寶能董事長姚振華被禁入保險業10年大綱

China’s fourth-richest man has been banned from the country’s insurance industry for 10 years, in the most aggressive move yet by regulators to tame borrowing and hostile corporate takeovers by insurers.
中國第四大富豪被禁入保險業10年，這是監管機構在懲戒保險商借款和發起敵意收購方面迄今最嚴厲的舉措。

Yao Zhenhua, chairman of financial conglomerate Baoneng Group, last year launched a high-profile raid on China Vanke, the country’s largest residential developer. He acquired a stake worth 25 per cent, prompting Vanke’s chairman to label Baoneng “barbarians”.
身爲金融綜合企業寶能集團(Baoneng Group)董事長的姚振華，去年對中國最大的住宅房地產開發商萬科(China Vanke)發起了高調的突襲行動。他收購了萬科25%的股份，促使萬科董事長給寶能貼上“野蠻人”的標籤。

Much of the funding for Baoneng’s Vanke stake and other investments came from policies sold by its life insurance unit, Foresea Life Insurance, which Mr Yao also chairs.
寶能買下萬科股票的大部分資金以及其他投資，均來自其壽險部門前海人壽(Foresea Life Insurance)出售的保單。姚振華也是前海人壽的董事長。

Foresea quickly scaled the premium rankings of China’s life insurance industry by selling so-called “universal insurance” products, which are essentially wealth management vehicles with a small protection component.
通過出售所謂的“萬能險”產品——本質上是帶有較小的保障成分的理財工具——前海人壽在中國壽險行業的保費收入排行榜上迅速攀升。

Investors flocked to the products, which are mostly distributed through banks, drawn to their high yields and short maturities.
受高收益和短期限吸引，投資者蜂擁購買這些主要通過銀行分銷的產品。

Insurers are able to offer higher yields than those available on comparable vehicles from banks and other fund managers because they have the freedom to invest in a wider range of assets. Anbang Insurance Group has also relied on sales of universal insurance products to fund a high-profile global shopping spree.
由於保險商可以在更廣泛的資產類別中進行投資，因此它們可以提供比銀行和其他基金管理公司的類似理財產品更高的收益率。安邦保險集團(Anbang Insurance Group)也依靠出售萬能險產品，爲其在全球高調的收購活動提供資金。

But analysts have warned against the strategy. Such products essentially force insurers to seek out risky, high-yielding assets in order to meet future payouts. Analysts are also concerned by a liquidity risk when short-duration products are matched to long-term, illiquid assets such as real estate or large equity stakes.
但分析師對該策略提出了警告。此類產品實際上迫使保險商爲了滿足未來兌付而尋找高風險、高收益的資產。流動性風險——當短期產品與房地產或大筆股份等期限長、流動性低的資產搭配時——也引發了分析師的擔憂。

In banning Mr Yao from the industry for 10 years, the China Insurance Regulatory Commission announced that Foresea had “provided false data” and “used insurance funds against regulations” without providing specifics.
在禁止姚振華入保險業10年的同時，中國保險監督管理委員會(CIRC)宣佈前海人壽“提供虛假資料”和“違規運用保險資金”，但並未提供具體細節。

Rarely seen in public, Mr Yao was China’s fourth richest man in 2016 with a fortune of $17bn, up more than ninefold from a year earlier, according to the Hurun Report. Local media say he started as a vegetable seller before making his first fortune as a property developer in the freewheeling city of Shenzhen in the 1990s.
胡潤百富榜(Hurun Report)數據顯示，很少在公開場合露面的姚振華，在2016年中國富豪排行榜上排名第四，身價達到170億美元，是一年前的9倍多。國內媒體稱，他最初以賣菜起家，然後在20世紀90年代自由放任的深圳市成爲房地產開發商，賺到了他的第一桶金。

Before the latest punishment, the CIRC had already signalled an intention to crack down on such practices. At a press conference on Wednesday, CIRC chairman Xiang Junbo said the agency “will never allow the insurance industry to be turned into a rich boys’ club” or become a “sanctuary of large financial crocodiles”. Mr Xiang previously warned that insurers cannot be “ATM machines” for corporate raiders.
在出臺最新處罰之前，中國保監會已發出要打擊這種做法的信號。在上週三的新聞發佈會上，中國保監會主席項俊波表示，保監會“絕不能允許把保險辦成富豪俱樂部”，“更不容許保險被金融大鱷借道藏身”。項俊波警告稱，決不能讓保險企業成爲企業掠奪者的“提款機” 。

Mr Xiang also promised on Wednesday to curb “aggressive” pricing and “unreasonably” high returns on some insurance products. He said insurers should not interfere with the management of listed companies. Instead, the industry should focus on its core function of providing risk protection.
上週三，項俊波還做出承諾，保監會還將遏止部分保險產品的“激進”定價和“不合理”高回報。項俊波說，保險公司不應干預上市公司的管理層。相反，保險業應當關注其風險保障的核心功能。

In December, CIRC banned Foresea from selling universal life products stemming from an inspection team’s findings. Evergrande Life Insurance, a unit of property developer China Evergrande Group, was also temporarily banned from buying stock after the securities regulator labelled leverage-fuelled stock purchasers as “robbers”.
去年12月，在一個檢查組得出結論之後，中國保監會禁止前海人壽銷售萬能險產品。在中國證監會主席把一些實施槓桿化收購的企業稱爲“強盜”後，房地產開發商中國恆大集團(China Evergrande Group)旗下的恆大人壽(Evergrande Life Insurance)也被暫時禁止投資股票。

Anbang and another insurer, Shenzhen-based Funde Sino Life Insurance, were also subject to inspection. They have not been punished. An Anbang spokesman denied that the CIRC sent inspectors to Anbang last May.
安邦和另一家總部設在深圳的保險企業富德生命人壽(Funde Sino Life Insurance)也是檢查對象。它們沒有受到懲罰。安邦發言人否認中國保監會去年5月向該公司派駐了檢查人員。

Foresea did not immediately respond to a request for comment late on Friday.
前海人壽沒有立即回覆上週五晚些時候記者的置評請求。