Behind frequent fines, China Continent Insurance is troubled with declining premium income and increasing complaints
In less than a month, China Continent Insurance has received fines for multiple branches. Here are the details.
The latest ticket was published three days ago. On June 21, according to public information released by Bijie Branch of China Banking and Insurance Regulatory Commission, the Bijie central branch of China Continent Insurance was fined 300,000 yuan for fictitious insurance intermediary business arbitrage. Earlier on, its Changchun central branch, Honghe central branch, and Qujing central branch has all been punished in the recent month.
The troubles of China Continent Insurance do not end there. In 2020, the company's operating income achieved a growth of 6.1%, but the premium income declined. At the same time, its net profit plummeted by 60%, with losses in the fourth quarter. In terms of its performance in the past few years, since 2017, the company's net profit achieved positive growth only in 2019, and in other years its net profit has declined to varying degrees.
source: China Investment Network