Chen Peng, chairman of Sino-Italian Property & Casualty Insurance, was promoted very early 20 years ago to the head of the China Petroleum Group

Operator Finance Intern Zhao Mengyao/Wen

In the 14 years since the establishment of Sino-Italian Property & Casualty, there has been little turmoil in terms of executive personnel, and former chairman Pan Guochao has been firmly in the position of chairman of Sino-Italian Property & Casualty since 2008. However, in 2017, it ushered in its second chairman, Chen Peng.

He is a financial background of PetroChina

In October 2017, Chen Peng officially succeeded Pan Guochao as the chairman of Sino-Italian Property & Casualty Insurance and began to perform his duties. Prior to this, his name did not appear in the list of "directors and supervisors" of China-Italy Property & Casualty Insurance.

Judging from Chen Peng's resume, he is from Sinopec Group, the majority shareholder of Sino-Italian Property & Casualty Insurance. Chen Peng began to serve as the head of the Accounting Department of the Financial Assets Department of China National Petroleum Corporation in March 2001, but in April 2003, he served as the deputy chief accountant and chief accountant of PetroChina Logging Co., Ltd. According to the data, he also obtained a postgraduate degree in business administration from Xi'an University of Technology in April 2011.

The company was at a loss before and after his appointment

Just a year before Chen Peng took office, Sino-Italian Property & Casualty Insurance suffered its first loss in recent years. In 2016, it began to turn from profit to loss, with a loss of 29.9815 million yuan. In the year of his tenure, the loss reached 101 million yuan. Although the situation in 2018 improved slightly, it was still in a state of loss, with a net profit loss of 21.798 million yuan.

However, in 2019, Sino-Italian Property & Casualty Insurance had a meager profit, achieving insurance business income of 872 million yuan, of which the net profit was 6.0431 million yuan.

The predecessor was also from PetroChina

It is worth mentioning that Pan Guochao, the former chairman of Sino-Italian Property & Casualty Insurance, is also from PetroChina, who previously served as the manager of the department of CNPC Finance Co., Ltd. At the same time, he also served as the deputy general manager of PetroChina Captive Property & Casualty Insurance Co., Ltd.

After he left Sino-Italian Property & Casualty Insurance, he only served as the general manager of PetroChina Captive Property Insurance Co., Ltd., but not long ago, he was removed from the company's general manager because he reached retirement age.

Operator Finance and Economics learned that Pan Guochao had worked for many years in other insurance companies under PetroChina, and in 2001 he became the deputy general manager of Sino-Italian Life Insurance Co., Ltd., and in October 2008, he became the chairman of Sino-Italian Property & Casualty Insurance Co., Ltd. It can be said that the current achievements of Sino-Italian Insurance are a large part of the credit of Pan Guochao.