Nan Fang Du Shi Bao·2025-06-05 01:39Core Viewpoint - The China Pacific Property Insurance Company has faced multiple administrative penalties for providing false reports and offering benefits outside of insurance contracts, indicating ongoing compliance issues within the organization [1][2][3]. Regulatory Penalties - On June 3, the Zhejiang Regulatory Bureau issued fines totaling 56 million yuan and 14 million yuan to the former deputy general manager Chen Shouwei for providing benefits outside of the insurance contract and for submitting false reports [1]. - Another former deputy general manager, Ye Yongzhen, received fines of 80 million yuan and 16 million yuan for similar violations [1]. - Both individuals have a history of penalties since 2020 for similar infractions, highlighting a pattern of non-compliance [1]. Historical Violations - In October 2020, the Wenzhou branch was fined 35 million yuan and 7 million yuan for submitting false reports [2]. - In June 2024, the branch faced additional penalties totaling 116 million yuan for multiple violations, including providing unauthorized benefits and operating across regions without approval [2]. - In April 2021, Ye Yongzhen was fined 50 million yuan and 10 million yuan for similar offenses [2]. Financial Performance - The company has experienced a slowdown in revenue growth, with a 20.43% increase in 2023, followed by an 8.92% increase in 2024, totaling 202.33 billion yuan [3]. - Net profit for 2023 was 75.38 billion yuan, a 12.97% increase, but still below the 85.12 billion yuan recorded in 2022 [3]. - In Q1 2025, revenue was 495.61 billion yuan, reflecting a 4.26% year-on-year growth, significantly lower than the 17.06% growth in Q1 2024 [3].