Tianan Life Insurance 219 Yinbao

Tianan Life suffered heavy losses year after year, and then was severely punished, which triggered personnel unrest

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Source: China Economic Net

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. After the departure of executives in June, Tianan Life was hit hard again. On August 1th, the China Insurance Regulatory Commission released a penalty message for Tianan Life Insurance, which listed five violations of the company in the past two years: submitting false filing materials, obtaining funds with false invoices, illegally investing in high-risk trust products, and investing in trust products

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New China Life Insurance's credit enhancement measures of 37.16+.922.54%

did not meet the regulatory requirements, and excessive investment. Not only that, Tianan Life has not made a profit since its establishment 15 years ago, and its loss has reached 1.5 billion in the past five years alone. The recent departure of a large number of backbone and middle-level cadres has made the company's situation "worse".

Five violations were severely punished by the China Insurance Regulatory Commission for more than 6, yuan

According to china securities journal, the administrative penalty decision showed that Tianan Life Insurance had compiled and submitted false information after investigation. First, submit false filing materials to the CIRC. In August 213 and January 214, Tianan Life submitted the Report on Submitting the Application Materials for the Filing of Stock Investment Management Capability and the Report on Applying for the Filing of Real Estate Investment Management Capability to the CIRC, both of which claimed to be equipped with relevant professional investment personnel. After investigation, most of them have never signed a labor contract with the company, have no salary payment and attendance records, and have not actually worked in the company.

the second is to obtain funds with false invoices. In December 213 and April 214, the relevant accounting vouchers showed that office supplies and food expenses were reimbursed, but the contents and items recorded in the actual attached invoices were false, and the transactions did not really happen. Guo Ziguang, then general manager of Tianan Life Insurance, was directly responsible for the above illegal acts.

In addition, Tianan Life Insurance also used insurance funds in violation of regulations. For example, investing in high-risk trust products, irregular credit enhancement measures, and excessive investment. Specifically, in November 213, Tianan Life invested in Ping An Fortune Lijin No.1 Collective Fund Trust Plan, which was complicated in structure and not managed by the trustee. In addition, there is no credit enhancement measure for Tianan Life Insurance to invest in the collective fund trust plan of Changzhou Urban Construction Trust Loan Project. The investment amount or book balance of the three trust plans are all higher than 2% of the issuance scale of related products.

For the problems found in the inspection of Tianan Life Insurance, the CIRC imposed a total fine of 62, yuan on Tianan Life Insurance and its senior executives in the form of cash punishment, which involved Hande, chairman of Tianan Life Insurance, Guo Ziguang, former general manager, and Gao Jianguo, deputy general manager of Asset Management Center.

loss in performance for successive years and loss of 1.5 billion in five years

According to 21st century business herald, Tianan Life Insurance, originally Hengkang Life Insurance, was established in Shanghai in 2, and it was not until 211 that the former Xinhua senior management team led by Sun Bing, former president of New China Life Insurance, joined together, including Guo Ziguang and others, that a new development period began.

However, Tianan Life Insurance has always faced the same market dilemma as other small and medium-sized life insurance companies. With only a sales team of more than 5, people, the high embedded value business can be accumulated slowly. The scale is still mainly based on the high-cost but low-cost bancassurance in embedded value; Group insurance and government resources are difficult to compete with large life insurance companies. Among the 1 billion income in 214, the original insurance premium income was less than 3%, the investment business income was over 7%, and most of them were for one year, and the comprehensive surrender rate exceeded 2%, which remained high. At the highest loss, the company reached 7 million.

According to The Paper. com, public information shows that Tianan Life's shareholders are Lingrui Asset Management Co., Ltd., Beijing Jinjia Weiye Information Consulting Co., Ltd., Shaanxi Huaqin Land Reclamation and Consolidation Engineering Co., Ltd., Hangzhou Tengran Industrial Co., Ltd. and Dalian Qiaodu Industrial Co., Ltd., with five companies holding 2% shares respectively.

although it has been 15 years, the company's loss in 214 still reached 25 million yuan. From the trend observation in the past five years, the loss in 21 was 13.47 million yuan, the loss in 211 was 178 million yuan, the loss in 212 was 38 million yuan, and the loss in 213 was 71 million yuan. According to the data released by the China Insurance Regulatory Commission, as of the end of June, the total premium income of Tianan Life Insurance was 5.351 billion yuan, down nearly 38% year-on-year.

The goal of the personnel earthquake runs counter to the result

According to 21st century business herald, two years ago, Guo Ziguang and his management team submitted a reform plan to shareholders, with two original intentions. One was to "get rid of the disease of large enterprises", especially the team that later joined Tianan from the insurance company of a large state-owned enterprise, which was unable to adapt to the market competition pressure of small and medium-sized companies and was inefficient; Second, they don't want to be "cash cows" of shareholders. The core value of life insurance companies should be to provide risk protection around the "sickness and death" of different groups of people, instead of relying on high-priced products as financing tools for shareholders, and demanding that the annual business scale be fixed at 1 billion, striving to improve business structure and efficiency and strive for five-year profit.

Guo ziguang's goal at the end of last year is: in 215, on the one hand, employees will initiate projects independently, and the reduced costs will be transformed into product advantages; On the other hand, while maintaining the existing annual premium income scale of 1 billion yuan, structural adjustment should be carried out, and the proportion of installment payment should reach 15%-17%. But the reality is that in the first half of 215, Tianan Life's original premium income was 2.9 billion yuan, and its scale premium income was 5.3 billion yuan. Compared with the same period last year, the former increased by 26%, while the latter decreased by 38%.

however, fundamentally, shareholders do not recognize Guo's life insurance business model, and their desire for scale demand is still strong, while their control over finance and investment is almost "intransigent". On the other hand, the reform plan itself needs to be improved. Without the approval of shareholders, the success rate is very low if we make partial changes. From the perspective of employees, the reform plan that completely breaks the original concept of business channels and almost requires all employees to start their own businesses makes employees panic more than passion.

Since Guo Ziguang's reform plan was really launched at the end of last year, many key employees and middle-level cadres have left their jobs. According to the statistics of insiders, Du Pengfei, the former head of IT Department, Wang Xiaomei, the former head of Innovation Business Department, Wang Chen, the former head of Yindai Department, and Cui Zhijiang, the former general manager of Sichuan Branch, have recently left their posts. In May of this year, Guo Ziguang also left Tianan Life Insurance and chose to start a business. In June, China Insurance Regulatory Commission passed the qualification of Cui Yong, deputy general manager (presiding).

(Editor: Newshoo)

Further reading: How to buy insurance, which is better, and teach you how to avoid these "pits" of insurance.