This article is from the WeChat public account: Prism (ID: lengjing_qqfinance) , author: Ding Dong, editor: Yang Hao, from the cover: vision China
An announcement of high-level changes revealed the signal of Ping An’s transformation again.
On November 22, Ping An Insurance of China (Group) Co., Ltd. (601318.SH) issued an announcement, stating that Li Yuanxiang was due to personal work arrangements He resigned as the company’s executive director, co-CEO, executive deputy general manager, and chief insurance executive. Li Yuanxiang will continue to work until January 31, 2020. Ping An of China will hire Lu Min to replace him as chief insurance executive. Responsible for company insurance business and personal comprehensive financial business.
What’s even more explosive than this news is the announcement of AIA on the same day: Li Yuanxiang will serve as the chief executive of AIA for a three-year term. Its 2018 pre-tax annual salary in Ping An of China was 14.5788 million yuan; during the same period, Chairman of China Ping An Ma Mingzhe, his pre-tax income was only over 8 million.
In addition, AIA will compensate for the long-term reward that Li Yuanxiang lapsed because he left Ping An of China. The accumulated amount will be US $ 28.15 million, or approximately RMB 200 million.
According to this, some people speculate that Li Yuanxiang left this time, and it is difficult to reject the “offer price” of AIA. But as a big name in the industry, Li Yuanxiang is not short of “olive branches”.
As early as 2006, Li Yuanxiang joined Ping An just two years ago. At that time, the main shareholder of Xinhua Insurance managed to find Li Yuanxiang, hoping that he would be the head of Xinhua Insurance in the future.
Although Li Yuanxiang didn’t have any intention to change the club at that time, he still got a high-level security officer.With permission to meet with each other.
In the past two decades, Ping An of China has introduced at least one or two dozen top-level “foreign aid airborne troops”. In addition to Liang Jiaju and Li Yuanxiang, from Tang Meijuan, Zhang Zixin, Gu Minshen, Gu Min, Ye Licheng, to Richard Jackson, Stephen Meldrum …… They used to be “powerful” all over Ping An, but in the end most of their careers in Ping An did not exceed 10 years. After leaving Ping’an, they either stay away from the original industry or keep a low profile to the letter.
Li Yuanxiang is probably the highest-ranking “airborne soldier” who has stayed for the longest time since the establishment of Ping An of China.
Today, he is willing to give up the long-term reward of 200 million yuan, decided to leave, and went to the industry that has a direct competitive relationship with Ping An.
After Li Yuanxiang, Ping An seems to be saying goodbye to the era of “airborne soldiers”; today, the local academy represented by Lu Min is leading him to the next goal.
Liang Shishi apprentices into peace
Back in 2004, sixteen years ago, Li Yuanxiang officially joined Ping An with his boss, the “Asian Godfather of Insurance”.
Before that, Ping An Life Insurance, led by another “airborne soldier” and former executive vice president of Taiwan’s “Guohua Life”, Huang Yigeng, started personal life insurance from zero and jumped into a well-known national life insurance company. However, after the “investment company” incident, Ping An has also lost its reputation as long as its size is not quality.
Ma Mingzhe also knows that Ping An has encountered a bottleneck, but Huang Yigeng is already powerless. At this time, what he needs is a person who can turn Ping An from a “grass brave man” into a Fortune 500 company. Professional manager.
His eyes locked on two people: Pan Yichang and Liang Jiaju. Not only were both born in 1947, but their ancestral homes were in Guangdong. They both served in the AIA (AIA) system. The difference is that Pan Mandarin’s “Mandarin” often requires translation to make it understandable, while Liang Jiaju can communicate with others without any obstacles.
Although AIA’s stagnation in its mainland-owned identity-controlled expansion in mainland China has led to its market regulationsMo is completely incapable of seeing the peace, but in Ma Mingzhe’s mind, it has always been the benchmark for the global life insurance industry.
In Taiwan ’s insurance industry, Pan Jichang is a “god-like” existence, also known as the “Father of China ’s Taiwan Insurance”. the company. Since 2001, Pan Yingchang has been the president of ING Antai Life Greater China.
Liang Jiaju is also a recognized godfather in the insurance industry in Asia. Prior to joining Ping An, Liang Jiaju was the CEO of Prudential Greater China in the UK. Prior to Prudential, Liang Jiaju served as a long-term employee of Nanshan Life Insurance in Taiwan, China. General manager, leading the latter to become the second largest insurance company in Taiwan.
I don’t know if it is because Liang Jiaju has a deeper AIA professional background relationship. In the end, he chose Liang Jiaju. Pan Yanchang joined Pacific Insurance two years later as chairman of the Pacific Life Management Committee.
Ma Mingzhe and Liang Jiaju (left)
In January 2004, Liang Jiaju became Chairman and CEO of Ping An Life Insurance Company of China. In February of the same year, his subordinate, Li Yuanxiang, who was the general manager of Xincheng Life Insurance Co., Ltd., a joint venture between Prudential and CITIC Group, joined Ping An as its special assistant.
In the eyes of outsiders, Li Yuanxiang was safe at first, it was more like the introduction of Liang Jiaju’s “buy one get one free” gift. Since entering peace, Li Yuanxiang has lived under Liang Jiaju’s “shadow.” However, Li’s personality doesn’t care at all.
In March 2005, Li Yuanxiang, who joined Ping An for one year, was successfully “righted up” as the general manager of Ping An Life from Liang Jiaju’s special assistant position.
In 2006, Liang Jiaju was promoted to executive deputy general manager and chief insurance executive of Ping An Group; in January 2007, LiYuan Xiang became the chairman and general manager of Ping An Life.
In June 2010, Liang Jiaju resigned and was reappointed as the group’s chief consultant. The positions of its executive deputy general manager and chief insurance business executive were replaced by Ren Huichuan; in January of the same year, Li Yuanxiang no longer served as the general manager of Ping An Life Insurance, only The chairman of Ping An Life and the group’s deputy general manager, the position of general manager was replaced by Ding Dang, one of Ma Mingzhe’s favorite generals at the time, and local manager Ding Dang. In 2012, Ding Dang took over again as chairman of Ping An Life of Li Yuanxiang.
Since 2013, Li Yuanxiang has successively served as executive director of Ping An of China, executive deputy general manager of the group, and chief insurance executive; at the end of 2018, Ping An of China added three co-CEO positions, and Li Yuanxiang was one of them, in charge of integrated financial services for personal customers. business.
Although Liang Jiaju’s beloved general, Li Yuanxiang, a graduate of Cambridge and a North American actuary, has a completely different character from his old boss.
Liang Jiaju is more like a “elder” with a mild temperament, and occasionally hits “Tai Chi” when being interviewed; and Li Yuanxiang, a scholarly student, interpreted a noun in his 16 years of peace: ” Professional managers. ” Compared with Liang Jiaju, he is more inclined to linear thinking, speaking and doing things without circles, and has strict logic and clear thinking.
A few years ago, Liang Jiaju and Li Yuanxiang met with the media for a lunch. After sitting for a long time, I saw Liang Jiaju talking about it without any intention to move. A table of people was hungry but embarrassed to move chopsticks first. Only Li Yuanxiang, who had to catch a plane, Eat alone. Something was probably wrong in the middle, he looked up and said, “Don’t worry about him (Liang Jiaju) , he will not eat at noon.”
Even in peace where there is no habit of state-owned enterprises at all, Li Yuanxiang, the “airborne soldier”, has always been known for being light-duty and oblivious to his six relatives.
A Ping An insider once disclosed to “Prism” that during Ping An Life, Li Yuanxiang often traveled to branches in various places. Some branches once heard that the big leader was here, and they were waiting at the door of the hotel room early in the morning. Li Yuanxiang got up early in the morning and was about to go out for a run. As soon as he opened the door, he saw the big man squatting at the door. He was taken aback. After he figured it out, he scolded: “All adults, who wants you to stay with me!”
Farewell to barbarous growth safely
Some say Li YuanAt the end of 006, it had grown to 65.5 billion yuan.
Embedded value is a concept unique to the insurance industry, and refers to the present value of shareholder benefits in the cash flows generated by applicable businesses and their corresponding assets, with full consideration of overall risk. Generally speaking, the embedded value is the value of the existing company without considering the company’s future sales capacity of the new business. It can be regarded as the value of the life insurance company when it is liquidated and transferred, and directly reflects the current operating results of the life insurance company.
Before Liang Jiaju’s farewell to Ping An from 2006-2010, it was Li Yuanxiang’s day when he directly took charge of Ping An Life. He used facts to prove that Liang Jiaju did not look away: in 2010, Ping An Life’s insurance premium exceeded 150 billion yuan, and personal life insurance’s first year scale insurance premium was strong. Increased by 37.6%. That year, the value of Ping An’s life insurance business reached 121.1 billion yuan, almost doubling from 2006.
After 2010, Li Yuanxiang no longer directly controls Ping An Life Insurance, but the growth of the latter has not stopped:
Announcement shows that in 2018, the original insurance contract premium income of Ping An Life Insurance business was approximately 471.7 billion yuan. The so-called original insurance premium income was based on the “Notice on Printing and Distributing the” Regulations on the Accounting Treatment of Insurance Contracts “ (Accounting [2009] No. 15) , after performing major insurance risk tests on large-scale premiums and the premium data after the split of the insurance mixed contract, about 18 of Ping An Life’s premium income % Does not include the original insurance premium income, in other words, compared with the previous year when the Notice was not implemented, the premium income is underestimated by about 20%.
In the same year, the new business value of Ping An Life was 72.294 billion yuan, and the new business value of the agency channel was 64.401 billion yuan, with an embedded value of 613.223 billion yuan.
Even in the entire industry, Ping An Life’s embedded value indicators are dazzling since 2004:
From 2004 to 2018, China Life’s embedded value increased from 90.073 billion to 795.052 billion yuan, an increase of 8.8 times in 14 years; while the value of Ping An Life Insurance rose nearly 25 times in these years. In 2004, Ping An Life’s embedded value was less than 30% of the former. By 2018, Ping An Life’s embedded value was already equivalent to 77% of the former, and it is likely to accelerate its catch-up.
This growth rate has not only completely crushed the industry’s “big brother” China Life, but also has always been the number one in the industry.
In April 2018, Li Yuanxiang was selected for “Reform Development