At 1:00 p.m. on January 8, the official website of the State Supervision Commission of the Central Commission for Discipline Inspection announced that Wang Bin, Secretary of the Party committee and chairman of the board of directors of China Life Insurance Company Limited(601628) insurance (Group) company, was suspected of serious violation of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the Central Commission for Discipline Inspection and the State Supervision Commission.
According to the group leader information on China Life Insurance Company Limited(601628) official website, Wang Bin, born in 1958, Secretary of the Party committee and chairman of the company. He graduated from Nankai University with a doctoral degree, a doctoral degree in economics and a researcher. He has been in his current position since August 2018. He once served as chairman and party secretary of China Taiping Insurance Group, Bank Of Communications Co.Ltd(601328) executive director, vice president and member of the Party committee.
According to the information on China Life Insurance Company Limited(601628) official website, on October 12, 2021, China Life Insurance Company Limited(601628) group ushered in the inspection of the eleventh inspection team of the Central Committee for about two months. According to the regulations on inspection work, the central inspection team mainly accepts letters, calls and visits reflecting the problems of the leading group of the Party committee of China Life Insurance Company Limited(601628) group and its members, the main principals of the leading group of the next level party organizations and leading cadres in important positions, focusing on violations of political discipline, organizational discipline, integrity discipline, mass discipline Report and reflect on work discipline and life discipline.
It is worth noting that just ten days before the investigation, that is, on December 29, 2021, Wang Bin participated in the formal inauguration of the financial management subsidiary of Guangfa Bank of China Life Insurance Company Limited(601628) group in Shanghai. This is his last public appearance on behalf of Guoshou group.
On January 22, 2019, four months after Wang Bin took office in Guoshou group, the 2019 working meeting of China Life Insurance Company Limited(601628) group was held. At the meeting, he made a speech entitled “work together to revitalize Guoshou and start again”, which described a new blueprint for Guoshou: revitalize Guoshou and build an international first-class financial and insurance group; Implement the strategic deployment of “two steps” and strive to achieve transformation breakthrough in three to five years.
At the meeting, the strategic statement of revitalizing Guoshou was put forward for the first time. Wang Bin said at that time, “make up your mind to break through the development pattern.”
In order to realize the blueprint of “building a world-class financial and insurance group”, Wang Bin proposed specific measures, including “three transformations, four types and three modernizations”: accelerate the “three transformations”, that is, from sales leading to equal emphasis on sales and service, from human driven to two wheel drive of human and science and technology, and from scale orientation to organic unity of value and scale; Make every effort to build “four oriented enterprises”, namely party building leading, value priority, science and technology driven and service excellence enterprises; Strive to achieve major breakthroughs in “three modernizations”, that is, make major breakthroughs in comprehensive operation, scientific and technological innovation and international layout.
In order to achieve the above objectives, Wang Bin put forward the strategic deployment of “two steps” for Guoshou and formulated a specific timetable for the objectives: the first step is to focus on the strategic layout, upgrade the development concept, break through the development pattern, reconstruct the organization system, boost the brand image, gather spiritual strength, and focus on strengthening and optimizing Guoshou in one to two years, Lay a solid foundation for building a world-class financial and insurance group; The second step is to basically build an international first-class financial and insurance group with outstanding comprehensive business characteristics, strong scientific and technological innovation ability, basically formed international layout, stable leading position in the core main business market, excellent national strategic ability and global competitiveness in two to three years.
Statistics show that by the end of 2018, China Life Insurance Company Limited(601628) group’s consolidated total assets were nearly 4 trillion yuan, an increase of 10.85% over the beginning of the year, the consolidated premium income was 646.7 billion yuan, the premium income of life insurance companies increased by 4.7% year-on-year, and the market share rebounded to 20.4%.
By 2020, China Life Insurance Company Limited(601628) group’s consolidated operating revenue will be nearly 1 trillion yuan; The combined premium income exceeds 750 billion yuan; The total consolidated assets exceeded 5 trillion yuan.
(source: Economic Observer)
