Core Viewpoint - Hengqin Life Insurance Co., Ltd. reported a significant increase in net losses for the first half of 2025, amounting to 839 million yuan, which is 139% higher than the same period last year, indicating severe financial distress and operational challenges [1][2]. Financial Performance - The company's insurance business revenue decreased by 22.85% year-on-year to 4.39 billion yuan [1]. - The premium income from the main product, dividend insurance, plummeted by 89.5%, dropping from 620 million yuan to 65 million yuan compared to the previous year [1]. - Hengqin Life's net cash flow from operating activities was -970 million yuan, with a significant cash flow gap of -3.3 billion yuan in the dividend account business [1]. Losses and Trends - 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, solidifying its position as the "loss king" among non-listed life insurance companies [1]. - Traditional life insurance, which accounts for over 80% of the business, experienced a negative growth of 15.8% [1]. Historical Context - Hengqin Life was established in December 2016 and faced losses for its first four years, only achieving profitability in 2020 and 2021 with net profits of 59 million yuan and 11 million yuan, respectively [2]. - From 2022 to 2024, the company returned to a state of net losses, accumulating a total loss of 1.79 billion yuan, 772 million yuan, and 564 million yuan over three years, totaling 1.515 billion yuan [2]. Governance and Management Changes - The company is undergoing significant governance restructuring, with recent capital injections from Zhuhai State-owned Assets Supervision and Administration Commission, increasing its stake to 49% [2]. - The management team has seen continuous changes, with the current chairman, Qian Zhonghua, attempting to reverse the losses but facing challenges as the company lost over 1 billion yuan in one year [3]. - Hengqin Life is actively seeking to optimize its equity structure, with ongoing efforts to recruit potential investors for its shares held by Zhongzhi Group, which is undergoing bankruptcy proceedings [3].
上半年巨亏8.39亿元,横琴人寿成非上市寿险“亏损王”!
Shen Zhen Shang Bao·2025-09-17 06:43