7年4任董事长，国宝人寿保费收入暴跌4成

Core Viewpoint - Guobao Life Insurance, as the first national life insurance institution in Sichuan, is facing significant challenges due to ownership changes and financial instability, raising concerns about its governance and operational efficiency [2][4]. Ownership Changes - On June 20, Guobao Life announced that Meishan Hongyu Asset Management Co., Ltd. acquired 7.576% of its shares from Sichuan Xiongfeng Group for 176 million yuan, a 30% discount from the initial listing price [2]. - Sichuan Xiongfeng, a real estate company, had previously filed for bankruptcy and had all its shares in Guobao Life pledged [2][3]. - If approved, this transaction will increase the state-owned shareholding in Guobao Life, which currently stands at 58.71% [2]. Financial Performance - Guobao Life's insurance revenue has shown high growth from 3.28 billion yuan in 2018 to 38.43 billion yuan in 2024, but profitability remains unstable, with net profits fluctuating [5]. - In Q1 2025, the company reported a significant drop in insurance revenue to 1.318 billion yuan, a decline of over 40% year-on-year, while net losses narrowed to 29 million yuan [5][6]. - The decline in premium growth is attributed to a negative cash flow from universal accounts and a significant drop in scale premium growth, which fell to -38.70% [5][6]. Product and Channel Structure - Guobao Life's product structure is heavily reliant on life insurance, which accounted for 96.15% of its premiums in 2024, lacking diversification into popular products like dividend insurance [6]. - The company primarily depends on the bancassurance channel, which contributed 89.75% of its premiums in 2024, making it vulnerable to changes in banking partnerships and regulatory policies [6]. Investment Performance - In Q1 2025, Guobao Life's investment yield was 0.73%, with a comprehensive investment yield of 0.54%, both down from the previous year [7]. - The average accounting investment yield over the past three years was 3.84%, significantly lower than the industry average of 7.45% [7]. Management Changes - In April 2025, Guobao Life's chairman Zhang Xi stepped down as party secretary, with Li Shihong, a former deputy director of the Sichuan Finance Department, expected to take over [8][9]. - The company has experienced frequent leadership changes, with multiple chairpersons in its short history, raising concerns about stability and governance [8][9][10]. Governance Challenges - The company is under pressure to improve its governance structure and fill key management positions, as the current leadership is stretched thin with multiple roles [13].