Last weekend, following the investigation of Vice President Yu Ze, there were new developments in the management of The People's Insurance Company (Group) of China Limited (PICC).
Zhao Rong, Chief Risk Officer of Bank of China, is expected to take up the position of Vice President at PICC.
Zhao Rong, female, born in 1971, holds a Ph.D. in Economics from the Graduate School of the People's Bank of China, which she obtained in 1998. She currently serves as the Chief Risk Officer of Bank of China. She joined the bank in 1998 and has held various positions, including Deputy Director of the Office, Marketing Director of the Personal Finance Department, Deputy General Manager of the Personal Finance Headquarters (Wealth Management), and Business Management Director. From October 2009 to March 2014, she served as Director of the Office and Spokesperson for Bank of China. From July 2014 to May 2021, she was the Executive Vice President of the Shanghai RMB Trading Business Headquarters. From November 2015 to October 2020, she served as President of Bank of China’s Shanghai Branch. In October 2024, she was appointed Chief Risk Officer of Bank of China.
Currently, PICC’s leadership team includes: Party Secretary and Chairman Ding Xiangqun; Deputy Party Secretary and President Zhao Peng; Head of the Discipline Inspection and Supervision Team and Party Committee Member Shi Qingfeng; Party Committee Members and Vice Presidents Xiao Jianyou, Cai Zhiwei, Zhang Jinhai, and Tian Geng; Board Secretary Zeng Shangyou; and Business Director Gong Xinyu.
Notably, several members have banking backgrounds. Chairman Ding Xiangqun is also a veteran of Bank of China, having worked in various departments at its headquarters from 1993 to 2013 before becoming Vice President of China Development Bank in July 2015. Zhao Peng served as Vice President of the Agricultural Development Bank of China from March 2020 to July 2022. Tian Geng worked in the Industrial and Commercial Bank of China system for a long time before joining PICC in April this year.
The personnel adjustments in PICC’s senior management reflect clear industry characteristics and patterns, closely tied to the transformation of the insurance sector, regulatory requirements, and the company’s development needs.
PICC was officially established in Beijing in 1949 as the first state-owned insurance institution in New China, initially focusing on fire insurance and cargo transportation insurance to provide risk protection for economic recovery.
In 1996, the company underwent restructuring and diversification. In 2003, it was reorganized into PICC Holding Company and exclusively initiated the establishment of core subsidiaries such as PICC Property & Casualty and PICC Asset Management. In the same year, PICC Property & Casualty was listed on the Hong Kong Stock Exchange, becoming the first mainland financial institution to go public overseas. In December 2012, PICC Group’s H-shares were listed in Hong Kong, further strengthening its capital base.
As of the end of Q3 2025, the Ministry of Finance of the People’s Republic of China remains the largest shareholder with a 60.84% stake, followed by the National Council for Social Security Fund as a key strategic shareholder with 15.36%. Hong Kong Securities Clearing (Nominees) Limited holds 19.69%, making it the primary overseas shareholder, with the rest held by a small number of other institutional investors.
According to public financial reports, PICC has maintained steady growth in recent years. In 2024, the group achieved operating revenue of RMB 621.972 billion, up 12.5% year-on-year, and net profit attributable to parent company shareholders of RMB 42.869 billion, a surge of 88.2%.
This growth momentum continued into 2025, with the group reporting total operating revenue of RMB 520.990 billion in the first three quarters, up 10.9% year-on-year, and net profit attributable to parent company shareholders of RMB 46.822 billion, a 28.9% increase. Shareholders’ equity reached RMB 314.071 billion, up 16.9% from the beginning of the year.
By segment: PICC Property & Casualty recorded gross premium income of RMB 443.182 billion in the first three quarters, up 3.5% year-on-year, with underwriting profit soaring 130.7% to RMB 14.865 billion and a combined ratio improving to 96.1%. PICC Life’s new business value (comparable basis) rose 76.6%, while PICC Health’s net profit grew 41.0%. Investment performance was strong, with total investment assets reaching RMB 1,825.647 billion, up 11.2% from the start of the year, and total investment income of RMB 86.250 billion, up 35.3%.
As a core player in China’s insurance industry, PICC maintains its leading position with a solid equity foundation, comprehensive business layout, and sustained growth in operating performance.
Senior management adjustments consistently align with business development, compliance governance, and industry trends, providing organizational stability for long-term operations and reflecting the governance logic and development path of state-owned financial institutions amid changing times.
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