Guo Ji Jin Rong Bao·2025-09-19 12:17Group 1 - The core point of the article is the appointment of Wang Ying as the new chairman of China Merchants Life Insurance, replacing Wang Xiaoqing, with unanimous approval from shareholders [1][2] - Wang Xiaoqing has held various positions within China Merchants Bank and has transitioned to a new role as the Party Secretary of China Merchants Jin Kong [2][3] - Wang Ying, the new chairman, has a long tenure at China Merchants Bank, having joined in 1997 and held several key positions, including the head of the Shenzhen branch [3] Group 2 - China Merchants Life Insurance was established in 2003 with equal investment from China Merchants Bank and Cigna Group, each contributing 1.4 billion [3] - The company reported insurance business revenues of 26.519 billion, 34.646 billion, and 41.483 billion from 2022 to 2024, with corresponding net profits of 733 million, 425 million, and 559 million [3] - In the first half of 2025, the company experienced a 3.87% decline in insurance business revenue to 25.65 billion, making it the only bank-affiliated insurance company to report negative growth, although net profit increased by 32.41% to 286 million [3] Group 3 - The company is actively reducing liability costs by abandoning high-premium, high-interest fixed-income products, with new annual premiums for these products dropping to zero by the first half of 2025 [4] - There is a significant shift towards floating income products, with the proportion of participating insurance in the bancassurance channel increasing from 6% in 2021 to over 95% in the first half of 2025 [4] - The company plans to further adjust its product structure over the next three years, focusing on health-related business rather than merely seeking scale [4]