(Dong Jing) On September 7, Wang Bin, the former chairman and party secretary of China Taiping Insurance Group Corporation (hereinafter referred to as China Taiping), was transferred to the party secretary and chairman of China Life Insurance (Group) Company (hereinafter referred to as China Life).
Earlier this week, Luo Xi, vice chairman and general manager of China Resources (Group) Co., Ltd., succeeded Wang Bin as party secretary and chairman of China Taiping.(See the WeNews financial person middot; on September 6, 2018, two financial vice-governors were in place and two major insurance companies changed positions)
China Life is the largest insurance company in China, and it is state-owned. The company's leadership team was listed as central management in March 2012.According to China Life’s official website, there are currently 7 members of the team, namely Chairman and Party Secretary Wang Bin; Vice Chairman, President and Deputy Party Secretary Yuan Changqing; Chairman of the Board of Supervisors and Deputy Party Secretary Chen Fanglei;Secretary of the Disciplinary Committee and Party Committee Member Li Yanlu, Vice President and Party Committee Member Su Hengxuan.
This time, Wang Bin is replacing Yang Mingsheng, who has retired at the age of 10.Wang Bin, 60 years old, had been working in the banking industry before becoming the chairman of China Taiping in 2012. He had successively served as the president of the Jiangxi Branch of the Agricultural Development Bank, the president of the Tianjin Branch of the Bank of Communications, the president of the Beijing Branch of the Bank of Communications, the vice president of the Bank of Communications,Executive Director etc.
Earlier this week, Luo Xi had arrived at China Taiping.Luo Xi, 58, has extensive working experience in the banking industry.After graduating from the Graduate School of the People's Bank of China with a major in monetary banking in 1987, Luo Xi started working in the Agricultural Bank of China until 2009 when he was promoted from the position of vice president of the Agricultural Bank of China to vice president of ICBC.In 2013, Luo Xi switched from banking to insurance and became the general manager of China Export & Credit Insurance Corporation. In 2016, he became the vice chairman and general manager of China Resources (Group) Co., Ltd.
For Wang Bin, who went to China Life Insurance, the transfer is just a rotation among insurance companies, but the challenges are quite different.As the leader of the life insurance industry, China Life Insurance's position as the first brother is both a halo and a burden, while Taiping Insurance, as a member of the second echelon of the insurance industry, has much less pressure in this regard.
Statistics show that in 2006, China Life's share in the life insurance market was 49.4%. By the end of 2011, its market share had dropped to 33.3%.As of June 30 this year, China Life's market share was 22%. Although it has rebounded from 19.7% at the end of last year and still maintains the number one position in the market, the gap from the second place Ping An Insurance has become smaller and smaller.
The semi-annual report recently disclosed by the insurance company shows that in the first half of 2018, China Taiping realized a profit attributable to shareholders of HK$5.209 billion, a year-on-year increase of 120.3%; total premiums and policy fees reached HK$130.1 billion, a year-on-year increase of 14.1%;Hong Kong dollar, an increase of 8.6% over the end of last year.
In the first half of 2018, China Life achieved a net profit of 16.423 billion yuan, a year-on-year increase of 34.2%; premium income was 360.482 billion yuan, a year-on-year increase of 4.2%; total assets were 3,043.178 billion yuan, a year-on-year increase of 5.0%.
