Skillfully, while the market is still recalling Liu Yiqians three-year investment in the Chinese Life Insurance, he absorbed the life insurance of the merged country on the one hand, and the balance of the Qingan Sheng on the other.
On August 13, 21st Century Economic Reporter noticed that Tianmao Group (000627.SZ) announced that it intends to adopt Hainan Kaiyi Industrial Co., Ltd. (hereinafter referred to as Hainan Kaiyi) and Shanghai Boyonglun Technology Co., Ltd. (hereinafter referred to as Shanghai Boyong) to all minority shareholders except Tianmao Group, the controlling subsidiary of Guohua Life. Ningbo Hansheng Credit Investment Co., Ltd. (hereinafter referred to as Ningbo Hansheng Credit), Hubei Hongtai Capital Investment and Operation Co., Ltd. (hereinafter referred to as Hubei Hongtai), Wuhan Real Estate Development and Investment Co., Ltd. (hereinafter referred to as Wuhan Real Estate), and Wuhan Jiangshore State-owned Assets Management Limited Liability The company (hereinafter referred to as Wuhan River Bank) issues shares to purchase assets or issues shares to purchase assets in conjunction with other payment methods to absorb and amalgamate China Life, and has suspended its trading since August 13.
Meanwhile, Tianmao Group cleared the balance of Ansheng. Tianmao Group and five other Chinese shareholders of Ansheng Tianping have transferred all their shares of Ansheng Tianping to AXA Ansheng. After the transfer, AXA holds 100% of AXA Tianping Property Insurance and five Chinese shareholders of AXA Tianmao Group no longer hold AXA Tianping.
As a stranger in the capital market, Liu Yiqian will never lack patience and ambition to cross the bull bear. Many market participants believe that this capital operation should be brewed for a long time, in order to make China Life become the sixth A-share listed insurance company.
Liu Yiqians abacus has a clue.
The story goes back to 2016. In February 2016, Tianmao Group raised 9.793 billion yuan to acquire 43.86% of Guohua Life, making it 51% of the total shareholding, and joined the holding subsidiary company. In March, Tianmao Group issued a new fund-raising plan with a total amount of no more than 9.5 billion yuan, which was used to purchase 40.75% of Ansheng Tianping and increase its investment in China Life. And repaying bank loans.
However, just four months later, Tianmao Group abandoned its plan to increase its AXA balance because it was difficult for both sides to reach a complete agreement.
To this end, Tianmao Groups non-public share offering plan was changed to raise only 4.845 billion yuan to increase the capital of China Life. According to the plan of Tianmao Group, it intends to add 9.5 billion yuan to China Life together with three other shareholders of Hainan Kaiyi, Shanghai Boyonglon and Ningbo Hansheng. However, this plan has been delayed.
But Liu Yiqian did not give up.
Finally, the clouds open to the moon. In April 2019, Tianmao Group said that it had received the approval of the Banking and Insurance Regulatory Commission, and the registered capital of China Life increased from 3.8 billion yuan to 4.846 billion yuan.
In this process, Chinese Life is under considerable pressure, and its solvency has been tight for a long time. For example, in the first and second quarters of 2018, the core solvency adequacy rates of Guohua Life were 107.54% and 116.95%, and the comprehensive solvency adequacy rates were 115.6% and 125.73%, respectively; in the third and fourth quarters, the core solvency adequacy rates were 122.69%, 118.24%, and the comprehensive solvency adequacy rates were 131.28% and 128.20%, respectively.
According to the Regulations on Solvency Management of Insurance Companies (Draft for Opinions), insurance companies with high solvency risk, such as insurers with core solvency adequacy ratio less than 60% or comprehensive solvency ratio less than 120%, will be included in the key verification objects.
In February 2019, the CBRC combed and adjusted the list of management qualifications of major illness insurance according to relevant regulations and the situation since the development of major illness insurance business. After this adjustment, China Life lost its qualification.
Interim Measures for the Management of Serious Disease Insurance Business for Urban and Rural Residents of Insurance Companies requires that insurance companies running major disease insurance must have sufficient solvency. In meeting the solvency management requirements of insurance companies, it is pointed out that the solvency of professional health insurance companies at the end of last year and the end of last quarter is not less than 100%, and that of other insurance companies. The solvency at the end of last year and last quarter is not less than 150%.
According to the Measures for the Management of Equity Rights of Insurance Companies, the proportion of a single shareholders shareholding shall not exceed one third of the registered capital of an insurance company. If the insurance company owns business innovation or buys insurance company, the upper limit of single shareholders shareholding ratio is not limited. Tianmao Groups incorporation of China Life in the merged country still needs the approval of the Banking Insurance Regulatory Commission.
Zhu Junsheng, a professor at the Institute of Finance of the Development Research Center of the State Council, believes that this is tantamount to a major adjustment in the distribution of property and life insurance by Tianmao Group.
According to the latest data released by the Banking Insurance Regulatory Commission, by the end of the second quarter of 2019, the total assets of insurance companies were 19.5 trillion yuan, an increase of 1.17 trillion yuan, or 6.4% over the beginning of the year. Among them, the total assets of property insurance companies were 2.38 trillion yuan, an increase of 1.5% compared with the beginning of the year; the total assets of life insurance companies were 15.82 trillion yuan, an increase of 8.3% compared with the beginning of the year.
Specifically, China Life and Ansheng Balance are better in terms of premium income, market share and net profit. For example, after turning losses into profits in 2014, the net profit of China Life has maintained a continuous growth trend, declining only in 2018, but still achieving a net profit of 2.055 billion yuan.
In fact, since this year, more than 20 insurance companies have changed their equity, including many star companies. Industry insiders believe that the transfer of equity is a market behavior based on their own operation. In the current market environment, some enterprises are to return to the main business and reduce the debt ratio.
Of course, if you want to become an excellent enterprise, it is not only the successful capital operation, but also the successful operation.
Source: Yang Qian_NF4425, Responsible Editor of Economic Report in the 21st Century