11 months after the public recruitment of general managers, the general manager of China Post Life was settled.
On November 18, the official website of China Post Life insurance announced that after the resolution of the thirteenth meeting of the third board of directors of the company, from November 11, 2021, Li Xuejun was appointed as the interim head of the company, and Liu Wenjun, deputy general manager, would no longer preside over the work.
It is reported that Li Xuejun's general manager appointment information has been submitted to the regulatory level for approval. Not surprisingly, the interim head Li Xuejun will become the new general manager of China Post Life.
In December 2020, Dang Junzhang, then general manager of China Post Life, resigned. Subsequently, China Post Group released the "Announcement on the Open Recruitment of General Managers of China Post Insurance" on its official website, which openly recruited the general manager of China Post Life for both inside and outside postal enterprises.
According to the recruitment announcement, the internal personnel of the postal system apply for general manager and need to serve as a second-level deputy or above leadership personnel. Social candidates are generally required to be no more than 50 years old, and the age of special excellence can be appropriately relaxed; they must have a bachelor's degree or above; and have more than 8 years of financial work or more than 10 years of work experience in economic work. At the same time, you should have one of the following experience: more than 2 years in the senior management position of the insurance company, or more than 5 years in the middle management position of the insurance company or the equivalent management position of the financial regulatory agency.
Public information shows that Li Xuejun was born in 1970, with a bachelor's degree, a bachelor's degree in economics, and a senior economist. Since 1997, he has worked in Chinese Life, spanning a number of important departments, including education and training department, human resources department, market strategy department and branches in Shanghai and Hunan. In April 2018, Li Xuejun joined Sunshine Insurance Group as a business director. In November of the same year, he was appointed vice president of PICC Life Insurance.
According to information disclosed by China Post Life, in September this year, Li Xuejun has served as deputy secretary of the company's party committee, and since November, he has served as the deputy secretary of the company's party committee and interim person in charge.
It is worth mentioning that Li Xuejun's appointment means that he will become the first external professional manager of China Post Life. Judging from the data, the successive chairmen and general managers of China Post Life are from the postal system, and there has been no introduction of external professional managers. After Feng Xinsheng and Liu Mingguang, Dang Xiurong took over the position of chairman, and Dang Xiurong served as the general manager of the company before becoming chairman, and the position was taken over by Dang Junzhang.
Some analysts believe that China Post Life has changed its style of internal promotion of general managers in the past and turned to the public to recruit general managers, which means that its marketization process is accelerating.
At the 2021 work conference, Dang Xiurong, secretary of the party committee and chairman of China Post Life, said that China Post Life has ushered in a new stage of market-oriented reform and high-quality development. Standing at a new node, we must clearly understand and accurately grasp the new requirements, new opportunities and new challenges in the new development stage, take the initiative, actively respond to changes, and constantly accumulate new momentum to create a new situation.
In April this year, China Post Life issued an announcement on the Shanghai United Assets and Equity Exchange that it intends to add a registered capital of 7.163 billion yuan, and the corresponding shareholding ratio of the funds to be raised is 24.99%, and it intends to add 1 investor. What is different from the past is that the capital increase of China Post Life for the first time will point the capital increase plan to external investors of the postal department, and it is no longer funded by the shareholders of the postal department to replenish blood, which was regarded by the market as the beginning of the market-oriented reform of China Post Life at that time.
Two months later, AIA issued an announcement that it intends to invest 12.033 billion yuan through a wholly-owned subsidiary to subscribe for 24.99% of the post-investment equity of China Post Life. Upon completion of the transaction, AIA became the second largest shareholder of China Post Life, and the original shareholder shareholding of China Post Group System dropped to 75.01%. AIA said its investment in China Post Life will allow it to benefit from the opportunities in the expanded Chinese life insurance market and the potential of distribution channels and customer base that complement its current China strategy.
According to public information, China Post Life was established in August 2009, the company is headquartered in Beijing, with a registered capital of 21.5 billion yuan. Backed by China Post, China Post Life has developed rapidly in recent years. In 2012, China Post Life insurance premiums have exceeded the 10 billion yuan mark, and in 2014, they exceeded the 20 billion yuan mark, and the scale of premiums has since climbed all the way. From 2016 to 2020, the revenue of China Post Life Insurance business was 29.649 billion yuan, 41.078 billion yuan, 57.663 billion yuan, 67.541 billion yuan and 81.996 billion yuan, respectively.
However, under the squeeze of a large number of commissions and channel fees, the net profit of China Post Life is not high. From 2015 to 2019, China Post Life achieved net profits of RMB353 million, RMB235 million, RMB380 million, RMB498 million and RMB1.725 billion, respectively. In 2020, China Post Life achieved a net profit of 1.316 billion yuan, a year-on-year decrease of 23.71%.
In the third quarter solvency disclosure, China Post Life's comprehensive solvency adequacy ratio was 155% and the core solvency adequacy ratio was 99%, both far below the industry average.
This article originated from the International Finance News