【文/羽扇观金工作室】 近日，横琴人寿保险有限公司（以下简称"横琴人寿"）公布的2025年二季度偿付能力报告数据显示，公司上半年净亏损高达8.39亿元，保险业务收入为43.9 亿元，且综合退保率等指标呈现出阶段性波动。 与此同时，公司高管团队在近期也迎来了新成员的加入。8月，杨静波获批担任总经理助理，严志扬获批出任党委委员、纪委副书记兼审计责任人。在过去 一年多的时间里，横琴人寿的高管团队几乎经历了"大换血"，2024年多位高管辞职或换岗，进入2025年，这一趋势仍在持续，高管团队从原本的9人减少至7 人，离职人员多为公司的元老级人物。在业绩亏损与高管团队变动的双重影响下，横琴人寿的经营压力愈发明显，其转型之路或许也将面临诸多挑战。 上半年净亏损远超去年全年，经营压力骤增 公开资料显示，横琴人寿成立于2016年12月。在开业后的最初四年，公司一直处于亏损状态。直到2020年，横琴人寿成功实现扭亏为盈，并在随后的2020年 和2021年连续两年盈利，净利润分别达到0.59亿元和0.11亿元，打破了寿险公司通常"七平八盈"的行业定律。 然而，好景不长，从2022年至2024年，横琴人寿再次陷入净利润亏损的困境，三 ...

Core Insights - Hengqin Life Insurance Co., Ltd. reported a significant net loss of 839 million yuan in the first half of 2025, with insurance business revenue declining by 22.85% year-on-year to 4.39 billion yuan [2][3][17] - The company is undergoing a critical management transition, with new appointments in key positions aimed at stabilizing operations during a challenging industry transformation period [13][15][17] Financial Performance - The insurance business revenue for the second quarter of 2025 was 2.07 billion yuan, a slight decrease from 2.32 billion yuan in the first quarter [3] - The net loss for the second quarter reached 482 million yuan, contrasting with a profit of 31 million yuan in the same period last year [3] - The company’s total assets stood at approximately 43.84 billion yuan, with a net asset value of 500 million yuan [3] Cash Flow and Investment Returns - Operating cash flow showed pressure, with a net cash flow from operating activities of -970 million yuan, and a significant shortfall in the dividend account business reaching -3.3 billion yuan [4] - The comprehensive investment return rate for the first half of 2025 was 2.87%, exceeding the three-year average of 2.20% [4] Policy and Regulatory Compliance - As of the end of the second quarter of 2025, Hengqin Life's core solvency adequacy ratio was 157.40%, and the comprehensive solvency adequacy ratio was 189.34%, both above regulatory minimum requirements [12] - The company has maintained a stable B-class risk comprehensive rating, indicating manageable overall risk [12] Management Changes - Recent management adjustments include the appointment of Yan Zhiyang as a member of the Party Committee and Deputy Secretary of the Discipline Inspection Commission, and Yang Jingbo as Assistant General Manager [13][15] - The company has experienced multiple rounds of management changes since 2024, with significant leadership roles being filled to enhance operational stability [15][17] Industry Context - The life insurance industry is currently undergoing a transformation, facing challenges in business optimization and model shifts [17] - Hengqin Life must navigate the pressures of increasing losses while striving for strategic adjustments to improve competitiveness and achieve profitability [17]

Core Insights - Hengqin Life Insurance Co., Ltd. reported a significant net loss of 839 million yuan in the first half of 2025, with insurance business revenue declining by 22.85% to 4.39 billion yuan [2][8] - The company is undergoing a management restructuring, with key appointments made in August 2025, including the approval of new positions for Yan Zhiyang and Yang Jingbo [6][7] - The insurance industry is currently facing a critical transformation period, with Hengqin Life needing to address its expanding losses while making progress in its reform efforts [8] Financial Performance - Hengqin Life's insurance business revenue for the first half of 2025 was 4.39 billion yuan, a decrease of 22.85% year-on-year [2] - The net loss of 839 million yuan in the first half of 2025 surpassed the total loss of 564 million yuan for the entire year of 2024 [2] - The company reported a net cash flow from operating activities of -970 million yuan, with a significant shortfall in the dividend account business of -3.3 billion yuan [2] Policy and Regulatory Compliance - As of the end of Q2 2025, Hengqin Life's core solvency adequacy ratio was 157.40%, an increase of 1.15 percentage points from the previous quarter, while the comprehensive solvency adequacy ratio rose to 189.34% [4] - The company has maintained a stable risk composite rating of B, indicating that its overall risk is manageable [5] Management Changes - Recent management changes include the dismissal of compliance officer Li Xuecheng and the appointment of Ling Libo as the chief compliance officer [6] - The company has experienced multiple rounds of management adjustments since 2024, with significant leadership changes aimed at stabilizing operations [6][7] Industry Context - The life insurance industry is undergoing a transformation, facing challenges related to business optimization and model shifts [8] - Hengqin Life's ability to adapt to the evolving market conditions and leverage policy benefits in the Greater Bay Area will be crucial for its future competitiveness [8]