At the same time, the new three-year development plan of China Pacific Insurance was released. In the next three years, China Pacific Insurance will focus on three goals: innovating digital experience, optimizing digital supply and enjoying digital ecology, promoting the implementation of digital Pacific Insurance, strengthening strategic coordination of the Group, laying out innovative fields, enhancing strategic management and control, and strengthening talent support.
The appointment was unanimously approved.
On June 9th 13, China Pacific Insurance held the 20th 16 Annual General Meeting of Shareholders on time, and considered the proposal of16 on the election of directors of the 8th Board of Directors, the election of shareholders' representative supervisors of the 8th Board of Supervisors, the annual report of 20 16 and the revision of the Articles of Association of China Pacific Insurance. After the shareholders' meeting, the company held the first meeting of the eighth board of directors, and the new directors elected the chairman, vice-chairmen and professional committees of the board of directors.
A shareholder attending the meeting told the Securities Times reporter that Kong was wearing a clean and tidy white shirt and glasses that day, and he looked kind and capable. At the shareholders' meeting, Kong didn't take the post of candidate executive director, but went to the ordinary shareholders' seat after the meeting to communicate with shareholders seriously and listen to the voices of minority shareholders.
On April 10, Kong, the former chairman of Shanghai Guo Sheng Group, took over as Party Secretary of China Taibao Group according to the personnel appointment of the Organization Department of Shanghai Municipal Committee. Kong has rich experience in interdisciplinary work. He used to be the general manager of Shanghai Urban Construction Investment and Development Corporation, the party secretary of Shanghai Financial Working Committee and the chairman of Shanghai Guo Sheng (Group) Co., Ltd.
Investors also welcomed China Pacific Insurance, represented by Kong, to the eighth board of directors. The reporter learned that the whole shareholders' meeting lasted about 2 hours, and the voting statistics of shareholders ended around 3 pm. There are more than a dozen ordinary shareholders at the scene, mainly listening to the introduction of management, and there are not many spokespersons. Some shareholders expressed satisfaction with the company's dividend plan for 20 16 and the recent performance of the company's share price.
The results of shareholder voting statistics show that both Kong and Huo Lianhong were successfully elected as executive directors of the new board of directors, with the shareholder support rate exceeding 92%, among which the support rate of A-share shareholders exceeded 99%.
Among the members of the Eighth Board of Directors elected by the shareholders' meeting, seven are non-executive directors, including Wang Jian, Wang Tahe, Kong, Sun, Wu Junhao and Chen; Five independent non-executive directors, including Bai Wei, Li Jiashi, Lin Zhiquan, Zhou Zhonghui and Gao Shanwen.
At the first meeting of the 8th Board of Directors held on the same day, Kong and Wang Jian were unanimously elected as the chairman and vice chairman of China Taibao.
Three Challenges of "New Pacific Insurance"
In Shanghai's financial state-owned assets system, China Pacific Insurance, Shanghai Pudong Development Bank and Guotai Junan are the three major financial control platforms. What are the details of China Pacific Insurance after changing coaches? What other challenges need to be solved?
Challenge 1: Can you renew your vitality?
China Pacific Insurance is an existence that cannot be ignored in the domestic insurance industry. From the perspective of traditional insurance business, CPIC's life insurance and property insurance business started early and has a large volume, which has a certain market position. But these years have also experienced twists and turns. In 2009, the premium income of CPIC Property & Casualty was overtaken by Ping An Property & Casualty, and the industry ranking dropped to the third place. In 20 10, CPIC life insurance premium income was overtaken by Xinhua Life Insurance, and the industry ranking changed from the third to the fourth. In 20 14, the comprehensive cost ratio of CPIC property insurance increased by 4.3 percentage points to 103.8%, and the property insurance business suffered underwriting losses for the first time since 2009.
After six years of arduous transformation and two years of property insurance adjustment, the original premium income of CPIC Life Insurance surpassed Xinhua Life Insurance in 20 16 and returned to the third place in the industry. The key indicator to measure the development potential of life insurance, the value of new business in one year increased by 56.5% year-on-year; Property insurance covered profits for the second consecutive year, with a comprehensive cost ratio of 99.2%.
According to the analysis of China Taibao employees, Taibao has the blood of state-owned enterprises, so it is stable and standardized, and because it is located in Shanghai, foreign shareholders were introduced to participate in the design of company structure and salary mechanism at the initial stage of listing, so there is no lack of innovation consciousness. However, compared with emerging insurance companies, CPIC lacks vitality and wolf nature is limited. How to inject new development vitality into CPIC in the future is a problem that the company must consider after entering a new development stage.
Challenge 2: How to integrate multiple licenses?
In recent years, China Pacific Insurance has promoted the diversified development strategy, withdrawn from Pacific Antai Life Insurance, entered the Yangtze River pension insurance and reassuring agricultural insurance, set up three subsidiaries, namely Pacific Insurance Online, Pacific Insurance Allianz Health Insurance and Pacific Insurance Pension Investment, promoted the shareholding in the League of Nations Fund, and gradually formed a diversified development pattern of life insurance, property insurance, health insurance, pension investment, agricultural insurance and asset management.
At present, these subsidiaries are still in their own development stages, and the synergistic effect is limited. In the future, how to deepen the cooperation and sharing mechanism of subsidiaries under the overall framework of "One Pacific Insurance" and continue to expand sub-business lines will test the wisdom of the new head of Pacific Insurance. According to the reporter's latest understanding, China Pacific Insurance is planning to further expand its shareholding in some subsidiaries and strengthen the promotion of technology and professional experience within the group.
Challenge 3: Where is Digital Pacific Insurance?
The reporter saw from the development plan of China Taibao from 20 17 to 20 19 that Taibao proposed to implement the digital Taibao strategy, starting from the client, creating three digital application products: C-end (customer), B-end (channel user) and E-end (internal staff), and realizing business model innovation and process reengineering through de-hierarchy, de-intermediary and de-administration.
"Digitalization" has been mentioned 16 times in the planning, which shows that Taibao attaches importance to the application of digital technology. At present, China Pacific Insurance has conducted Facebook mapping at the customer level, and started digital exploration in insurance, operation and service. In the future, how to promote the deep integration of digital technology into all processes of insurance operation deserves continuous attention.