This year, senior management adjustments have occurred at China Re Life Insurance, China Continent Property & Casualty Insurance, China Re P&C Insurance, and China Re Asset Management, among other companies.
A total of ten personnel changes have been noted across various positions including actuary, financial head, deputy general manager, general manager assistant, and party discipline inspection secretary.
**China Re Life Insurance: Six Individuals, Five Positions** The most significant adjustment occurred at China Re Life Insurance, which has seen six changes from February onwards, involving multiple roles such as Party Discipline Inspection Secretary, Deputy General Manager, General Manager Assistant, Chief Actuary, and Financial Head.
Timeline details: By the end of February, the phrase "to be appointed, pending regulatory approval before assuming duties" regarding General Manager Assistant Zhang Chu was removed from China Re Life's official website.
On April 7, the resume of Dun Hao, a member of the Party Committee, Secretary of the Commission for Discipline Inspection, and General Manager Assistant at China Re Life, was taken down from the official website.
On April 23, Lin Rui, Chief Actuary and Financial Head of China Re Life, was no longer listed among the senior management. Her responsibilities were split between two individuals: Gu Xu, the Board Secretary who also serves as General Manager of the Actuarial Valuation Department, was appointed as the interim Chief Actuary, while Wang Yang became the interim Financial Head and General Manager of the Asset Management Department. Gu Xu and Wang Yang were formally appointed to these positions on May 7.
Furthermore, China Re Life's Q1 2026 solvency report mentioned the addition of a new Deputy General Manager, He Ying. Her appointment is pending regulatory approval. Currently, He Ying holds the positions of Party Committee Member and General Manager Assistant, concurrently serving as General Manager of the Industrial-Financial Innovation Business Division.
As the representative of China's only professional life reinsurance institution, China Re Life's main operational indicators for Q1 2026 showed some weakness. In Q1, the company's insurance business revenue reached 15.610 billion yuan.
Regarding operational efficiency, the combined ratio continued to improve, maintaining a stage of underwriting profitability. The company's combined ratio was 96.97%, an improvement of 1.29 percentage points year-on-year. The expense ratio was 41.43%, an increase of 9.42 percentage points year-on-year, while the loss ratio was 55.54%, an improvement of 10.71 percentage points year-on-year.
In terms of investment performance, the investment yield for Q1 2026 was 1.42%, and the comprehensive investment yield was 0.71%. Regarding assets, the company's total assets at the end of the reporting period were 328.969 billion yuan, an increase of 3.12% from the end of the previous year. Net assets were 24.401 billion yuan, a decrease of 1.37% from the end of the previous year.
In solvency, at the end of the reporting period, the company's comprehensive solvency adequacy ratio was 185.39% and its core solvency adequacy ratio was 135.00%, representing decreases of 14.85 percentage points and 13.71 percentage points respectively compared to the previous quarter. Additionally, the risk comprehensive rating results for the most recent two quarters were BB and BB, respectively.
**China Continent P&C: Two Individuals, Two Positions** The changes at China Continent Property & Casualty Insurance involved two executives: Vice President Shang Yongtao, and Vice President & Chief Risk Officer Xiao Xuetong.
By April 7, Shang Yongtao was no longer listed among the senior management of China Continent P&C. Previously, on March 17, he had ceased to be a member of the Party Committee. (China Continent P&C's Q1 solvency report stated: During the reporting period, Mr. Shang Yongtao no longer served as the company's Vice President.)
One month later, on May 11, Xiao Xuetong, Vice President and Chief Risk Officer of China Continent P&C, also exited the list of senior executives.
As the direct property insurance company under China Re Group, China Continent P&C's operational indicators remained stable in Q1 2026. In Q1 2026, the company's insurance business revenue reached 16.375 billion yuan, with a net profit of 448 million yuan. The combined ratio for Q1 2026 was 99.45%, comprising an expense ratio of 26.92% and a loss ratio of 72.52%. The ratio of commissions and fees was 6.95%. In terms of solvency, at the end of the reporting period, the company's comprehensive solvency adequacy ratio was 277% and its core solvency adequacy ratio was 247%. Additionally, the risk comprehensive rating results for the most recent two quarters were AA and AA, respectively.
**China Re P&C Insurance and China Re Asset Management: One Each** In chronological order, on March 3, Wang Zhongyao, Party Committee Secretary, General Manager, and Chief Risk Officer of China Re P&C Insurance, was formally appointed to the position of "Interim Chief Compliance Officer." The solvency report indicates his appointment as Chief Compliance Officer began in February 2026.
Regarding China Re Asset Management, on May 13, the company added a new General Manager Assistant, Zhang Qiao, who has worked in investment roles within real estate, equity investment, and insurance sectors.
Also on May 13, China Re Asset Management issued a temporary information disclosure announcement stating that the company would no longer establish a Board of Supervisors. Previously, the company had received the "Reply on Amending the Articles of Association of China Re Asset Management Co., Ltd." from the National Financial Regulatory Administration, with the revised articles of association taking effect from April 28, 2026.
For China Re P&C Insurance in Q1 2026, premiums saw a slight decline, but net profit achieved double-digit growth. In Q1, the company's insurance business revenue reached 12.702 billion yuan. Net profit was 853 million yuan, a year-on-year increase of 36.26%. In operational efficiency, the combined ratio continued to improve. The company's combined ratio was 97.47%, an optimization of 5.34 percentage points year-on-year. The expense ratio was 26.62%, an improvement of 4.92 percentage points year-on-year, and the loss ratio was 70.85%, an optimization of 0.42 percentage points year-on-year. In solvency, at the end of the reporting period, the company's comprehensive and core solvency adequacy ratios were 211.94% and 139.79%, respectively. The risk comprehensive rating results for the most recent two quarters were Class A (AA) and Class A (AA).
China Re Asset Management's 2025 performance showed a trend of "high revenue growth with a slight profit decline." For the full year, operating revenue reached 1.222 billion yuan, a significant year-on-year increase of 41.27%. However, net profit performance was slightly under pressure, recording 219 million yuan for the year, a year-on-year decrease of 3.10%. In terms of asset scale, as of the end of 2025, China Re Asset Management's total assets reached 7.755 billion yuan, an increase of 31.46% from the end of 2024. Net assets also grew steadily, reaching 4.801 billion yuan by year-end, an increase of 3.09% from the end of the previous year.
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