84亿风险未解，百年人寿深陷“地产资本后遗症”

Core Viewpoint - The article discusses the significant hidden risks associated with the major related-party transactions of Baian Life Insurance from 2015 to 2020, revealing a total of over 25 billion yuan in transactions, with more than 8.4 billion yuan in unresolved risk exposure [1][2][3]. Group 1: Related Transactions - Baian Life disclosed 27 major related-party transactions involving over 25 billion yuan, with 8.4 billion yuan in unresolved risk exposure [2][3]. - The transactions primarily involved real estate shareholders such as Wanda, Kory, and Hengmao, and were not disclosed in a timely manner, with some transactions only brought to the board's attention in 2025 [4][5]. - The transactions utilized third-party channels like private equity funds and trusts, making it difficult to trace the relationships due to the lack of transparency in the underlying assets [7][9]. Group 2: Financial Performance - Baian Life's net assets sharply decreased by 7.7 billion yuan in 2022, with both core and comprehensive solvency ratios nearing critical levels [9][11]. - The company reported a net asset deficit in the first quarter of 2023, leading to its classification as a "problematic insurance company" [12][13]. - Despite a slight increase in the overall market value of its A-share holdings, Baian Life's market capitalization declined, indicating potential issues with smaller or non-consolidated stock assets [11][12]. Group 3: Historical Context - Baian Life was established in 2009 with significant local government support and initially faced continuous losses until 2015 when it turned profitable after Wanda became the largest shareholder [22][25]. - The influx of real estate capital into the insurance sector has been a trend, with Baian Life being a prime example of this phenomenon [24][25]. Group 4: Recent Developments - In 2022, Baian Life began a risk-clearing process under regulatory guidance, appointing new leadership to stabilize the company [35][36]. - The company has initiated a series of self-rescue measures, including a five-year strategic plan and asset recovery efforts [37][39]. - Baian Life is now focusing on high-net-worth clients and wealth management, indicating a shift in its business strategy [45][48].