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on september 12, information on the website of the state financial supervision and administration showed that the sichuan financial regulatory bureau had recently approved the change of shareholders of guobao life insurance co., ltd. (hereinafter referred to as "guobao life"), agreeing that sichuan development (holdings) co., ltd. (hereinafter referred to as "sichuan development") will transfer its 299.934 million shares of guobao life to sichuan financial holding group co., ltd. (hereinafter referred to as "sichuan financial holding").

it is reported that sichuan development is a wholly state-owned enterprise established by the sichuan provincial people's government, and sichuan financial holdings is the only provincial state-owned financial capital holding and operation platform in sichuan province. in 2023, with the capital injection support of sichuan development and sichuan financial holdings, guobao life insurance completed the capital increase and share expansion, with the registered capital increasing from 1.5 billion yuan to 1.98 billion yuan, and the state-owned legal person shareholding ratio increased to 58.71%.

according to sichuan development, in january this year, the company signed a free transfer agreement with the sichuan provincial department of finance and sichuan financial holdings on the equity transfer. with the approval of the equity transfer, sichuan financial holdings' shareholding ratio in guobao life will reach 33.33%, thus replacing sichuan development and becoming the largest shareholder of guobao life.

sichuan financial holdings' shareholding ratio will increase to 33.33%, making it the largest shareholder of guobao life insurance

on september 12, information on the website of the state financial supervision and administration showed that the sichuan financial regulatory bureau made a reply on september 11, agreeing that sichuan development (holdings) co., ltd. (hereinafter referred to as "sichuan development") would transfer its 299.934 million shares of guobao life insurance co., ltd. (hereinafter referred to as "guobao life") to sichuan financial holding group co., ltd. (hereinafter referred to as "sichuan financial holding").

it is reported that after the equity transfer, sichuan development holds 300.066 million shares of guobao life insurance, accounting for 15.155%; sichuan financial holdings holds 659.934 million shares of guobao life insurance, accounting for 33.33%.

in june this year, guobao life insurance announced the change of shareholders. the announcement shows that in accordance with the spirit of the "notice of the sichuan provincial department of finance and the sichuan provincial government state-owned assets supervision and administration commission on the free transfer of some provincial financial equity" (sichuan finance [2023] no. 83),this share transfer is a free transfer。

sichuan development disclosed in its 2023 annual report that on january 29 this year, the company, the sichuan provincial department of finance and sichuan financial holdings had signed a free transfer agreement on the equity transfer. after approval by the regulatory authorities, the relevant equity was directly transferred to sichuan financial holdings.

according to guobao life's second quarter 2024 solvency report, as of the end of the second quarter of 2024, sichuan development held 600 million shares of guobao life, ranking as the largest shareholder of guobao life with a shareholding ratio of 30.303%; sichuan financial holdings, as the second largest shareholder of guobao life, held 360 million shares, with a shareholding ratio of 18.182%.

with the transfer of approximately 300 million shares, sichuan financial holdings will replace sichuan development and become the largest shareholder of guobao life insurance with the "one-third" upper limit of the shareholding ratio of a single shareholder of an insurance company; sichuan development will retreat to the second largest shareholder of guobao life insurance, with its shareholding ratio reduced by about half to about 15.16%.

according to public information, guobao life insurance is the only national life insurance company headquartered in chengdu, sichuan province. it is also a financial enterprise under the management of sichuan province. it was approved for establishment in april 2018 with a registered capital of 1.98 billion yuan. it currently has three provincial branches in sichuan, chongqing and beijing, seven central branches and one branch in sichuan province, and one branch in beijing.

according to the annual report of guobao life insurance, as of the end of 2023, the company has a total of 9 shareholders. except for sichuan financial holdings, the other 8 are founding shareholders. among them, sichuan development, sichuan financial holdings, and chengdu advanced manufacturing industry investment co., ltd. are the top three state-owned legal persons holding shares, and as the top three shareholders of guobao life insurance, they hold a total of 58.71% of the shares.

guobao life insurance's insurance business income in the first half of the year increased by 132% year-on-year

it is reported that sichuan development, which transferred the equity of guobao life insurance this time, is a state-owned enterprise funded by the sichuan provincial people's government. it was established in january 2009 with a registered capital of 80 billion yuan. it is mainly engaged in investment and financing and asset management. it is also the largest shareholder in the establishment of guobao life insurance. as of the end of 2023, the company's total assets in the consolidated financial statements are about 2 trillion yuan and its net assets are 529.4 billion yuan. its business is mainly concentrated in ecological and environmental protection, advanced materials, biomedicine, aerospace, as well as capital operation, scientific and technological innovation services and other fields. it has business layouts in various cities (prefectures) in the province and 33 provinces (autonomous regions and municipalities) across the country.

sichuan financial holdings was established in february 2017 with a registered capital of 30 billion yuan. it is the only provincial state-owned financial capital holding and operation platform in sichuan province. its main business segments include banking, asset management, financing guarantees, financial leasing, etc. its invested (management) companies include sichuan bank, sichuan development financing guarantee co., ltd., tianfu credit enhancement co., ltd., sichuan development asset management co., ltd., sichuan development financial leasing co., ltd., etc.

sichuan financial holdings started to invest in guobao life insurance two years ago. in july 2022, with the approval of the former sichuan banking and insurance regulatory bureau, sichuan financial holdings acquired 180 million shares of guobao life insurance held by the former shareholder sichuan chuan shang development holding group co., ltd., becoming the fifth largest shareholder of guobao life insurance.

in the first half of 2023, guobao life insurance increased its capital and shares, and its registered capital increased from 1.5 billion yuan to 1.98 billion yuan. among them, sichuan development subscribed to an additional registered capital of 300 million yuan, and sichuan financial holdings subscribed to an additional registered capital of 180 million yuan.

after guobao life completed its capital increase and share expansion, its state-owned legal person shareholding ratio increased from 45.50% to 58.71%. at the same time, by participating in guobao life's capital increase and share expansion, sichuan financial holdings' shareholding reached 360 million shares, and its shareholding ratio increased to 18.182%, becoming the second largest shareholder of guobao life.

the regular report shows that since its establishment in 2018, guobao life has been in a loss-making state in all years except for a slight profit in 2021. specifically, from 2018 to 2023, guobao life's insurance business income was 328 million yuan, 1.016 billion yuan, 1.925 billion yuan, 2.658 billion yuan, 1.420 billion yuan, and 2.404 billion yuan respectively; the corresponding net profits were -0.69 billion yuan, -0.26 billion yuan, -113 million yuan, 0.16 billion yuan, -351 million yuan, and -186 million yuan respectively.

after the capital increase in 2023, guobao life's solvency has improved rapidly. as of the end of 2023, guobao life's comprehensive solvency ratio was 198.55% and its core solvency ratio was 173.01%, up 89.43 percentage points and 85.71 percentage points respectively from the end of 2022.

the solvency report shows that since the beginning of this year, guobao life's premiums have grown rapidly, with insurance business income of 2.951 billion yuan in the first half of the year, a year-on-year increase of 131.70%. net profit turned from a loss of 97.3393 million yuan in the same period last year to a profit of 12.0669 million yuan.

in the fourth quarter of 2023 and the first quarter of 2024, guobao life's comprehensive risk rating was bb. as of the end of the second quarter of 2024, the company's core solvency ratio was 140.13% and its comprehensive solvency ratio was 174.60%.

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