao served as chairman of China Development Investment Group Co., Ltd. (hereinafter referred to as "China Investment Group"). Traditionally, Bai Tao will also serve as chairman of Guoshou Group, but this will have to go through procedures such as the board of directors, shareholders' meeting and regulatory approval.

On the same day, China Life Insurance Company Limited (601628.SH), a listed company of Guoshou Group, also announced the latest premium income. For the whole year of 2021, China Life Insurance Company Limited realized the original insurance premium income of about 620 billion yuan (unaudited).

On January 14, China Life Insurance Company Limited closed at 29 yuan per share, down 3.43 percent, down 24.5 percent from 38.39 yuan per share on the last trading day in 2020, and the market capitalization shrank by more than 200 billion yuan. From the beginning of this year to January 14, among the 24 secondary industries in Wind, the insurance industry as a whole rose 0.52%, while China Life Insurance Company Limited fell 3.62%, ranking second from the bottom of the seven industry stocks.

　　The new head of Guoshou

Bai Tao was born in 1963 with rich resume and many years of working experience in banking, insurance and other financial fields.

He has worked in Industrial and Commercial Bank of China for the longest time. In 1984, Bai Tao, 21, joined Industrial and Commercial Bank of China and worked in Hainan, Jilin, Hunan and other branches. He served as assistant to the president of Hainan branch, vice president of Jilin branch, vice president (presiding over) and president of Hunan branch, and also served as general manager of asset risk management department in Industrial and Commercial Bank of China head office.

During his tenure at ICBC, Bai Tao organized, promoted and established the ICBC's standardized risk reporting system and risk evaluation system, initiated a number of pioneering work such as the risk quota management system and the construction of risk management information support platform, and promoted the development and application of risk quantification in ICBC.

In June 2014, Bai Tao moved to insurance and became vice president and party committee member of Guoshou Group, in charge of legal and strategic departments. He has not been in the Guoshou Group for a long time, only two years. From September 2016 to June 2018, Bai Tao served as deputy general manager of China Investment Co., Ltd., and vice chairman and president of China people's Insurance Group in July 2018.

Bai Tao has been with PICC for only two years. In January 2020, Bai Tao was transferred to the State Investment Group to replace Wang Huisheng, who retired at the age, as chairman and secretary of the party group.

Under the leadership of Bai Tao, the performance of CIC Group reached an all-time high. In 2020, CIC achieved a total profit of 22.1 billion yuan, an increase of 10.3% over the same period last year, and a net profit of 17.6 billion yuan, an increase of 9.5% over the same period last year. At the 2021 working meeting, Bai Tao pointed out that anchoring the long-term goal of the CIC Group in 2035 to "build a world-class capital investment company with global competitiveness" and create a "new CIC".

Now, Bai Tao returns to Guoshou Group and will partner with Yuan Changqing to lead Guoshou Group steadily forward.

Yuan Changqing is currently vice chairman and president of Guoshou Group. He was born in 1961 and has a rich resume. He has served as Supervisor of Agricultural Bank Of China, Deputy General Manager of Everbright Group and other positions.

　　Property insurance pressure

Guoshou Group is a large financial and insurance enterprise. In 2020, the group's combined operating income was nearly 1 trillion yuan, the combined premium income exceeded 750 billion yuan, and the combined total assets exceeded 5 trillion yuan.

The core business segment of Guoshou Group is the life insurance company. China Life Insurance Company Limited, as a life insurance company based on individual insurance channels, the reform of the marketing system is still a top priority.

From 2018 to 2020, China Life Insurance Company Limited's premium income was 535.826 billion yuan, 567.086 billion yuan and 612.265 billion yuan respectively, up 5.82% and 7.97% over the same period last year, while the value of new business was 49.511 billion yuan, 586.98 billion yuan and 583.73 billion yuan respectively, and decreased slightly in 2020.

Financial data show that in the first three quarters of 2021, China Life Insurance Company Limited achieved revenue of 727.711 billion yuan, an increase of 5.23% over the same period last year, and net profit of 48.502 billion yuan, an increase of 3.02% over the same period last year. However, China Life Insurance Company Limited's net profit in the second and third quarters was 12.386 billion yuan and 7.527 billion yuan respectively, down 7.88% and 54.5% from the same period last year.

In terms of property insurance companies, on January 11, Guoshou property Insurance disclosed the announcement of the change of registered capital on the official website of the China Insurance Industry Association.

According to the relevant proposal, the Guoshou Group and its life insurance companies will increase the capital of Guoshou property insurance by 9 billion yuan in the form of cash contribution. Of this total, the Guoshou Group will increase its capital by 5.4 billion yuan, and the life insurance company will increase its capital by 3.6 billion yuan. after the capital increase is completed, the registered capital of Guoshou property insurance will increase from 18.8 billion yuan to 27.8 billion yuan, and the shareholding ratio of all shareholders will remain unchanged.

As the leader of the property insurance plate of Guoshou Group, Guoshou property insurance has focused on scale expansion in recent years, but the net profit is unstable and has declined in the ups and downs. In the first three quarters of 2021, the total income of Guoshou property insurance business reached 68.88 billion yuan, an increase of 4.3% over the same period last year, and the net profit was 407 million yuan, down 78.67% from the same period last year.

In terms of fines, PricewaterhouseCoopers statistics show that in 2021, the CBIC and its local offices issued a total of 2191 fines, with a penalty amount of 312 million yuan. Among them, Guoshou property insurance and China Life Insurance Company Limited were fined 21.275 million yuan and 10.339 million yuan respectively, ranking among the top three among property insurance and life insurance companies.