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 firstname.lastname@example.org; Helen Yuan in Shanghai at email@example.com
To contact the editor responsible for this story: Rebecca Keenan at firstname.lastname@example.org