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cailianshe news, september 19 (reporter xia shuyuan)according to cailianshe reporters, ping an life insurance recently announced that yu hong will resign from his positions as executive director and general manager of ping an life insurance after his retirement. yang zheng, party secretary and chairman of ping an life insurance, plans to serve as the company's interim head and perform the duties of general manager. the above position changes will take effect after the relevant regulatory procedures are completed.

it is reported that yu hong took up the position of general manager of ping an life insurance in march 2017. before his resignation, he was responsible for the daily work of ping an life insurance, and was in charge of the company's channel center and technology research and development department. regarding yu hong's resignation, the relevant person in charge of ping an life insurance said in an interview with cailianshe reporters that the company has a mature and stable management mechanism, a systematic operating platform and a healthy and strong talent team, and personnel changes will not affect the company's normal operations.

it is worth noting that recently, many life insurance companies, including ping an life, xinhua insurance, and china tai ping life insurance, have also experienced intensive changes in senior executives. judging from the trend, the successors of insurance company senior executives are becoming younger and younger. in addition, unlike in the past when most senior executives of insurance companies came from the sales business line, professionals with actuarial, financial, and auditing backgrounds are gradually becoming the "new favorites" of insurance company management. in the view of industry insiders, under the interweaving of multiple pressures such as downward interest rates and changes in regulatory policies, the high-quality development of the industry has also put forward higher requirements for senior executives of insurance companies.

yang zheng to serve as interim head of ping an life insurance, yu hong to resign as general manager

ping an life insurance has started a new round of senior management adjustments. according to a reporter from cailianshe, ping an life insurance general manager yu hong resigned after retiring and has recently submitted his resignation to the board of directors, officially entering the retirement process.

regarding yu hong's resignation, a relevant person in charge of ping an life insurance said in an interview with cailianshe reporter: "yu hong's term of office after retirement has expired, and he has resigned from ping an life's executive director, general manager and other related positions. at the same time, after deliberation by the company's board of directors, mr. yang zheng, secretary of the party committee and chairman of ping an life, plans to serve as the company's interim person in charge and perform the duties of general manager. the above job changes will take effect after the relevant regulatory procedures are completed. the company expresses its sincere gratitude to yu hong for his contributions during his tenure."

it is reported that yu hong was born in 1968 and will be 56 years old in october this year, which is over the legal retirement age.

public information shows that yu hong graduated from qingdao institute of chemical technology with a bachelor's degree in chemical equipment and machinery. he joined ping an in december 1997 and served as director of the charging planning office of the premium department of ping an life headquarters, director of the chairman's office and deputy general manager of ping an life.

later, yu hong took charge of ping an life insurance chongqing branch and joined the leadership team of ping an life insurance with his good personal insurance performance. he was promoted all the way and served as assistant general manager and deputy general manager of ping an life insurance head office.

in march 2017, yu hong was appointed as the general manager of ping an life insurance. before leaving office, he was responsible for the daily work of life insurance and was in charge of the channel center and technology research and development department.

as a "veteran" of ping an life, yu hong has witnessed the development and growth of ping an life and has been deeply involved in a series of reforms of ping an life.

data shows that from 2017 to 2023, ping an life achieved insurance business income of 368.934 billion yuan, 446.895 billion yuan, 493.913 billion yuan, 476.087 billion yuan, 457.035 billion yuan, 439.277 billion yuan and 466.54 billion yuan, with corresponding growth rates of 34.07%, 21.13%, 10.52%, -3.61%, -4%, -3.89% and 6.21% respectively.

from 2017 to 2023, ping an life insurance achieved net profits of rmb 34.732 billion, rmb 72.265 billion, rmb 83.444 billion, rmb 92.143 billion, rmb 55.121 billion, rmb 74.696 billion and rmb 70.270 billion, with year-on-year growth rates of 39.28%, 111.90%, 15.47%, 11.15%, -40.18%, 35.51% and -11.27%, respectively.

it is worth noting that, driven by the switch of the scheduled interest rate in 2023, the premium scale of ping an life's traditional life insurance and universal insurance has grown rapidly, but the growth of long-term health insurance products is weak. data shows that from 2021 to 2023, the proportion of ping an life's traditional life insurance business will increase from 42.62% to 47.81% in 2023; the proportion of universal insurance will increase from 16.91% to 20.29%; and the proportion of long-term health insurance will drop from 21.58% to 18.69%.

in addition, in 2023, affected by the adjustments to actuarial assumptions, ping an life's intrinsic value and new business value both declined. in the future, the company will still need to continue to optimize its business structure to achieve balanced development of premium scale and business value.

regarding who will take over yu hong's position as general manager of ping an life insurance after he steps down, a person close to ping an life insurance said that the successor has not yet been determined.

according to a review by a cailian reporter, there are 11 senior executives among the current team members of ping an life, including 5 deputy general managers, namely hu jingping, who is in charge of the institutional supervision department of the individual insurance business department; deng minghui, who is in charge of the finance department and the risk management department; wang guoping, who is in charge of the community grid business department and the independent broker business department; shi weiyu, who is in charge of the product center, operation center, legal and compliance department, audit and supervision department, and digital reform project team; and cai ting, who is in charge of the planning department and the sales support department of the individual insurance business department.

many life insurance companies have made intensive adjustments to their top management, and the industry is increasingly strengthening its "account management" during its deep transformation period.

in fact, in addition to ping an life, senior executives of many life insurance companies have also undergone intensive changes recently.

on september 3, the organization department of the cpc committee of china investment corporation announced that gong xingfeng was to be appointed as the principal person in charge of the management of the directly-managed enterprises. people familiar with new china life insurance believe that this sends a strong signal that gong xingfeng, the current vice president, interim financial director, chief actuary and secretary of the board of directors of new china life insurance, will be promoted to the position of president of new china life insurance after completing relevant procedures.

on august 30, the administrative licensing document released on the website of the state financial supervision and administration showed that the tianjin financial regulatory bureau approved zhang chensong's qualifications as the general manager of everbright sun life insurance.

in july 2024, taiping life insurance also announced that pan yanhong would no longer serve as the company's interim head, and li jinsong's qualifications as the general manager of taiping life insurance were approved by the regulator.

in addition, in july, li wenfeng, who once held an important position in the audit office, was approved to serve as the chairman of xinhua life insurance; sun yuchun, chairman of china life insurance, applied to resign from the positions of director, chairman and related professional committees, and the company elected director shao xiaoyi as the company's chairman.

it is reported that most of the new senior executives of the above-mentioned insurance companies come from professional backgrounds such as actuarial science, finance, and auditing.

from the perspective of industry trends, unlike in the past when most insurance executives came from sales lines, professionals with actuarial, financial, and auditing backgrounds are gradually becoming the "new favorites" of insurance company management. in the view of industry insiders, under the interweaving of multiple pressures such as falling interest rates and changes in regulatory policies, the high-quality development of the industry has also put forward higher requirements for insurance company executives.

cao deyun, deputy secretary of the party committee of the joint committee of the insurance asset management association and the institute of actuaries, once said publicly: "from the perspective of the industry situation, the insurance industry has always been under pressure to transform and adjust its operating model and business structure on the liability side in recent years. at the same time, the implementation of the new accounting standards and solvency ii has brought a series of new changes to the financial statements, asset-liability management, and capital management of insurance companies.

the many changes facing the market will inevitably be transmitted to every market operator, and the operating results will eventually be reflected in the financial data. these new changes also require insurance company executives to strengthen their awareness of "accounting management."

industry insiders predict that in the future, the accounting and management capabilities of insurance agency heads will become an essential quality for insurance companies to cope with market changes, and will also be a solid foundation for institutions to truly achieve independent operation, self-financing, and self-development.