Multiple changes at Everbright Sun Life under the "refund wave"

Everbright Sun Life Insurance Company (hereinafter referred to as the "Company") is at a crossroads.

Recently, two central state - owned shareholders of the Company have simultaneously listed their entire equity holdings for sale. The transfer stems from the "withdrawal from the financial sector order" required by state - owned enterprise reform. Moreover, this equity clearance comes at a special juncture, as the Company has just achieved profitability but its solvency is approaching the regulatory red line.

In other words, multiple factors such as policy drive, capital replenishment, and personnel changes are converging at the Company. In this situation, successfully completing the equity transfer and capital increase will be the key to breaking the deadlock.

The "Withdrawal from the Financial Sector Wave" of Central State - owned Shareholders

With the two central state - owned shareholders simultaneously "clearing out" and leaving, Everbright Sun Life Insurance Company is entering a new phase.

Recently, Anshan Iron and Steel Group Co., Ltd. and China Ordnance Investment Management Co., Ltd. have simultaneously listed on the Beijing Equity Exchange to jointly transfer their respective 12.505% equity stakes in the Company, with a total proportion of 25.01% and an overall base price of approximately 2.01 billion yuan. Based on this calculation, the overall valuation of the Company is approximately 8.04 billion yuan.

The key point of this transaction is that the equity is transferred in a bundled manner and cannot be split. That is, potential transferees must participate in the transfer of both targets simultaneously and cannot bid for a single equity stake separately. As of now, the two core shareholders of the Company, Everbright Group and Sun Life Financial of Canada, have not waived their pre - emptive rights.

Regardless of the outcome, the Company's equity structure will undergo a new round of reconstruction. When the Company was established in 2002, it had an equal - joint - venture structure, with Everbright Group and Sun Life Financial of Canada each holding 50% of the shares. In 2010, the Company introduced the two central state - owned enterprises that now intend to sell their equity, and the registered capital increased from 1.4994 billion yuan to 3 billion yuan.

In fact, the simultaneous departure of the two central state - owned enterprises is the result of various factors. On the one hand, under the policies of state - owned enterprise reform and financial de - leveraging, central state - owned enterprises are required to focus on their main responsibilities and core businesses and strictly control non - core financial investments. As a result, central state - owned enterprises are accelerating the divestiture of non - core financial assets such as banks, trusts, and insurance, and the "withdrawal from the financial sector wave" is in full swing. On the other hand, the Company suffered losses for three consecutive years from 2022 to 2024, with a cumulative loss of over 3.5 billion yuan. For central state - owned enterprises deeply involved in the real economy, withdrawing funds to focus on their main businesses has become a strategic choice.

In essence, the underlying logic of the "withdrawal from the financial sector wave" of central state - owned enterprises is policy - driven, and the pressure on the fundamentals of the held assets accelerates the exit process. In other words, the Company may not be the last case.

In 2024, AVIC Group officially listed its 24% equity stake in Bank of China Samsung Life Insurance for sale at a base price of 1.815 billion yuan, completely exiting the non - core insurance field. In the same year, CNPC Capital transferred its equity stake in CNP Property Insurance to its foreign shareholder, Assicurazioni Generali S.p.A.

Even earlier, state - owned capital withdrew from AVIC Anmeng Property Insurance, Huatai Insurance, Yangtze Property Insurance, etc., involving central and state - owned enterprises such as AVIC Investment, China National Energy Investment Group, Dongfeng Asset, CSSC, and CGN.

However, the Company's current equity transaction is at a special crossroads: its solvency is approaching the regulatory red line.

Urgent Need for Capital Replenishment

Everbright Sun Life Insurance Company's anxiety is palpable.

According to regulatory requirements, if an insurance company's core solvency adequacy ratio is below 60% and its comprehensive solvency adequacy ratio is below 120%, it will be listed as a key inspection target. As of the end of the first quarter of this year, the Company's corresponding two data were 60.99% and 121.98% respectively. In particular, the core solvency is approaching the regulatory red line. In this regard, the Company stated in its solvency report that the continuous volatility of market interest rates has led to an increase in reserve provisions and continuous capital consumption, putting severe pressure on the Company's solvency. Shareholder capital increase is the most effective means to alleviate the crisis.

Previously, the Company planned to complete a capital increase of 1.875 billion yuan in the first quarter of this year, but it was postponed to the second quarter due to equity changes. According to calculations, after the implementation of this capital increase, the Company's core solvency is expected to increase to about 85%, and the comprehensive solvency can rebound to 144%, effectively resolving regulatory risks.

However, the matter of the equity transfer is still undecided. Based on a trading cycle of 1 - 2 months, the Company's pending capital increase plan may have an effect, that is, the failure of capital to arrive in time will lead to an escalation of regulatory constraints. Moreover, the Company's business situation has just improved, and facing additional pressure is not a desirable situation.

In 2025, the Company achieved a profit turning point after years of losses, with an annual net profit of 110 million yuan. In the first quarter of 2026, the Company's net profit reached 476 million yuan, with investment income being the core support. As of the same period, the Company's asset scale reached 128.4 billion yuan, a 2.14% increase from the beginning of the year.

In other words, the Company's business recovery is obvious. Part of the reason is due to the steady growth of the premium side. In 2025, the Company's premium income was 18.855 billion yuan, and in the first quarter of 2026, it reached 6.526 billion yuan. Among them, the Company focuses on stable - type, low - capital - consumption dividend - paying insurance products. The product structure is highly in line with the current market demand, further driving the growth of new - policy premiums.

Management Succession: Actuarial Experts Take the Helm to Initiate Value Transformation

While the equity structure is being reconstructed and the fundamentals are changing, the senior management succession of Everbright Sun Life Insurance Company is not yet complete.

In 2025, the Tianjin Bureau of the National Administration of Financial Regulation officially approved Zhang Chensong to serve as the Company's chairman, completing the change of the "top leader". As a senior technical executive, Zhang Chensong holds actuarial qualifications from China, North America, and the UK, as well as the Chartered Enterprise Risk Analyst qualification. After joining the Company, he has successively held core positions such as Chief Actuary, Financial Officer, Deputy General Manager, and General Manager.

In the same year, Ou Yongyao was approved to serve as the Chief Actuary, and Fan Siyuan successively served as Deputy General Manager, Secretary of the Board of Directors, and Financial Officer, coordinating key sectors such as the Company's finance, compliance, and corporate secretary. However, the position of General Manager of the Company is still vacant, and the last piece of the senior management puzzle is not in place.

Overall, the Company is at the intersection of four major changes: equity reconstruction, capital replenishment, personnel succession, and strategic transformation. The withdrawal of state - owned capital driven by policies is a foregone conclusion, and the pending capital increase plan and the solvency approaching the red line are survival problems that must be solved in the short term. If the equity transfer can be successfully completed and the capital increase can be implemented, the Company is expected to achieve high - quality value transformation. On the contrary, if the equity transaction is blocked and the capital increase is continuously postponed, the Company may fall into a passive situation of capital pressure and restricted operations.

(This article is for reference only and does not constitute investment advice. The market is risky, and investment should be cautious.)

This article is from the WeChat official account "Investor Network - Thinking Finance", author: Cai Jun. It is published by 36Kr with authorization.