On April 30, the solvency report for the first quarter of 2022 disclosed by Centennial life showed that in the first quarter of this year, Centennial life achieved an insurance business income of 22.446 billion yuan, a year-on-year decrease of 9.57%; The net loss was 871 million yuan, with a profit of 673 million yuan in the same period last year.
In terms of sub channels, bancassurance channel is the largest signing and premium channel of Centennial life. In the first quarter of this year, the bancassurance channel of Centennial life achieved an insurance business income of 16.856 billion yuan, accounting for 75.1% of the total insurance business income. In addition, the insurance business income of personal channel, group insurance channel and Internet channel was 3.118 billion yuan, 182 million yuan and 633 million yuan respectively. Generally speaking, bancassurance channels often have significant scale effect, but the value rate is low.
Among the top five products with the highest signing premiums of Centennial life in the first quarter of this year, the premiums of two dividend type endowment insurance accounted for 66.5%. In addition, there are two life insurance and one pension annuity insurance.
By the end of the first quarter, the core solvency adequacy ratio of Centennial life was 97.11%, down 29.91 percentage points from the end of the previous quarter; The comprehensive solvency adequacy ratio was 136.91%, down 0.12 percentage points from the end of the previous quarter.
In the “management discussion and analysis”, Centennial life said that the second generation and phase II rules and a series of policies implemented since the first quarter of 2022 had a certain impact on the solvency of the company. In the first quarter of this year, due to the fluctuation of market environment, it also had a certain impact on the equity assets of the company. In the long-term operation, Centennial life will continue to monitor and manage the solvency adequacy ratio, continue to promote business transformation, focus on the development of guaranteed product business, and continue to optimize the investment structure in investment business.
The core of compensation generation II phase II project is to solve the two major problems of imprudent actual capital at the numerator end and unreasonable minimum capital structure at the denominator end. For example, the residual marginal capital is classified into core tier 1, core tier 2, subsidiary tier 1 and subsidiary tier 2 capital according to the remaining term of the policy. In terms of real estate, it is clear that the evaluation and appreciation of investment real estate is not included in the actual capital, but as the subsidiary Tier-1 capital; If there are signs of impairment of investment real estate, the impairment shall be accrued in full and in time.
Founded in 2009 and headquartered in Dalian, Centennial life is the first Chinese funded life insurance legal person in Northeast China. Centennial life has 17 shareholders. Among them, Dalian Wanda Group Co., Ltd. holds 900 million shares, ranking the first largest shareholder; Dalian Rongda Investment Co., Ltd., Xinguang Holding Group Co., Ltd., Dalian Yifang Real Estate Co., Ltd., Jiangxi Hengmao Real Estate Development Co., Ltd., Dalian Urban Construction Group Co., Ltd., Kerui Group Co., Ltd. and China Construction Investment Holding Co., Ltd. hold 800 million shares respectively, ranking the second largest shareholder.
