This personnel adjustment may reflect a shift in the company's "group-subsidiary" management model. Previously, the Party Committee Secretary and General Manager of China Taiping's subsidiaries were often concurrently held by the Group's Deputy General Managers. However, Wang Xuze and Peng Yunping were both promoted from within the subsidiaries and no longer hold cross-appointments with Group executives.
Recently, Taiping Life and Taiping Property & Casualty held meetings announcing that Wang Xuze, the temporary responsible person of Taiping Life, has been appointed as Party Committee Secretary and proposed General Manager; Deputy General Manager Peng Yunping has been appointed as Party Committee Secretary and proposed General Manager of Taiping Property & Casualty. Upon regulatory approval of their qualifications, Taiping Life and Taiping Property & Casualty will be steered by two leaders born in the 1970s.
This personnel adjustment potentially signals a shift in the company's "group-subsidiary" management paradigm. Historically, the roles of Party Committee Secretary and General Manager at China Taiping subsidiaries were frequently filled by the Group's Deputy General Managers through cross-appointments. In contrast, the current appointments of Wang Xuze and Peng Yunping, both promoted internally from their respective subsidiaries, break from this tradition. Consequently, subsidiary autonomy and decision-making flexibility are expected to be significantly enhanced.
A similar trend of internal promotions is observable within the industry. For instance, Huang Xiumei, Party Committee Secretary and General Manager of China Life Property & Casualty, and Zhang Daoming, temporary responsible person of PICC Property & Casualty, are both executives who rose through the ranks within their subsidiaries. This contrasts with arrangements at other major insurers: the General Manager of China Life Insurance is still concurrently held by Li Mingguang, a member of the Group's Party Committee and Vice President, and the President of PICC Life is concurrently held by Xiao Jianyou, a Vice President of the Group. These differing approaches to executive placement highlight China Taiping's distinctive exploration of subsidiary governance models.
For the first three quarters of this year, Taiping Life and Taiping Property & Casualty reported insurance revenue of 158.04 billion yuan and 25.865 billion yuan, respectively, representing year-on-year growth of 6.6% and 4.24%. Their net profits reached 18.13 billion yuan and 974 million yuan, surging by 61.2% and 82.4% year-on-year, respectively.
Two leaders born in the 1970s are now at the helm of the property and life subsidiaries. Veterans with diverse channel experience are moving into the spotlight.
On December 26, 2025, Taiping Life and Taiping Property & Casualty concurrently held cadres meetings to announce leadership changes: Wang Xuze, temporary responsible person of Taiping Life, was appointed as Party Committee Secretary and proposed General Manager; Deputy General Manager Peng Yunping was appointed as Party Committee Secretary and proposed General Manager of Taiping Property & Casualty. The formal effectiveness of their General Manager appointments is pending regulatory approval.
Notably, these changes signal a new strategic focus for both companies. Wang Xuze of Taiping Life brings a stronger emphasis on diversified channels, having previously overseen areas such as e-commerce, agency distribution, social insurance commercial operations, service expansion, and high-net-worth client business. This contrasts sharply with the profile of the former General Manager, Cheng Yonghong, who was responsible for the personal insurance department, education and training department, and health insurance department.
Wang Xuze had already assumed the role of temporary responsible person in June of this year, positioned to succeed Zhao Feng, who was assigned to Hainan. Public records indicate that Wang Xuze was born in August 1972 and graduated from the Tianjin Municipal Party Committee Party School. His career began at the Tianjin branch, followed by progressive management experience accumulated across multiple branches. In 2014, Wang was transferred to head the Dalian branch of Taiping Life. Five years later, in December 2019, he became the responsible person for the Liaoning branch. In 2020, Wang moved to the Taiping Life headquarters. The following year, he delivered a keynote report at a service expansion summit in his capacity as Marketing Director, guiding the development direction of national sales elites. He was promoted to Deputy General Manager of Taiping Life in April 2022.
As of now, the senior management team of Taiping Life comprises 13 members: Temporary Responsible Person and Deputy General Manager Wang Xuze; Deputy General Manager Shen Yi; Deputy General Manager and Trade Union Chairwoman Zheng Qinghong; Investment Director and Chief Investment Officer Xing Maohua; Deputy General Manager, Board Secretary, Spokesperson, and Deputy Chief Actuary Yan Zhikang; Chief Actuary Lin Duanhong; Assistant General Manager Tang Xi'nan; Deputy Financial Controller Hua Yong; Audit Responsible Person Liu Jian; Assistant General Manager and Financial Controller Chen Zewei; Assistant General Manager, Compliance Officer, and Chief Risk Officer Yu Hanye; Assistant General Manager Chen Guangxin; and Assistant General Manager Gou Hongjun.
The promotion logic for the General Manager of Taiping Property & Casualty also shifted, favoring Peng Yunping, who possesses richer experience in building "diversified channels" over a singular focus on "personal insurance." Information shows that Peng Yunping was born in October 1973 and holds a postgraduate degree from the Central Party School. The company's website currently lists her as Deputy General Manager of Taiping Property & Casualty, overseeing the Personal Non-auto Insurance Department, Team Channel Department, Integrated Development Department, Online Customer Department, and the Technology & Information Department. She also holds concurrent positions such as Director of Taiping Financial Technology Service, Member of the Insurance Technology Professional Committee of the Insurance Association of China, and Member of the Insurance Sub-technical Committee of the National Financial Standardization Technical Committee. Her previous roles include Deputy General Manager of the Integrated Development Department at China Taiping, various positions culminating in General Manager of the Supervisory Board Office at China Taiping, and Discipline Inspection Commission Secretary at Taiping Property & Casualty.
Zhu Jie, who is stepping down from his roles as Party Committee Secretary and General Manager of Taiping Property & Casualty, oversaw the Human Resources Department/Party Organization Department and was appointed General Manager of Taiping Property & Casualty in January 2022. Additionally, he serves as Deputy General Manager of China Taiping Group, China Taiping Group (Hong Kong), and China Taiping Insurance Holdings Company Limited, Executive Director of Taiping Property & Casualty, and concurrently Chairman of China Taiping (Hong Kong) and China Taiping (Macau). His prior experience includes roles as General Manager of the Human Resources Department and General Manager of the Strategic Management Department at China Taiping Insurance Group, and Deputy General Manager of Taiping Property & Casualticy concurrently serving as Deputy General Manager of the China Taiping Insurance Group Shared Service Center.
Currently, the senior management of Taiping Property & Casualty consists of 10 members: General Manager Zhu Jie; Deputy General Manager Peng Yunping; Deputy General Manager and Board Secretary Liu Hongtao; Deputy General Manager Lu Xiaolong; Deputy General Manager Liu Qisen; Assistant General Manager and Financial Controller Li Jinquan; Assistant General Manager, Compliance Officer, and Chief Risk Officer Lu Tao; Assistant General Manager Li Wei; Audit Responsible Person Fang Lixiong; and Chief Actuary Ma Yongfeng.
Taiping Life and Taiping P&C report double-digit net profit growth. The increases reached 61% and 82% respectively.
Since the beginning of the year, the life and property & casualty insurance sectors have seen steady growth in scale, with the main performance indicators of Taiping Life and Taiping Property & Casualty also showing continuous improvement.
As a representative central state-owned financial institution, Taiping Life's key operating indicators have continued to improve. For the first three quarters of 2025, it achieved insurance revenue of 158.04 billion yuan, a year-on-year increase of 6.6%. Net profit reached 18.13 billion yuan, surging 61.2% year-on-year, marking a new high in nearly a decade.
The investment yield was 2.82%, and the comprehensive investment yield was 0.85%. As of the end of the third quarter, Taiping Life's net assets stood at 87.068 billion yuan, an increase of 31.18% since the start of the year. Total assets reached 1.4 trillion yuan, growing 10.19% since the beginning of the year.
In terms of solvency adequacy ratios, Taiping Life's comprehensive solvency adequacy ratio at the end of Q3 was 247.69%, and its core solvency adequacy ratio was 155.55%, decreases of 46.68 and 38.29 percentage points respectively compared to the end of Q2 2025. The latest quarterly comprehensive risk rating result is A.
Taiping Property & Casualty also demonstrated a strong operational performance in the first three quarters of 2025. It achieved insurance revenue of 25.865 billion yuan, a year-on-year increase of 4.24%. Net profit was 974 million yuan, soaring 82.4% year-on-year. The comprehensive cost ratio further optimized, reaching 98.18% at the end of Q3, a decrease of 1.43 percentage points from the same period last year.
Regarding investment performance, Taiping Property & Casualty's investment yield for the first three quarters was 2.72%, and the comprehensive investment yield was 2.04%. In terms of assets, as of the reporting period end, Taiping Property & Casualty's total assets were 43.111 billion yuan, a slight increase of 0.7% since the start of the year, while net assets were 10.273 billion yuan, up 6% since the beginning of the year.
On solvency, at the end of Q3, Taiping Property & Casualty's core solvency adequacy ratio was 177.9%, and its comprehensive solvency adequacy ratio was 247.5%. Both the core and comprehensive solvency adequacy ratios decreased slightly by 1.2 and 0.2 percentage points, respectively, compared to the previous quarter. The latest quarterly comprehensive risk rating result is BBB.
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