As for Tianan property insurance, the asset scale will shrink significantly due to the sale of investment assets in 2019. The amount of financial management to be cashed in 2020 will be 1.644 billion yuan, which will greatly reduce the cashing pressure compared with the same period in 2019. However, it is not known whether the most difficult period has passed.
Overdue products increased to 12.7 billion
Just in the past month, the overdue amount of Tianan property insurance investment trust products of Xishui shares almost doubled.
It is understood that as an investment holding company, Xishui shares mainly engage in insurance, trade, investment management and other businesses through its holding subsidiaries, and most of its assets are invested in financial assets. On August 11, Xishui shares replied to the inquiry letter of Shanghai Stock Exchange and disclosed that as of June 30, the book value was adjusted to 29.62 billion yuan, including 28.444 billion yuan of principal and 1.176 billion yuan of accrued interest, all of which are trust products of the new era.
As of August 11, 11 trust products of new era trust blue ocean trust plan issued by new era trust held by Tianan Property Insurance Co., Ltd. were due and had not received the principal and investment income, with a total amount of 12.65 billion yuan.
It is worth noting that the information disclosed by Xishui on July 20 showed that as of June this year, the total investment principal of overdue trust products was 6.04 billion yuan.
This also means that the overdue products of new era trust held by Xishui through Tianan property insurance increased from 6 billion yuan at the end of June to 12.65 billion yuan at present. At the same time, after preliminary verification, these overdue trust products have significant signs of impairment. Tianan property insurance is communicating with new era trust and conducting impairment test.
Xishui explained that in June this year, after some trust products issued by new era trust purchased by Tianan property insurance company expired, new era trust actively discussed with Tianan property insurance for extension, and both parties have started relevant procedures for handling the extension contract. Due to the complicated details and slow pace of the processing process, Tianan property insurance company considers that the business is normal after the contract is signed, which does not constitute overdue. Therefore, it fails to deal with the breach of trust products in the process of extension.
On July 17, when Xishui saw the announcement that Tianan property insurance and new era trust were taken over by the CIRC at the same time, it judged that both parties could not sign the extension contract. Therefore, when issuing the takeover announcement, it disclosed the announcement of overdue trust products.
As an investment holding company, Tianan property insurance invests most of its assets in financial assets.
Xishui shares disclosed that after self-examination, at the end of the report period in 2019, it held a total of 48.635 billion yuan of financial investment assets (including trust products), of which the financial investment assets of Tianan property insurance were 46.149 billion yuan, including collective trust investment plan, real estate investment plan, bank financing, equity of unlisted enterprises, etc. Among them, trust products accounted for 27.899 billion yuan, accounting for 57.36% of the total financial investment assets.
However, Tianan property insurance chose to put eggs in one basket. As of June 30, the book value of trust products held by Tianan property insurance was 29.62 billion yuan, including 28.444 billion yuan of principal and 1.176 billion yuan of accrued interest. All of these products are trust products of the new era.
Finally, among the trust products purchased by Tianan property insurance, 11 trust products such as No. 1109, No. 1308, No. 1273 and No. 1291 of new era trust blue ocean plan were overdue, and the overdue amount reached 12.65 billion yuan.
But where are the tens of billions of trust plans going? Xishui said that the trust products of new era held by Tianan property insurance are all collective fund trust plans of the new era. The underlying assets are unlisted equity assets, and each trust product has corresponding credit enhancement measures such as equity pledge. However, according to the preliminary verification, there may be insufficient guarantee for the underlying assets, and the effectiveness of the guarantee needs to be further verified.
The Securities Times reporter noted that the names of 11 new era blue ocean trust plan products disclosed in the reply letter are rarely found in the market, and there is no public offering information. However, many products of new era blue ocean trust plan have been exposed to the suspicion of self financing.
Take the Lanhai 907 collective fund trust plan issued by new era trust as an example. The product was issued in March 2017 with a scale of about 76 million yuan. The trust fund is used for Baotou guangtongda commerce and Trade Co., Ltd. (hereinafter referred to as Baotou guangtongda), while Baotou Shichuang economic and Technological Development Co., Ltd., the major shareholder of Baotou guangtongda, uses Baoshang bank The banks 4.272 million shares were pledged to new era trust, and the custodian was Baotou Branch of the subcontractor bank.
The reporter inquired and learned that the two shareholders of Baotou real economy are Xiao Weihua, the cousin of tomorrow Holding Co., Ltd. and Xiao Jianhua, and the product is pledged with the equity of the Baoshang bank. In the current situation, the Baoshang bank has gone bankrupt, and there is obviously insufficient guarantee.
Take over group custody Tianan property insurance
On July 17, six insurance institutions, including Tianan property insurance, were taken over by the CIRC. The takeover group entrusts Pacific Property Insurance, one of the old three in the property insurance industry, to set up a custody group to take custody of Tianan property insurance business according to the custody agreement.
After taking over, the creditors right and debt relationship of the insurance company to be taken over will not change due to the takeover. However, Tianan property insurance still has a lot of old accounts to deal with. The 6 billion trust products in breach of contract this time are one of the important assets.
In 2019, the asset scale of Tianan property insurance will shrink significantly due to the sale of investment assets, including clearing the equity of Industrial Bank and cashing out at least 13.5 billion yuan. Nevertheless, Tianan property insurance still has a net loss of 4.068 billion yuan in 2019. In response to the Shanghai Stock Exchanges inquiry that year, Xishui said that the amount of financial insurance to be cashed in 2019 was 55.9 billion yuan, while that in 2020 was only 1.644 billion yuan. With the completion of financial insurance cashing, the pressure of Tianan property insurance will be further reduced. It is not known whether the most difficult time of Tianan property insurance has passed. However, the solvency of Tianan property insurance has not been insufficient after the property insurance has been basically cashed. Tianan property insurance has not disclosed the solvency information of the second quarter of 2020, but the data of the first quarter shows that by the end of the first quarter of 2020, the core and comprehensive solvency adequacy ratios of the company were 191.74% and 237.24%, which were basically the same as those of the previous quarter and met the regulatory requirements. Source: Securities Times Author: Hu Feijun, pan Yurong, editor in charge: Wang Xiaowu_ NF
In 2019, the asset scale of Tianan property insurance will shrink significantly due to the sale of investment assets, including clearing the equity of Industrial Bank and cashing out at least 13.5 billion yuan. Nevertheless, Tianan property insurance still has a net loss of 4.068 billion yuan in 2019. In response to the Shanghai Stock Exchanges inquiry that year, Xishui said that the amount of financial insurance to be cashed in 2019 was 55.9 billion yuan, while that in 2020 was only 1.644 billion yuan. With the completion of financial insurance cashing, the pressure of Tianan property insurance will be further reduced.