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Since the beginning of this year, many professional pension insurance companies have laid the foundation and renewed their energy by changing their leaders in order to expand their presence in the pension finance market.

Text/Daily Financial Report Li Jia

The Interim Measures for the Supervision and Administration of Pension Insurance Companies issued by the regulatory authorities in December 2023 require that pension insurance companies should mainly engage in pension-related businesses and should not be entrusted with the management of insurance funds or carry out insurance asset management product businesses. On July 18, 2024, the Third Plenary Session of the 20th CPC Central Committee reviewed and adopted the Decision of the CPC Central Committee on Further Comprehensively Deepening Reforms and Promoting Chinese-style Modernization, which clearly stated that we should actively respond to the aging of the population, improve the policy mechanism for the development of the pension cause and the pension industry, optimize the supply of basic pension services, encourage and guide enterprises and other social forces to actively participate, and promote mutual assistance pension services.

It can be seen that with the policy promotion in the past year, my country's pension industry has been pushed to a higher and higher position, and pension finance has also ushered in a new outlet. As the only licensed financial institution with the words "pension insurance" in my country's financial market, a number of professional pension insurance companies are fighting on the road of pension finance through their own practical actions.

Some pension insurance companies have adjusted their strategies to adapt to new market changes, or developed multiple types of businesses to explore in-depth participation in the development of China's multi-level and multi-pillar pension insurance system. However, since the beginning of this year, without exception, many professional pension insurance companies have been repositioning themselves through changes in leadership, laying the foundation and renewing their energy for the subsequent expansion of their layout in the pension financial market.

On July 24, China Life Pension issued an announcement that, after the resolution of the company's board of directors and the approval of his qualifications by the State Financial Regulatory Administration, the company appointed Yu Xianqun as the company's president, and he will officially take office on July 8, 2024.

Just the day before, on July 23, according to public reports from many media, Jin Chao, former vice president of Bohai Bank, has joined Ping An Life Insurance, a subsidiary of Ping An Group, and is expected to be appointed as general manager, which immediately attracted great attention from both inside and outside the industry.

Not only that, according to statistics from the "Daily Financial Report", since the beginning of this year, including China Life Pension and Ping An Pension, four professional pension insurance companies have officially announced senior management personnel adjustments. They are Xinhua Pension, Heng An Standard Pension, PICC Pension, and Taikang Pension. These six companies have involved changes in a total of three chairmen and three general managers.

China Life Pension enters the "Wang Yu Pei" period, new prospects are expected

Judging from the resume of Yu Xianqun, the new head of China Life Pension, he has profound experience in the insurance industry and a solid professional knowledge background.

Public information shows that Yu Xianqun was born in the 1960s and is 55 years old this year. He has a very solid academic background, including a master's degree in law and a doctorate in economics. He also served as the director of the Theoretical Bureau of the Research Office of the General Office of the National Committee of the Chinese People's Political Consultative Conference.

It was not until 2008 that Yu Xianqun officially joined China Life Group. He has served in many important core positions, including deputy director and director of the Office (Party Committee Office), general manager of the Brand Promotion Department, general manager of the Strategic Planning Department, director of the company's strategic planning, and director of China Life Xiong'an Financial Development Center.

2020 is another important year for Yu Xianqun. It was in this year that he was transferred to China Life Property & Casualty Insurance Co., Ltd., where he successively served as the company's vice president and chief risk officer. Later, he added another prominent "honorary label" to his identity, serving as secretary of the board of directors of China Life Property & Casualty Insurance Co., Ltd. since February 2023.

It is worth noting that in January this year, Yu Xianqun attended the 2024 work conference of China Life Pension as the deputy secretary of the Party Committee of China Life Pension, presided over and delivered a summary speech. Now, with the appointment of the new general manager of China Life Pension, Yu Xianqun's career path has expanded to the important field of the pension industry, adding another glorious chapter to his rich career.

Indeed, for China Life Pension, the approval of Yu Xianqun's qualifications also officially announced the end of the company's more than one-year vacancy in the position of president. You must know that as early as May 2023, Cui Yong, the former president of China Life Pension, retired due to age, and Wang Junhui, then chief investment officer of China Life Group, was appointed as interim person in charge. However, only two months later, in July of that year, Wang Junhui suddenly resigned from the position of interim person in charge of China Life Pension, and Zhang Linguang, vice president of China Life Pension, became the new interim person in charge, but less than four months later, Zhang Linguang also resigned as interim person in charge in November 2023.

At that critical moment of personnel exchange and replacement, Wang Junhui, who had just resigned as interim person in charge, became the Party Secretary of China Life Pension and officially took up the position of Chairman in November 2023.

It is reported that Wang Junhui is highly educated, with a doctorate degree and a senior economist. He also holds multiple positions, and is currently the chief investment officer of China Life Group. Earlier, Wang Junhui also served as the party secretary, president, vice president, and assistant to the president of China Life Asset Management; party secretary and president of China Life Investment Holdings; assistant to the general manager of Harvest Fund Management and director of the investment department, and executive member of the investment decision-making committee.

At present, Yu Xianqun's qualifications have been approved, which also means that the chairman and president have been fully staffed, and China Life Pension has officially entered the "Wang Yu pairing" period, providing solid executive human resources support for the company's subsequent transformation to "annuity + insurance", actively engaging in corporate annuity and occupational annuity fund management, promoting the development of the third pillar of pension insurance, and steadily advancing commercial pension business pilots and other pension financial work.

Professional pension insurance companies are replacing their generals one after another. What’s the logic behind this?

As we said at the beginning, not only China Life Pension, but also the other five professional pension companies have been "deploying troops" for personnel since this year.

Take the recent case of Ping An Pension as an example. On July 19, Bohai Bank issued an announcement that Jin Chao resigned from his position as vice president of the bank due to personal reasons after his term of office expired. At that time, there were many market news that Jin Chao had joined Ping An Pension Company under Ping An Group and was expected to serve as general manager, while Wang Xin, the current general manager of Ping An Pension, might retire to the second line.

However, this news has not been officially disclosed to the public. Ping An Life’s website shows that Wang Xin is still the company’s current general manager.

Jin Chao is relatively young. He was born in 1979 and is a "post-70s". He has a doctoral degree and is very experienced in the banking industry. He previously served as assistant president, member of the Party Committee and deputy president of Beijing Wangfujing Branch of Industrial and Commercial Bank of China; deputy general manager of the International Business Department and deputy general manager of the Investment Banking Department of Beijing Branch of Industrial and Commercial Bank of China; member of the Party Committee, deputy president and risk director, secretary of the Party Committee and president of Shanghai Free Trade Zone Branch of Ping An Bank; secretary of the Party Committee and president of Fuzhou Branch of Ping An Bank. Until February 2021, Jin Chao was publicly selected by Bohai Bank and became deputy president for a term of three years.

Now, Jin Chao has returned to Ping An again, which means that his career path has shifted from banking to the pension insurance sector, which is of great significance to him.

Looking back, Gan Weimin, who currently serves as the chairman of Ping An Pension Insurance, has a very similar work background to Jin Chao. He also started his career in the banking industry and served as the president of the Jiefangbei Branch of the Chongqing Branch of CITIC Industrial Bank, the president of the Chongqing Branch of China Minsheng Bank, the president of Chongqing Bank, and the chairman of Chongqing Bank. In 2017, Gan Weimin switched to the insurance market and joined Ping An in June of that year. After a short stint as the general manager of Ping An Pension Insurance, he took the helm of the first professional pension insurance company in China under Ping An and officially became the chairman.

In addition, on July 12, Xinhua Pension issued an announcement disclosing that the State Financial Regulatory Administration has approved Li Wenfeng's qualifications to serve as the company's chairman. It is reported that Li Wenfeng, born in the 1980s, came from the regulatory system and worked in the Jinan Special Office of the National Audit Office and the Information and Postal Audit Bureau of the National Audit Office. Then from September 2009 to December 2023, he came to CIC and served as the senior deputy manager of the Party Committee Office and the senior deputy manager of the Insurance Institution Management Department of Central Huijin. Since February 2024, Li Wenfeng has moved to Xinhua Insurance and served as the assistant to the president.

In addition to the above-mentioned pension companies, Heng An Standard Pension, PICC Pension and Taikang Life Insurance have also welcomed new general managers or chairmen since this year.

Specifically, on May 20, Heng An Standard Pension issued an announcement stating that after deliberation and approval at the 30th meeting (temporary) of the first board of directors of the company and approval by the State Financial Supervision and Administration Bureau, Heng An Standard Pension appointed Pu Pengju as the company's general manager.

Public information shows that Pu Pengju studied at Nankai University and Peking University, and received a bachelor's degree in economics and a master's degree in finance respectively. He has worked in large pension management and investment institutions such as China Ocean Shipping Group, China Pacific Life, Taikang Life, Changjiang Life, and Tianhong Fund. He has more than 20 years of industry experience in basic pensions, corporate annuities, and personal pensions. He also has very rich and mature experience in policy research and market research.

A month earlier, on April 18, PICC Pension announced that, with regulatory approval, Cai Zhiwei would serve as the chairman of PICC Pension from April 12, 2024.

It is reported that Cai Zhiwei, born in 1975, also holds multiple positions. He is not only the current member of the Party Committee and vice president of China Insurance Group, but also a non-executive director of Hua Xia Bank. He has served as a member of the Executive Committee of China Investment Corporation and director of the Investment Support Department, director of the Real Estate Investment Department, managing director, and managing director of the Private Equity Investment Department.

Personnel adjustments may continue.

Paving the way for the layout of pension finance

However, when talking about how to make specific plans for future pension strategies after the "number one and two in command" take over, the pension companies that have changed their leaders seem to be very cautious and have not revealed too much.

But in any case, the pension sector is undoubtedly the top priority for every insurance company. As early as October last year, the Central Financial Work Conference pointed out that it is necessary to do a good job in the "five major articles" of science and technology finance, green finance, inclusive finance, pension finance, and digital finance. Among them, pension finance is an important component, which also points out the direction for the financial industry to participate in the pension cause.

Therefore, in order to cater to the development of the pension financial market, the top two leaders of major professional pension insurance companies are all experienced financial veterans who have experienced numerous tests in the market. For example, Pu Pengju, the top two leader of Hengan Standard Pension Insurance mentioned above, has more than 20 years of industry experience in basic pension, enterprise annuity and personal pension, and has strong pension policy research and layout capabilities.

There are also Ping An Life Insurance Chairman Gan Weimin and General Manager Jin Chao. According to the resumes introduced in the previous article, although both of them came from banks, there is no doubt that their rich experience in investment, strategic management, etc. will bring more new possibilities to the company's long-term pension layout.

Therefore, for the "number one and two in command" of a number of professional pension insurance companies that have completed personnel changes, the burden on their shoulders is not small from the moment they took over and became senior executives of the company. It can be said that they have a long way to go. At the same time, after going through hardships in the pension track, the growth rate of senior executives will definitely be on the fast track.

However, in the short term, we believe that such frequent executive changes may also be repeated in other pension insurance companies. It should be noted that the competition in the pension track is already very fierce. In the face of such a situation, it is a "wise move" to revitalize the company by replacing its superior generals and maintaining its unique and differentiated strategic competitive advantage.

It is foreseeable that, judging from the experience and demonstrated capabilities of the senior management of major pension insurance companies, their future re-positioning at the pension strategy level is bound to be very interesting, and the "Daily Financial Report" will continue to pay attention to it.

Meicai.com Statement: This article is based on public information. The information or opinions expressed do not constitute investment advice to anyone and are for reference only. The picture material comes from the Internet. Please delete if it infringes.

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