On January 29, the State Administration of Financial Supervision and Administration successively issued a reply on the qualifications of Fu Fan and Zhao Yonggang of China Pacific Insurance (Group) Co., Ltd. (hereinafter referred to as "CPIC"), approving Fu Fan's qualifications as chairman of CPIC and Zhao Yonggang as president of CPIC.
Source: Official website of the State Administration of Financial Supervision and Administration
After the close of the day, CPIC also officially announced the above-mentioned regulatory approval. Due to the approval of the qualifications of the new chairman, CPIC also disclosed Kong Qingwei's resignation and spoke highly of his performance during his tenure.
It is understood that on December 6, 2023, CPIC held a cadre meeting, and the relevant person in charge of the Organization Department of the Shanghai Municipal Party Committee announced that Kong Qingwei, then Secretary of the Party Committee and Chairman of CPIC, would no longer serve as Secretary of the Party Committee of the company due to his age, Fu Fan, President of CPIC, took over as Secretary of the Party Committee, and Zhao Yonggang, Deputy Secretary of the Party Committee of Haitong Securities, was appointed Deputy Secretary of the Party Committee of CPIC. On December 11, CPIC held a board meeting to deliberate and approve the relevant proposals to elect Fu Fan as chairman and Zhao Yonggang as president.
Both have many years of grassroots experience
Zhao Yonggang returned two years after "leaving".
The reporter of Nandu Bay Finance Society noticed that the qualifications of the chairman and president of China Pacific Insurance were approved on the same day, only a month and a half after the relevant bills were passed.
According to public information, Fu Fan was born in October 1964, a native of Suzhou, Jiangsu, and graduated from Shanghai Jiaotong University in 1988.
In 2000, Fu Fan was appointed as the Director of the Board of Directors of Shanghai International Group, Deputy General Manager of Shanghai Trust in 2001, Deputy General Manager of China International Investment Fund Management since 2004, General Manager of Shanghai Trust Fund Management in 2009, Chairman of Shanghai State-owned Assets Management Company in 2014 and Vice President of Shanghai International Group a year later, President of Shanghai International Group and Non-Executive Director of Shanghai Pudong Development Bank in mid-2017, and Fu Fan was transferred to CPIC Group as Deputy Secretary of the Party Committee in 2019President.
Fu Fan is an Executive Director of the 9th Board of Directors of CPIC and has served as the Company's President since March 2020. According to reports, Fu Fan is an important participant in the orderly promotion of CPIC's "big health", "large region" and "big data" strategies, as well as the steady development and transformation breakthroughs of major business segments.
In addition, Zhao Yonggang, who succeeded Fu Fan as deputy secretary of the Party Committee and president of CPIC, was formerly the deputy secretary of the Party Committee of Haitong Securities Co., Ltd. However, he is an "old Taibao", who has served in the China Taibao for 26 years, and this personnel adjustment can be seen as a "return" after Zhao Yonggang's "departure" for two years. Prior to joining Haitong Securities, Mr. Zhao was Vice President of CPIC.
According to public information, Zhao Yonggang, 51 years old, who was approved to serve as the president of CPIC, joined CPIC Chongqing Branch in 1995, starting from a grassroots salesman, successively served as a salesman, deputy manager of the business department, manager of the business department, and later served as section chief, department head, deputy manager of the human resources department, deputy manager, etc.; from 2001 to 2016, he left the CPIC Chongqing branch and successively served as the secretary of the Youth League Committee of CPIC Life, the deputy general manager of CPIC Life Guizhou Branch, and the director of the Party Office of CPIC Group. He served as the director of the Transformation Office of CPIC Life, and later served as the general manager of the Heilongjiang and Henan branches of CPIC Life's two largest local institutions.
Since 2016, Zhao Yonggang has been transferred from the local government to serve as a member of the Party Committee, Chairman of the Labor Union, Director of the Organization Department of the Party Committee and General Manager of the Human Resources Department of CPIC Life Insurance, Director of the Organization Department of the Party Committee and Vice President of CPIC Group in 2018, and Zhao Yonggang left CPIC to serve as Deputy Secretary of the Party Committee of Haitong Securities in 2021 in the rotation of cadres in the Shanghai State-owned Assets System, and served as a director from October 12, 2023 until his transfer in December 2023.
The core composition of the new management
What is the future of CPIC?
At present, the leading groups of CPIC are: Fu Fan, Secretary of the Party Committee and Chairman of the Board of Directors, Zhao Yonggang, Deputy Secretary of the Party Committee and President, Ji Zhengrong, Deputy Secretary of the Party Committee, Vice Chairman of the Board of Supervisors, and Chairman of the Labor Union, Liu Jinan, Member of the Party Committee and Head of the Discipline Inspection and Supervision Group of the Municipal Commission for Discipline Inspection and Supervision in CPIC, Gu Yue, Member of the Party Committee, Secretary of the Party Committee and Chairman of CPIC Property & Casualty Insurance, Pan Yanhong, Member of the Party Committee, Secretary of the Party Committee and Chairman of CPIC Life Insurance, Yu Bin, Member of the Party Committee and Vice President of CPIC Technology, and Ma Xin, Member of the Party Committee and Vice President of CPIC and Chairman of CPIC Health Insurance.
With Fu Fan and Zhao Yonggang forming the core of the new management, CPIC's new journey is about to begin. From Fu Fan's recent public speech, we may get a glimpse of the future development direction of CPIC.
At the semi-annual report performance meeting held at the end of August last year, talking about the current industry is facing deep changes and transformation, Fu Fan said that insurance companies should respect the law of industry development and return to the origin of insurance operation.
First, the life insurance business continued to firmly promote the transformation of Changhang and continued to build a diversified value channel dominated by agent channels;
Second, property insurance will continue to adhere to high-quality development, auto insurance will focus on improving market-oriented pricing capabilities and refined management capabilities, and non-auto insurance should grasp national strategic development opportunities such as green and low-carbon and rural revitalization to further consolidate its profit foundation.
Third, the investment sector continued to adhere to the concepts of value investment, long-term investment, prudent investment and responsible investment, did a good job in credit risk management and control, and continued to enhance the value contribution of the asset side;
Fourth, the group level will further give full play to the advantages of comprehensive operation, promote the strategy of big health, big data and large region in depth, and accumulate development momentum;
Fifth, the company will continue to strengthen corporate governance, optimize the operating mechanism, improve the management process, and achieve sustainable value creation and market competitiveness of the company.
It is worth noting that on January 16, CPIC also announced the premium income announcement. According to the announcement, from January 1, 2023 to December 31, 2023, CPIC's original insurance premium income through subsidiaries totaled 423.468 billion yuan, a year-on-year increase of 7.7%.
Among them, China Pacific Life Insurance Co., Ltd., a subsidiary of CPIC, had a cumulative primary insurance business income of RMB233.141 billion, a year-on-year increase of 4.9%, and China Pacific Property & Casualty Insurance Co., Ltd.'s cumulative primary insurance business revenue was RMB190.327 billion, a year-on-year increase of 11.4%.
Written by: Nandu Bay Finance Society reporter Liu Changyuan Luo Manyu