Frequent changes in insurance company executives! In December last year, there were 145 people, and a total of 34 chairmen and 48 general managers took up new positions throughout the year

In the last month of 2021, the new chairman and general manager of insurance companies have taken office one after another!

According to the statistics of the "International Finance News" reporter, in December 2021, the CBIRC organs and the CBIRC issued a total of 145 directors and supervisors at this level, an increase of 21 over the previous month, involving 75 insurance companies. Specifically, it includes 76 directors and supervisors of the headquarters of insurance companies and 67 senior executives of provincial branches;

Among them, there are 8 insurance companies with new general managers, namely: Zhou Jiong, general manager of Ancheng Property & Casualty, Hu Min, general manager of HSBC Life, Sun Yuanbiao, general manager of Lloyd' Cooperative, Yin Zhaojun, general manager of Taiping Group, Xue Zhenbin, general manager of Taikang Pension, Chang Ying, general manager of China Merchants Cigna, Gao Dahong, general manager of China Railway Captive Insurance, and Li Xuejun, general manager of China Post Life. In addition, there are three insurance companies who have taken up new positions, namely: He Xiaofeng, chairman of Everyone Pension, Chen Feng, chairman of China Railway Captive Insurance, and Zhao Xuesong, chairman of China-Italy Life Insurance.

From the perspective of the insurance industry in 2021, a total of 34 chairmen and 48 general managers have been approved.

Min Hu became General Manager of HSBC Life

On 8 December 2021, HSBC Life Insurance Company Limited ("HSBC Life") announced the appointment of Min Hu as General Manager of HSBC Life, with overall responsibility for HSBC's insurance business in Chinese mainland. The appointment has been approved and effective by the Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission.

According to reports, Hu Min is a founding member of the Chinese Actuaries Association and a full member of the North American Actuaries Association. He graduated from the Department of Mathematics of East China Normal University in Shanghai, and later studied business administration for senior executives at the School of Management of Fudan University and obtained a master's degree. Hu Min has more than 20 years of experience in the insurance industry, before joining HSBC Life, he has served as vice president, chief actuary, financial leader and other senior management positions in many well-known and different types of insurance companies, with rich management experience and outstanding business capabilities, and has made important contributions to the business development of the previous companies.

Greg Hingston, Head of Wealth Management and Personal Banking, Asia Pacific, HSBC, said: "As an important part of HSBC's wealth management strategy, we will continue to actively expand our insurance business in Asia, particularly Chinese mainland investment and development. In the past 18 months, we have further increased our talent investment and successively introduced more compound management talents with diverse backgrounds in product, operation, investment, compliance and other departments. With extensive management experience in the insurance industry, especially in actuarial science, product development, asset management and other fields, Hu Min will lead the team to further promote the business development of HSBC Life, providing customers with more market-leading insurance products and services to meet their increasingly diversified protection and wealth management needs. ”

On 30 December 2021, HSBC Insurance (Asia) Limited, a wholly-owned subsidiary of HSBC Holdings Limited, announced that it had received approval from the Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission (CBIRC) to change shareholders of HSBC Life, a joint venture in which it and National Trust Limited each held 50% of the shares, and that HSBC Insurance (Asia) would increase its shareholding ratio to 100%. At this point, HSBC Life has changed from a joint venture life insurance company to a wholly foreign-owned life insurance company.

Hu Min, General Manager of HSBC Life, said: "The increase in HSBC Life's stake reflects the Group's strong confidence in china's insurance market, and we are particularly optimistic about the pension and health protection market, which is ushering in a golden period of development. By 2030, the market size of China's pension industry is expected to reach 13 trillion yuan, and the insurance industry will play an important role in it. In recent years, we have focused on increasing investment in science and technology and talents, and introducing more compound management talents with diverse backgrounds, so as to effectively promote product innovation, investment capabilities and service capabilities. In the future, we will uphold the original intention of the insurance industry to create long-term value, integrate the international linkage advantages of HSBC Group, and make more distinctive innovations in pension finance, green insurance and digital insurance. ”

The former general manager of Huatai Property & Casualty insurance took the helm of Lloyd's China

On December 15, 2021, the Shanghai Banking and Insurance Regulatory Bureau approved the qualifications of The General Manager of Sun Yuanbiao Lloyd Insurance (China) Co., Ltd. (hereinafter referred to as "LLOE China"). At the same time, the qualifications of Sun Yuanbiao's Chinese director of the Lloyd's Cooperative were also approved.

According to public information, Sun Yuanbiao, male, holds a bachelor's degree in transportation management engineering from Wuhan University of Technology and a master's degree in business administration from Oklahoma City University. He joined Ping An Insurance Company of China in September 1993 and successively served as the head of the international department of the headquarters, the chief representative of the Singapore representative office, the deputy general manager of the reinsurance department (presided over the work), and the member of the insurance business review committee of the head office. In May 2004, he participated in the preparation of Yongcheng Insurance and served as vice president, president and chief operating officer (COO) of the company. He joined Huatai Property & Casualty Insurance Co., Ltd. in June 2012, serving as deputy general manager of the company from September 2012 to April 2018 and general manager of the company from April 2018 to October 2021.

Prior to Sun Yuanbiao's parachute, Lloyd's previous two general managers and tenures in China were: Hillhouse, 5 September 2008 to 31 December 2018, and Linmao Li, 2 August 2019 to 19 May 2021.

After Sun Yuanbiao became the general manager of Lloyd's China, the overall situation of the company's senior management team is as follows: Sun Yuanbiao is the general manager; Xu Jun, deputy general manager and director of the market development department, female, born in 1969, joined Lloyd's China in May 2010; He Ruicong, head of finance, female, born in 1978, entered the company in April 2015; Yan Xiaolan, chief actuary, female, born in 1977, has been the actuarial responsible person of the company since February 2011; Shen Furen, head of compliance, born in 1981, Qian Jingjiang, secretary of the board of directors, assistant general manager and chief risk officer, male, born in 1975 and joined the company in September 2010; Zhang Chong, male, born in 1978, joined the company in July 2016.

In addition to the general manager, Lloyd's senior management team in China has been quite stable in the past 5 years, and its deputy general manager, chief actuary and chief risk officer have been with the company for ten years. In addition, it is worth noting that more than half of the company's executives are women, and the team is generally younger.

According to reports, Lloyd's China is a wholly-owned subsidiary of Lloyd's in China. In March 2007, Lloyd's reinsurance (China) Co., Ltd., a wholly-owned subsidiary, was established in Shanghai, China, to engage in non-life reinsurance business. In May 2010, Lloyd's China was approved to expand its non-life direct insurance business. In October 2010, the company officially changed its name to "Lloyd's Insurance (China) Co., Ltd.", referred to as "Lloyd's China". In September 2014, the company's cumulative registered capital increased to RMB 1 billion. Lloyd's China enjoys the same credit rating as the Lloyd's market, namely "A+ (Robust)" by Standard & Poor's, "AA- (Very Robust)" by Fitch rating and "A(Excellent)" by Baych Rating (as of December 31, 2019).

The reporter combed the 2009-2020 annual report released by the official website of Lloyd's China and found that the company's premium scale began to enter the level of 100 million yuan in 2010, began to make steady profits in 2012, began to stabilize the level of 10 million yuan in 2015, and began to reach the level of one billion yuan in 2016. Specifically, the company's premium business income from 2009 to 2020 was: 39.3888 million yuan, 262 million yuan, 409 million yuan, 233 million yuan, 297 million yuan, 425 million yuan, 792 million yuan, 2.121 billion yuan, 2.212 billion yuan, 1.555 billion yuan, 1.382 billion yuan and 852 million yuan. From 2009 to 2020, the net profit was: 6.9619 million yuan, -1.061 million yuan, -4.926 million yuan, 117.52 billion yuan, 325.7 million yuan, 9.0856 million yuan, 34.5426 million yuan, 48.6212 million yuan, 60.2063 million yuan, 67.3077 million yuan, 60.4231 million yuan and 27.6912 million yuan, respectively.

New General Manager of AnsonY Property & Casualty

On December 30, 2021, the Chongqing Banking and Insurance Regulatory Bureau approved the qualifications of the general manager of Zhou Jiong Ancheng Property & Casualty Insurance Co., Ltd. (hereinafter referred to as "Ancheng Property & Casualty").

According to reports, Zhou Jiong, male, 49 years old, Han ethnicity, MEMBER of the Communist Party of China, bachelor degree. He is currently the deputy secretary of the party committee and general manager of Ancheng Property & Casualty Insurance Co., Ltd., responsible for the company's management level, in charge of the market development department (strategic planning department). In 1994, he worked in the Chongqing branch of Pacific Insurance Company, and successively worked in the information resource department, customer service department, office, risk control department and high-tech marketing service department of Pacific Property & Casualty Chongqing Branch, from January 2008 to January 2010, he served as the general manager of the high-tech zone branch of Pacific Property & Casualty Chongqing Branch, and from January 2010 to March 2012, he served as the general manager of the non-water insurance department and channel department of Pacific Property & Casualty Chongqing Branch. From March 2012 to June 2015, he served as a member of the Party Committee and Deputy General Manager of Pacific Property & Casualty Chongqing Branch, from July 2015 to March 2021, he served as the Party Secretary and General Manager of Pacific Property & Casualty Chongqing Branch, and from April 2021 to June 2021, he was the person in charge of the preparation of the regional project of Pacific Property & Casualty "Chengdu-Chongqing Twin Cities Economic Circle". Since June 2021, he has been the deputy secretary of the Party Committee of Ancheng Property & Casualty Insurance Co., Ltd., and the general manager of the company since December 2021.

AnsonY Property & Casualty VacanciesAccord Property & Casualty Has changed frequently in recent years. Since its opening, Ancheng Property & Casualty has experienced four terms of chairmanship, namely Hua Yusheng, Sun Lida, Tao Jun and Zhou Ping (current chairman). The position of general manager has been vacant for three full years since the end of 2018. On December 29, 2018, Ancheng Property & Casualty removed Min Weidong from his positions as General Manager (Executive Director) and member of the Strategy and Investment Decision Committee of the Third Board of Directors. Until July 2021, the company disclosed in the second quarter solvency report that Zhou Jiong intends to serve as the director and general manager of the company. On December 30, 2021, the Banking and Insurance Regulatory Bureau officially approved Zhou Jiong's qualifications, and the selection of general manager was finalized.

The reporter combed the annual report of Ancheng Property Insurance for nearly ten years and found that the operating conditions of Ancheng Property Insurance were not stable. The scale of the company's premium business income has grown steadily since 2012, and the net profit has suffered losses in 2014, 2016 and 2019, with losses of 128 million yuan, 10.4895 million yuan and 430 million yuan respectively. Premium business income also declined in 2020, with a premium income of $3.817 billion being the lowest since 2017.

In addition to the unstable performance, the equity situation of Ancheng Insurance is also unstable. Ancheng Insurance has 19 existing shareholder units, mainly local state-owned large enterprises, private enterprises and world-famous financial enterprises, of which 7 Chinese shareholders account for 62.3259%, foreign shareholders account for 15.0098%, and private shareholders 11 account for 22.6643%. It is worth noting that a number of shareholders have pledged some or even all of their shares, and the total number of pledged shares has reached 1.334 billion shares, accounting for 32.72% of the total shares of the company; the number of frozen shares is 240 million shares, accounting for 5.89% of the total shares.

According to public information, Ancheng Property & Casualty Insurance Co., Ltd. was established in December 2006 and is the first national property insurance company headquartered in Chongqing. The registered capital of the company is 4.076 billion yuan, and the overall asset scale is more than 8 billion yuan. There are 19 provincial-level branches and 260 branches, mainly distributed in important economic belts such as the Yangtze River Delta, the Pearl River Delta, the West Delta and North China. The company has a nationwide wholly-owned subsidiary, Ancheng Insurance Sales Co., Ltd. and Anlan Insurance Brokerage Co., Ltd. The Company's most recent comprehensive risk rating result was B.

Appendix 1: List of 76 HQ executive changes in December 2021 (in no particular order)

Appendix 2: List of changes in 67 provincial branch executives in December 2021 (in no particular order)

Watchmaking: Luo Gemei Zhao Shumeng (Intern)

This article originated from the International Finance News