Recently, there have been personnel changes in the senior management of Ping An Insurance, Anmeng Property and Casualty Insurance, and Xinhua Asset Management in China.
Ma Mingzhe Continues as Chairman of Ping An Insurance in China
On May 31st, Ping An of China announced that after deliberation by the board of directors, Ma Mingzhe was elected to continue serving as the chairman of the company.
According to public information, Ma Mingzhe is the founder and founder of Ping An in China. He is 68 years old and has served as the company's general manager, director, chairman, and CEO. Since the establishment of the company, Ma Mingzhe has been in charge of comprehensive business management. He no longer served as CEO in June 2020 and is now mainly responsible for strategic, talent, cultural, and major decision-making.
In addition, the board of directors of Ping An Corporation of China has agreed to renew the appointment of Xie Yonglin as the joint CEO and General Manager of the company, and Cai Fangfang as the Deputy General Manager. Other personnel arrangements involving senior management include: Guo Xiaotao continuing to serve as Co CEO and Deputy General Manager, Huang Baoxin as Deputy General Manager, Fu Xin as Deputy General Manager, Zhang Zhichun as Chief Financial Officer (Financial Manager), Sheng Ruisheng as Secretary of the Board, Sun Jianping as Chief Human Resources Executive Officer, Zhang Xiaolu as Compliance Officer, Deng Bin as Chief Investment Officer and Assistant General Manager, Guo Shibang as Chief Risk Officer and Assistant General Manager, Huang Yuqiang as General Manager and Audit Responsible Person of the Audit and Supervision Department.
On the same day, the Ping An Supervisory Board of China approved the decision to elect Sun Jianyi to continue serving as the Chairman of the Company's Supervisory Board.
Wu Runlong appointed as Chairman of Anmeng Property and Casualty Insurance
Recently, Wu Runlong's qualification to serve as the Chairman of Anmeng Property and Casualty Insurance has been approved by the Sichuan Regulatory Bureau of the State Financial Supervision and Administration.
According to public information, Wu Runlong was born in 1979 and holds a master's degree as an economist. Previously worked at PICC Group, China Oriental, and China Insurance Group.
According to the solvency report, in 2023, Anmeng Property&Casualty Insurance achieved insurance business revenue of 3.32 billion yuan, net profit of 33 million yuan, and a comprehensive cost rate of 95.48%. As of the first quarter of 2024, the core solvency adequacy ratio and comprehensive solvency adequacy ratio of Anmeng Property and Casualty Insurance were both 302.21%.
It is reported that in January 2024, the Sichuan Regulatory Bureau approved the name change of AVIC Anmeng Property Insurance Co., Ltd. to Anmeng Property Insurance Co., Ltd. (i.e. Anmeng Property Insurance).
Qin Hongbo's Candidate for Chairman of Xinhua Asset Management
Recently, Xinhua Insurance announced that after being reviewed and approved by the board of directors, it has agreed to recommend Qin Hongbo as the candidate for the chairman of Xinhua Asset Management.
Public information shows that Qin Hongbo was born in 1975. Joined Xinhua Insurance in 2021 as Vice President; From September 2022 to May 2024, concurrently served as Chief Risk Officer. Previously worked at China Reinsurance and Dadi Insurance.
According to data, Xinhua Asset Management achieved a revenue of 1.398 billion yuan in 2023, a year-on-year increase of 8.37%; The net profit was 642 million yuan, a year-on-year increase of 10.88%. At the end of June 2023, the entrusted third-party asset management scale of Xinhua Asset Management reached 624 billion yuan; At the end of that year, the company's asset size reached 4.977 billion yuan.In order to deeply implement the spirit of the Central Financial Work Conference, effectively make the "five major articles" of science and technology finance, green finance, inclusive finance, pension finance, and digital finance more practical and detailed, and improve the quality and level of financial services for the real economy, the State Administration of Financial Supervision recently issued the "Guiding Opinions on Doing a Good Job in the" Five Major Articles "of Finance in the Banking and Insurance Industry" (hereinafter referred to as the "Guiding Opinions")
1、 What is the background of the issuance of the Guiding Opinions?
The Central Financial Work Conference pointed out the need to effectively strengthen high-quality financial services for major strategies, key areas, and weak links, and do a good job in the five major articles of science and technology finance, green finance, inclusive finance, pension finance, and digital finance. The "Five Major Financial Articles" accurately grasp the phased characteristics of China's economic and social development and the laws of financial development in the new era, clarify the key tasks and implementation paths of financial support for high-quality development, fully reflect the value orientation of putting the people at the center and the inherent requirements of developing new productive forces, and point out the direction for improving the quality and efficiency of financial services for the real economy, and using high-quality financial development to support the construction of a strong country and the great cause of national rejuvenation. In order to deeply implement the spirit of the Central Financial Work Conference, under the overall guidance of the Central Financial Commission, and effectively make the "Five Major Articles" more practical and detailed, the State Administration of Financial Supervision has studied and formulated the "Guiding Opinions", aiming to put forward clear requirements for the State Administration system and banking and insurance institutions to coordinate and make comprehensive arrangements for the "Five Major Articles".
2、 What are the main contents of the Guiding Opinions?
The Guiding Opinions consist of five parts and twenty articles.
The first part is the overall requirements, which clarify the guiding ideology, main goals, and basic principles for doing a good job in the "Five Great Articles".
The second part is to optimize the five major articles on financial products and services. Require focusing on checkpoints and blockages to improve the quality and efficiency of technology finance, combined with the development laws and characteristics of technology-based enterprises, to provide full lifecycle financial services for technology-based enterprises; Focusing on the "dual carbon" goal, we will improve the green financial system, actively support key industries and fields in energy conservation, pollution reduction, carbon reduction, greenery enhancement, and disaster prevention, and enrich green financial products and services; Focusing on pain points and difficulties, strengthening inclusive financial services, treating all types of ownership enterprises fairly, continuously increasing financial support for private, small and micro enterprises, and individual businesses, and actively serving the comprehensive revitalization of rural areas; Focusing on practical needs, accelerating the development of elderly care finance, increasing financial support for the health industry, elderly care industry, and silver economy, and developing the third pillar of elderly care insurance; Focusing on efficiency and security to promote the development of digital finance, actively guiding the digital transformation of banking and insurance institutions, and improving the financial regulatory system that adapts to the digital era.
The third part is to leverage the functional advantages of banking and insurance institutions in serving the "five major articles". To effectively leverage the development and policy oriented financial functions, fully leverage the role of national commercial banks as the main force, actively guide small and medium-sized banks to carry out characteristic operations based on local conditions, vigorously leverage the economic shock absorber and social stabilizer functions of the insurance industry, and actively leverage the professional advantages of non bank financial institutions.
The fourth part is to improve the organizational management system of the "Five Great Articles" of banking and insurance institutions. Require banking and insurance institutions to strengthen internal management mechanisms, improve incentive and constraint mechanisms, and adhere to the bottom line of risk.
The fifth part is to provide regulatory support for the "Five Great Articles". We need to strengthen regulatory guidance, promote the improvement of the external environment, strictly prevent illegal and irregular financial activities, and encourage good experience exchange and mutual learning.
3、 What principles should be grasped to do well in the "Five Great Articles" of finance?
One is to adhere to problem orientation and implement classified policies. Break through the bottlenecks that constrain the development of new productive forces and the five major articles, and create a favorable institutional environment. Guide banking and insurance institutions to optimize the development strategy of the "Five Big Articles" in a targeted manner based on their own positioning and advantages. Encourage adapting measures to local conditions, leading by experimentation, and unleashing demonstration effects.
The second is to adhere to market leadership and benefit enterprises and the people. Respect the laws of economic and social development, and leverage the decisive role of the market in resource allocation. Guide banking and insurance institutions to establish a correct social value orientation, strengthen awareness of financial consumer protection, accelerate the construction of sustainable business models, fulfill social responsibilities, and enhance endogenous motivation.
The third is to adhere to integrity and innovation, with controllable risks. Strengthen technological leadership, fully leverage the leading role of innovation in new quality productivity, and promote financial innovation on the track of marketization and rule of law. Balancing development and security, adhering to financial innovation must be carried out under the premise of prudent supervision, seeking progress while maintaining stability, and guarding the bottom line of risks.
The fourth is to adhere to a systematic concept and form a synergy. Strengthen the coordination and linkage between regulation and monetary, fiscal and taxation, industry, environmental protection and other policies, fully mobilize the enthusiasm of government, enterprises, market and other aspects. Promote the formation of a vivid situation where various financial means complement each other, financial institutions fulfill their respective responsibilities, and the "five major articles" are integrated and developed.
4、 What specific requirements are proposed by the Guiding Opinions for banking and insurance institutions?
One is to strengthen the construction of internal management mechanisms. Banking and insurance institutions should include the "five major articles" in their strategic planning and annual key tasks, establish and improve a special leadership and coordination mechanism, and formulate specific work plans. By increasing investment in credit resources, appropriately delegating credit approval authority, and implementing differentiated internal fund transfer pricing measures, we will increase internal resource allocation. Encourage eligible institutions to establish specialized departments or characteristic branches based on their own actual situation, and improve the level of professional services.
The second is to improve the incentive and constraint mechanism. Banks and insurance institutions should establish and improve a scientific and reasonable performance evaluation system, appropriately increase the proportion of "five major articles" related business in internal performance evaluation, implement a due diligence exemption system, further clarify the standards and processes for exemption, and promote all parties to fulfill their duties.
The third is to adhere to the bottom line of risk. Banking and insurance institutions should strictly follow the principles of risk control and commercial sustainability in their business operations, avoiding herd behavior and excessive credit granting. Strengthen compliance review, accurately determine the target audience and scope of support, and strictly prevent the use of the "five major articles" to deceive and embezzle funds from financial institutions. Strengthen business follow-up tracking management and risk monitoring, and proactively prepare risk warning and resolution plans.
5、 What are the key tasks that the State Administration for Financial Regulation will focus on in the "Five Great Articles" of finance in the next step?
One is to strengthen regulatory guidance. The State Administration for Financial Regulation will continue to improve the policy system of the "Five Major Articles", formulate relevant implementation plans, and establish a sound statistical system. Regulatory departments at all levels should strengthen supervision and guidance, conduct timely evaluations and inspections, and correct issues such as inadequate policy implementation and implementation deviation. The State Administration for Financial Regulation will timely supervise and evaluate the work of various regulatory agencies and banking and insurance institutions in carrying out the "Five Major Articles", and promote the effectiveness of related work.
The second is to promote the improvement of the external environment. Each regulatory authority should strengthen cooperation with local governments, promote and improve risk sharing mechanisms, and facilitate channels for collateral disposal. Promote the improvement of corporate and individual credit evaluation systems, support local governments in establishing and improving financing credit service platforms, effectively integrate information from various fields, and fully share with banks and insurance institutions.
The third is to strictly prevent illegal and irregular financial activities. Strictly crack down on illegal, irregular, and financial criminal activities carried out under the name of "Five Great Articles". Strengthen monitoring and early warning, adhere to the combination of prevention and control, and address both symptoms and root causes, to improve the ability of early prevention, early treatment, and precise disposal. Encourage the public to report clues and strive to form a good situation of mass prevention and governance.
The fourth is to encourage good experience exchange and mutual learning. Support eligible regions to carry out targeted pilot demonstrations of the "Five Great Articles" in combination with their own economic and financial development needs. Regulatory authorities at all levels should strengthen investigation and research, organize communication and exchange among banking and insurance institutions, and timely summarize good practices and opinions and suggestions. Intensify the promotion of good experiences and accelerate the formation of replicable and promotable practical experiences.
Original link: https://www.cbirc.gov.cn/cn/view/pages/ItemDetail.html?docId=1161211&itemId=928
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