安诚财险两家大股东拟撤离，上半年净利润同比降逾六成

Core Viewpoint - Recent developments in Ancheng Property Insurance Co., Ltd. (Ancheng Insurance) indicate significant shareholder changes, raising concerns about the company's operational prospects and attractiveness of its equity [2][3][4]. Shareholder Changes - Two major shareholders, Chongqing Highway Engineering Group and Chongqing Water Group, are initiating the sale of their stakes in Ancheng Insurance, with a total of 1.815 billion shares set for judicial auction at a starting price exceeding 290 million yuan [2][3]. - Chongqing Highway Engineering Group has previously attempted to divest its shares, with past auction attempts failing due to legal disputes and lack of bids [3][4]. - Chongqing Water Group is also looking to sell 210 million shares, representing 5.15% of the total share capital, with a minimum transfer price of 364 million yuan [4]. Financial Performance - Ancheng Insurance reported a significant decline in net profit, down over 64% year-on-year in the first half of 2025, with a net profit of only 281.17 million yuan [6][7]. - The company has struggled with low profitability despite continuous revenue growth, with total insurance business income reaching 32.08 billion yuan in the first half of 2025, a 4% increase year-on-year [6][7]. - The comprehensive cost ratio remains high at 103.7%, indicating ongoing underwriting losses, while the comprehensive payout ratio increased to 73.92% [7]. Management and Governance Issues - Ancheng Insurance has faced internal control and compliance issues, highlighted by the investigation and dismissal of its former general manager for serious violations [8]. - The company appointed a new leader, Yuan Wei, on September 28, 2025, who aims to strengthen governance and improve compliance and risk management [9]. - The current shareholder structure is unstable, with 35.42% of the total shares pledged or frozen, posing challenges for the new management team [9].