Caixin
Jun 28, 2019 04:41 AM
FINANCE

New China Life Fills Five-Month Leadership Vacancy

New China Life announces CEO nomination after five-month vacancy. Photo: VCG
New China Life announces CEO nomination after five-month vacancy. Photo: VCG

Beijing-based life insurer New China Life Insurance Co. Ltd. nominated a new chief executive officer Friday after a five-month vacancy.

The company’s board of directors nominated Li Quan as its new chief executive officer and president. Li was the president and deputy chairman of New China Asset Management Co. Ltd. — the asset management arm of New China Life.

The appointment is pending approval by the China Banking and Insurance Regulatory Commission. New China Life said in a statement that Li will serve as interim head of the company until a formal decision is made by the industry regulator.

Li, 55, joined New China Asset Management in 2010 as president and became deputy chairman of 2016. He was also the chairman of the asset management company’s Hong Kong unit since 2013.

Li has extensive experience in China’s financial sector. He held senior positions in leading fund company Bosera Asset Management Co., CP Group-backed Chia Tai International Finance Co. and Chinese Rural Development Trust and Investment Corp.

The top leadership post of New China Life has remained vacant since its former chairman and CEO Wan Feng reigned in January, about two months before his tenure expired.

Citing personal reasons, Wan, the insurer’s chairman since March 2016, also stepped down from all other posts in the company including legal representative, executive director, chief risk officer and chairman of New China Asset Management.

New China Life has yet to announce who will succeed Wan as chairman. But Caixin learned that Liu Haoling, a senior manager of Central Huijin Investment Co. Ltd., is a top candidate. Central Huijin is one of the largest stakeholders of New China Life.

New China Life Thursday formed a new 13-member board of directors, including Liu. Election of the chairman will be held later.

Liu, 48, was a member of New China Life management between 2009 and 2010. He joined Central Huijin, the domestic arm of China’s sovereign wealth fund, China Investment Corp. (CIC), in 2011, after three years as legal affairs head of the parent CIC. He also worked for China Euro Securities Ltd. and Goldman Sachs Gao Hua Securities Co. Ltd.

New China Life reported a net profit of 7.9 billion yuan ($1.15 billion) in 2018, a 47% increase from the previous year. The company’s total assets reached 733.9 billion yuan by the end of 2019, according to the financial report.

Contact reporter Han Wei (weihan@caixin.com)

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