Mei Ri Jing Ji Xin Wen·2025-09-23 13:33Core Insights - Fosun United Health Insurance has officially received approval from the Guangdong Regulatory Bureau of the National Financial Supervisory Administration for a capital increase of 810 million RMB, raising its registered capital from 694.44 million RMB to 1.01085 billion RMB [1][3] Capital Increase Details - The capital increase marks a significant milestone for Fosun United Health Insurance, enhancing its capital strength, shareholder structure, and solvency [3] - A total of 316.41 million shares will be issued at a price of 2.56 RMB per share, based on the total capital increase of 810 million RMB [3] - Major shareholders, including Shanghai Fosun Pharmaceutical Group, International Finance Corporation (IFC), and Asian Development Bank (ADB), will each subscribe to 105.47 million shares [3] - Post-increase, Fosun Pharmaceutical will hold 20.05% of the shares, while IFC and ADB will each hold 10.43%, making them the second-largest shareholders [3] Shareholder Background - IFC, as the lead investor, is a member of the World Bank Group and focuses on private sector development in emerging markets [4] - ADB has extensive experience in health services and will support the company in building health service networks and developing inclusive insurance products [4] - Fosun Pharmaceutical's extensive experience in the healthcare industry will facilitate the integration of insurance and medical services, enhancing service professionalism and precision [4] Financial Performance - Since its establishment in January 2017, Fosun United Health Insurance has seen a continuous increase in premium income, achieving profitability since 2021 [5] - In 2024, the company reported insurance business revenue of 5.226 billion RMB, a 27% year-on-year increase, and a net profit of 40 million RMB, up over 80% year-on-year [5] - The company’s health insurance premium income reached 5.2 billion RMB in 2024, with significant contributions from critical illness and nursing insurance products [5] Solvency Improvement - The recent capital increase will alleviate the long-term downward pressure on the company's solvency [6] - As of the end of 2023, the core solvency ratio had dropped to 55.34%, and the comprehensive solvency ratio to 110.67%, nearing regulatory limits [6] - Following the capital increase, the core solvency ratio and comprehensive solvency ratio are expected to reach 117% and 173%, respectively, by the end of 2024 [6] Future Plans - The company plans to enhance resource investment post-capital increase, focusing on expanding coverage and optimizing product offerings in critical areas such as major diseases and chronic disease management [7] - Leveraging the expertise of international shareholders and Fosun Pharmaceutical's medical resources, the company aims to upgrade service experiences and provide comprehensive health support from prevention to rehabilitation [7]