After eight years of operation, the profit and loss are still unbalanced. Auspicious Life changed its name.

Our reporter Song Wenjuan reports from Beijing.

On October 30th, 65438/KLOC-0, Jixiang Life Insurance Co., Ltd. (hereinafter referred to as "Jixiang Life Insurance") announced that the company name was changed from "Jixiang Life Insurance Co., Ltd." to "Caixin Jixiang Life Insurance Co., Ltd." with the approval of the State Administration of Markets and the China Banking Regulatory Commission.

According to public information, Auspicious Life Insurance was founded on 20 12, registered in Changsha, and has opened five provincial branches in Hunan, Henan, Hubei, Anhui and Hebei.

According to the data, from 20 12 to 20 19, auspicious life lost13.9 billion yuan. Although the net profit of Auspicious Life reached 386.5438+billion yuan in the first three quarters of this year, it still lost nearly 654.38+billion yuan after eight years of opening, and there is still a long way to break even.

"China Business News" reporter noted that before this, Auspicious Life was the first in the industry to openly recruit the president, which attracted much attention. However, Tang Yuming, the currently recruited president, has left, and Zhou Jianjun, the chairman, will act as the president.

Renaming or causing sky-high cost

Auspicious Life said that due to the development needs of the company, the company name was changed from Auspicious Life to Caixin Auspicious Life with the approval of the State Administration of Markets and the China Banking Regulatory Commission. Its name change will not lead to the change of the legal subject, and the related rights and obligations agreed in various contracts and agreements signed by customers before and during the company name change will not change due to the company name change.

As for the reason for the name change, Auspicious Life said that the word "Caixin" can clearly express the financial attributes and integrity management principles of insurance companies, further enhance market awareness, and facilitate the distinction with other enterprises with different formats named after "Auspicious". At the same time, the new name inherits the good reputation accumulated by the original brand, which is conducive to further improving market recognition.

"Since its opening, the company has experienced eight years of development, from a start-up local legal person insurance institution to the whole country. According to the needs of strategic development in the new stage, the company added the word "Caixin" before the original name. The name change of the company does not involve equity change. After the name change, the company's business scope, service commitment and legal relationship will remain unchanged, which will not affect the normal operation and management of the company and the rights and obligations of customers. " The relevant person in charge of Jixiang Life Insurance said.

Auspicious Life changed its name to achieve a unified brand image with the controlling shareholder. Previously, fortune securities, Desheng Futures, Hunan Trust and Hunan Asset Management Co., Ltd. under Caixin Financial Holdings have collectively changed their names to Caixin Securities, Caixin Futures, Caixin Trust and Caixin Assets.

However, according to insiders, the name change of Auspicious Life will inevitably increase the cost. For example, in 2007, China Life changed its name to Jiahe Life Insurance, which cost nearly 200 million yuan. All contracts that are still valid need to be re-signed, all billboards need to be adjusted, insurance policies and contracts need to be reprinted, and promotional materials need to be revised and reprinted. ...

The president's departure

Before the name change, Tang Yuming, the general manager of Auspicious Life, had offered to resign. Auspicious Life said that after deliberation and approval at the eighth meeting of the second board of directors of the company, in order to ensure the daily operation and management of the company, Zhou Jiangjun was authorized to act as the general manager before the company selected a suitable general manager.

"I have left my auspicious life and now rest in Xi' an." Tang Yuming told reporters.

The president, who was openly recruited through sea elections, has a good reputation in the industry. Before joining Auspicious Life Insurance, Tang Yuming was the general manager of xinhua Life Insurance Shaanxi Branch, the marketing director of Shandong Branch and the general manager of Southwest Regional Management Center, and published Magic Potential: Management Strategies of Life Insurance Companies (China Economic Publishing House), New Marketing: Occupy the Market with the Art of War (Xi 'an Publishing House), Staged Strategies of Life Insurance Companies' Growth and Fifteen Dialectics of Company Management.

20 16, Auspicious Life Insurance openly recruited its president, which attracted Tang Yuming, whose hometown is in Hunan, to this insurance company headquartered in Changsha. The industry has always been optimistic about this: for Tang Yuming, it is to return to his hometown to contribute; An auspicious life needs an industry elite to lead the way.

However, by the time he resigned in July 2020, Tang Yuming's tenure in Auspicious Life was only three years. A person familiar with the situation of Hunan insurance circle said that Tang Yuming had many ideas and wanted to do something, but shareholders were biased towards the insurance concept. This person had predicted that Tang Yuming might not work for Auspicious Life for too long.

A Hunan insurance executive familiar with Tang Yuming told the reporter, "Tang Yuming's resignation is estimated to be an institutional problem of Auspicious Life."

"In the final analysis, market competition is the competition between talents and majors. Professional managers need competitive soil, competitive salary and competitive mechanism. " Another industry insider said.

As for why he left Auspicious Life this time, Tang Yuming declined politely, because his own audit report has not yet come out. But he said that if you just make a living, you will definitely not go to Auspicious Life.

Regarding Tang Yuming's resignation, the relevant person in charge of Auspicious Life told reporters that Tang Yuming resigned as the general manager of the company for personal reasons and is currently selecting the company's president.

In addition to the departure of the president, the chairman of Jixiang Life Insurance also changed frequently. 2065438+In July 2006, Hu Jun, the first chairman of Auspicious Life Insurance, was transferred to Hunan Finance Office, and Zhou Tao served as interim director. Three months later, Zhou Tao was approved as the chairman. During this period, the Hunan Provincial Government informed Hu Jun about the issue of playing golf with public funds, that is, Hu Jun held and used the public funds of his subsidiaries to buy a golf club membership card during his tenure as deputy secretary and chairman of the Party Committee of Hunan Caixin Investment Holding Co., Ltd. and secretary and chairman of the Party Committee of Auspicious Life Insurance Co., Ltd., and the relevant subsidiaries paid for the card handling, upgrading, playing and annual fees with public funds.

On April 20 18, Auspicious Life announced that Zhou Tao had resigned due to work reasons. 2065438+In July 2008, Huang Zhigang, controlled by Caixin Finance, the major shareholder of Auspicious Life Insurance, served as the chairman. However, in the second half of 20 19, General Zhou was elected as the chairman of Lucky Life, and General Zhou was elected as the chairman of Lucky Life in June 2020. Zhou Jiangjun has rich financial work experience, but he has no insurance-related experience before. He used to be vice president of Hunan Caixin Trust, president of Jiangshan Guo Jin Assets, executive vice president of Huatian Hotel Group and general manager of Hunan Caixin Asset Management Company. That is, in these four years, Auspicious Life experienced four chairmen, namely, Hu Jun, Zhou Tao, Huang Zhigang and General Zhou.

ill management

It is understood that at the end of the second quarter, the core solvency adequacy ratio of Auspicious Life was 158. 16%, and the comprehensive solvency adequacy ratio was 164.93%, which met the requirements of the regulatory authorities.

In July, China Banking Regulatory Commission approved Auspicious Life to issue1500 million capital supplementary bonds. This time, Auspicious Life has publicly issued 10-year callable capital supplementary bonds in the national inter-bank bond market, and the issuance scale does not exceed1500 million yuan.

On August 6th, at the capital supplementary debt promotion meeting held by Auspicious Life Insurance, Hu Hebo, chairman of Hunan Caixin Financial Holdings, said that Caixin Financial Holdings, as a major shareholder, supported the accelerated development of the whole group and helped it become a specialized excellent insurance company with regional characteristics and advantages.

By the end of the third quarter, the core solvency adequacy ratio of Auspicious Life reached 162.92%, and the comprehensive solvency adequacy ratio was 24,605,438+0%.

Judging from the operating efficiency of Auspicious Life Insurance, since its establishment eight years ago, it suffered a slight loss of RMB 22 million in 20 19, and achieved a net profit of RMB 38 10/00,000 in the first three quarters of this year, and has been losing money in other years. Even if the net profit figures in the first three quarters of this year are good-looking, Auspicious Life still lost nearly 654.38 billion yuan, which is far from achieving breakeven.

It is worth mentioning that although the solvency has been improved by issuing capital supplementary bonds, the underwriting ability has also been improved. Many insurance companies will set up branches after capital increase, while Internet companies will generally recruit people to increase their business lines after obtaining financing, so as to speed up the company to become bigger and stronger. However, after issuing 654.38 billion+0.5 billion capital supplementary bonds, Auspicious Life changed its name first.