An autumn rain, the weather suddenly turn cold, the winter air more recent.
The good news in the capital markets after a brief digestion, re-entered the haze. Funds, insurance, China's largest institutional investors in two pessimism is rising constantly. Index of continuous decline, growing various insurance rights and interests of investment losses, not only earned two-year bull market in a large number of excess profits wiped out losses, the insurance company as a whole is under great threat to the gains.
The stock market "roller coaster" of the roll, putting an end to insurance professional managers to make easy money of the wonderful moment, the tremendous pressure on the profitability of their original career full of passion become elusive. From eagles (both state Insurance general manager of the company) was free to Li Gang (former general manager of the life insurance company) ... ... resignation of the insurance industry after another outbreak of the school executives, other management team also heard rumors of instability.
In the face do not know exactly what to shareholders, in the face of increased year by year assessment indicators, growing competition in the market, increasingly stringent regulatory environment, in the face do not know when we can reverse the capital markets, insurance and professional managers how to Sent the arrival of the winter?
1, the embarrassment of executives
Li Gang fighting was free to resign and is a shareholder and professional managers ultimately intensify contradictions and conflicts between the typical, and similar cases in the industry often.
Recently, there are rumors that the people's livelihood Life Insurance Corporation (referred to as "the people's livelihood Life") director, Stephen King, president of paragraph also recently submitted his resignation to the board of directors to apply for, the people's livelihood as a result of China Life Insurance Regulatory Commission under the direct management of seven national One of the insurance companies, through the good offices from the China Insurance Regulatory Commission, the Stephen King section only to return again, to regain their president from office.
In fact, every time the industry has entered a new round of expansion, the Federation of executives set off a wave of job, the team went, agents hire a wave, which has become the insurance industry has got used to "practice." But in the past with different circumstances, the frequency of this year are executives of the school expansion is not a direct cause, but the stock market crash caused by the sharp decline in investment performance.
A source close to the people's livelihood of Life said that paragraph Stephen King initiation of the idea of the resignation of fuse, from the investment performance is down, triggered by the board of directors accountable.
In 2006, 2007 two consecutive years of the big bull market, with large cash flow to allow insurance companies to make a huge basin over many years has been set up, but profits have not yet out of "The Seven Year Itch" Life Insurance Company, one after another Investment performance through increased profit for the first time.
According to CIRC statistics, the year 2007, preliminary estimates of the total profits for the industry 67,270,000,000 yuan, the use of insurance funds income reached 271,970,000,000 yuan more than the sum of the first five years.
At the same time, China Life Insurance (601,628, it shares), Ping An of China (601,318, it shares), China Pacific Insurance (601,601, and shares it) landed one after another successful A-share market, and its integration into the enormous amount of money not only for the bull market to create profits The capital, more importantly, the three high-IPO pricing brought about by the dream of the wealth effect has inspired many insurance companies are shareholders.
After more than happy to find that many insurance companies to adjust development strategies, to the so-called "three years after listing."
Life life to see the dawn of wealth. In order to shorten the path of the market, moved the capital to at Shenzhen, the Shenzhen Municipal Government to obtain the support of small and medium-sized moving plate. It was also close to a Prudential Life Insurance Company (the "Prudential Life") sources, belongs to the nature of the joint venture life insurance company Prudential Life Insurance has started planning a listing.
The "profit for three consecutive years" is a business listing on the road can not be crossed Kaner, then, the idea of moving the listing of insurance companies almost without exception will be profitable as the current development of the company's top priority.
However, the bull market to bear quickly dampen the enthusiasm of the growing shareholder, and let professional managers to understand the profound and capital market ups and downs caused by changes in the well-being of their own situation.
Reporters could not get insurance at each of the investment income, but an interview with reporters, many of the same people that the industry should be a loss of investment can be expected, particularly in the equity investment loss on 50% is a common phenomenon.
Life of the livelihood of the people close to the above sources, the people's livelihood Life last year that "three years after listing" strategy. "But last year, tens of millions of profit performance this year was reversed by the effects of Yukui 100 million investment."
The data without the company confirmed that paragraph but Querfufan the resignation of Stephen King experience, is a corroboration.
Tremendous changes in the profit and loss to shareholders intolerable if this year's loss means that the original three-year strategic vision will be listed on the fall, several executives have been on the board accountability. The source said that this year's deficit is not a single investment company, but industry-wide common problems, so simply professional managers accountable to the people is not easy to accept, the initiation of the paragraph was intended to resign.
"Stephen King paragraph has been the situation rather awkward." Another insurance company executives evaluation of the case.
According to the official website of Life contains the people's livelihood, people's livelihood Life led by the National Association of Industry and Commerce initiated the establishment of the existing shareholders, 21, paid-up capital of 2.7 billion. The main shareholders are: Universal Finance Co., Ltd., China's Fan Hai Group Holdings Ltd., Haixin Iron and Steel Group Co., Ltd., China Nonferrous Metal Construction Company Limited, Jiangxi Hui Ren Chinese Medicine Group Co., Ltd. Marketing, the East Hope Group Co., Ltd., Sichuan New Hope (000,876, it shares) Agriculture Co., Ltd., Beijing Economic and Technological Development of telecommunications companies in Asia, such as the United Holdings Limited. Life for the people's livelihood is currently chairman of the CPPCC National Committee member of the Chinese civil Xie Boyang, vice president of the Chamber of Commerce; vice-chairman of China Holdings Group chairman Fan Hai Lu and universal LU Wei-ting, chairman of the finance company; long as the supervisors hope that the new chairman Liu Yonghao.
The above information indicates that the people's livelihood Life shareholders, board of directors, board of supervisors has two main sources from the Federation of Industry and Commerce, on the one hand, on the other hand, come from private enterprises, and the Ministry of Finance has experience in the Stephen King section, which appears to have been caught, and Which party does not form a natural.
But Stephen King section is heavily qualified, the Ministry of Finance in its former Deputy Director of trade, commerce and finance, the Director of the Financial Supervision Department, Deputy Director, Administration, supervision and inspection by the Secretary. 2001 China Export Credit Insurance Corporation was transferred to party members, the first deputy general manager. In 2005 by the China Insurance Regulatory Commission appointed Life President of the people's livelihood.
"If it were not such a background paragraph, for the other person may be more difficult to master." Executives said the foregoing.
2, confused shareholders
Skin, what can the hair adhere?
Professional managers feeling of insecurity, the fundamental problem is that corporate governance structure. An insurance company executives said that the most important thing is what shareholders want in the end, it decided to direct the company's development strategy, the path, and even the fate of the executives.
However, the "professional managers easy career, life insurance companies so that shareholders will require a more professional long way to go."
An insurance company's executives painted a reporter for the shareholders and professional managers of the relationship between the upper, middle and lower the existence of three states.
The first is for first-class, that is, employers and managers who live together in harmony. If managers with the management of their natural existence, and even the manager is in itself a direct representative of the investors, shareholders or managers of the party full recognition and credit authorization.
Under the circumstances, manager of the National People's Congress started to expand, to concentrate on business and the company have a clear, sustainable business strategy, professional managers can find themselves in the right location and at the same time more stable.
The second medium, shareholders have the idea of shareholders, the operator has the operator's dream, the two constant collision, but interaction, and mutual penetration. Professional managers in the day-to-day operations of the need to convince shareholders should be how to do, they can not tell the blind pursuit of speed, to give managers time, it is necessary to increase investment.
Under these circumstances, there is no lack of shareholders by the end of the leading operators in the side. If the South Insurance, a company, as shareholders have the background of the investment industry, together with the two years up to stimulate the capital market, which gave up the main auto insurance business and instead focus on the development of financial business, and to open stores The indirect way into the real estate market, which at that time have caused no small controversy.
The third for the next and so on. Some shareholders of the insurance companies to set up an "Quanqian", with no insurance companies to operate their vision, from the initial investment in the insurance industry is coveted by the insurance company's cash flow stream. In such companies, professional managers of the situation is relatively dangerous. Or because employers do not implement the decision-making has been impeached, or may even breach the law to bear on the risk.
The insurance company executives said that the professional managers is not the fate of the manager to decide, but he's behind the "shareholders" to decide.
The other insurance executives said most of the shareholders is difficult to understand the investment of insurance, especially life insurance companies to go through the "seven-year itch." That is, losses in the early period, will still increase the risk of investment; how managers to be patient, withstand the temptation to expand the size of the final form to avoid unnecessary Licha Sun; other prudent investment, reducing investment risk; carried out effectively Professional risk management, nuclear security Hepei better to die poor benefits; pay attention to the quality of contract, to the professional managers of a professional relaxed environment.
"These are able to make a health insurance company, a necessary condition for continuing operations." Sources said.
In contrast, a joint venture insurance company may have to be lucky number.
As the insurance companies to set up a joint venture in China in accordance with the relevant provisions of the joint venture's equity structure of both Chinese and foreign 50%, therefore, was born almost without exception "powerful alliances" mode.
Which is why the joint venture are usually more clear development strategy, foreign insurance companies to pursue more shareholder value connotation, profitability, as well as some foreign investors to operate in line with the style management indicators, such as financial control, cost control, and so on.
The second joint venture is characterized by shareholders of both funds is relatively abundant, it will support the management of the benign path of development, not just the pursuit of speed.
A joint venture company's management told reporters that the company policy on quality and the quality of the business are very important, and even members of the marketing activities rate, the rate of cost control, policy rates continue to require all high.
However, a puzzling phenomenon is that with the Chinese-funded companies, joint-venture insurance companies have become more frequent turnover of personnel, professional managers of people practicing the average age of only two to three years.
Reporters simple statistics, the statistics of the China Insurance Regulatory Commission has 23 joint-venture life insurance company (not including friends), since the company opened since the first "Master" who is still only very few companies. Which set up more than 3 years in the company, only the Sino-British life insurance company president Zhang Wenwei, China Merchants CIGNA Life Insurance Company General Manager and Chief Executive Officer Michael Yun-han.
Since opening, more than three Huanshuai any of the many people the company, China Life Insurance Group in the United Baokang life insurance companies to open eight more than five top Shuai easy.
This occurred only General Manager at the headquarters level, involves the division of mobile executives, like the "lantern."
The aforementioned joint venture life insurance company executives also told reporters that exists in the joint venture's internal conflict is difficult to cover the surface of prosperity, although in the interests of the disputes in the less-funded companies, but the two sides over the foreign marriage Cultural differences, as well as the cliches of the local management problems still plague the joint venture from time to time.
3, behind the scenery
"Aircraft later, a half-hour meeting postponed." Plateau (interview requests should be his real name) had just one floor, they immediately took out his cell phone text messages made to the reporter, will meet the original time pushed back a half an hour.
One and a half hours later, reporters at the office of the plateau just to see a business trip to Beijing, he's busy. And this time he had to rush to convene the company's management to set a short and arranged a number of new issues.
"Later I listen to the results." Plateau, laughing, feeling great strategist, the next he complained about the high principles of the almost year round.
"The market changes too fast, too fast development of industry, yesterday or excess liquidity, monetary policy tightening, the rate hike cycle, this becomes a lack of liquidity into the rate cut cycle. Haide we dare not leave, Leave a little bit longer, (come back later) feel that they are on the market with a separate. "He said.
May be busy over the return.
In recent years, the problem of high insurance agencies have been repeatedly criticized, and enveloped in a halo-paid insurance under the professional managers, so that the outside world that has "unlimited scenery."
An insurance company executives in the insurance is not yet a manager before, told reporters that there is often an executive search firm to patronize, quite a number of peers who hire, they raised the level of salary in most of his original general manager level I turned to the two statements.
However, he told reporters that the so-called high salaries in the industry is the individual, and some people have paid to improve the industry as a whole is expected.
According to his observations, various insurance companies, president of uneven income, Chinese-funded, joint venture, state-owned, private, and a variety of different backgrounds, the gap between large companies, often millions, but to the general manager of the branch level Basically, there are certain industry standards. Chinese-funded companies such as the number one branch of the annual salary of roughly 30-40 million in salary, plus performance pay 10-20 million, and the joint venture generally higher than the figure at around 200,000.
"Do not just see how the landscape manager, the manager every day under great pressure from shareholders, the pressure on the market, the premium pressure, the pressure of performance, really want to retire early return home." Plateau, said.
In his view, the business is getting harder and harder on the one hand, the greater the pressure from "people look for." "I have a week 10% of the time during interview (interview), or for retention of existing personnel." Plateau of the reporters said, the company must open a new agency, is the first person to find, as we all know not to hire Well, but training has been slow, certainly not the most short-cut method or hire.
A study of the insurance market for many years, told reporters, executives of insurance companies, the local branch of the executives, particularly in the first general manager of the need to have capital of the four are: social capital, human capital, spiritual capital and moral capital . That is, with government agencies, regulatory authorities, such as maintaining a good relationship; a short period of time can be set up to operate team and marketing team of personal connections; dedication and good moral character.
"The insurance company executives are all equipped with the skills hire experts still need to ask around to find suitable candidates, the person must have both performance and ability, but also in line with the company's culture." Plateau with a smile on Reporter: "Dazhedenglong were looking for. And then talk with each other in their salary if he is to open the prices are too high and we want to use his words, I have to turn to talk with the board of directors."
Such a screening policy, may not be able to catch all the really hard work to the managers, the results will be dry and then two years on the job, wages could double. A life insurance company executives confirmed to reporters: "But no way, this is the rapid development of the insurance industry, the principal of the new emerging, human resources and the lack of extreme cases, the only realistic short-cut."
The local branch of an insurance company who told reporters that a local insurance company's deputy general manager of the judiciary was taken away because the bank related to the person in charge of bribery, taking away several of the bank's head.
This caused an uproar in the local insurance industry.
Insurance business to Bank of weeds, almost every insurance company has "two accounts," also known in the industry. An "account" for the bank records of insurance companies to pay for security agents in the process of the Bank 2.5% -3% service charge and the other "small accounts" Extraction of the total premium income of 0.5% -1%, to Take care of all aspects of the relationship, or business can not promote.
Although the China Insurance Regulatory Commission on the bank insurance fees paid by the increasingly strict regulation, it is still present in the Bancassurance channel of the "hidden rules." Today, the "hidden rules" may lead to prison, so a lot of professional managers lingering fear.
To that end, general manager of an insurance company lament: only professional managers "scapegoat", many of the illegal investment, it is the shareholders for a number of instructions, or even direct manipulation of the shareholders, but the signature is the CEO, therefore, still be held liable.
In recent years, the China Insurance Regulatory Commission to strengthen supervision of insurance companies on strategy, executives of the strict constraints and the introduction of "insurance company directors and senior management qualification regulations," the executives of insurance companies access, The scope of staff, day-to-day management, and so on the mechanism of clear and increasingly severe.
A multi-year insurance industry executives told the reporter that in recent years, from regulatory pressure more and more obvious, for example, in order to strengthen the supervision of sales practices, misleading sales caused by customer complaints against groups, surrender, , And other executives should be held responsible for, or even cancellation of two executives of insurance companies from holding office. "Although it is not in conflict with the law, but contrary to the same regulatory requirements may ruin the future."
In the fourth quarter of this year, the China Insurance Regulatory Commission started to control the pace of development in the life insurance industry, require insurance companies to the bank's growth rate down, take the initiative to adjust the business structure and improve the quality of the business, in the next year to prevent possible occurrence of big ups and downs of the risk. At the same time, the international financial market, the tsunami has brought China's insurance industry is more and more uncertainty.
A joint venture insurance companies, deputy general manager of the first half of this year to scale, to be effective in the second half, but so far we do not have to see what next year to what?
"But to do has already begun preparations for the winter." He laughs.
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