非上市寿险“亏损王”出炉！横琴人寿上半年巨亏8.39亿

Core Viewpoint - The life insurance industry is facing intensified competition in the first half of 2025, with Hengqin Life Insurance reporting a significant net loss of 839 million yuan, raising concerns about its operational status, management changes, and shareholder structure adjustments [1][3]. Group 1: Financial Performance - Hengqin Life Insurance's net loss for the first half of 2025 reached 839 million yuan, surpassing the previous year's loss of 351 million yuan and exceeding the total loss of 564 million yuan for the entire year of 2024 [3]. - Insurance business revenue declined by 22.85% year-on-year, totaling 4.39 billion yuan, with a dramatic 89.5% drop in premium income from dividend insurance, falling from 620 million yuan to 65 million yuan [3]. - The company's net cash flow from operating activities was -970 million yuan, with a significant cash flow deficit of -3.3 billion yuan in dividend account business, continuing the trend from 2024 [3][4]. Group 2: Management Changes - Hengqin Life Insurance has experienced significant turnover in its executive team, with nearly all core management members replaced over the past year [7]. - The management team has shrunk from nine members at the beginning of 2024 to five, with many departures being veteran figures who played key roles in the company's establishment [7]. - The frequent personnel changes have led to strategic disconnections and increased decision-making risks, as remaining executives take on multiple roles [7]. Group 3: Shareholder Structure - The shareholder structure of Hengqin Life Insurance has shifted towards a dominant position held by Zhuhai Huachuang, which increased its stake from 20% to 49%, surpassing regulatory limits [8][9]. - The current board composition reflects a mix of insurance veterans and representatives from the major shareholder, indicating increased shareholder influence over company operations [10]. - Despite the capital injection from the major shareholder, the company has not seen a turnaround in performance, with ongoing challenges in product structure and profitability [10]. Group 4: Future Outlook - Hengqin Life Insurance faces the urgent task of stabilizing its executive team to reduce management inefficiencies and ensure strategic continuity [10]. - The company must leverage the resources of its major shareholder to optimize its business layout and enhance profitability [10]. - In light of the low interest rate environment and fierce market competition, Hengqin Life Insurance needs to accelerate its business transformation, reduce reliance on traditional savings products, and improve operational efficiency [10].