Official announcement! The President of PICC is his director | company | official announcement

On the evening of July 20th, PICC announced the appointment of Zhao Peng as the company's president and elected him as the vice chairman.

At the beginning of this month, the official website of China People's Insurance Corporation (PICC) announced that, appointed by the leadership of the Central Organization Department, officials from the relevant cadre bureaus of the Central Organization Department attended the company's leadership meeting and announced the central decision to appoint Comrade Zhao Peng as the Deputy Secretary of the Party Committee of PICC Group.

Appoint Zhao Peng as the CEO of the company

On July 20th, PICC Group announced that its board of directors had approved the proposal to appoint Zhao Peng as the company's president. The term of office shall be calculated from the date on which the qualification for the position is approved by the State Administration for Financial Supervision and Administration.

In addition, the board of directors of the company has also passed a resolution appointing Zhao Peng as the executive director, vice chairman, and member of the strategy and investment committee of the fourth board of directors of the company. The term of office shall be calculated from the date when the company's shareholders' meeting approves him as an executive director and his director qualification is approved by the State Administration of Financial Supervision and Administration, and shall expire at the expiration of the term of the fourth board of directors of the company. He may be re elected and re elected upon the expiration of his term.

In fact, as early as the beginning of this month, the official website of China People's Insurance Corporation (PICC) announced that, appointed by the leadership of the Central Organization Department, officials from the relevant cadre bureaus of the Central Organization Department attended the company's leadership meeting and announced the central decision to appoint Comrade Zhao Peng as the Deputy Secretary of the Party Committee of PICC.

According to resume information, Zhao Peng is currently 51 years old. After graduating from Hunan University of Finance and Economics in August 1995, he joined Guoshou Group as a clerk in the finance department before the stock reform. In the following 26 years, he went through important moments such as group spin off, stock reform, and listing. During this period, he became the general manager of the finance department in 2013 and was transferred to the Zhejiang branch in 2014, serving as deputy general manager and general manager. In 2017, he was appointed as the Assistant to the President of China Life Insurance, and from November of the same year to March 2020, he served as the Vice President. He also served as the Chief Financial Officer of China Life Insurance Company in August 2019.

In 2020, he left China Life Insurance and became the Vice President of the Agricultural Development Bank of China at a cross-border bank. Two years later, in July 2022, he returned to China Life Group as a member of the group's party committee and vice president. The following month, he was appointed as the party secretary and president of China Life. However, with a term of less than one year, he was transferred to PICC.

As the largest life insurance company in China, China Life Insurance has served as its CEO for more than 4 years in recent years. Therefore, Zhao Peng has become the shortest serving CEO of the company in recent years. However, at the same time, he has also become the youngest CEO of China Life Insurance in the past decade.

Continue to promote the excellent insurance strategy

As the "eldest son" of the insurance industry in the Republic of China, PICC has evolved from the People's Insurance Company of China. After more than 70 years of development, PICC has become a comprehensive insurance and financial group, with more than 10 professional subsidiaries. Its business scope covers property insurance, life insurance, reinsurance, asset management, real estate investment and alternative investment, fintech and other fields.

In recent years, PICC's performance has also been relatively stable. According to financial report data, in 2021 and 2022, the company achieved revenue of 597.691 billion yuan and 620.859 billion yuan respectively, with year-on-year growth rates of 2.4% and 3.88%; The net profit attributable to the parent company was 21.638 billion yuan and 24.406 billion yuan respectively, with year-on-year growth rates of 7.82% and 12.79%.

In terms of premium income, in 2021, PICC achieved a premium income of 581.047 billion yuan from original insurance, a year-on-year increase of 3.67%; In 2022, PICC achieved a premium income of 619.296 billion yuan from original insurance, a year-on-year increase of 6.6%.

According to the first quarter report of 2023, China Life Insurance Corporation's main operating income during the period was 137.769 billion yuan, a year-on-year increase of 7.97%; The net profit attributable to the parent company was 11.721 billion yuan, a year-on-year increase of 229.98%.

Overall, in the past few decades, insurance companies have achieved rapid expansion in scale through extensive development. However, as China's insurance industry enters a deep stage of reform, the advantages of the past development model are no longer present. Currently, the decline in premium growth and profit reduction are common difficulties faced by the industry. According to statistics from the China Insurance Regulatory Commission, the premium income of China's insurance industry has increased from 2.43 trillion yuan in 2015 to 4.7 trillion yuan in 2022. Despite a compound annual growth rate of 9.88%, the annual growth rate has shown a downward trend.

In this context, how to transform from high-speed growth to high-quality growth has been a focus of work for major insurance companies in recent years.

At the 2022 annual shareholder meeting of PICC held on June 19 this year, the newly appointed chairman of PICC, Wang Tingke, responded to the company's next strategic steps, stating: "We are anchoring the goal and overall requirements of high-quality development, steadfastly promoting the excellent insurance strategy, and drawing a blueprint to the end."

It is understood that the Excellent Insurance Strategy was proposed by Luo Xi, former head of PICC, while Wang Tingke was still serving as the CEO of PICC at the time.

Wang Tingke also revealed four key areas for the company's future development. One is to highlight the quality of development more, handle the relationship between scale and efficiency, speed and quality, and pay more attention to quality first and efficiency first; The second is to more prominently serve the national strategy; Thirdly, more emphasis should be placed on risk management and control; Fourthly, we will place greater emphasis on innovation driven development.

From the perspective of stock price performance, as of the close on July 20th, the A-share price of China National Insurance Corporation (PICC) was 5.91 yuan per share, with a stock price increase of over 13% this year.