YINGDA TAIHE LIFE INSURANCE CO.,LTD.

Yingda Taihe Life Insurance Co., Ltd

Yingda Taihe Life Insurance Co., Ltd. (hereinafter referred to as "Yingda life") is a national insurance enterprise established in accordance with relevant national laws, regulations and relevant insurance regulatory policies. In July 2007, 30 large state-owned enterprises, including State Grid Corporation of China, jointly funded the establishment of Yingda life insurance company, which is headquartered in Beijing.

Company profile

Yingda Taihe Life Insurance Co., Ltd. (hereinafter referred to as Yingda life insurance) is a national life insurance company initiated by State Grid Corporation of China. Approved by CIRC, it was established in Beijing in June 2007. In June 2009, Wantong life insurance company, an overseas strategic investor, was introduced. At that time, the registered capital of the company was 749 million yuan. In December 2010, State Grid Corporation of China (SGCC) established Yingda International Holding Group Co., Ltd., which covers banking, insurance, securities and asset management. As one of the seven financial enterprises under the holding group, Yingda life insurance is an important part of SGCC's financial platform.

Yingda life has a registered capital of 2.4 billion yuan, and its annual premium income exceeded 3 billion yuan in 2010. As of June 2011, the total assets have exceeded 10 billion yuan. Branches, branches and marketing service departments have been set up in 14 provinces and cities across the country, with more than 3000 internal and external staff, and the marketing network is increasingly perfect.

Relying on the national customer resources, strong financial strength and well-known enterprise brand of State Grid Corporation of China, and drawing lessons from the international advanced insurance technology and experience, professional management concept and strict risk management mechanism of Wantong Life Insurance Co., Ltd., Yingda Life Insurance Co., Ltd. will closely focus on the overall development idea of "group development, market-oriented operation, international standard and brand construction", adhering to the principle of "integrity" Through professional standard, efficient and steady operation, we create the greatest value for the society, customers, shareholders and employees, and strive to become a domestic first-class and internationally famous modern life insurance company.

In the first half of 2008, the company achieved a total premium income of 694 million yuan and total assets of 1.327 billion yuan. The company's market share was 0.16%, and its premium income jumped to the 30th place in the country, which was significantly higher than that of more than 40 at the end of 2007, initially establishing a good market image of Yingda life. Looking forward to the future, Yingda life will carry forward the concept of "sense of responsibility", adhere to the business philosophy of "professional standard, efficient and steady", and with the enterprise spirit of "unity, development, pragmatism and dedication", serve customers, achieve employees, repay shareholders and society, and strive to make new and greater contributions to the prosperity and development of China's insurance industry.

Main business introduction

Yingda life is mainly engaged in life insurance, health insurance, accident insurance and other personal insurance business; reinsurance business of the above business; insurance fund utilization business permitted by national laws and regulations; other business approved by CIRC.

Group insurance

Personal insurance

Bancassurance

Historical premium scale

The premium income of China Yingda life from 2005 to 2012 is as follows:

Company background

Wu Dingfu, chairman of the CIRC, has made it clear that in 2007, high-quality capital, especially large state-owned enterprises with good reputation and good operation, will continue to be encouraged to invest in the insurance industry and explore bank equity participation, restructuring and merger and acquisition of insurance companies.

In December 2006, State Grid Corporation of China and its wholly-owned and holding subsidiaries jointly initiated the preparation of Yingda Taihe Life Insurance Co., Ltd. the legal representative of the company is Xu Weiliang, who was previously the chief auditor of East China Power Grid Co., Ltd.

According to relevant information, State Grid Corporation of China participates in GDB, accounting for 20%, and is one of the largest shareholders of GDB; it holds 51% shares of Yingda trust; it holds 55% shares of Yingda securities; with the establishment of Yingda Taihe life insurance company, the outline of "Yingda" financial system has gradually emerged. In addition, the State Grid Corporation of China has set up a financial company. At present, bank, trust, securities, insurance and finance company constitute the financial system of SGCC.

On October 13, 2010, the State Grid Corporation of China was approved to transfer all the shares of Yingda Taihe life to the State Grid asset management company, and the State Grid Corporation of China will withdraw from the company. According to the announcement, State Grid Corporation of China will transfer its 100 million shares of Yingda Taihe life, 5.813 million shares of Yingda Taihe life held by North China Power Grid Corporation, and 6 million shares of Yingda Taihe life held by East China Power Grid Corporation, central China Power Grid Corporation, Northeast Power Grid Corporation and Northwest Power Grid Corporation respectively to State Grid Asset Management Co., Ltd. After the transfer, SGCC will no longer hold shares of Yingda Taihe life insurance. SGCC asset management company will hold 149.8 million shares of Yingda Taihe life insurance, accounting for 20%, North China Power Grid Company will hold 6.187 million shares, accounting for 0.826%, East China Power Grid Company, central China Power Grid Company, Northeast China Power Grid Company and Northwest China Power Grid Company will hold 6 million shares, accounting for 0.801%.

According to the strategy of the State Grid, the State Grid asset management company, as the unified operation carrier of the financial platform, constructs the overall operation system of the financial platform based on the five business modules of financial company, insurance, transaction broker, investment bank and asset management by optimizing the financial equity structure.

Development prospect planning

Yingda life is committed to becoming the leader of China's life insurance market and the builder of a harmonious society. In its future development, it will adhere to the core values of "integrity, responsibility, innovation and excellence", adhere to the development strategy of "rapid expansion and steady strength", rely on the business resources of shareholders, and actively develop various businesses.

Yingda life will make full use of advanced insurance experience, rely on modern enterprise mechanism, rely on the strong strength of shareholders, grow together with China's insurance market, realize the harmonious unity of customer interests, shareholder value, enterprise development and employee growth, and create a domestic first-class and internationally famous modern life insurance company that makes customers feel more comfortable, investors feel more at ease and employees feel more at ease.

Company preparation

As early as November 2005, the State Grid set up a life insurance preparatory group. In August last year, the CIRC replied in principle to state grid to set up Yingda Taihe life. In April this year, the CIRC officially approved the State Grid as the main sponsor and 30 large state-owned enterprises in the system to jointly launch the construction of Yingda Taihe life insurance, with a registered capital of 600 million yuan and registered in Beijing. Xu Weiliang, the former chief auditor of East China Power Grid Co., Ltd., is the chairman of the board, and the general manager is Zhang Shicai, the head of the preparation group and vice president of China Power Finance Co., Ltd.

At present, Yingda Taihe property insurance, the "same brother" of Yingda Taihe life, has opened 8 branches nationwide. China first financial daily also learned that state grid is expected to be approved to set up an insurance group company. A person from Yingda Taihe said that the establishment of the insurance group company of state grid could further optimize the risk management structure, reduce the insurance cost, and explore the way for insurance funds to directly invest in the infrastructure industry. However, some people in the power industry said that if the State Grid continues to invest in finance, the biggest problem is that the cost of the power grid will be further blurred. Even if it is accounted separately with the main business, it will inevitably lead to a series of problems such as related party transactions.

Chinese PinYin : Ying Da Tai He Ren Shou Bao Xian Gu Fen You Xian Gong Si