直降7880万元！中银三星人寿24%股权再寻买家

Core Viewpoint - China Aviation Group is selling its 24% stake in Bank of China Samsung Life Insurance Co., Ltd. for a base price of 1.736 billion yuan, marking a significant move in the insurance sector as part of a broader trend of state-owned enterprises divesting from non-core financial investments [1][3][4]. Group 1: Share Transfer Details - The stake transfer is being conducted through the Beijing Equity Exchange, with a minimum transfer price of 1.736 billion yuan [1][2]. - This marks the second attempt by China Aviation Group to divest its stake, with the previous attempt in December 2024 having a higher base price of 1.815 billion yuan, indicating a decrease of 78.8 million yuan in the current offering [3]. - China Aviation Group has held its stake for over 20 years since the establishment of the company in 2005, originally co-founded with Samsung Life Insurance [3][4]. Group 2: Strategic Implications - The divestment aligns with the "retreat from finance" policy initiated by the State-owned Assets Supervision and Administration Commission (SASAC), which aims to refocus state-owned enterprises on their core businesses and limit non-core investments [4]. - The exit of China Aviation Group is expected to facilitate the introduction of new strategic investors that are more aligned with the insurance sector, potentially enhancing governance and innovation within the company [5]. Group 3: Management Changes - Concurrently, significant changes in the management of Bank of China Samsung Life Insurance have occurred, with the resignation of Chairman Ma Chaolong due to age, and the appointment of Qiu Zhikun as acting chairman [6][7]. - The management transition may lead to further changes in the company's governance structure, especially if the stake transfer is completed [10]. Group 4: Financial Performance - Despite being backed by one of China's major banks, Bank of China Samsung Life Insurance has struggled with profitability, showing fluctuating net profits from 2016 to 2024, with a notable loss of 5.43 million yuan in the first half of 2025 [11][12]. - The company reported a significant increase in insurance revenue over the years, reaching 29.862 billion yuan in the first three quarters of 2025, but faced substantial quarterly profit volatility [11][12].