On January 14, six days after the fall of Guan Xuan Wang Bin, China Life Insurance Company Limited(601628) group ushered in a new leader – Bai Tao.
According to China Life Insurance Company Limited(601628) group information, on the afternoon of January 14, 2022, China Life Insurance Company Limited(601628) insurance (Group) company held a cadre meeting. Relevant responsible comrades of the Organization Department of the Central Committee attended the meeting and announced the decision of the Central Committee: Comrade Bai Tao will be the party secretary of China Life Insurance Company Limited(601628) insurance (Group) company.
As usual, he will also serve as chairman of Guoshou group, which needs to perform procedures such as corporate governance, regulatory approval and so on
Image Source: SDIC official website
Bai Tao was previously chairman and party secretary of the national development and investment group. However, Bai Tao is no stranger to the Guoshou system. He served as vice president of Guoshou group from 2014 to 2016.
for the “lightning” of top leader Bai Tao arranged by the superior, some old people in Guoshou think it is normal. After all, Guoshou is a central financial enterprise and should have been investigated by those who have joined the stick. Moreover, Bai Tao also went out from Guoshou, “it’s better than foreign ones”.
Bai Tao also became the sixth leader of China Life Insurance Company Limited(601628) group after its restructuring and establishment. How to eliminate the negative impact brought by the predecessor and how to improve Guoshou are the propositions handed over by the times to the new leader.
born in ICBC, experienced Guoshou, CIC, PICC and SDIC
Bai Tao was born in 1963. His resume spans the fields of banking, insurance and investment.
His latest term of office is in SDIC. In January 2020, he was transferred from the position of president of The People’S Insurance Company (Group) Of China Limited(601319) group to Secretary of the Party group and chairman of the State Development and investment group (hereinafter referred to as SDIC). This is also considered as a “promotion” transfer.
Founded in 1995, SDIC is an important state-owned backbone enterprise directly managed by the central government, the only investment holding company in central enterprises, and the first batch of pilot units for the reform of state-owned capital investment companies. The registered capital of SDIC is 33.8 billion yuan. By the end of 2021, the total assets of the group are 767.1 billion yuan and there are about 50000 employees. In 2021, the group achieved a total operating revenue of 194.7 billion yuan and a total profit of 46.1 billion yuan.
Earlier, Bai Tao had worked in Industrial And Commercial Bank Of China Limited(601398) , Guoshou group, CIC and Central Huijin. He has served as the general manager of China Industrial And Commercial Bank Of China Limited(601398) risk management department, the director of China Industrial And Commercial Bank Of China Limited(601398) Internal Audit Bureau, the vice president and member of the Party committee of China Life Insurance Company Limited(601628) insurance (Group) Company (hereinafter referred to as Guoshou group), the deputy general manager and member of the Party committee of China Investment Co., Ltd., and the executive director and general manager of Central Huijin Investment Co., Ltd.
According to the analysis of people in the industry, Bai Tao is one of the few senior executives in the insurance industry who have served in two vice ministerial insurance enterprises of Guoshou and PICC. In addition, he has served as the vice president of Guoshou group for more than two years and is familiar with the situation of Guoshou group. He is a more suitable candidate.
Bai Tao’s resume is as follows:
He joined Industrial And Commercial Bank Of China Limited(601398) in 1984 and successively served as the head of the business operation division of the technical transformation credit department of the head office, vice president, President and party secretary of Hainan Yangpu Branch, and assistant to the president of Hainan Branch;
1998 deputy general manager of Industrial And Commercial Bank Of China Limited(601398) head office project credit department;
In 2001, he served as Industrial And Commercial Bank Of China Limited(601398) vice president, member of the Party committee, general manager and Secretary of the Party committee of Jilin Branch;
In 2003, he served as Industrial And Commercial Bank Of China Limited(601398) vice president (presiding over the work), President and party secretary of Hunan Branch;
General manager of Industrial And Commercial Bank Of China Limited(601398) head office asset risk management department in 2006;
In 2009, he served as general manager of Industrial And Commercial Bank Of China Limited(601398) head office risk management department and director of Internal Audit Bureau;
In June 2014, he served as vice president and member of the Party committee of China Life Insurance Company Limited(601628) insurance (Group) Company;
In October 2016, he served as deputy general manager of China Investment Co., Ltd., executive director and general manager of Central Huijin Investment Co., Ltd;
Served as The People’S Insurance Company (Group) Of China Limited(601319) vice chairman, President and Deputy Secretary of the Party committee in June 2018;
In January 2020, he served as chairman and party secretary of China Development and Investment Group Co., Ltd;
In January 2022, he served as party secretary and chairman of China Life Insurance Company Limited(601628) insurance (Group) company.
In place quickly
Bai Tao took office only six days after the Central Commission for Discipline Inspection announced Wang Bin’s “sacking” on January 8. However, in the eyes of those who pay attention to national longevity, this is not sudden.
In fact, Wang Bin reached the retirement age of 63 last year. Therefore, the investigation on the candidates for the next party secretary and chairman of Guoshou group has long been in progress, so there should be candidates for a long time. Previously, there have been many possible candidates from inside and outside.
Bai Tao is no stranger to the national longevity system. Some Guoshou insiders even regarded him as their own, saying “he went out from us”.
With Bai Tao taking office as the party secretary of Guoshou group, the leading group members of the group have been restored to 9, namely: Bai Tao, party secretary and chairman; Yuan Changqing, deputy secretary of the Party committee, vice chairman and President; Guo Xinshuang, deputy secretary of the Party committee and chairman of the board of supervisors; Wu Shaohua and Sheng Hetai, members of the Party committee and vice presidents, Li Yanlu, leader of the discipline inspection and supervision team and member of the company’s Party committee, Su hengxuan, Wang Kai and Yang Liping, members of the Party committee and vice presidents.
steer the Guoshou ship forward
It is not easy for any leader to steer the giant ship of Guoshou group. The new leader is faced with continuing to promote transformation and upgrading and sustained high-quality development while stabilizing the basic business.
On the list of “world top 500” enterprises in 2021 published by Fortune magazine in August 2021, China Life Insurance Company Limited(601628) group ranked 32nd, a record high. The consolidated operating income of Guoshou group is close to 1 trillion yuan in 2020 and 638.1 billion yuan in the first half of 2021. The consolidated premium income will exceed 750 billion yuan in 2020 and reach 518.2 billion yuan in the first half of 2021; The consolidated total assets will further increase to 5.5 trillion by the end of the first half of 2021.
The change of helmsman will have an impact on any enterprise. From the perspective of Chinese insurance companies in the past, the change of previous leaders will experience strategic adjustment. However, for Guoshou group at the moment, the new leader in place may be more beneficial.
In addition, previously, the listed subsidiary China Life Insurance Company Limited(601628) (601628. SH) of Guoshou group also publicly responded to the impact of management changes at the press conference in March last year, which may be used as a reference for the impact of the change of top leaders of Guoshou group.
At that time, he said that from the development process of China Life Insurance Company Limited(601628) , the listing in 2003 has experienced the efforts of several generations of Guoshou people and the painstaking efforts of several generations of leading groups. We all have a common dream and vision and strive to build China Life Insurance Company Limited(601628) into an international leading excellent life insurance company.
\u3000\u3000 “The change of management is a natural law, but we firmly believe that no matter how the management changes in the future, our vision of building an international first-class life insurance company will not change; we adhere to the people-centered principle of providing high-quality products and services for the people will not change; the pursuit of creating value for the majority of investors will not change; we adhere to the operation in accordance with the law and promote the high-quality development of the company The strategic direction of the exhibition will not change. “
As he said, “the country is still there, and the future will be better.” We expect insurance giants to better lead the development of the industry under the new leadership.
