Core Viewpoint - The new regulations for internet property insurance have been in effect for a year, leading to many property insurance companies suspending their internet insurance business due to increased entry barriers, with only a few companies signaling a potential restart of their operations [1][3][4]. Group 1: Regulatory Impact - The Financial Regulatory Authority issued a notification last year that set strict entry requirements for property insurance companies to engage in internet insurance, resulting in multiple companies, including Bohai Property Insurance and Anhua Agricultural Insurance, suspending their internet new business [3][4]. - As of August 25, 2023, several companies, including Zhu Feng Property Insurance and Qianhai Property Insurance, still do not meet the requirements to resume internet insurance operations, while only Dubang Insurance has indicated plans to restart its internet insurance business starting August 13, 2025 [3][4]. Group 2: Business Restart Signals - Companies like Fude Property Insurance have reported meeting the regulatory requirements, with core solvency ratios exceeding 400% and risk ratings consistently at B class or above, thus qualifying to resume internet property insurance business [4]. - Experts suggest that the ability to restart internet insurance operations indicates a significant improvement in a company's solvency and reflects the management's agility in adapting to regulatory changes, which is crucial in a highly regulated environment [4]. Group 3: Market Dynamics - The internet insurance market is currently facing unprecedented opportunities, but the suspension of internet insurance operations has significantly impacted companies, leading to lost premium growth opportunities and potential customer attrition [6][7]. - The halt in internet insurance business may weaken companies' market competitiveness and innovation capabilities, as they become more reliant on traditional offline channels, which do not align with the digital consumption trends [6][7]. Group 4: Consumer Impact - Despite the suspension of internet insurance business, companies have assured that existing insurance contracts will continue to be honored, and they will maintain their commitment to claims and after-sales services for policyholders [8][9]. Group 5: Strategies for Recovery - Companies are implementing various strategies to comply with the new regulations, including enhancing governance and solvency, upgrading customer service systems, and improving risk management practices [9][10]. - To improve solvency ratios and meet the requirements for resuming internet insurance, companies may consider capital increases, optimizing business structures, and enhancing risk management systems [10][11].

偿付能力是评估保险公司风险管理能力的重要指标。随着2025年第二季度偿付能力报告的披露，非 上市险企2025年上半年经营情况浮出水面。 据《金融时报》记者不完全统计，截至8月6日，有143家保险机构在中国保险行业协会网站发布了 2025年第二季度偿付能力报告，其中包括60家人身险公司与83家财产险公司及再保险公司。整体来看， 保险业第二季度偿付能力充足，呈现出良好发展态势。其中，14家险企风险综合评级达到了AAA级 别，有5家险企偿付能力不达标，为风险综合评级为C级。 5家险企风险综合评级为C级 按照监管要求，险企偿付能力达标需同时满足三个关键指标：一是核心偿付能力充足率不低于 50%，二是综合偿付能力充足率不低于100%，三是风险综合评级在B类及以上。其中，风险综合评级是 对保险公司偿付能力的综合风险评价，综合考虑了保险公司的各类风险，如市场风险、信用风险和操作 风险等，以评估其整体风险状况。 就风险综合评级为C类的情况，安华农险表示，公司2024第四季度及2025年第一季度法人机构风险 综合评级（分类监管）结果均为C类，主要原因为公司治理方面存在风险。华安财险在第二季度偿付能 力报告中表示，公司2024年 ...

Core Viewpoint - As of August 4, 2023, 143 insurance companies have disclosed their solvency reports for Q2, with 5 companies failing to meet solvency standards, which may restrict their normal business operations [1][2]. Group 1: Solvency Standards - Solvency is defined as an insurance company's ability to fulfill its payment obligations to policyholders, requiring a core solvency adequacy ratio of at least 50%, a comprehensive solvency adequacy ratio of at least 100%, and a risk comprehensive rating of B or above [2]. - The 5 companies that did not meet solvency standards are Huahui Life, Anhua Agricultural Insurance, Huazhong Insurance, Asia-Pacific Property Insurance, and Qianhai Property Insurance, primarily due to their risk comprehensive ratings being classified as C [2][3]. Group 2: Impact of Non-Compliance - Non-compliance with solvency standards can directly affect an insurance company's credibility and lead to a downgrade in credit ratings, increasing financing difficulties and costs, thereby weakening market competitiveness [3]. - Regulatory consequences for failing to meet solvency standards may include restrictions on executive compensation and potential halting of new business operations [3][4]. Group 3: Measures for Improvement - Companies that have successfully improved their solvency ratings have typically engaged in capital increases and appointed new executives to address governance issues [5]. - Specific strategies for improving solvency include increasing capital through equity financing, optimizing product structures to reduce high-risk products, and enhancing risk management mechanisms [6]. Group 4: Market Exit Mechanism - Some companies have stagnated for years without significant progress, raising questions about the necessity of a market exit mechanism for those unable to meet solvency standards [7]. - Establishing a clear exit mechanism could help purify the market by eliminating companies that consistently fail to meet minimum solvency requirements, thus protecting policyholders' rights [7][8].

本报记者 杨笑寒 此外，操作风险、声誉风险等问题也被提及。华安财险表示，公司最近两期（2024年第四季度、2025年 第一季度）风险综合评级结果均为C类，主要是在声誉风险、操作风险等领域存在一定风险。 天职国际会计师事务所保险咨询主管合伙人周瑾告诉《证券日报》记者，在风险综合评级较低的保险公 司中，操作风险问题多包括不当宣传、销售误导、套取费用、监管报送不实等，公司治理方面则存在三 会一层（股东会、董事会、监事会和管理层）运作不规范、董监高履职存在瑕疵、关联交易占比高或披 露不全等问题。保险公司除了确保偿付能力充足率在安全水平之上外，还需针对公司治理和其他风险的 具体指标和管理内容，落实监管要求，提升管理效果，才能获得较好的评级结果。 近日，险企密集披露二季度偿付能力报告。据《证券日报》记者统计，截至8月3日，已有60家人身险公 司、83家财险公司与再保险公司发布了相关报告。其中，4家财险公司和1家人身险公司的偿付能力不达 标，原因均为风险综合评级不达标。 受访专家表示，险企除了需确保偿付能力充足率维持在安全水平外，还应针对各类风险的具体指标和管 理内容，制定切实可行的整改计划并跟踪落实，以提升公司治理水平。 ...

Core Insights - A total of 143 insurance companies have released their second-quarter solvency reports as of August 3, with 60 life insurance companies and 83 property insurance and reinsurance companies included [1][2] - Among these, 4 property insurance companies and 1 life insurance company failed to meet solvency standards due to inadequate risk comprehensive ratings [1][2] - The regulatory requirements for solvency include a core solvency adequacy ratio of no less than 50%, a comprehensive solvency adequacy ratio of no less than 100%, and a risk comprehensive rating of B or above [1][2] Group 1: Risk Ratings - 46 insurance companies achieved an A-class risk comprehensive rating, with 14 companies, including Japan Property Insurance (China) Co., Ltd., reaching the highest AAA rating [2] - 90 companies are rated B, while 5 companies received a C rating, including Huahui Life Insurance Co., Ltd. and Anhua Agricultural Insurance Co., Ltd. [2][3] - The C-rated companies have governance issues that have not been rectified, leading to their downgraded ratings [2][3] Group 2: Governance and Operational Risks - Issues such as operational risk and reputational risk have been highlighted, with companies like Huahui Life and Anhua Agricultural Insurance citing governance problems as a primary reason for their low ratings [3][4] - Common operational risks include misleading advertising, fee extraction, and inaccurate regulatory reporting, while governance issues involve non-compliance in board operations and high or poorly disclosed related-party transactions [3][4] Group 3: Solvency and Improvement Measures - Despite the low risk ratings, the 5 companies with C ratings have met the core and comprehensive solvency adequacy ratios [4] - Companies are taking steps to improve their governance and risk management, such as capital increases and analyzing abnormal indicators to enhance their operational foundations [4] - The demand for capital among insurance companies is expected to grow, with potential strategies including issuing debt instruments and equity financing to bolster solvency [4]

Core Viewpoint - The recent departure of key executive Zhang Lin from Hengqin Life Insurance reflects ongoing adjustments within the company's management team, which has seen a significant reduction in senior leadership since the new chairman Qian Zhonghua took office in 2024 [1][2][3] Management Changes - Zhang Lin's exit is part of a broader trend of high-level personnel changes at Hengqin Life, with the management team shrinking from 8 to 5 members since the beginning of the year [1][3] - The company has experienced multiple executive departures since 2024, including the retirement of former chairman Lan Yadong and the appointment of Qian Zhonghua as the new chairman [2][3] - The current management team includes General Manager Ling Libo, Deputy General Managers Cui Wangling and Ma Tianruo, along with Assistant General Managers Wu Zhixin and Tan Mingxing [3] Financial Performance - Hengqin Life reported a net loss of 357 million yuan in Q1 2025, with insurance business revenue declining by 27% year-on-year to 2.836 billion yuan [4] - The company has faced fluctuating profitability over the years, with cumulative net losses of 1.515 billion yuan from 2022 to 2024 [4] - Factors impacting profitability include declining government bond yields and increased market volatility, which have affected the company's earnings capacity [4] Solvency Position - As of the end of Q1 2025, Hengqin Life's comprehensive solvency adequacy ratio was 188.61%, down 3.27 percentage points from the previous quarter, while the core solvency adequacy ratio was 156.25%, down 3.29 percentage points [5] - Despite the decline, the company's solvency ratios remain well above regulatory minimum requirements, indicating a relatively solid capital base [5] - The company aims to enhance its risk management framework and improve its risk rating through ongoing adjustments and monitoring [5]

Group 1 - The departure of Zhang Lin, a key executive, reflects ongoing adjustments within the management team of Hengqin Life Insurance, which has seen a reduction from 8 to 5 executives since the beginning of 2024 [1][2][3] - Zhang Lin held multiple significant roles within the company, including Vice General Manager and Secretary of the Board, and his exit is part of a broader trend of high-level personnel changes since the new chairman Qian Zhonghua took office [2][3] - The company has experienced several leadership changes, including the retirement of former chairman Lan Yadong and the appointment of Qian Zhonghua, who is expected to stabilize the company and lead a new team towards breakthroughs [3] Group 2 - Hengqin Life Insurance reported a net loss of 357 million yuan in Q1 2025, with insurance business revenue declining by 27% to 2.836 billion yuan [4] - The company's financial performance has been volatile, with cumulative net losses of 1.515 billion yuan over the past three years, attributed to declining bond yields and increased market volatility [4] - As of the end of Q1, the comprehensive solvency adequacy ratio was 188.61%, down 3.27 percentage points from the previous quarter, while the core solvency adequacy ratio was 156.25%, down 3.29 percentage points [5] Group 3 - Despite the decline in solvency ratios, Hengqin Life's capital base remains solid, exceeding regulatory minimum requirements, indicating the company's ability to manage risks [5] - The company aims to enhance its internal growth capabilities and optimize its risk management system to improve its risk composite rating, which remains at a B level [5]

Group 1 - The core viewpoint of the articles indicates that the overall solvency of insurance companies in China is improving, with a comprehensive solvency adequacy ratio of 204.5% and a core solvency adequacy ratio of 146.5% as of the end of Q1 2025 [1][3] - A total of 160 insurance companies have disclosed their solvency reports for Q1, with 56 companies rated as A class and nearly 100 rated as B class in terms of risk comprehensive rating [3] - Despite the overall positive trend, five companies, including Huahui Life and Anhua Agricultural Insurance, have not met solvency standards, primarily due to issues in corporate governance, operational risks, and compliance [3][4] Group 2 - The newly added company to the non-compliant list is Asia-Pacific Property Insurance, which saw its risk comprehensive rating drop from B class to C class due to shareholder equity and governance issues [3] - Insurers with inadequate solvency may face restrictions on daily operations, necessitating adjustments in business structure, enhanced risk management, and improved corporate governance to rectify solvency issues [4] - Legal experts warn that inadequate solvency could lead to targeted regulatory measures, reduced market confidence, and increased difficulties in raising capital or issuing bonds for the affected insurers [4]

● 本报记者 陈露 近日，国家金融监督管理总局披露数据显示，保险公司偿付能力保持充足。2025年一季度末，保险公司 综合偿付能力充足率为204.5%，核心偿付能力充足率为146.5%。具体到单家公司，根据各家险企披露 的一季度偿付能力报告，保险公司偿付能力整体呈向好态势，有3家公司退出偿付能力不达标行列，但 仍有5家公司偿付能力不达标，包括1家人身险公司和4家财产险公司。 从一季度偿付能力报告来看，保险公司偿付能力整体呈向好态势。据中国证券报记者统计，当前超160 家险企披露了一季度偿付能力报告。其中，56家险企风险综合评级为A类，近百家险企风险综合评级为 B类。 华汇人寿、安华农险、华安保险、亚太财险、前海财险最新风险综合评级为C类，不满足偿付能力达标 要求。此外，与2024年四季度末披露的数据相比，有3家保险公司的风险综合评级由C类升至B类，退出 偿付能力不达标行列。 风险综合评级不达标为主因 对外经济贸易大学创新与风险管理研究中心副主任龙格表示，部分险企偿付能力不达标的主要原因是风 险综合评级不达标，其在公司治理、操作风险、合规等方面存在问题，偿付能力充足率临近监管红线， 叠加业务亏损导致资本内生能力弱 ...

Core Insights - The insurance sector's solvency remains robust, with a comprehensive solvency adequacy ratio of 204.5% and a core solvency adequacy ratio of 146.5% as of the end of Q1 2025 [1][9] - Despite overall strong solvency, four insurance companies failed to meet solvency standards due to risk comprehensive ratings [2][3] Solvency Ratios - Property insurance companies have a comprehensive solvency adequacy ratio of 239.3%, while life insurance companies stand at 196.6%, and reinsurance companies at 255% [1][9] - Core solvency adequacy ratios for property, life, and reinsurance companies are 209.5%, 132.8%, and 221.6% respectively [1][9] Companies Below Standards - Four companies, including one life insurance and three property insurance firms, did not meet solvency standards due to a C-level risk comprehensive rating [2][3] - The companies failing to meet standards are Huahui Life, Huazhong Insurance, Anhua Agricultural Insurance, and Asia-Pacific Property Insurance [2] Risk Management Issues - Huahui Life has been rated C for 12 consecutive quarters due to governance issues, although its solvency remains adequate [3] - Huazhong Insurance and Anhua Agricultural Insurance also reported C ratings, citing governance risks and ongoing rectification efforts [3][4] Improvement Measures - Asia-Pacific Property Insurance's risk rating dropped from B to C, prompting the company to enhance data accuracy and compliance [4] - Companies like Beida Fangzheng Life and Sanxia Life have improved their ratings to B or above, indicating successful rectification efforts [6][8] Capital Increase Initiatives - Companies are actively increasing capital to enhance solvency, with Zhonghua United Life planning to raise its registered capital by 1.2 billion yuan [11] - The ongoing implementation of the "Solvency II Phase II" project poses challenges for capital replenishment and asset-liability management [11]