财政部退出，中央汇金接手中国农再55.9%股权，持牌险企增至5家

Core Viewpoint - The control of China Agricultural Reinsurance Co., Ltd. (China Nongzai) has officially changed hands to Central Huijin Investment Ltd. (Central Huijin), which now holds 55.90% of the shares, marking a significant shift in management strategy from a policy-driven approach to a market-oriented one [1][2][10]. Group 1: Shareholding Changes - On July 30, the Financial Regulatory Administration approved Central Huijin's acquisition of 9 billion shares from the Ministry of Finance, making it the controlling shareholder of China Nongzai [1][2]. - Following the transfer, the Ministry of Finance will no longer hold any shares in China Nongzai, which had a registered capital of 16.1 billion yuan [2]. Group 2: Management and Operational Changes - Central Huijin's takeover is expected to lead to a fundamental change in management logic, focusing on risk pricing, capital efficiency, and international operations, as opposed to the previous policy-driven management by the Ministry of Finance [1][5]. - The management will enhance market-oriented operational capabilities, improving profitability and risk resistance [1][5]. Group 3: Financial Performance - In 2024, China Nongzai reported insurance revenue of 27.516 billion yuan and a net profit of 107 million yuan. However, in the first quarter of 2025, it recorded an insurance revenue of 6.649 billion yuan and a net loss of 639.978 million yuan [5]. - As of the end of the first quarter of 2025, China Nongzai's total assets amounted to 36.296 billion yuan, with solvency ratios of 185.96% for both comprehensive and core solvency [5]. Group 4: Strategic Implications - The acquisition signifies a key step in the reform of China Nongzai, reflecting Central Huijin's proactive management strategy, which may include integrating insurance resources to enhance competitiveness [5][10]. - Central Huijin's control will create a "national risk protection network" covering agricultural reinsurance, export credit insurance, and catastrophe reinsurance, thereby improving the management of systemic risks [10].