Financial Services Association, January 29 (Reporter Zou Juntao) On the afternoon of January 29, the China Financial Supervisory Administration's website revealed that it approved Fu Fan's qualification as chairman of China Pacific Insurance (Group) Co., Ltd.; at the same time, Zhao Yonggang was approved as president of China Pacific Insurance (Group) Co., Ltd.

After the market closed on the same day, China's Taibao also officially announced the above regulatory approval. As the new chairman was approved, China Taibao also revealed Kong Qingwei's resignation and highly praised his performance during his tenure.

China Taibao said that during his tenure, Mr. Kong Qingwei led the company to forge ahead, launch strategic transformation 2.0 around the vision of becoming a “leader in the healthy and stable development of the industry”, and promote the company's long-term steady development. The company's successful issuance of GDR was promoted, and corporate governance was further optimized. Pioneering and innovating in the field of health and old-age care, achieving leapfrog breakthroughs, comprehensively improving “insurance+service” capabilities, and pushing the company to open up a new situation of high-quality development.

Two people were granted their qualifications a month and a half after the board's resolution

According to information, on December 6, 2023, China Taibao held a cadre meeting to announce that Kong Qingwei, then secretary of the Chinese Taibao Party Committee and chairman, will no longer serve as the company's party committee secretary due to age; Fu Fan, president of China, took over the position of China Taibao Party Secretary; and Zhao Yonggang, deputy secretary of the Party Committee of Haitong Securities, will serve as the deputy secretary of the China Taibao Party Committee.

On December 11, China Taibao held a board meeting to deliberate and pass proposals to elect Fu Fan as chairman and Zhao Yonggang as president.

A Financial Services Association reporter noticed that the current qualifications for China Taibao's chairman and president were approved on the same day, and only a month and a half has passed since the relevant bill was passed.

According to previous announcements, Fu Fan was born in October 1964 and has held positions such as senior manager of Shanghai United Finance Co., Ltd., assistant general manager and deputy general manager of Shanghai Investment Industrial Company, head of the board office of Shanghai International Group, deputy general manager and general manager of the investment bank headquarters of Shanghai International Trust Co., Ltd., and deputy general manager of SIC Morgan Fund Management Co., Ltd.

From 2014/5 to 2015/2, Fu Fan was transferred from Shanghai Trust to become the chairman of Shanghai State-owned Assets Management Co., Ltd. Since then, Fu Fan has successively served as the vice president of Shanghai International Group and the chairman of the Shanghai State-owned Company, the director and vice president of the Shanghai International Group, and also the chairman of the state-owned company; from May 2017 to November 2019, Fu Fan served as the director and president of Shanghai International Group. In March 2020, Fu Fan joined China's Taibao Group as executive director, president, and director of Taibao Asset.

A CIFA reporter learned that during his nearly four years as president of China Taibao Group, Fu Fan gradually achieved comprehensive management of the main insurance business, asset management, regional strategy, and ESG strategy.

Furthermore, according to public information, Zhao Yonggang, who was approved to assume the position of president of Taibao China, was born in November 1972 and joined the Shapingba Branch of Taibao Life Insurance Chongqing Branch in July 1995 (only 23 years old), and worked for Taibao Life Insurance and Taibao Group successively. The main work experience includes: from 2011/7 to 2018/2, he served as Director of the Taibao Life Insurance Strategy Transformation Office, Chairman of the Party Committee, Chairman of the Party Committee Organization Department, General Manager of the Human Resources Department, and Director of Human Resources; from August 2016 to May 2021, he served as Taibao Group Trade Union Chairman, Party Committee Organization Director, Party Committee Member, Vice President, etc.; and was transferred to the post of Deputy Secretary of the Party Committee of Haitong Securities since May 2021. According to financial news agency reporters, Zhao Yonggang worked at Taibao and its subsidiaries in China for 26 years.

This time, he succeeded Fu Fan as president of China's Taibao, so that Zhao Yonggang returned to Taibao in China after leaving for two years.

Where will “Fu Zhaopei” lead China's Taibao?

So, where will Fu Fan and Zhao Yonggang form a next-generation management core that will take China's Taibao? A CIFA reporter noticed that at the board meeting in December last year, China Taibao also reviewed and approved the “China Taibao High Quality Development Plan 2023-2025” (the “Plan” for short).

According to the “Plan”, in the next three years, China Taibao will continue to play the role of “head goose” to effectively improve the quality and efficiency of serving national strategies, the real economy and people's livelihood security by focusing on the main insurance industry, focusing on the three key areas of “big health, big region, and big data”, focusing on excellent products, outstanding brands, leading innovation and modern governance, and playing the role of “head geese” to effectively improve the quality and efficiency of serving national strategies, the real economy, and people's livelihood security.

On January 17, China Taibao revealed the premium income situation in 2023. The subsidiary Taibao Life Insurance's cumulative original insurance business revenue was 233.141 billion yuan, up 4.9% year on year; the subsidiary Taibao Insurance's cumulative original insurance business revenue was 190.327 billion yuan, up 11.4% year on year.