瑞泰人寿连续两年业绩亏损 内控管理混乱 多项投资风控流程形同虚设

Core Viewpoint - 瑞泰人寿保险有限公司 is facing significant operational and financial challenges, with continuous losses and governance issues threatening its survival [1][15]. Financial Performance - In 2024, 瑞泰人寿 reported a loss of 188 million yuan, a year-on-year increase in losses of 17.35%, marking two consecutive years of net losses [1][3]. - Total assets grew to 12.525 billion yuan, but liabilities also increased to 11.681 billion yuan, resulting in weak equity of only 844 million yuan [1][3]. - The company’s total operating revenue was 1.675 billion yuan, with earned premiums of 1.215 billion yuan, a year-on-year increase of 17.22%, but total operating costs reached 1.84 billion yuan, leading to a cost-to-income ratio of 110% [3]. Premium Growth and Business Structure - 瑞泰人寿's premium growth has consistently lagged behind the industry average, with a scale premium income of 2.023 billion yuan in 2024, a mere 0.8% increase compared to the industry’s 13.27% growth [2]. - The core business's original insurance premium income was 1.603 billion yuan, with new policy premiums at 358 million yuan, showing a high growth of 35.67%, while renewal premiums decreased by 6.61%, indicating declining customer retention [2]. Governance Issues - The company has failed to effectively implement necessary governance reforms, with significant delays in updating its corporate charter and establishing independent directors and supervisory boards [4][5]. - Internal management practices are lacking, with no established guidelines for managerial work and inadequate accountability for investment decisions that led to significant losses [6][7]. Investment Risks - Major investment decisions lack transparency, as evidenced by the failure to timely address risks associated with holdings in 海航债券, leading to substantial financial losses [6][7]. - The company has not held management accountable for investment losses, which raises concerns about governance and risk management practices [7]. Human Resource Management - There have been multiple labor disputes involving former executives, resulting in financial and reputational damage to the company [13]. - The compensation management system is flawed, lacking clear standards for salary deductions and accountability measures [13]. Compliance and Regulatory Risks - 瑞泰人寿 has faced regulatory penalties for issues related to sales practices and compliance, indicating potential risks in its operational integrity [14]. - The company is urged to undergo significant reforms to address its governance, operational, and compliance challenges to avoid further deterioration [14][15].