Cross-border entry of new energy car companies and big health industries Insurance industry reappears the tide of equity change
Recently, many forces have deployed the insurance industry, and the frequent influx of cross-border capital has attracted much attention. The reporter of Economic Information Daily combed the information of changes in equity, an insurance company and an insurance intermediary, and found that since 2022, the insurance industry has reappeared the tide of equity change. Among them, in addition to the overweight of state-owned assets, the entry of cross-border "new forces" such as new energy car companies and big health industries has also become a new round of "capital leaps" in the insurance industry.
Different from the last round of queuing for licenses, this time, cross-border capital is more "aimed" at insurance intermediary licenses and obtains "admission tickets" through equity acquisition. Experts pointed out that for insurance companies, the entry of cross-border "new forces" may have a certain impact. From the product characteristics of insurance companies, it is also necessary to match and polish the incoming capital.
Frequent local state-owned assetsraise the price of goods
Caixin Auspicious Life Insurance Co., Ltd. (hereinafter referred to as "Caixin Auspicious Life Insurance") recently disclosed a new round of capital increase and share expansion plan, which shows that it will introduce an external investor Mango Media Co., Ltd. (hereinafter referred to as "Mango Media"). After the capital increase, Mango Media’s shareholding ratio is 8.01%, which is expected to become the fifth largest shareholder of the company. According to tianyan investigation, Mango Media’s equity penetration is backed by Hunan Provincial State-owned Cultural Assets Supervision and Administration Commission. Previously, in the first round of capital increase approved at the end of 2022, Caixin Jixiang Life Insurance has introduced two other new shareholders under Hunan State-owned Assets-Hunan Financing Guarantee Group Co., Ltd. and Hunan Xiangjiang New District Development Group Co., Ltd.
The "Economic Information Daily" reporter found that since 2022, local state-owned assets have increased their holdings of local insurance companies frequently. Specifically, Dinghe Property Insurance increased its capital by 1.625 billion yuan, and introduced three new investors, namely China Changjiang Electric Power Co., Ltd., Guangzhou Development Zone Investment Group Co., Ltd. and China Huadian Group Capital Holdings Co., Ltd., through public listing. After the capital increase, the shareholding ratio was 15%, 15% and 5% respectively, and the former two became the largest shareholders of Dinghe Property Insurance. Taiping Technology Insurance Co., Ltd. was approved to increase its capital by 355 million yuan, of which Taiping Property Insurance Co., Ltd. subscribed for 135 million yuan, Zhejiang Financial Holdings Co., Ltd. subscribed for 200 million yuan and Zhejiang Xingke Technology Development Investment Co., Ltd. subscribed for 20 million yuan; The approved registered capital of Hengqin Life Insurance increased from 2 billion yuan to about 2.385 billion yuan. Zhuhai Huachuang Investment Management Co., Ltd., which is actually controlled by Zhuhai SASAC, subscribed all the newly-increased registered capital, and held 32.90% of the shares after increasing the registered capital, becoming the largest shareholder of Hengqin Life Insurance. The approved registered capital of China-Korea Life Insurance increased from 1.5 billion yuan to 3.001 billion yuan, and the newly-increased registered capital was subscribed by Zhejiang Dongfang Financial Holding Group Co., Ltd., Zhejiang Changxing Financial Holding Group Co., Ltd., Wenzhou State-owned Financial Capital Management Co., Ltd., Wenzhou Electric Power Investment Co., Ltd., Wenzhou Traffic Development Group Co., Ltd. and Guotai Junan Zhengyu Investment Co., Ltd. respectively.
In addition, official website, the General Administration of Market Supervision, recently disclosed and approved the registration declaration of "Shenneng Property Insurance Co., Ltd.", which means that Shenneng (Group) Co., Ltd., which is actually controlled by the Shanghai State-owned Assets Supervision and Administration Commission, has further stepped up its insurance industry.
In this regard, relevant sources of insurance companies revealed that the overweight of state-owned assets is conducive to insurance companies to obtain local resources in strengthening the integration of industry and finance, expanding business scale and developing related industrial ecosystems, which has a far-reaching impact on the industry market structure.
Xie Yuantao, vice president (presiding) of university of international business and economics Institute of Insurance, told reporters that insurance is a ballast stone, and solvency and supervision require the stability of equity capital of insurance companies and a strategic vision for investment income evaluation. More state-owned assets (including local state-owned assets) are more conducive to stability.
Cross-border layout of "new forces"
Recently, BYD acquired Yi ‘an Property Insurance Co., Ltd. for 3.6 billion yuan, and the topic of intensive distribution of insurance industry by new energy vehicle enterprises once again sparked heated discussion.
Previously, Weilai acquired Huiding Insurance Brokerage Co., Ltd. through Anhui Weilai Data Technology Co., Ltd.; The equity of Yinjian Insurance Brokerage Co., Ltd. changed. After the equity penetration, the actual controller was LI Company. Now the company has been renamed as Beijing Ideal Insurance Brokerage Co., Ltd. In addition, Tucki, Tesla and BYD have set up insurance brokerage companies.
In this regard, Xie Yuantao believes that the entry of new energy vehicle companies is mainly due to the development of their own industry. He said: "Smart connected cars are gradually commercialized to L3 (Conditional Autopilot). Many insurance companies often need to determine the risk management plan and actuarial rate system based on commercial operation data, so the premium of smart cars is high; On the other hand, if it really develops to L5 (fully autonomous driving), traditional automobile insurance may be completely replaced by liability insurance, and car companies have big data advantages in risk point management and control, making it easier to control costs. "
At the same time, the pace of cross-border entry of large health industry capital into the insurance industry has accelerated. According to the reporter’s incomplete statistics, since 2022, more than a dozen enterprises in the big health field have started their business by acquiring insurance intermediary licenses, or in the form of health management companies and consulting companies. Among them, Lianren Health Medical Big Data Technology Co., Ltd., which just acquired Shanghai Xusheng Insurance Brokerage Co., Ltd., and Meinian Health, which previously acquired Guangdong Desheng Insurance Brokerage Co., Ltd., actually controlled Beijing Ronghai Insurance Brokerage Co., Ltd. through its wholly-owned subsidiary Hangzhou Weimai Investment Management Co., Ltd., acquired Dashenlin, a listed company of Shankang Henuo Insurance Brokerage Co., Ltd., and acquired Gaoji Medicine of Jiaxin Insurance Brokerage Co., Ltd.
Different from the purpose of new energy car companies, health and old-age care are national strategies. Xie Yuantao said: "The insurance industry has also considered the model of healthy pension with heavy assets, which is not very successful in general. To take the road of light capitalization, if there is a joint layout of big health industries, the effect may be better. "
There is a deep meaning behind snapping up "admission tickets"
Looking back on the last cross-border capital-intensive insurance industry, it was from 2014 to 2016. At that time, the growth rate of the insurance industry reached a new high, attracting the influx of capital from many parties. Among them, in addition to the state-owned giants, the most eye-catching ones are housing enterprises such as Fosun, Pearl River Investment, Wanda and Greenland, and Internet giants such as Baidu, Alibaba, Tencent and JD.COM.
Different from the time when the capitals of all parties queued up to apply for licenses, in the process of "clearing up the deficiency and improving the quality" in the industry in the past two years, accelerating the clearing of insurance intermediary licenses has become the goal of a new round of cross-border capital "aiming". Behind the new forces buying "admission tickets" is a hidden meaning.
According to the latest data from the Ministry of Industry and Information Technology, in 2022, the sales volume of new energy vehicles in China reached 6.887 million, ranking first in the world for eight consecutive years. At present, head property insurance companies have cooperated with car companies and car networking companies to explore related insurance service models, especially the UBI (driving behavior-based insurance) model. From a policy perspective, the first local regulation on the Internet of Vehicles, Wuxi City’s Regulations on the Promotion of the Development of the Internet of Vehicles, was recently promulgated, which clarified the contents of relevant insurance in the safety guarantee and promotion measures. Yang Fengyu, managing partner and certified public accountant of PwC China’s financial industry risk control and compliance services, said that in addition to the policies and standards such as the Specification for Data Collection of Motor Vehicle Insurance Networking and the Basic Data Metadata Catalogue of Insurance Vehicle Networking, the regulatory authorities also considered the new data, new risks and new opportunities brought by the Internet of Vehicles in the Guiding Opinions on Implementing the Comprehensive Reform of Auto Insurance and the Opinions on Actively Carrying out Risk Reduction Services in the Property Insurance Industry.
"Although the proportion of auto insurance in property insurance has declined in recent years, it is still one of the most important components of property insurance. The impact of the Internet of Vehicles on the insurance industry actually runs through the insurance products themselves, insurance operations and after-sales services. At present, the proportion of new energy vehicles in the new car sales market is getting higher and higher, which means that there are more and more vehicles with the characteristics of car networking to some extent. The car networking business has become something that the industry has to do. " Yang Fengyu said.
Xie Yuantao believes that for insurance companies, the entry of cross-border "new forces" may have a certain impact. He said: "The product characteristics of insurance companies are not the same, for example, the debt duration is too long, and the product life cycle is also very long, which requires matching and polishing of incoming capital." (Reporter Hu Enyan reports from Beijing)
Editor: Xie Bilu
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