本报（chinatimes.net.cn）记者吴敏 北京报道 继三峡人寿之后，又一保险公司股东股权无偿划转。 鼎和财险近日发布公告称，公司现有股东南方电网财务有限公司（下称"南网财务"）拟将其持有全部 6.5%股权，无偿划转至南方电网产融控股集团有限公司（下称"南网产融"）。目前，该事项尚需获得金 融监管总局深圳监管局批准后生效。 股权划转双方均属于南方电网100%实际控制子公司。鼎和财险在公告中表示，本次股权划转完成后， 公司实际控制人均未发生变动，仍为南方电网。 作为南方电网体系孕育的"电网系"险企，鼎和财险自2008年成立次年便实现盈利，并创下连续十七年持 续盈利的行业纪录。然而，正是这种由股东背景带来的稳定性和特殊性，也让其发展路径存在隐忧。当 公司迈向市场化深水区，这家看似顺风顺水的企业，正面临增长模式转型所带来的最严峻挑战。 股权变迁：从电网独占到多元混改 成立于2008年的鼎和财险，早期股东清一色来自电网体系。这种独特的股东背景，也为鼎和财险提供了 稳定的业务来源。一方面是保费收入的持续增长，从成立之初的1.21亿元增长至2024年的75.35亿元。净 利润更是保持十余年的连续盈利。近四年，即2 ...

Core Viewpoint - The insurance industry in China is undergoing a "capital replenishment" phase as companies increase registered capital and issue bonds to enhance solvency amid a declining interest rate environment [1][8]. Group 1: Capital Increase Activities - Three insurance companies, Dinghe Property Insurance, Guofu Life, and China United Life, announced capital increase plans totaling approximately 2.678 billion yuan within three days [1]. - As of May 18, the total approved capital increase for the year reached 3.673 billion yuan, combined with 49.6 billion yuan in bond issuance, bringing the total capital replenishment to over 53 billion yuan, significantly higher than the previous year's 14 billion yuan [1][8]. - Dinghe Property Insurance plans to increase its registered capital from approximately 4.643 billion yuan to 6 billion yuan through a capital reserve conversion, amounting to about 1.357 billion yuan [1][2]. Group 2: Different Capital Increase Methods - The capital reserve conversion method allows companies to increase registered capital without changing total shareholder equity or diluting existing shareholders' stakes, thus saving cash flow [2]. - In contrast, equity capital increases involve issuing new shares or transferring existing shares, which can alter the company's ownership structure and potentially dilute existing shareholders [2]. Group 3: Regulatory and Market Context - The insurance industry faces pressure on liability reserves and solvency adequacy due to ongoing interest rate declines, necessitating external capital replenishment through shareholder increases and bond issuances [8][9]. - The implementation of stricter capital recognition standards under the second phase of the solvency regime has raised minimum capital requirements, further emphasizing the need for capital support as insurance business scales up [9]. Group 4: Future Strategies for Insurance Companies - To effectively navigate the solvency "defense battle," insurance companies should optimize internal management and enhance operational efficiency to improve self-accumulation capabilities [9]. - Strengthening risk management and asset allocation is crucial to ensure effective use and appreciation of capital, moving away from past capital utilization models towards more scientific and efficient business structuring [9].

Core Viewpoint - Dinghe Property Insurance has announced an increase in registered capital from 4.643 billion to 6 billion yuan through capital reserve conversion, totaling 1.357 billion yuan, which requires regulatory approval to take effect [2][3]. Group 1: Capital Increase Method - The capital increase is achieved by converting accumulated capital reserves into registered capital, maintaining the total equity of shareholders and avoiding cash flow involvement, thus saving company cash [2][3]. - This method is uncommon in the industry and does not dilute existing shareholders' equity [2][3]. Group 2: Company Performance - Dinghe Property Insurance has shown significant growth in premium income, increasing from 121 million yuan at inception to 7.535 billion yuan in 2024, with net profits consistently positive over the past decade [5][6]. - The company aims to achieve a target of 10 billion yuan in premiums and 2 billion yuan in net profit by 2025, although it is currently behind schedule [5][6]. Group 3: Shareholder Support and Market Position - The company benefits from strong support from its electric power shareholders, with related party transactions contributing significantly to premium income [6]. - The primary insurance product is auto insurance, which has faced underwriting losses since 2020, reflecting broader challenges in the auto insurance market for smaller companies [6][7]. Group 4: Future Strategies - Dinghe Property Insurance is exploring new business opportunities in the renewable energy sector, aiming to provide tailored insurance products for new energy enterprises and electric vehicle users [7]. - The appointment of a new general manager with extensive experience in leading insurance companies is expected to bring fresh perspectives to the company's development [7].

Core Viewpoint - The insurance company Dinghe Property Insurance Co., Ltd. is opting for a capital increase through capital reserve conversion amid a general "capital shortage" in the industry, planning to increase its registered capital by 1.357 billion yuan to support its ambitious performance targets for 2025 [1][3][5] Capital Increase Details - On May 14, Dinghe announced a capital increase from 4.643 billion yuan to 6 billion yuan through capital reserve conversion, totaling 1.357 billion yuan, with no change in shareholder ratios [3][4] - This method of capital increase is uncommon in the insurance industry, as it does not involve new funds entering the company, but rather an internal adjustment of equity structure [3][5] Performance Goals and Challenges - Dinghe has set a target of achieving 10 billion yuan in premium income and 2 billion yuan in net profit by 2025, but it currently faces significant challenges in reaching these goals [1][7][8] - The company's net profit has decreased to 700 million yuan in 2024, down from around 1 billion yuan in previous years, indicating a struggle to meet its ambitious targets [7][8] Business Performance and Market Conditions - Dinghe's car insurance business, which generated 2.7 billion yuan in premium income in 2024, has been unprofitable for several years, with a loss of approximately 74.62 million yuan in 2024 [10][11] - The competitive landscape in the car insurance market has intensified, leading to reduced profit margins due to aggressive pricing strategies among insurers [10][11] Strategic Recommendations - To improve profitability in the car insurance sector, it is suggested that Dinghe leverage advanced technologies for risk assessment, implement strict claims management, and enhance customer engagement through value-added services [11]