空缺一年多的董事长终于补位。 文/每日财报 栗佳 近日，北京金融监管局发布任职资格批复，核准Isler Renzo（易思乐）中意财险董事、董事长的任职资格。这是继去年中意财险合资转外资独资后该公司 再次发生的重大变化，而股权结构变更后首次任命董事长，也备受市场关注。 可以想见的是，此次易思乐的履新是其职业生涯的另一场全新的旅程，但在这条道路上也注定会面临不少的挑战。 毕竟作为一家老牌财险公司，近一年时间里中意财险发生了一系列重大变化，首当其冲的便是忠利集团全资收购第一大股东中油资本全部股权，中意财险 由此转为外资独资险企。再者就是高层人事持续调整中，及业务经营发展困境的问题。但好在如今忠利集团作为独资控股后开始委派拥有横跨多国、多领 域保险业深耕经验的易思乐"挑大梁"，这或将给中意财险带来新气象。 那么，这位空降而来具备外资基因的易思乐，能否与现任总经理袁颖晖形成默契十足的新搭档组合，共同带领中意财险经营业绩走向更广阔天地？ 外资董事长易思乐到任，与袁颖晖搭档 根据履历，易思乐职业生涯覆盖忠利集团、中意人寿、欧盟中小企业中心、中国意大利商会及马来西亚忠利系保险机构等，形成从欧洲到亚洲、从人寿到 财险的复合型管 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The report conducts a comprehensive analysis of the property insurance industry's business operations, regulatory policies, and builds a scoring model to rank the risks of 11 property insurance companies with outstanding sub - debt as of September 3, 2025. It aims to recommend bond targets with relatively high risk - return ratios for investors with different risk preferences [1]. - Through multi - dimensional indicators such as qualitative and quantitative ones, the report analyzes the credit risks of the property insurance industry to assist investment decisions [2]. 3. Summary by Relevant Catalogs 3.1 Property Insurance Company Business Operation Status - **Insurance Business**: Industry - wide, the proportion of property insurance company premium income remains around 30%, with positive but slowing growth. The ratio of life insurance to property insurance premium income is about 7:3. Since 2018, property insurance company premium income has shown positive growth, but the growth rate has declined, and it has been below 10% after 2021. By the end of 2024, the original premium income of property insurance companies was about 1.69 trillion yuan, with a growth rate of 6.55%. The diversification of insurance types is a key concern, with motor vehicle insurance still dominant but its proportion decreasing, while the proportions of liability insurance, agricultural insurance, and health insurance have increased slightly [17][18]. - **Investment Business**: The proportion of property insurance company investment assets is generally lower than that of life insurance companies, but it remains at a relatively high level. The financial investment yield of property insurance companies has declined overall, while the comprehensive investment yield has shown an upward trend. From the first half of 2022 to the end of 2024, the financial investment yield of property insurance companies fluctuated and decreased, reaching 3.05% by the end of 2024, lower than that of life insurance companies. In 2024, the comprehensive investment yields of property and life insurance companies increased significantly. The balance of property insurance company insurance funds has increased with premium income, with an increase in the proportion of bond investments and a decrease in bank deposits [24][27]. 3.2 Property Insurance Company Financial Aspects - The main difference between life and property insurance companies is that the comprehensive cost ratio cannot accurately measure the profitability of life insurance companies because the earned premium of life insurance companies does not deduct life insurance liability reserves and long - term health insurance liability reserves, resulting in a large "bubble" in earned premium [31]. - The liquidity regulatory indicators, recognized assets, and recognized liabilities of property insurance companies are similar to those of life insurance companies. 3.3 Property Insurance Industry Regulatory Points and Compliance Penalty Situations - **Regulatory Policies**: Property insurance regulatory policies are oriented towards serving the real economy, emphasizing "price reduction, quality improvement, and efficiency enhancement" to protect consumer rights. For example, the reform of motor vehicle insurance has put pressure on insurance company premium income and profit growth, while agricultural insurance has developed rapidly under the background of rural revitalization [30][35]. - **Regulatory Ratings**: The risk comprehensive rating is an important indicator for measuring the solvency of insurance companies, and property insurance companies, similar to life insurance companies, focus on this regulatory indicator. Additionally, the regulatory rating in the "Insurance Company Regulatory Rating Method" issued by the National Financial Supervision and Administration in January 2025 also needs attention [38]. - **Compliance Penalties**: Property insurance companies are more frequently penalized than other insurance companies, with fines being the main form of administrative penalty. In 2024, property insurance companies accounted for 59.43% of the total fines in the insurance industry, and the amount of fines for property insurance companies was generally higher [39][43]. 3.4 Property Insurance Industry Credit Analysis Core Indicators and Model Construction - **Credit Analysis Core Indicators**: The report constructs a credit analysis scoring model from four dimensions: corporate governance, operational strength, financial performance, and risk management. - **Corporate Governance**: The shareholder background of property insurance companies is mainly state - owned enterprises, with relatively low shareholder default risks. The average proportion of state - owned legal person shareholding in the top ten shareholders of property insurance companies is 61.51%, and 75% of property insurance companies are state - owned enterprises [52][53]. - **Operational Level**: In terms of overall scale, there is a significant "head effect" among property insurance companies, with China Property Insurance and Ping An Property Insurance being prominent. The insurance business income is highly correlated with the total asset scale, and the market concentration is relatively high. The dispersion degree of insurance business and the claim settlement ratio of property insurance companies vary greatly, and the investment business risks of Yingda Property Insurance and Beibu Gulf Property Insurance are relatively low [55][58][62]. - **Financial Level**: Yingda Property Insurance has relatively stronger overall profitability. The average operating expenditure - to - income ratio of sample property insurance companies from 2022 - 2024 was 96.0%, the average comprehensive cost ratio was 99.2%, and the average comprehensive investment yield was 3.0% [67]. - **Risk Management**: In terms of solvency, property insurance companies have a relatively thick "safety cushion." As of the end of 2024, the average comprehensive solvency adequacy ratio of sample property insurance companies was 255.8%, and the average core solvency adequacy ratio was 188.4%. Most sample insurance companies have a risk rating of A or above, with Yingda Property Insurance receiving the highest rating [69]. - **Adjustment Items**: China Property Insurance, CPIC Property Insurance, and Ping An Property Insurance have good credit risk indicators, with Ping An Property Insurance having an advantage in risk management [75]. - **Scoring Results and Verification**: The report uses the minimum - maximum normalization method to score 11 property insurance companies with outstanding bonds as of September 3, 2025. The correlation coefficient between the 3 - year ChinaBond valuation yield and the credit score of property insurance companies is - 0.89, indicating a strong negative correlation, which verifies the scoring results [77][78]. 3.5 Insurance Company Subject Investment Value Judgment - **Subjects with a Score Above 70**: China Property Insurance, CPIC Property Insurance, and Yingda Property Insurance are above the trend line, with high scores and low risks, suitable for investors seeking stable returns and bottom - position allocation assets [5][82]. - **Subjects with a Score between 50 - 70**: Sunshine Property Insurance is slightly above the trend line, with a current outstanding bond valuation yield of not less than 2.2% and relatively controllable risks. It is suitable for investors with certain requirements for absolute returns and relatively stable liability ends [5][90].

Core Viewpoint - The approval for Starr Property & Casualty Insurance Co. to transition from a joint venture to a wholly foreign-owned enterprise signifies a significant step in China's financial sector's deepening openness to foreign investment, reflecting the growing confidence of foreign institutions in China's long-term economic resilience [1][3]. Group 1: Company Developments - Starr Property & Casualty Insurance Co. has received approval to acquire an additional 11.2 million shares (0.78% equity) from Shanghai Jin Jiang International Investment Co., increasing its total shareholding to 1,146 million shares, representing 80% ownership [2]. - The change in ownership structure enhances the control of foreign shareholders over Starr Property & Casualty, potentially leading to more efficient strategic decision-making and resource allocation [2]. - The company, originally established in 1995 as Dazhong Insurance, has evolved significantly since the introduction of Starr Group as a strategic investor in 2011, with foreign ownership increasing to 77.58% by 2014 [2]. Group 2: Industry Trends - The trend of foreign insurance companies increasing their presence in China is evident, with nearly half of the world's top 40 insurance companies having entered the Chinese market by mid-2025 [4]. - Notable examples include AXA's acquisition of the remaining 50% of AXA Tianping, Allianz's full control of Allianz China Life, and HSBC's complete ownership of HSBC Life Insurance, all reflecting a broader shift towards foreign ownership in the insurance sector [4]. - According to Ernst & Young's report, foreign insurance companies' market share in China has grown from 4% in 2013 to 9% currently, indicating a significant increase in foreign participation in the domestic insurance market [5]. Group 3: Market Implications - The influx of foreign insurance firms is expected to enhance market competition, introduce advanced concepts and technologies, and promote diversified development within the industry [3][6]. - The establishment of foreign insurance asset management companies in Shanghai is seen as a crucial indicator of the accelerated pace of the insurance market's openness, reflecting foreign institutions' strong confidence in China's economic prospects [5][6]. - The "catalyst effect" of foreign firms, such as AXA Tianping's innovative "pay-per-day" car insurance model, is driving domestic insurers to accelerate their digital transformation, ultimately benefiting consumers through improved service quality [6].

Group 1: Industry Overview - The insurance industry achieved a total original premium income of 1.3 trillion yuan in the first two months of 2022, with a year-on-year growth of 3.27% in original premium income and a 36.03% increase in insurance amount [1] - The property insurance sector generated original premium income of 205.4 billion yuan, while the life insurance sector accounted for 1.09 trillion yuan, with life insurance, health insurance, and personal accident insurance contributing 878.3 billion yuan, 193.4 billion yuan, and 18.9 billion yuan respectively [1] - Life insurance remains under pressure, with a year-on-year decline of 4.86% in original premium income for the first two months [1] Group 2: Company Performance - The original premium income for life insurance companies was 1.03 trillion yuan, with a year-on-year growth of 0.95% in original premium income, while the insurance amount decreased by 5.05% and claims expenditure increased by 31.88% [1] - The health insurance and accident insurance sectors generated original premium income of 143.9 billion yuan and 8.7 billion yuan respectively [1] Group 3: Property Insurance Insights - The property insurance sector reported original premium income of 265.2 billion yuan, with a year-on-year growth of 13.37% in original premium income and a 42.54% increase in insurance amount [2] - The top three insurance types by premium income were motor vehicle insurance (126.2 billion yuan), health insurance (49.5 billion yuan), and liability insurance (21.7 billion yuan) [2] - Motor vehicle insurance premium income increased by 11.98% year-on-year, continuing a positive growth trend since October 2021 [2] Group 4: Regional Performance and Asset Management - The top five regions for premium income in the country were Jiangsu, Guangdong, Shandong, Zhejiang, and Henan [3] - As of the end of February, the balance of insurance funds was 23.39 trillion yuan, reflecting a year-on-year growth of 5.95%, with significant allocations in bank deposits (2.79 trillion yuan), bonds (9.14 trillion yuan), and stocks and mutual funds (2.95 trillion yuan) [3] - The total assets of the insurance industry reached 25.47 trillion yuan, with net assets of 2.89 trillion yuan, representing year-on-year growth of 6.49% and 3.62% respectively [3]

Group 1 - The core point of the news is that Shidai Property Insurance Co., Ltd. has officially transitioned from a joint venture to a wholly foreign-owned insurance company, marking it as the third joint venture to become a pure foreign company in the property insurance sector in China [1][2] - The recent approval from the Shanghai Regulatory Bureau allows Shidai Compensation and Liability Insurance Company to acquire 11.2 million shares (0.78% equity) from Shanghai Jinjiang International Investment Co., Ltd., resulting in Shidai Compensation holding 80% of Shidai Property Insurance [1][2] - The shift to a wholly foreign-owned structure reflects the ongoing trend of foreign investment in China's insurance market, with foreign insurance companies' market share increasing from 4% in 2013 to 9% currently [2][3] Group 2 - The transition of insurance companies from joint ventures to wholly foreign-owned entities is driven by the continuous opening of China's financial market, the significant growth potential of the insurance market, and the exit of some domestic shareholders [3][4] - The increase in foreign-owned insurance companies is expected to enhance competition and innovation within the industry, leading to a more diversified and differentiated market landscape [3][4] - The entry of foreign capital is anticipated to bring new products, technologies, and management practices, which will promote innovation and upgrade the insurance industry [4]

Group 1 - The China United Property Insurance Company was fined 150,000 RMB for failing to strictly implement insurance terms approved or filed with regulators [1][2] - The responsible individual, Xu Zhentao, received a warning and a fine of 20,000 RMB [1][2] - The company was established on July 15, 1986, and became the only state-controlled insurance company named "China" in 2002 [2] Group 2 - As of December 2024, the registered capital of China United Property Insurance is 14.64 billion RMB, with a comprehensive solvency adequacy ratio of 227.2% [3] - In 2024, the company achieved premium income of 68.12 billion RMB, ranking fifth in the property insurance market [3] - The company has a strong presence in agricultural insurance and ranks third in the market for policy-based health insurance [3]

Core Viewpoint - The insurance industry is actively responding to severe weather events, implementing emergency plans and providing rapid claims processing to support affected customers and restore normalcy in disaster-stricken areas [1][5][7]. Group 1: Insurance Companies' Response - Multiple insurance companies, including PICC, China Life, and Ping An, have initiated emergency disaster response plans and opened 24-hour claims channels to assist affected areas [1][3]. - As of July 29, the Beijing insurance sector dispatched 1,507 rescue personnel and 1,329 vehicles to disaster areas, with significant claims reported in Tianjin due to mountain flood disasters [3][7]. - Insurance companies are utilizing technology to enhance claims efficiency, such as deploying satellite imagery and AI for damage assessment [4][8]. Group 2: Claims Processing and Efficiency - The insurance industry has established green channels for claims processing, allowing for expedited assessments and payments to affected individuals and businesses [4][5]. - Companies like Taiping and Sunshine have mobilized specialized equipment and teams to ensure timely claims processing in severely affected regions [4][5]. - Regulatory bodies have emphasized the need for simplified claims procedures and rapid payouts to alleviate economic pressure on disaster victims [7][9]. Group 3: Consumer Guidance and Best Practices - Consumers are advised to report claims promptly within the stipulated time frame and to retain evidence of damages for efficient processing [10]. - It is recommended that policyholders familiarize themselves with their insurance terms and utilize official channels for claims to avoid fraud [9][10]. - Specific guidance for vehicle claims includes avoiding starting submerged vehicles and preserving the scene for evidence [9][10].

Core Viewpoint - Tianan Life Insurance Co., Ltd. has had its insurance intermediary license revoked by the Financial Regulatory Bureau due to various governance and compliance issues, marking a significant event in the insurance intermediary sector in China [1][3]. Company Summary - Tianan Life Insurance was granted its insurance intermediary license on November 17, 2016, and it will officially exit the market on July 18, 2025 [1][2]. - The company was involved in a wide range of insurance services, including corporate property insurance, family property insurance, vehicle insurance, engineering insurance, liability insurance, credit insurance, guarantee insurance, marine insurance, cargo transportation insurance, special risk insurance, agricultural insurance, and accident insurance [1][2]. - The company faced penalties for governance report inaccuracies, unqualified executive roles, and improper asset management practices, leading to fines totaling 990,000 yuan for responsible personnel [2][3]. Industry Summary - The Financial Regulatory Bureau has noted a trend of insurance intermediaries exiting the market, with several companies, including Beijing Zhongheng Insurance Agency and Liaoning Xinyi Automobile Insurance Agency, also announcing their exit [3]. - The number of insurance intermediary institutions in China has decreased from 2,642 in 2019 to 2,539, a reduction of approximately 103 institutions [3]. - The insurance intermediary market is experiencing a "head concentration, tail clearance" trend, where leading firms dominate due to brand and service advantages, while smaller firms struggle to adapt to regulatory changes and declining commissions [4]. - The industry is shifting from a product-oriented approach to a user-oriented approach, with opportunities in wealth management and pension finance due to rising income levels and aging population [4].

Core Viewpoint - The Beijing Financial Regulatory Bureau emphasizes the importance of disaster preparedness and insurance utilization during the flood season, urging consumers to focus on personal safety, property protection, and effective use of insurance services [1][2][3][4] Group 1: Focus on Personal Safety - Insurance consumers are encouraged to enhance their knowledge of flood prevention and emergency response through various official channels [1] - It is advised to stay updated on weather forecasts and disaster warnings, minimizing travel during severe weather conditions [1] - In extreme weather, individuals should take precautions such as avoiding flooded areas and being aware of potential hazards like downed power lines and falling debris [1] Group 2: Focus on Property Protection - Consumers should protect their vehicles by avoiding parking in flood-prone areas and seeking higher ground during heavy rain [2] - During extreme weather, it is recommended to secure windows and remove potential hazards from balconies, while farmers should reinforce agricultural structures to mitigate damage [2] - Businesses are advised to inspect their properties for risks and ensure adequate flood prevention supplies are available [2] Group 3: Focus on Insurance Service Utilization - Consumers are encouraged to leverage insurance products such as accident, vehicle, home, agricultural, and enterprise property insurance for comprehensive coverage during the flood season [3] - It is important to read insurance policy terms carefully to understand coverage and exclusions, ensuring better protection during claims [3] - In case of an accident or vehicle breakdown, consumers should contact their insurance provider for assistance while prioritizing personal safety [3] Group 4: Timely Insurance Claims - The vehicle insurance reform has expanded coverage to include damages from natural disasters like floods, urging consumers to report claims promptly [4] - Insurance companies in Beijing have established a green channel for flood-related claims and offer services such as waiving on-site inspections and meteorological proof requirements [4] - For personal injuries occurring on public transport, insurance companies may cover compensation if the operator has liability insurance [4]

Group 1: Insurance Types - Life insurance focuses on the lifespan of the insured, providing benefits upon death or survival within a specified period, with term life insurance offering coverage for a set term and whole life insurance providing lifelong coverage for wealth transfer and family financial stability [1] - Health insurance addresses medical expenses due to illness or injury, including medical insurance for various healthcare costs and critical illness insurance that pays a lump sum upon diagnosis of a serious condition [2] - Property insurance protects against losses to assets from natural disasters or accidents, covering home and business assets, while liability insurance covers economic compensation for damages caused by negligence in various fields [3] Group 2: Financial Education - The information is organized and published by a financial media outlet focused on disseminating knowledge in finance, insurance, and investment, aiming to enhance public understanding of complex financial concepts and products [4]