Recently, many unlisted insurance companies have successively disclosed their solvency reports for the fourth quarter of 2023. According to incomplete statistics from reporters at Nandu Bay Financial Society, about 145 insurance companies disclosed their solvency reports for the fourth quarter of 2023, including 62 life insurance companies, 73 property insurance companies, and 10 reinsurance companies. According to statistics on the remuneration of directors, supervisors and senior executives (hereinafter referred to as "directors, supervisors and senior executives") in the report, there are 11 insurance companies whose maximum remuneration for directors, supervisors and senior executives exceeds 5 million yuan.
learned from the specific salary situation of directors, supervisors and senior executives released by statistics. Hotai Life Insurance ranked first in salary of directors, supervisors and senior executives with 6.92 million yuan. The company had a net loss of 570 million yuan in 2023.
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html The highest salary of 211 insurance companies exceeds 5 million yuan
Since the salaries of directors, supervisors and senior executives announced by each insurance company are different, some are clear data, while others are ranges. Judging from the remuneration of directors, supervisors and senior executives of insurance companies that released the solvency report for the fourth quarter of 2023, it can be seen that there are 11 insurance companies whose remuneration of directors, supervisors and senior executives is higher than 5 million yuan. Among them, Hotai Life Insurance ranked first with the highest salary of 6.92 million yuan for directors, supervisors and senior executives; Anxin Insurance ranked the lowest with 409,300 yuan.
11 insurance companies where the highest salary of directors, supervisors and senior executives exceeds 5 million yuan. Chart: Nandu · Wan Financial Society
Among the 11 insurance companies, the salary of directors, supervisors and senior executives is more than 5 million yuan. According to the insurance business, there are 8 life insurance companies, 2 property insurance companies and 1 reinsurance company; in terms of ownership In terms of nature, among the 11 insurance companies, only Xintai Life Insurance Co., Ltd. has no foreign participation in its equity structure. The remaining 10 insurance companies are all foreign-funded or Sino-foreign joint ventures.
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html The highest salary of directors, supervisors and senior executives of 29 life insurance companies exceeds 5 million
According to the insurance business analysis, among the data released by 62 life insurance companies mainly focusing on life insurance, only two companies, Xinhua Pension and Changsheng Life Insurance, have the highest salary of directors, supervisors and senior executives. Below 1 million.
Insurance companies with the highest salary for directors and supervisors exceeding 5 million yuan are also concentrated in life insurance companies. Among the 11 insurance companies with the highest salary for directors, supervisors and senior executives exceeding 5 million yuan, 9 are life insurance companies.
The top 10 personal insurance companies with the highest salary. Chart: Nandu Bay Financial Society
Among the 73 property and casualty insurance companies that announced the salaries of directors, supervisors and senior executives, more than half of the salaries of directors, supervisors and senior executives were concentrated in the range of 1 million yuan to 3 million yuan. Among them, the property and casualty insurance companies with the highest salaries for directors, supervisors and senior executives are divided according to ownership categories and are mainly foreign-owned. For example, the property insurance companies with the highest salaries for directors, supervisors and senior executives are Liberty Insurance and Meiya Property & Casualty Insurance, with net profits of 26 million yuan and 298 million yuan.
The top 10 property and casualty insurance companies with the highest salaries. Chart: Nandu · Wan Financial Society
The salaries of reinsurance companies are mostly announced in the form of ranges. At least five companies have the highest salary of directors, supervisors and senior executives exceeding 3 million yuan.
The highest salary and performance of reinsurance companies. Drawing: Nandu·Wan Financial Society
Among them, the salary of directors, supervisors and senior executives of Swiss Re Beijing Branch is between 5 million and 6 million yuan, making it the reinsurance company with a salary of more than 5 million; Hannover Re Shanghai Branch and German General Re Shanghai Branch The company and French Reinsurance Beijing Branch respectively disclosed that the remuneration of their directors, supervisors and senior executives was more than 4 million yuan, more than 3 million yuan and more than 2 million yuan, but the specific values were not disclosed.
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Expert: It is normal for executives to have high incomes but the company is losing money.
The insurance company with the highest compensation for directors, supervisors and senior executives, Hetai Life Insurance, will have a net loss of 570 million in 2023. At the same time, the company’s return on equity was as low as -106.93%.
Similar situations occurred in Fosun Prudential Life Insurance and Ruitai Life Insurance.
According to the solvency reports of the two companies, the highest salaries of directors, supervisors and senior executives of these two insurance companies are 4.605 million yuan and 4.45 million yuan respectively. The two insurance companies will lose 390 million yuan and 142 million yuan respectively in 2023.
Regarding this phenomenon, an insurance brokerage sales director once said that it is normal for executives to have high incomes but company losses. The reason for the losses of some insurance companies is the systemic risk of the real estate industry on the investment side. From the current disclosed information, it is known that executive compensation is not linked to profitability, and executive compensation of private companies is normal behavior of the company.
Insurance industry veteran Wang Ming also said that in some cases, the relationship between company executives' compensation and performance is not linear. Executive compensation is usually not only related to company performance, but also to market competition and company strategy. , industry prospects and other factors, so even if performance is poor, companies may still provide high salaries to executives to retain talents.
Data analysis/writing: Nandu·Wancaishe reporter Liu Changyuan Ma Qing intern Liu Zhixian
