健康险公司“老七”瑞华健康迎大考：总经理请辞，偿付能力逼近“红线”

Core Viewpoint - The recent resignation of Tian Kai as the general manager of Ruihua Health Insurance marks a significant leadership change at a critical juncture for the company, which is facing challenges in maintaining profitability and solvency as it celebrates its seventh anniversary [1][5]. Leadership Change - Tian Kai resigned for personal reasons on July 4, 2023, and the board approved his resignation, appointing Feng Hua, the vice general manager, as the acting general manager [3][4]. - Feng Hua, born in April 1978, has been with Ruihua Health since December 2016 and is noted for his technical background, having worked at major firms like Microsoft and Ant Financial [3][4]. Financial Performance - Ruihua Health, established in May 2018, is the youngest among seven specialized health insurance companies and has achieved profitability for the second time last year, with a net profit of 0.76 billion yuan in Q1 2023 [5][6]. - The company's net profit history shows a pattern of five losses and two profits over six and a half years, with figures of -1.24 billion, -1.02 billion, -0.66 billion, -1.09 billion, 0.22 billion (restated to 0.02 billion), -1.5 billion, and 0.88 billion yuan [5]. Solvency Challenges - As of the end of Q1 2023, Ruihua Health's core solvency adequacy ratio was 73.71%, and the comprehensive solvency adequacy ratio was 101.51%, with a risk comprehensive rating of BB [6][7]. - The company is operating close to regulatory thresholds, with its comprehensive solvency adequacy ratio only 1.51 percentage points above the required 100% [6]. Strategic Shift - Ruihua Health is transitioning towards a "managed health insurance" model under the RHA3.0Pro strategy, integrating health risk management, health service management, and wealth management [8][9]. - This strategic shift reflects a broader industry trend moving from "selling products" to "managing lives," emphasizing proactive health management rather than just post-event compensation [9].