vegasspinscasino| In the first quarter, three deputy presidents left, and the general manager was still vacant. Jintai Insurance urgently needs to create appeal?

While the position of general manager is vacant, a number of senior generals of Jintai property Insurance Co., Ltd. (hereinafter referred to as "Jintai Insurance") have been lost one after another. On May 8, a reporter from Beijing Business Daily learned that according to Jintai Insurance's recent solvency report for the first quarter of 2024, three vice presidents of the company left in succession in the first quarter of this year, one of whom also served as secretary to the board of directors.

For Jintai Insurance, which has made profits for many years in a row, in addition to keeping the profitable results, how to attract more talents to join has also become a major issue facing the company. Next, for Jintai Insurance, which has already announced the plan of capital increase and share expansion, how to further build the internal driving force and let itself take another step?

The chief of the third officer left at the same time.

Since Ren Ruihong was promoted from general manager to chairman in May last year, the position of general manager of Jintai Insurance has been vacant for nearly a year. And at this "critical moment", the companyVegasspinscasinoThere has been a spate of "turnover" among his senior executives.

According to the information recently disclosed by Jintai Insurance on the changes of senior managers in the head office in the first quarter of 2024, Hu Ke, deputy general manager of the company, resigned from the company in January this year due to the expiration of his post; in March, Xiong Yan, deputy general manager of the company, Wu Runlong, deputy general manager and secretary of the board of directors, resigned from the company for personal reasons.

It is worth mentioning that two of the executives have been in office for about five years. According to the resume, Xiong Yan has been deputy general manager of Jintai Insurance since January 2019, and Wu Runlong has also served as secretary of the board of directors of Jintai Insurance since September 2019. Both of them have experience in well-known insurance companies in the industry.

With regard to the impact of the departure of several vice presidents in the first quarter, Jintai Insurance told the Beijing Business Daily that the company is promoting the supplementary work of its management members, subject to the company's recent announcement.

In terms of attracting talents, in April this year, the Sichuan Regulatory Bureau of the State Administration of Financial Supervision and Administration approved Zhu Xuefeng as deputy general manager of Jintai Insurance. At the same time, the qualification of Li Tao, the company's compliance director, was approved the previous February.

In the view of industry insiders, Jintai Insurance, which has lost three deputy general managers in a row, needs to deal with the challenge of brain drain. Zhan Junhao, an expert in strategic positioning, said in an interview with reporters that the possible impact on the company due to the departure of several vice presidents in the first quarter is mainly reflected in management stability and business continuity. In general, the departure of a senior executive can lead to a brief period of management unrest within a company, and it takes time to adjust the new management team and the allocation of responsibilities. This may affect the daily operation and decision-making efficiency of the company. Second, if departing executives play a key role in the company, their departure may have an impact on some of the company's important businesses, especially projects that require executives to promote or coordinate in person. However, from another point of view, the formation of a new team may also bring new vitality and innovative thinking to the company.

In addition to the position of vice president to be filled, the candidate for general manager of the company has also attracted a lot of attention. The general manager plays a vital role in an insurance company, and its decision-making and leadership ability directly affect the company's operation and market position. With regard to whether there are relevant candidates for the post of general manager for nearly one year, Jintai Insurance said that after being examined and approved at the 26th meeting of the third session of the board of directors of the company, it was determined that Song Shaofu, deputy general manager, would preside over the management of the company during the vacancy period of the general manager, and the operation and management of the company would maintain normal operation. In the follow-up, the company will disclose the relevant progress of the general manager in time in accordance with the regulations.

A loss of 0 in the first quarterVegasspinscasino.78 billion yuan

Jintai Insurance was founded in January 2011, and in December 2016, Jintai Insurance listed in the national share transfer system for small and medium-sized enterprises. It is the first insurance company in the central and western regions to be listed on the "new third board".

In terms of performance, Jintai Insurance has made a profit for ten consecutive years since 2014. In 2023, the company achieved 2.81 billion yuan in insurance revenue and 78 million yuan in net profit, the most profitable year in recent years.

In the first quarter of this year, Jintai Insurance lost 38 million yuan, which was larger than the loss in the same period last year. The net profit of insurance companies mainly comes from two parts, namely, insurance business income and investment income. In the highly competitive insurance market, investment income often becomes an important engine to drive the growth of net profit, and may also become a drag on the growth of net profit.

As for the reasons for the loss, Jintai Insurance said that in the first quarter of 2024, the company's investment-side business was affected by large fluctuations in the capital market, and the company's investment income in the first quarter was lower than expected.

According to the first-quarter solvency report, the company's return on investment and comprehensive return on investment are-1.28% and 0.51%, respectively.

Looking at the industry, the current net profit growth of property insurance companies, especially unlisted property insurance companies, is weak. Through the solvency reports disclosed by 79 unlisted property insurance companies in the first quarter of this year, the total net profit was 2.034 billion yuan, compared with 3.065 billion yuan in the same period in 2023. Profits declined significantly.

For Jintai Insurance, the decline is not just net profit. The company's quarterly report showed that at the end of the reporting period, the company's core solvency adequacy ratio was 268.36%, down 7.56 percentage points from the end of the previous quarter; and the comprehensive solvency adequacy ratio was 284.52%, down 8.22 percentage points from the end of the previous quarter.

With regard to the decline in solvency, Jintai Insurance said that the company's core and comprehensive solvency adequacy ratios changed within the normal range at the end of the first quarter, and the current core and comprehensive solvency adequacy ratios are higher than regulatory requirements.

In the view of industry insiders, the decline in solvency adequacy ratio, or even once approaching the red line, may lead to certain restrictions on the company's rating, financing and business expansion. Zhan Junhao said that in order to improve solvency, insurance companies can take a variety of measures, such as strengthening risk management, optimizing investment portfolios, improving profitability, and increasing capital through capital and shares.

A reporter from the Beijing Business Daily noted that in March this year, half a year after the pre-listing, the Jintai Insurance project to increase capital and shares was announced. The company issued a notice that the company collected a total of 8 investors, the total number of shares subscribed for this issue is 1.279 billion shares, the total subscription amount is 2.098 billion yuan. For the reasons for capital increase and the use of funds, Jintai Insurance said in an interview with reporters that the funds raised in this issue will be used to supplement the company's capital, enhance the company's capital strength and enhance the company's solvency after deducting the issuance costs.

Take advantage of the situation to develop power in the non-car field.

At present, property insurance companies to develop non-car insurance business has become an inevitable trend of market development, but also an important way to enhance their competitiveness. Property insurance companies in the industry are actively expanding non-car insurance business, and Jintai Insurance is no exception.

Jintai Insurance website shows that while consolidating and upgrading traditional business such as auto insurance, the company has made great efforts to develop the "four pillars" business such as agricultural insurance, credit guarantee insurance, liability insurance and mental health insurance. Taking the liability insurance business as an example, the company said that it promotes innovative projects such as smart shared parking and supplementary industrial injury liability insurance to enrich the supply of products.

For property insurance companies, non-car insurance business has both opportunities and difficulties. On the one hand, with the continuous development of society and the improvement of people's risk awareness, the demand of non-car insurance market is gradually increasing. Especially in the fields of agricultural insurance, credit guarantee insurance, liability insurance and mental health insurance, the market demand potential is huge. However, the difficulty lies in the complexity and diversity of non-car insurance business, which requires property insurance companies to have stronger professional ability and risk management ability.

Based on this, in order to build their own advantages, in Zhan Junhao's view, the measures that property insurance companies can take include: first, to strengthen the construction of professional personnel to improve the company's professional ability and risk management level; second, to strengthen cooperation with the government, industry associations and partners to jointly promote the development of the non-car insurance market. Third, pay attention to scientific and technological innovation and digital transformation, the use of big data, artificial intelligence and other advanced technology to improve business efficiency and risk management level.