Zheng Quan Shi Bao Wang·2025-02-14 03:42Core Viewpoint - The appointment of Li Zhuyong as the new president of China Life Insurance Group marks a significant leadership change after a six-month vacancy, with a focus on strategic development and reform within the company [1][4]. Group 1: Leadership Appointment - Li Zhuyong, born in October 1972, has been appointed as the vice chairman and president of China Life Insurance Group, making him the first president from the post-70s generation [2][3]. - Prior to this role, Li served as a vice president at China People's Insurance Company and has extensive experience in legal and compliance roles within the insurance sector [2][3]. Group 2: Company Background - China Life Insurance Group is a state-owned financial institution, with 90% of its shares held by the Ministry of Finance and 10% by the National Social Security Fund [3]. - The group operates eight primary subsidiaries, including the publicly listed China Life Insurance Company, and has a projected combined revenue exceeding 1.1 trillion yuan and total assets nearing 7.5 trillion yuan for 2024 [3]. Group 3: Strategic Direction - Under the leadership of the new president, the group aims to implement a "333 strategy" focusing on enhancing insurance protection and wealth management, identifying three new growth areas, and establishing three new listing platforms [4][5]. - The strategy emphasizes the integration of insurance and wealth management, with a particular focus on retirement and health insurance as key growth sectors [4][5]. Group 4: Industry Context - With the recent appointments, all four major vice-ministerial level insurance companies in China now have their top leadership in place, indicating a potential shift in industry dynamics and competitive strategies [7].