Beijing BNP Paribas Tianxing Property Insurance Co., Ltd. (hereinafter referred to as "BNP Paribas Tianxing P&C Insurance") recently disclosed its solvency report for the second quarter of 2026. As a property insurer that officially commenced operations in December 2025, the company displayed characteristics typical of an early-stage business during the reporting period. In the first half of this year, cumulative insurance premium income reached 8.2138 million yuan, while cumulative net loss stood at 50.2473 million yuan. Specifically, for the second quarter alone, insurance premium income was 8.0379 million yuan, with a net loss of 20.7464 million yuan.
As of the end of the second quarter, BNP Paribas Tianxing P&C Insurance reported total assets of 953 million yuan and net assets of 894 million yuan. For the first half, the cumulative net asset return rate was -5.47%, and the cumulative total asset return rate was -5.15%. The cumulative investment return rate was -0.60%, while the cumulative comprehensive investment return rate was -0.40%. Due to the company's short operational history, both the average investment return rate and average comprehensive investment return rate over the past three years were -0.43% (data for 2025).
In terms of solvency, as of the end of the second quarter, BNP Paribas Tianxing P&C Insurance's core solvency adequacy ratio and comprehensive solvency adequacy ratio both stood at 3257.91%, an increase of 112.75 percentage points compared to the end of the previous quarter. This improvement was primarily driven by a decline in the minimum capital requirement for market risk. The company has not yet received a risk comprehensive rating result.
Notably, the reporting period saw a wave of senior management changes. Peng Bin assumed the role of Assistant General Manager effective April 7. Wu Minxu became Chief Compliance Officer on May 13. Chen Weishan took on the position of Audit Responsible Person from June 3. Shi Yang was appointed Deputy General Manager and Board Secretary from June 26. Meanwhile, Chen Enrong stepped down from his temporary role as Chief Actuary on June 16 due to the expiration of his term.
BNP Paribas Tianxing P&C Insurance's shareholders include BNP Paribas Insurance Group (holding 49%), Sichuan Yinmi Technology Co., Ltd. (holding 33%, hereinafter referred to as "Yinmi Technology"), and Volkswagen Financial Services Overseas AG (holding 18%). Yinmi Technology is wholly owned by Beijing Xiaomi Electronic Software Technology Co., Ltd., of which Lei Jun personally holds 90% of the shares.
Regarding business direction, BNP Paribas Tianxing P&C Insurance has previously stated that it will focus on the new energy vehicle (NEV) insurance sector, which offers broad development prospects and strong synergies with its shareholders. The company plans to develop exclusive auto insurance products centered on the NEV ecosystem, continuously optimize claims processes, and effectively enhance the service experience for NEV owners.
The reporter noted that in terms of significant related-party transactions, the company underwrites a project through co-insurance arrangements, providing insurance coverage for the after-sales service replacement cost compensation insurance of Xiaomi Jingming Technology Co., Ltd. This service supports vehicles sold by Xiaomi Jingming in China. Transaction pricing follows general commercial principles and market practices, with premiums collected according to the rates stipulated in the insurance terms. The estimated premium income within the agreement's validity period does not exceed 60 million yuan, with settlement conducted on a monthly basis.
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