Recently, the general manager of Ping An Life Insurance, Yu Hong, resigned from his position, and the chairman temporarily took over the role, sparking market attention.
On the evening of September 18, there were reports in the market that Yu Hong, the general manager of Ping An Life Insurance, had submitted his resignation to the board of directors.
On the 19th, a person in charge of Ping An Life Insurance told “China Fund News” that Ping An Life Insurance had announced earlier that after retiring, Yu Hong would be rehired, and upon completion of the term of office, would step down from the positions of executive director and general manager of Ping An Life Insurance. Yang Zheng, chairman of Ping An Life Insurance, assumed the role of acting head of the company, carrying out the duties of the general manager. The aforementioned job changes will take effect after the completion of the relevant regulatory processes.
Ping An Life Insurance stated that the personnel changes do not affect the normal operation of the company, and the appointment of the new general manager is currently progressing in an orderly manner. Subsequently, the company will fulfill the obligation of timely disclosure of information in accordance with relevant laws and regulations and regulatory requirements.
It has also been recently learned by “The Paper” that Yu Hong has resigned, and she reportedly mentioned to insiders at Ping An that she wanted to take a break. However, there are reports that Yu Hong may join a foreign insurance company.
Public information shows that Yu Hong, born in October 1968, joined Ping An in 1997, holding various positions such as director of the premium collection planning department at the Ping An Life Insurance headquarters, director of the chairman’s office, deputy general manager of Ping An Life Insurance, deputy general manager and general manager of Ping An Life Insurance’s Chongqing branch, and assistant general manager, deputy general manager, and general manager of Ping An Life’s head office.
Established in 2002, Ping An Life Insurance is an important member of China Ping An Insurance (Group) Company Limited. The solvency quarterly report for the second quarter of 2024 disclosed by Ping An Life Insurance shows that as of the end of the quarter, the company’s total assets are approximately RMB 4.68 trillion.
Currently, China is facing immense economic pressure, with the possibility of a financial crisis erupting at any time. In just over a month, the number of resignations of senior executives from listed companies has exceeded 1100, with a majority coming from the financial system. At the same time, the Chinese Communist Party’s crackdown on the financial system is greater than ever before.
Some of the resignations in the banking sector include: On August 25, Liu Jin resigned as president of Bank of China; On August 18, Zhang Rongsen resigned as president of Zhejiang Commercial Bank; On August 17, Wang Feng resigned as deputy president of Jiangyin Bank; On August 1, Wu Tiejun resigned as deputy president of Changshu Bank.
Resignations in insurance companies include: On September 6, Wang Tingke resigned as chairman of China Life Insurance (Group) Company; On August 28, Liu Xiaodan resigned from the independent director and chairman of the Remuneration and Nomination Committee of the Board of Directors of China Pacific Insurance Group; On August 27, Pan Yanhong no longer holds positions such as chairman of Taiping Life Insurance at Pacific Insurance Holdings.
Du Wen, a former official from within the Chinese Communist Party system, former deputy director of the Legal Advisory Office of Inner Mongolia’s Legal Affairs, and dean of the Institute of Legal and Social Studies, believes that the elite class that holds the financial lifeline is most sensitive to the market. The wave of resignations among them reflects their collapsing confidence in China’s financial system.