Bloomberg News

China Life Appoints Yang Mingsheng Chairman in State Reshuffle

May 22, 2012

China Life Insurance Co. (2628), the nation’s biggest insurer, appointed Yang Mingsheng as chairman, two months after the former regulatory official was named chairman of its state-owned parent company.

Yang replaced Yuan Li, who resigned as chairman and executive director “due to reallocation to other job duties,” China Life said in a statement to the Hong Kong stock exchange today. Yang, a former vice chairman of the China Insurance Regulatory Commission, was made chairman of China Life Insurance (Group) Co. on March 19, according to a statement on the parent’s website.

The appointment is part of a leadership reshuffle at four state-run insurers after they were promoted to vice ministerial- level corporations in November and their personnel affairs taken over by the ruling Communist Party, China Business News reported March 19. China Life Insurance Co.’s first-quarter profit fell 29 percent from a year ago as impairment losses on equity investments surged.

Shi Guoqing and Zhuang Zuojin also resigned as non- executive directors, the listed company said today.

To contact Bloomberg News staff for this story: Bloomberg News in Beijing at dzhang14@bloomberg.net; Helen Yuan in Shanghai at hyuan@bloomberg.net

To contact the editor responsible for this story: Rebecca Keenan at rkeenan5@bloomberg.net


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