三星财产保险(中国)有限公司前身由韩国三星火灾海上保险公司在中国设立，三星火灾是韩国领先的财 产保险公司，具有70多年的保险经营历史和30多年的车险经营历史。 凭借在中国多年的稳健经营基础，2005年4月，三星财险获企业法人营业执照，率先成功改建为国内第 一家外资独资财产保险公司。2010年6月开始进入汽车保险市场，2013年2月获中国保监会批复经营机动 车电话营销专用产品；同年4月获准经营交强险。是第一家经营直销车险(电销+网销)的外资财险公司。 主要业务涵盖车险、企业财产保险、货物运输保险、责任保险、雇员忠诚担保保险、团体意外伤害保 险、工程保险等多个领域。 2022年8月，三星财险经原上海银保监局批准增资，引入腾讯等5家新的股东，正式转型为由三星、腾讯 等共同战略支持的合资财险公司。 AM Best表示，凭借两大股东的支持，该公司已建立起稳定的商业保险业务和持续增长的个人保险业务 组合。公司提供广泛的保险产品，包括企业财产险、责任险、工程险、意外健康险以及退运险。 AM Best评估认为，三星财险的风险调整资本实力处于最强水平，该评估基于贝氏资本充足率(BCAR) 模型，并得到其保守的投资策略、良好的流 ...

Core Viewpoint - The long-established insurance company China Insurance is facing significant challenges, including internal operational issues and external pressures, leading to a decline in its core subsidiary, China Property Insurance, and overall financial performance [1][6]. Group 1: Company Performance - China Insurance's net profit in 2023 was nearly at a low of 0.93 billion, with a recovery to 5.12 billion in 2024, but this is still a significant drop from 10.15 billion in 2018 [6]. - China Property Insurance's net profit fluctuated significantly, with a total of 9.51 billion in 2024, but this was achieved while distributing 14.6 billion in dividends, indicating a concerning financial strategy [6][8]. - The company's core solvency adequacy ratio dropped to 137.37% by the end of 2024, a decrease of 18.75 percentage points from the previous year, highlighting capital pressure [7][10]. Group 2: Rating and Market Position - Fitch Ratings withdrew its "BBB+" rating for China Property Insurance, which had previously been downgraded from "A-" due to internal management issues and the deteriorating financial condition of its controlling shareholder, Oriental Asset Management [2][3]. - The market position of China Property Insurance is under threat, facing competition from peers like Sunshine Property Insurance, which has surpassed it in net profit multiple times since 2018 [7][10]. Group 3: Investment and Operational Challenges - China Property Insurance's investment income plummeted to 0.29 billion in 2024, a staggering decline of 96.92% from 9.43 billion in 2023, indicating missed investment opportunities [9]. - The company has a high exposure to risk assets, with 74% of its shareholder equity tied to these assets, and has faced issues with bad investments, particularly in real estate-related trust plans [10]. - The combined cost ratio for China Property Insurance has hovered around 99%, indicating operational inefficiencies and high claims costs [10]. Group 4: Regulatory and Governance Issues - China Property Insurance has faced over 100 regulatory fines in 2024, totaling more than 13 million, reflecting serious internal governance issues [11]. - Recent management changes have occurred in response to ongoing compliance failures, but the effectiveness of these changes remains to be seen [11]. Group 5: Life Insurance Sector Challenges - China Life Insurance has consistently reported losses since its inception, with a significant drop in insurance business revenue from 65 billion in 2022 to 52.51 billion in 2024 [12][13]. - The company relies heavily on bank insurance channels, which have seen a decline in contribution to total revenue, further weakening its competitive position [13].