unrealengine5blockchaingames| Taiping Pension welcomes foreign shareholders, and Belgian Fujie Group plans to increase its capital by 1.075 billion yuan to obtain 10% equity.

Interface News reporter | Miao Yiwei

After two years of rectification of annuity investment businessUnrealengine5blockchaingamesTaiping pension ushered in a 200-year operating history of senior "foreign aid" Belgian Fujie Group.

Interface News reporter learned that China is peaceful (0966Unrealengine5blockchaingamesHK) held a signing ceremony with Belgium's Fujie Group in Hong Kong. Fujie Group plans to invest 10% in Taiping Endowment Insurance Co., Ltd. (hereinafter referred to as "Taiping Endowment"), which is wholly owned by China Taiping.Unrealengine5blockchaingames.75 billion yuan, with a 10% stake in Taiping pension, and the two sides have publicly indicated that they will carry out strategic cooperation in the field of China's pension finance.

As one of the major insurance companies in Europe, Fujie Group has a long history of about 200 years, with premiums exceeding 17 billion euros in 2023 and setting up offices in 13 countries in Europe and Asia, covering life insurance, property insurance, reinsurance and asset management.

Public data show that before the equity transaction, Taiping had two shareholders. China Taiping held 99.99% of its shares, and Longbi Industrial Zone Management (Shenzhen) Co., Ltd. (hereinafter referred to as "Longbi"), which is wholly owned by China Taiping, held 0.01%.

This time, Taiping pension plans to issue 333333300 new shares, Fujie subscription shares at the price of 3.225 yuan per share, a total of 1.075 billion yuan. After this capital increase, the registered capital of Taiping pension will increase from 3 billion yuan to about 3.333 billion yuan.

The agreement also shows that after the completion of the capital increase, the implied valuation of all the rights and interests of Taiping pension shareholders before the capital increase is 9.7 billion yuan, and the price-to-book ratio corresponding to Taiping pension is about 3.01 times. In addition, the two sides also stipulated the option to increase their holdings within three years, and Fujie will have the right to choose to subscribe for Taiping pension shares one or more times at indefinite times, up to 24.99%.

The interface news reporter learned that the cooperation in the field of annuity investment is one of the important points in the cooperation between the two sides. In recent years, due to the restriction of the Ministry of Human Resources and Social Affairs suspending the investment and management of new annuities, some of the business development of Taiping pension has encountered certain bottlenecks, which has affected the overall operation.

In October 2021, the Ministry of Human Resources and Social Affairs suspended Taiping pension fund investment management institutions to carry out new business, requiring that new business of annuity fund investment management should not be carried out within two years.

The solvency report of Taiping pension shows that at the end of 2022, Taiping's total assets were 22.46 billion yuan and net assets were 2.118 billion yuan.Unrealengine5blockchaingamesThe annual income of the insurance business is 7.789 billion yuan and the net profit is 260 million yuan.

At the end of 2023, the total assets of Taiping maintenance were 28.327 billion yuan and the net assets were 3.42 billion yuan. The annual insurance income was 8.89 billion yuan and the net profit was 9.7935 million yuan, which decreased significantly compared with the same period last year.

Taiping pension pointed out in a number of reports that the impact of the suspension of annuity investment and management in 2021 continues to release, the outflow of management assets continues, the superimposed capital market continues to fluctuate, management fee income decreases, and annuity business profits are under pressure. Although in October 2023, the Ministry of Human Resources and Social Affairs approved the company's annuity investment reform and resumed new business, due to the greater pressure on the development of new business and stock retention of annuity investment, as well as the continued volatility of the capital market, it not only has a negative impact on the absolute return of annuity investment, but also has a negative impact on the investment income of the company's own funds, and brings challenges to the company's operation.

According to the statistics of the interface news reporter, at present, 10 old-age insurance companies and 1 professional pension management company have been born in China. Since the beginning of this year, two professional pension companies have increased their capital.

On February 20, Hengan Standard Endowment Insurance Co., Ltd. issued a notice that the State Administration of Financial Supervision and Administration issued an approval for Hengan Standard Endowment Insurance Co., Ltd. to change its registered capital, agreeing to increase the registered capital of Hengan Standard Endowment Insurance by 200 million yuan, from 200 million yuan to 400 million yuan.

Taikang Endowment Insurance Co., Ltd. announced on April 10 that in order to meet the company's business development and solvency needs, the company's shareholder Taikang Insurance Group Co., Ltd. (hereinafter referred to as "Taikang Group") plans to increase the capital of Taikang pension by 2 billion yuan.