横琴人寿上半年亏8亿，审计责任人、总经理助理近日陆续补位

Core Insights - Hengqin Life Insurance Co., Ltd. reported a significant net loss of 839 million yuan in the first half of 2025, with insurance business revenue declining by 22.85% to 4.39 billion yuan [2][8] - The company is undergoing a management restructuring, with key appointments made in August 2025, including the approval of new positions for Yan Zhiyang and Yang Jingbo [6][7] - The insurance industry is currently facing a critical transformation period, with Hengqin Life needing to address its expanding losses while making progress in its reform efforts [8] Financial Performance - Hengqin Life's insurance business revenue for the first half of 2025 was 4.39 billion yuan, a decrease of 22.85% year-on-year [2] - The net loss of 839 million yuan in the first half of 2025 surpassed the total loss of 564 million yuan for the entire year of 2024 [2] - The company reported a net cash flow from operating activities of -970 million yuan, with a significant shortfall in the dividend account business of -3.3 billion yuan [2] Policy and Regulatory Compliance - As of the end of Q2 2025, Hengqin Life's core solvency adequacy ratio was 157.40%, an increase of 1.15 percentage points from the previous quarter, while the comprehensive solvency adequacy ratio rose to 189.34% [4] - The company has maintained a stable risk composite rating of B, indicating that its overall risk is manageable [5] Management Changes - Recent management changes include the dismissal of compliance officer Li Xuecheng and the appointment of Ling Libo as the chief compliance officer [6] - The company has experienced multiple rounds of management adjustments since 2024, with significant leadership changes aimed at stabilizing operations [6][7] Industry Context - The life insurance industry is undergoing a transformation, facing challenges related to business optimization and model shifts [8] - Hengqin Life's ability to adapt to the evolving market conditions and leverage policy benefits in the Greater Bay Area will be crucial for its future competitiveness [8]