BEIJING - China Life Insurance (Group) Company said Tuesday that Yang Mingsheng, former vice chairman of China Insurance Regulatory Commission (CIRC), was appointed as the company's new president.
The move came as China Life Insurance Co, China Life's subsidiary listed on the Shanghai Stock Exchange, recently predicted a decrease of 40 to 50 percent year-on-year drop in its net profits for 2011.
China Life Insurance, the country's biggest life insurer, saw its premiums decrease 6.1 percent year-on-year and 25 percent month-on-month in the first two months, triggering further slowing concerns.
The 57-year-old Yang, who had been president of the Agricultural Bank of China since 2003 before working as CIRC vice chairman, is hoped to lead the company out of its troubles.
According to China Life, the company's former president Yuan Li still works as the board chairman of China Life Insurance.
The appointment was made by the Organization Department of the Communist Party of China Central Committee, meaning that the CIRC, the country's insurance regulator, which used to have the personnel appointment power over State-owned insurers, will focus on its supervision duties.
On the same day, similar changes were made to the senior management personnel of China Pacific Insurance Co and People's Insurance Company of China.
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