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| Friday, August 23, 2024 |

NO.1 Supervision further regulates Internet insurance business

On August 22, the reporter learned from the industry that the Property and Casualty Insurance Department of the Financial Regulatory Administration has recently issued a "Reminder Letter on Further Standardizing Internet Insurance Business-Related Matters" to further standardize Internet insurance business and crack down on recent violations and chaos in this field.

It is reported that the "Reminder Letter" puts forward six requirements: First, conduct Internet insurance business in accordance with the law; second, strictly regulate Internet insurance marketing and publicity activities; third, severely crack down on the "hanging" behavior of institutions and personnel without qualifications; fourth, resolutely put an end to the illegal sales of non-insurance financial products; fifth, tighten the main responsibility of Internet insurance business management; and sixth, continuously strengthen the supervision of Internet insurance business.

In terms of cracking down on unqualified "affiliation" by institutions and personnel, the "Reminder Letter" requires that institutions or personnel who have not obtained business licenses and other qualifications shall not illegally carry out related Internet insurance business by "affiliating" with insurance institutions or registering for practice in such institutions. The regulatory authorities will strengthen supervision and inspection of such illegal and irregular behaviors, and severely investigate and punish the relevant institutions, personnel and affiliated insurance institutions in accordance with the law.

Comments:We cannot ignore that the booming development of Internet insurance business has brought great convenience: easy purchase, rich product variety, and timely service response. However, problems such as excessive marketing, information security risks, and incomplete agent qualifications also affect the healthy growth of the Internet insurance industry. In fact, the process of industry standardization also provides insurance companies with an opportunity for self-reflection. Tightening and consolidating the main management responsibilities means that insurance companies need to conduct a comprehensive review of themselves. This is not only a response to the external environment, but also an investment in their own long-term development.

NO.2 Zhengzhou plans to introduce new housing provident fund regulations: jointly with commercial banks to launch existing housing combination loan business in due course

Recently, the Zhengzhou Housing Provident Fund Management Center issued a notice to solicit public opinions on some housing provident fund policies. In order to further play the role of housing provident funds in safeguarding and accelerate the construction of a new model of real estate development, Zhengzhou plans to adjust some housing provident fund payment and use policies.

It is reported that the contents of the solicitation of opinions include: cooperating with commercial banks to open the stock housing combination loan business at an appropriate time. Carry out price evaluation for the houses purchased by the stock housing (second-hand housing) loans and "commercial to public loans". In addition, the flexible employment personnel who have applied for housing provident fund loans can try to pay the loan according to the loan amount, and the monthly housing provident fund deposit can be used to repay the loan principal and interest on a monthly basis.

Comments:At this critical period of transformation of the real estate market, how to better activate the existing market has become the key. Joint commercial banks have opened up the existing housing portfolio loan business in a timely manner, which is conducive to the protection role of housing provident funds; and the trial of the policy of fixed payment based on loan for flexible employment personnel has opened a window for the majority of flexible employment personnel to relieve financial pressure in reality.

NO.3 Ping An's net profit attributable to shareholders of the parent company increased by 6.8% year-on-year in the first half of the year

On August 22, Ping An of China announced its interim results for 2024. In the first half of the year, the company achieved a net profit attributable to shareholders of the parent company of 74.619 billion yuan, a year-on-year increase of 6.8%. As of the end of June 2024, the group's total assets exceeded 12 trillion yuan, nearly 12.23 trillion yuan. It is reported that Ping An of China will distribute a 2024 interim dividend of RMB 0.93 per share in cash to shareholders.

The financial report shows that in the first half of 2024, Ping An of China's three core businesses of life and health insurance, property insurance and banking maintained growth, with the three businesses totaling 79.565 billion yuan in operating profit attributable to shareholders of the parent company, a year-on-year increase of 1.7%. Among them, the new business value of life and health insurance business reached 22.32 billion yuan, a year-on-year increase of 11.0%.

Daily Economic News