China Life Insurance, the publicly traded arm of China’s largest state-owned insurance company China Life Insurance Group, has named Li Mingguang as its new president.

The appointment is subject to receipt of approval from China’s National Administration of Financial Regulation.

The company announced the appointment at the 27th meeting of the company’s seventh board session.

Pending approval, Mingguang will serve as the temporary in-charge of the company.

Mingguang became part of the company in 1996 and previously served as the party committee secretary since July 2023.

The latest move comes after Zhao Peng resigned as the president, executive director, and strategy and assets and liabilities management committee member because of the changes in work arrangements.

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The company’s press release noted that Peng did not have any disagreement with China Life’s board of directors, or any other issues linked to his resignation that required the attention of the company’s shareholders.

China Life named Peng as the company president in August 2022 after Su Hengxuan resigned from the role.

In March 2023, the company reported a net profit attributable to equity holders of 32,082m yuan ($4.47bn) for the year ended 31 December 2022.

Total revenues were reported at 804,388m yuan while gross written premiums (GWP) stood at 615,190m yuan, which China Life noted to have retained the company in its position as an industry leader.