Finance Veteran Picked to Be President of China Life Asset Management, Sources Say

Huang Benyao, an experienced veteran from PICC Asset Management Co. Ltd., is poised to become the new president of China Life Asset Management Co. Ltd., confirmed through an internal announcement shared with Caixin by sources knowledgeable on the matter. [para. 1]

Huang is slated to succeed Wang Junhui, who transitioned last year from China Life Asset Management to take on the role of chairman at China Life Pension Co. Ltd. [para. 2]

This announcement follows Huang’s recent promotion in April to president of PICC Asset Management, a position he held for less than two months. Huang, who is in his early 50s and holds a doctorate in economics, is recognized by those familiar with him as a seasoned investor in the insurance sector. [para. 3]

China Life Asset Management is among the largest insurance asset management firms in China. By the end of last year, it managed combined assets under management (AUM) totaling approximately 5.4 trillion yuan ($766.3 billion). This figure was disclosed at the company's annual work meeting held in January and represented around 25% of the total investment funds in China's insurance industry, which collectively amounted to 28.2 trillion yuan at the end of last year, according to data from the National Financial Regulatory Administration. [para. 4]

In contrast, PICC Asset Management's AUM was 2.5 trillion yuan by the end of last year, roughly half of China Life Asset Management's total. [para. 5]

Moreover, China Life Asset Management's net profit attributable to its parent company saw a 21% increase last year, reaching 2.8 billion yuan, while PICC Asset Management's net profit rose by 20%, amounting to nearly 500 million yuan. [para. 6]

Contact reporter Qing Na (qingna@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com) for further information. [para. 7]