FINANCE

China’s Biggest Property Insurer Taps Insider as President, Sources Say

Published: Mar. 23, 2026 4:21 p.m. GMT+8

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Zhang Daoming.

Zhang Daoming is set to be appointed president of PICC Property and Casualty Co. Ltd., formally filling a role that has been vacant for nearly four months, sources familiar with the matter told Caixin.

Zhang, 50, has been serving as interim head since December, after former President Yu Ze came under a graft probe.

Zhang brings roughly three decades of industry experience and currently serves as vice president and chief financial officer at state-owned PICC.

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Zhang Daoming, interim head since December, is set to be appointed president of PICC Property and Casualty Co. Ltd.
PICC, China’s largest property insurer, held a 37.5% market share of premium income in 2024 and contributed nearly half the industry’s net profit.
Zhang, aged 50, has three decades of industry experience and was vice president and CFO at PICC.

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Who’s Who

PICC Property and Casualty Co. Ltd.: PICC Property and Casualty Co. Ltd. (中国人民财产保险股份有限公司) is China's largest property insurer, holding a 37.5% market share in premium income in 2024 and contributing nearly half of the industry's net profit. It is a state-owned company that typically promotes internal candidates for senior roles. Zhang Daoming is slated to become its new president.

PICC: PICC, or China People's Insurance Group, is China's largest property insurer, holding a dominant 37.5% share of premium income in 2024 and contributing nearly half of the industry's net profit. It is a state-owned enterprise, and its subsidiary, PICC Property and Casualty Co. Ltd., is set to appoint Zhang Daoming as its new president.

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