FINANCE

Former PICC Vice President Indicted for Massive Bribery

Published: Sep. 15, 2026 11:43 p.m. GMT+8

00:00

00:00/00:00

Listen to this article 1x

Yu Ze. Photo: VCG

Chinese prosecutors have indicted Yu Ze, a former vice president of state-owned insurance giant People’s Insurance Co. (Group) of China Ltd. (PICC), on charges of accepting massive bribes.

Authorities in Beijing accused the 55-year-old executive of leveraging decades in senior management at both PICC and China Taiping Insurance Group to illegally enrich himself and grant illicit favors.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and Bloomberg - for the price of one.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

Yu Ze, ex-PICC vice president, indicted for massive bribes exceeding 3 million yuan threshold.
Bribes reportedly funded a 400-bird pigeon-racing operation in Tianjin; associates used it for favor-seeking.
First probed Dec 2025; expelled from party/office June 2026 for bribery, reading banned books, and obstructing probes.

AI generated, for reference only

Who’s Who

People's Insurance Co. (Group) of China Ltd. (PICC): People's Insurance Co. (Group) of China Ltd. (PICC) is a state-owned insurance giant. A former vice president, Yu Ze, was indicted for accepting massive bribes, with illicit wealth exceeding 3 million yuan. His case highlights Beijing's anti-corruption sweep through the financial sector, signaling continued scrutiny of leadership at powerful state-backed institutions.

China Taiping Insurance Group: China Taiping Insurance Group is a state-owned insurance conglomerate. Former senior executive Yu Ze leveraged his management roles there to accept massive bribes, as cited in a recent indictment. The case highlights ongoing anti-corruption efforts in China's financial sector.

AI generated, for reference only

What Happened When

Before December 2025：: Yu Ze leveraged decades in senior management at both PICC and China Taiping Insurance Group to illegally enrich himself and grant illicit favors; he was known as 'Pigeon King' for his pigeon breeding and racing passion.

December 2025：: Yu Ze was first placed under investigation.

June 2026：: Yu Ze was officially expelled from the Communist Party and public office; internal disciplinary action was taken for reading banned political books, obstructing official investigations, and violating party rules.

As of the article's report date (undated, but after June 2026)：: Chinese prosecutors indicted Yu Ze on charges of accepting massive bribes; the case was submitted to the Beijing No. 2 Intermediate People's Court, with illicit wealth described as 'particularly huge' (exceeding 3 million yuan).

AI generated, for reference only