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China Fund News reporter Han Zhang

Three months later, the old life insurance company has a new general manager. Yesterday, TaiPing Life Insurance officially announced that Li Jinsong will be the company's new general manager. It is understood that Li Jinsong is a veritable "old TaiPing man" who has served TaiPing for more than 20 years and has witnessed the growth of TaiPing.

CPIC Life Insurance welcomes new general manager

On the evening of July 25, TaiPing Life Insurance's official website released an announcement showing that on April 26, 2024, the 45th meeting (temporary) of the 7th Board of Directors reviewed and approved, and on July 18, 2024, the State Financial Supervision and Administration Bureau approved the qualifications for the position (Jin Fu [2024] No. 489), Li Jinsong was appointed as the company's general manager. At the same time, Pan Yanhong no longer serves as the company's interim person in charge. The above adjustments have no significant impact on the company's business operations and financial status.

At the same time, TaiPing Life Insurance also issued an announcement stating that the Financial Regulatory Administration has approved Li Jinsong's qualifications to serve as a director of the company. Cai Qiang no longer serves as a director of the company. In 2024, Mr. Zhang Weidong and Mr. Wu Junhao successively stopped serving as directors of the company. The cumulative number of changes in the board of directors that year reached 4, exceeding 1/3 of the number of board members. The above-mentioned changes in directors have no significant impact on the business operations and financial status of the company.

Li Jinsong is a veritable "old Taibao man" who has served Taibao for more than 20 years and has witnessed the growth of Taibao. According to his resume, Li Jinsong was born in June 1969, with a bachelor's degree and a master's degree. He has served as the general manager of Taibao Life Insurance Sichuan Branch, the general manager, assistant general manager, and deputy general manager of the bank insurance department of the company, and the deputy director of the marketing department of Taibao Group and the general manager of the strategic customer department. He is currently the executive director and general manager of the company and a director of Changjiang Pension.

At the 2024 Wealth Partner Forum held not long ago, Li Jinsong told the media that the current bank-insurance cooperation generally faces the same problems. Bank-insurance business should seek breakthroughs based on customer needs, including moving from simple risks to combined risks. Against the background of further reductions in the scheduled interest rates, increasing life insurance is not attractive to customers. Superimposed combination products should be designed, such as disability insurance and long-term care insurance, to fully unleash the leverage effect of insurance protection, advance from fragmented products to the customer's entire life cycle, from the customer's explicit needs to potential needs, and from the needs of "people" and "families" to the needs of "enterprises" and "society".

In April this year, TaiPing Life Insurance announced that Cai Qiang would no longer serve as the company's general manager (CEO). During the vacancy of the company's general manager position, Ms. Pan Yanhong was appointed as the interim person in charge to perform the duties of the general manager. After three months, the new general manager of this old life insurance company was decided.

Last year, the premium volume exceeded 250 billion yuan

Public information shows that China Pacific Life Insurance Co., Ltd. (referred to as CPIC Life Insurance) was established in November 2001 and is a professional life insurance subsidiary of China Pacific Insurance (Group) Co., Ltd. (referred to as CPIC).

Pacific Insurance is an insurance group company established on the basis of China Pacific Insurance Company which was established on May 13, 1991. It is a leading comprehensive insurance group in China and the first insurance company to be listed in A+H+G (Shanghai, Hong Kong and London).

At the beginning of 2021, CPIC Life Insurance began to promote the implementation of the "Long-term Operation", launching the reform of the individual insurance channel with the direction of professionalization, specialization and digitization, reshaping the marketing team; building a valuable bank-insurance "core" model, and creating a new bank-insurance partnership. The "Long-term Operation" has been going on for three years, and judging from the interim results, the transformation has shown results.

In 2023, TaiPing Life Insurance achieved a premium scale of 252.817 billion yuan, a year-on-year increase of 3.2%; achieved a new business value of 10.962 billion yuan, a year-on-year increase of 19.1%; and the comprehensive solvency adequacy ratio was 210%, higher than the regulatory requirements.

According to the latest disclosed first quarter report data, in the first quarter of 2024, Taikang Life Insurance achieved a premium scale of 105.95 billion yuan, of which new premium scale was 32.833 billion yuan, a year-on-year increase of 0.4%; the value of new business reached 5.191 billion yuan, a year-on-year increase of 30.7%; net profit reached 9.594 billion yuan, a year-on-year increase of 311.49%.

Whether the new general manager can take over the banner of transformation and lead TaiPing Life Insurance to a new "long-term" journey has attracted much attention from the outside world.

Editor: Xiaomo

Audit: Wooden Fish

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