Core Viewpoint - AVIC Group is transferring its 24% stake in Bank of China Samsung Life Insurance at a base price of 1.736 billion yuan, reflecting a decrease from the previous transfer price of 1.815 billion yuan [1][2] Group 1: Stake Transfer Details - The transfer deadline for the stake is set for December 8, 2023 [1] - AVIC Group has been a founding shareholder of Bank of China Samsung Life Insurance since its establishment in 2005, holding the stake for 20 years [1] - The previous transfer in December 2024 had a base price of 1.815 billion yuan, indicating a decrease of approximately 79 million yuan in the current transfer [1] Group 2: Corporate Strategy and Management Changes - The stake transfer aligns with the policy directive to "strictly control non-core investments, focus on primary responsibilities, and enhance the efficiency of state-owned capital allocation" [2] - AVIC Group's core asset is Air China, emphasizing its focus on the aviation sector [2] - A management change occurred at Bank of China Samsung Life Insurance, with the original chairman Ma Chaolong retiring and General Manager Qiu Zhikun taking over [2] Group 3: Financial Performance of Bank of China Samsung Life Insurance - The insurance business revenue for Bank of China Samsung Life Insurance is projected to grow from 17.326 billion yuan in 2022 to 29.862 billion yuan in 2024, with net profits increasing from 0.08 billion yuan to 4.83 billion yuan over the same period [2] - In the first three quarters of 2023, the company achieved insurance business revenue of 29.316 billion yuan, with net profit rising by 29.38% to 0.694 billion yuan [2] - As of the end of Q3 2023, total assets of Bank of China Samsung Life Insurance stood at 151.76 billion yuan, with a core solvency adequacy ratio of 166.92%, down 23.46% year-on-year, and a comprehensive solvency adequacy ratio of 225.37%, down 38.33% year-on-year [2]