On December 31, 2025, China Pacific Insurance (Group) Co., Ltd. convened its 19th meeting of the 10th Board of Directors, during which the proposal to appoint Liu Long as the Group's Chief Investment Officer (Assistant General Manager) was reviewed and approved. Pending regulatory approval, Su Gang will continue to perform the duties of Chief Investment Officer.
Simultaneously, the meeting also passed the proposal for the "Audit Report on the Departure of Former Chief Actuary Zhang Yuanhan," marking Zhang's complete departure from any position at China Pacific Insurance. Following a 47% salary reduction last year, former Chief Actuary Zhang Yuanhan reportedly transitioned to Ping An; whether such job-hopping becomes a new norm remains to be seen.
The finalization of this key appointment in the investment division is expected to better align the Group's asset allocation strategy with its business development needs. Liu Long currently serves as Chairman of CPIC Capital, the Group's unified insurance private equity fund management platform. Within nearly a year of its establishment, CPIC Capital has initiated the setup of multiple funds, with total committed capital exceeding 40 billion yuan.
In recent years, China Pacific Insurance has intensified its capital operations, successfully establishing several major funds in 2025, including a 30-billion-yuan strategic emerging industry M&A fund, a 20-billion-yuan private securities investment fund, and the 5-billion-yuan Chengdu CPIC Xinjian Phase I Fund. Furthermore, the Group delivered strong performance, achieving a net profit of 45.7 billion yuan in the first three quarters of 2025, with investment assets reaching 2,974.784 billion yuan. Premium income from its subsidiaries, CPIC Life and CPIC Property & Casualty, also demonstrated steady growth.
This personnel shift represents a rotation within the finance and investment divisions. Liu Long, born in 1977, is the new Chief Investment Officer of CPIC.
On December 31, 2025, the Board of Directors of China Pacific Insurance (Group) Co., Ltd. reviewed and passed the "Proposal on the Appointment of Mr. Liu Long as Chief Investment Officer (Assistant General Manager)." According to the proposal, the company agreed to appoint Liu Long as CIO, with his term lasting until the current board's tenure expires. It is important to note that this appointment is still subject to regulatory approval; until then, Su Gang will continue acting as CIO.
Precedents for this adjustment existed earlier. On October 30, 2024, Zhang Yuanhan stepped down as the Group's Financial Controller due to work adjustments, and Chief Investment Officer Su Gang was appointed to concurrently serve as Vice President and Financial Controller. Following this latest change, it is anticipated that Su Gang will focus on financial management, while investment operations will be handed over to Liu Long.
Available information indicates that Liu Long was born in March 1977 and currently serves as Chairman of CPIC Capital. His previous roles include Senior Manager in the Investor Relations Department and Senior Manager in the Administration & HR Department at CPIC Group, Deputy General Manager of the Alternative Investment Management Department and General Manager of the Direct Investment Department at the Asset Management Center of CPIC Life, a member of the CPIC Capital preparation team, and subsequently Vice General Manager and General Manager of CPIC Capital. Notably, CPIC Capital was established in March 2021, with Liu Long being both a witness to and a key operator in its development.
Recent职务变动 over the past two months suggest that Liu Long's appointment as CIO was a planned move. Previously, the position of Chairman of CPIC Capital was held concurrently by Su Gang, and Liu Long was recently promoted to Chairman of CPIC Capital. Public records show that on November 17, 2025, when Liu Long participated in a capital forum jointly organized by EY, CPIC Capital, and Linklaters, his title was General Manager of CPIC Capital. By December 31, the meeting announcement released by CPIC Group listed him as Chairman of CPIC Capital, while also appointing him as the Group's CIO.
The logic behind executive appointments is typically clear, focusing on person-position matching and strategic alignment. As a member of the CPIC Capital preparation team, Liu Long was involved throughout its establishment and growth. CPIC Capital, as the Group's insurance private equity fund management platform, primarily undertakes major strategic initiatives, aiming to allocate high-quality long-term assets for insurance funds. It is reported that within nearly a year of its establishment, CPIC Capital has initiated three fund-of-funds, one direct investment fund, and one special asset fund, with total committed capital surpassing 40 billion yuan.
The Group's capital operations have been aggressive, supported by a net profit of 45.7 billion yuan in the first three quarters.
Against the backdrop of policies encouraging insurance funds to increase support for strategic sectors and the pressure from declining interest rates driving asset allocation transformation, China Pacific Insurance, in collaboration with its subsidiaries, has established several private equity funds.
On December 12, 2025, Tianyancha records showed that CPIC Life partnered with several enterprises to establish a new company. Specifically, CPIC Life collaborated with Shanghai International Group, Shanghai Lujiazui Group, SPD Bank, and Shanghai Ruijingheng Enterprise Management to jointly invest 10.641 billion yuan in establishing Shanghai Xingqi Hengtai Enterprise Management Partnership, which engages in business management and consulting.
All five investing institutions have strong backgrounds linked to Shanghai's state-owned assets. As Shanghai vigorously advances its construction as an international financial center, CPIC's move clearly aims to deeply integrate into regional strategies and precisely serve Shanghai's "Five Centers" construction and the integrated development of the Yangtze River Delta. Throughout 2025, CPIC's capital operations could be described as "aggressively sharp": from the 30-billion-yuan CPIC Strategic Emerging Industry M&A Fund, to the 20-billion-yuan CPIC Zhiyuan Private Securities Investment Fund, and the 5-billion-yuan Chengdu CPIC Xinjian Phase I Fund... CPIC is reshaping its asset allocation map through diversified and innovative capital deployment strategies.
Concurrently, strong performance on the liability side provides a solid foundation for asset-side operations. In the first eleven months of 2025, CPIC Life achieved cumulative original insurance premium income of 250.322 billion yuan, a year-on-year increase of 9.4%. During the same period, CPIC P&C's original premium income reached 187.682 billion yuan, growing by 0.3%, continuing a positive trend.
In the first three quarters of 2025, CPIC's main operational indicators showed steady progress. Operating revenue reached 344.904 billion yuan, an increase of 11.1% year-on-year. Insurance service revenue amounted to 216.894 billion yuan, up 3.6% year-on-year. The Group reported a net profit of 45.7 billion yuan, surging 19.3% compared to the same period last year. Total assets stood at 3,077.64 billion yuan, an 8.6% increase since the start of the year. The Group's investment assets totaled 2,974.784 billion yuan, growing 8.8% from the end of the previous year. Investment yield metrics are even more compelling. The net investment yield for the first three quarters was 2.6%, although down 0.3 percentage points year-on-year, the total investment yield reached 5.2%, an improvement of 0.5 percentage points.
The transformation of the life insurance segment, under the "Long Voyage" initiative, has yielded significant results. In the first three quarters of 2025, CPIC Life achieved scale premium income of 263.863 billion yuan, a robust increase of 14.2% year-on-year. The bancassurance channel contributed 58.31 billion yuan, skyrocketing 63.3% year-on-year. New regular-premium scale premiums via bancassurance reached 15.991 billion yuan, up 43.6% year-on-year. The agency channel also maintained growth on a high base, achieving scale premiums of 184.374 billion yuan, an increase of 2.9%. Additionally, the new business value for CPIC Life in the first three quarters was 15.351 billion yuan, rising 7.7% year-on-year, or 31.2% growth on a comparable basis.
The property and casualty insurance segment remained stable. Original insurance premium income for the first three quarters of 2025 was 160.206 billion yuan, a slight increase of 0.1% year-on-year. Auto insurance premiums amounted to 80.461 billion yuan, growing 2.9% year-on-year, with a comprehensive cost ratio of 97.6%, down 1.0 percentage point year-on-year, indicating continuous optimization of profitability.
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