珠江人寿：一家“公募基金式”险企的失落丨正经深度

Core Viewpoint - The frequent changes in leadership at Zhujiang Life Insurance highlight instability, with the recent resignation of General Manager Fu Anping after only a year in the role, raising concerns about the company's future direction and operational effectiveness [3][26]. Group 1: Leadership Changes - Zhujiang Life Insurance has seen five chairmen since its establishment in 2012, with Fu Anping being the first general manager to leave so soon after taking office [3]. - Fu Anping's appointment was initially seen as a potential turning point for the company, given his extensive experience in insurance regulation and management [3]. Group 2: Financial Performance - Zhujiang Life Insurance has not published its solvency reports since the fourth quarter of 2021, indicating a lack of transparency [4]. - The company has experienced rapid growth in premium income, but the proportion of original insurance premium income remains significantly low, with original premium income peaking at 151 million in 2018 before declining [4][5]. - Investment income has been a major revenue source, with total investment income from 2015 to 2021 amounting to approximately 254.92 billion, representing over 30% of total revenue [6][19]. Group 3: Investment Strategy - Zhujiang Life Insurance has shown a strong preference for real estate investments, with real estate assets constituting 26% of total investment assets as of 2021 [6][7]. - The company’s investment strategy resembles that of a public fund, focusing on securing projects and generating income through investments rather than traditional insurance operations [8][9]. - The ownership structure heavily favors the Zhu family, with their companies controlling nearly 90% of Zhujiang Life Insurance, leading to significant related-party transactions [11][12]. Group 4: Regulatory Challenges - Zhujiang Life Insurance has faced regulatory scrutiny due to its high concentration of investments in real estate, which led to penalties from the China Banking and Insurance Regulatory Commission [7][13]. - The company has been cited for violations related to the misuse of insurance funds, including financing projects controlled by related parties [13][14]. Group 5: Future Outlook - The company's reliance on investment income has masked weaknesses in its core insurance operations, with net profits showing significant volatility linked to investment performance [19][20]. - Following the resignation of Fu Anping, the anticipated strategic changes to improve competitiveness and innovation may now face greater uncertainty [24][26].