Ping An Insurance: Ma Mingzhe resigns as CEO, Yao Bo named co-CEO

NBD AI Bulletin-Ping An Insurance (Group) Company of China, Ltd. (the Company, SH 601318, closing price: 73.5 yuan) issued a notice on the evening of July 1 saying the Company's chairman Ma Mingzhe has proposed that he would no longer hold the position of CEO, but will continue to serve as chairman of the Company. The board of directors of the Company has agreed to appoint Mr. Yao Bo as co-CEO and approved Mr. Ma's request to resign as CEO.

NBD AI Review: Ping An Insurance (Group) Company of China, Ltd. last issued a personnel change announcement on June 16, 2020, Ping An Insurance Group issued a total of nine personnel change announcements in the past year.

According to the 2019 Annual Report, Ping An Insurance mainly engages in property insurance, life insurance, customer loans, fees and commission income (banks), interest income from securities investments, financial transactions, brokerage fees, deposits in the central bank, underwriting commissions, and others (securities), accounting for 23.22%, 52.33%, 11.35%, 3.14%, 2.64%, 0.83%, 0.3%, 0.29%, 0.08%, 0.08% of its revenue, respectively.

Ping An Insurance (Group) Company of China, Ltd. is chaired by Ma Mingzhe, male, 64, Ph.D. in monetary banking at Zhongnan University of Economics and Law (formerly Zhongnan University of Finance and Economics). The General Manager of Ping An Insurance (Group) Company of China, Ltd. is Xie Yonglin, male, 52, Ph.D. in management and master degree from Nanjing University.

(By Zheng Zhi)

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