Two months after the 16-year veteran employee reported, China Life finally announced the results of the investigation.
On April 28, China Life informed the investigation of “former employee Zhang Moumou’s network of real-name reports of problems related to Sun Moumou, the then manager of Nengjiang Branch Company in Heilongjiang Province”. After investigation and verification, China Life decided to remove two responsible persons from their posts and to hold six responsible persons accountable.
On the morning of the 29th, China Life related sources responded to the Times reporter that this is the final investigation result of China Life on the employee reporting incident.
In other words, the reporting of the matter to put an end to it. As of press time, the complainant, Zhang Moumou, has not publicly responded or evaluated China Life’s investigation results and treatment decisions.
In the announcement, China Life said that through a two-month investigation, the investigation team reviewed 99949 copies of system data, financial vouchers, personnel files, meeting records and other relevant information, and verified with 748 people.
The announcement said the report reflected that Sun’s irregularities and disciplinary issues were partially true. Based on the results of the investigation, China Life gave Sun Moumou dismissal discipline, gave Heihe branch then general manager Huang Moumou dismissal discipline, and the Heilongjiang provincial company and Nengjiang branch of the six responsible persons to pursue responsibility treatment.
Specific processing results, China Life pointed out that, after investigation, Sun Moumou’s tenure in the Nengjiang branch company in the sale of annuity insurance products there is a comparison with bank savings products and the promise of additional income in the construction of the sales team and sales management there is team manpower is not real, the problem of lax management of activities; in the sales process there are false expenses, the problem of commission.
Based on the investigation results, China Life decided to seriously deal with the responsible persons, giving the then manager of Nengjiang Branch Company, Sun Moumou, a dismissal; giving the then general manager of Heihe Branch Company, Huang Moumou, a dismissal; and pursuing the six responsible persons of Heilongjiang Provincial Company and Nengjiang Branch Company.
China Life stated that it will take this as a warning to conduct a comprehensive investigation, and once found, investigate and deal with all kinds of disciplinary problems seriously and will not tolerate them.
Meanwhile, the Heilongjiang Bureau of Banking and Insurance Supervision also released two administrative penalties on April 28, referring directly to China Life Nengjiang Branch and China Life Heihe Branch.
The administrative penalties issued by the Heilongjiang Bureau of Banking and Insurance Supervision showed that China Life Nengjiang Branch had illegal violations such as hanging intermediary business to obtain commissions, giving other benefits to policyholders other than those agreed in the insurance contract, and changing the business address of the marketing service department without approval. Sun Xiaogang was responsible for the above violations.
China Life Heihe Branch, on the other hand, had illegal violations such as fictitious commissions and fictitious expenses and lack of internal control management, and Huang Yahui was responsible for the illegal violations of fictitious commissions and fictitious expenses.
The Heilongjiang Bureau of Banking and Insurance Supervision made a penalty decision, imposing a fine of RMB 500,000 on China Life Nengjiang Branch; and a warning and a fine of RMB 90,000 on Sun Xiaogang. China Life Heihe Branch was given a warning and fined RMB 510,000; Huang Yahui was given a warning and fined RMB 40,000.
For the final results of the China Life employee whistle-blowing incident, several insurance industry insiders told the Times that after two months of investigation, China Life’s handling was not thorough enough, but the courageous attitude to admit mistakes deserves support.
April 28 coincided with the disclosure of China Life’s first quarterly report, which showed a significant increase in performance. In the first quarter of this year, the company achieved a net profit attributable to shareholders of the parent company of 28.589 billion yuan, up 67.3% year-on-year, and premium income of 323.892 billion yuan, up 5.2% year-on-year.
China Life said in the announcement that the significant growth in operating profit was due to an increase in investment income. The company continued to lay out long-term allocation assets to match liabilities, rolled out non-standard fixed income and fixed income assets to thicken the safety cushion, and made efforts to enhance equity investment capabilities to contribute excess returns.
In the first quarter of 2021, China Life achieved a total investment income of RMB 65.112 billion, up 43.3% year-on-year, with a total investment return of 6.44%; net investment income reached RMB 41.395 billion, up 8.7% year-on-year, with a net investment return of 4.08%.
However, at the same time, the development of China Life’s new policy business was under pressure due to the slowdown in the release of insurance consumer demand as a result of the new crown pneumonia epidemic. First-year premiums were RMB 68.276 billion, of which RMB 19.656 billion was for first-year premiums of ten years and above. Based on the high base in 2020, the value of new business decreased by 13.2% year-on-year; the surrender rate was 0.38%, up 0.10 percentage points year-on-year.
Recent Comments