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    51%股權一次性出清!巨虧68億的保險業"虧損王"被大股東拋棄

    51%股權一次性出清!巨虧68億的保險業

    繼炒股巨虧、保費收入滑坡、大規模退保事件之后,深陷巨虧泥潭的幸福人壽再次迎來重擊:大股東計劃一次性全部清倉拋售股權。

    6月11日晚間,中國信達在港交所發布公告稱,擬轉讓所持全部幸福人壽股權,持股比例為50.995%。全部轉讓股份將面向同一競買人或聯合競買團一次性轉讓。

    有市場分析認為,此次轉讓,不排除和子公司幸福人壽虧損嚴重、拖累母公司業績有關。而中國信達方面對此次拋售行為,解釋為“落實監管精神,優化整合子公司平臺資源”。

    只不過,負重前行的幸福人壽,未來又會迎來怎樣的接盤資金?

    拋售近51%股權

    巨虧險企拖累大股東

    壽險公司不賺錢,一樣難逃被拋棄的命運。

    51%股權一次性出清!巨虧68億的保險業

    6月11日,中國信達在港交所發布公告稱,擬增加一項年度股東大會議案,內容為轉讓所持全部幸福人壽股權。幸福人壽是中國信達控股的壽險公司,中國信達持股共計約51.66億股,股權占比為51%。

    上述公告顯示,中國信達擬通過省級以上產權交易所,對外公開轉讓所持全部幸福人壽股份。掛牌底價不低于幸福人壽的資產評估備案結果,評估基準日為2019年3月31日。全部轉讓股份面向同一競買人或聯合競買團一次性轉讓。

    對于此次清倉幸福人壽,中國信達給出的解釋是,“落實有關監管精神,優化整合子公司平臺資源”。按照流程,中國信達已經將上述公開掛牌出售子公司全部股權的議案,提請年度股東大會批準,同時該議案還需要取得相關機構的批準后,才最終落實。

    幸福人壽是一家國有控股企業,成立于2007年11月,注冊資本101.3億元,股東包括中國信達資產管理股份有限公司、三胞集團有限公司、深圳市億輝特科技發展有限公司等17家公司,實際控制人為中國信達。

    業內分析認為,此次幸福人壽被大股東全部出清,可能和過去業績大幅虧損有關。據中國信達此前披露的償付能力報告顯示,幸福人壽2018年凈虧損高達68.28億元,成為當年保險行業的“虧損王”。

    51%股權一次性出清!巨虧68億的保險業

    受到幸福人壽的拖累,中國信達2018年的業績也表現不佳。2019年1月,中國信達發布盈利警告,2018年凈利潤較2017年同期下降30%左右,歸結原因之一就是“權益類資產受資本市場沖擊影響,本集團附屬公司幸福人壽產生了較大的歸屬于本公司股東的應占虧損”。

    激進炒股失敗

    仍處轉型過渡期

    實際上,在巨額虧損的背后,正是幸福人壽長期依賴權益投資、保險資金運營不合理而形成的后果。

    針對去年大規模的虧損,幸福人壽曾對外表示,受2018年資本市場大幅下行影響,公司權益投資出現較大規模的損失,造成公司2018年度較大幅度虧損。

    資料顯示,幸福人壽在2015年至2018年上半年四期的投資收益率分別為9.04%、3.32%、5.30%和1.53%。權益類投資占比分別為18.35%、36.88%、26.32%、25.45%,權益類投資的風險敞口一直處于相對的高位。

    51%股權一次性出清!巨虧68億的保險業

    據不完全統計,幸福人壽過去通過萬能險賬戶和年金賬戶持有洪濤股份、蘇寧環球、精工鋼構、科士達、力帆股份等公司股份,并進入十大流通股名單。但上述公司股價2018年最高跌幅則最高達到55%以上,最低則有27%以上,平均跌幅接近40%左右。

    在中債資信此前發布的評估報告稱,幸福人壽去年上半年出現虧損,主要原因為上半年未安排中短存續期產品銷售、投資市場環境低迷,以及退保規模增加。整體看,資本市場的波動給投資收益帶來了不確定性,而公司盈利對投資收益依賴較大,資本市場波動值得關注。

    同時,2018年,由于涉及合規問題,幸福人壽曾被限制做權益投資,造成當年收益出現大幅下滑。2018年6月28日,銀保監會下發監管函,由于幸福人壽存在資金運用制度不健全、投資團隊人員不足、未按規定開展投后管理等問題,責令公司全面整改、建立健全保險資金運用的管理制度和內控機制等,監管函下發之日起6個月,整改期間不得新增股權和集合資金信托計劃投資。

    除了因投資造成的虧損之外,保費收入的大幅下降,也讓幸福人壽的發展遭遇較大的經營壓力。銀保監會數據顯示,2018年,幸福人壽原保險保費收入91.66億元,同比2017年的184.75億元減少了50.39%。

    此前,幸福人壽對于保費下滑的原因解釋,曾接受媒體采訪時表示,2018年,公司順應行業回歸本源發展理念,堅定價值轉型發展戰略,主動調整業務結構,停售中短期產品,大幅減少銀保規模型業務,著力發展長期期交型業務,因此出現階段性保費下滑。

    也有業內分析人士,由于過去幸福人壽一直比較依賴銀保渠道,盡管銀保渠道的規模保費占比逐步下調,但隨著行業發展的變化,公司在拓展個險渠道方面仍顯不足,也造成了規模保費不斷下滑的態勢,屬于行業轉型中的過渡期癥狀。

    兩次拋棄保險公司

    中國信達回歸主業

    值得注意的是,拋售方中國信達,已經不是第一次對旗下子公司進行股權轉讓和資源整合了。

    2016年末,中國信達以42.2億元的價格轉讓了所持有的12.3億股的信達財險股份,占總股本的41%,接盤方為深圳市投資控股有限公司,該筆轉讓交易完成后,深投控成為信達財險的控股股東,并更名為國任財險。

    信達方面當時表示,公司轉讓信達財險股權是在深化國企改革背景下,進一步優化集團金融平臺資源的戰略考慮,通過引入有實力的股東,發揮股東合力,加快信達財險適應新經濟形勢的市場化體制改革步伐。

    對比前后兩次的轉讓原因,此次出售幸福人壽,則更突出了“落實有關監管精神”。

    公開資料顯示,中國信達是國內四大不良資產處置公(MAC)司之一,除了擁有33家分公司之外,中國信達還擁有8家從事不良資產經營、資產管理和金融服務業務的平臺子公司,幸福人壽是中國信達旗下的保險牌照子公司。

    2019年2月,銀保監會專門召開會管經營類機構相關座談會,對四家金融資產管理公司在內的經營類機構提出要求,強化風險防控、專注主責主業。今年年初,四家MAC公司先后宣布將回歸不良處置主業作為2019年工作重點,中國信達資產管理公司明確提出,今年的重點也將圍繞“大不良”業務開展、加速周轉,推動業務經營向集約型轉變。

    分析認為,隨著四大資產管理公司規模不斷擴張,旗下金融牌照不斷增多,不良資產處置的主業地位并不突出,當前監管部門明確要求資產管理公司“專注主業”,那么中國信達對旗下業績拖累的子公司資產進行剝離并轉讓,也就符合情理之中了。

    此外,隨著幸福人壽接近51%股權被公開轉讓,這家仍具備保險牌照優勢、業務分布廣泛、經營治理整體情況尚屬穩定的保險公司,未來將會由誰來接盤,則值得市場玩味。

    原文來自: 中國金融觀察網

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