Recently, rumors circulated that Yu Ze, Party Committee Member and Vice President of PICC Group, as well as Party Secretary and President of PICC Property and Casualty Company (PICC P&C), had been taken away for investigation. No official announcement has been made yet.
Industry sources revealed that speculation about Yu Ze’s detention began circulating last weekend, with several individuals close to PICC confirming the news. It is understood that PICC Group has convened a Party Committee meeting regarding the matter. While the incident appears sudden, some insiders expressed little surprise, citing persistent reports of complaints against Yu.
On December 1, despite an overall uptrend in the insurance sector in both A-share and Hong Kong markets, PICC-related stocks saw significant declines. The A-share price of The People's Insurance Company (Group) of China Limited (PICC) dropped over 5%, while its Hong Kong-listed counterparts, PICC Group and PICC P&C, both fell more than 6% intraday.
Yu Ze, born in 1971 and a graduate of Nankai University in 1994, has over four years of leadership at PICC P&C. His career spans three phases: PICC, Taiping Insurance, and a return to PICC. After joining PICC Tianjin Branch in 1994, he moved to Taiping Insurance in 2006, rising to General Manager of Taiping P&C. In November 2019, he rejoined PICC as a Group Vice President and Central Management Official. Over his six-year tenure, PICC Group has seen four top leaders.
Yu assumed leadership of PICC P&C in March 2021, becoming its longest-serving head among the recent five appointees. During his tenure, PICC P&C shed risks in credit insurance and capitalized on regulatory reforms like auto insurance overhaul and "one-report compliance," benefiting major insurers. The company also seized growth opportunities in new energy vehicle insurance, tech insurance, and green insurance, achieving steady premium growth and a bull run in Hong Kong.
From 2021 to 2024, PICC P&C’s annual premiums rose from RMB 440 billion to RMB 540 billion, maintaining a market share above 30%. Its combined ratio remained around 98%, dipping to 96.1% in the first three quarters of 2024. Net profit climbed from over RMB 20 billion to over RMB 30 billion annually, reaching a record RMB 40+ billion in Q1-Q3 2024 under new accounting standards.
Notably, three of PICC P&C’s last five leaders—including Wang Yincheng, Lin Zhiyong, and now Yu Ze—have faced investigations. The P&C insurance sector, reliant on corporate clients and intermediaries, has been a hotspot for corruption due to opaque dealings.
In January 2023, Lin Zhiyong, former President of PICC P&C, was expelled from the Party for violations including resisting risk management policies, cronyism, and profiting from insurance interventions. Separately, Zhang Xiaoli, former PICC P&C Board Secretary and Vice President, faced trial in August 2024 for accepting bribes worth RMB 9.9 million. Multiple regional executives have also been disciplined, including Hainan’s Shan Rongguang and Chongqing’s Li Chengzhu.
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