Market sources indicate that Taiping Pension recently convened a cadre meeting, announcing that Xing Maohua, former deputy general manager of Taiping Life, has been appointed Party Secretary of the company. Following the completion of relevant procedures, he is expected to assume the role of General Manager at Taiping Pension. This marks the third leadership change at the helm of China Taiping's three major insurance subsidiaries within a year.

Previously, Wang Gan served as General Manager of Taiping Pension, but he was transferred in May 2026 to become a Party Committee Member and Vice President of China Life Group. Since then, market attention has remained focused on who would ultimately fill the dual roles of Party Secretary and General Manager at Taiping Pension. Xing Maohua's appointment may signal that Taiping Pension is entering a new phase of development under fresh leadership.

Xing Maohua's Transition from Taiping Life to Lead Taiping Pension, with Investment Expertise

Before Xing Maohua's appointment, former General Manager Wang Gan had already moved to China Life Group as Vice President. According to Taiping Pension's official website, after Wang Gan's transfer, Deputy General Manager Lin Zhe was appointed as interim head and interim Chief Compliance Officer. With Xing Maohua's arrival, the General Manager position at Taiping Pension has now been officially confirmed.

Public records show that Xing Maohua, born in 1970, has spent 34 years in the insurance industry, with a career spanning business operations, regulatory oversight, and investment management. A trained professional, Xing graduated from the Central Institute of Finance and Banking (now Central University of Finance and Economics) with a degree in international insurance. He began his career at PICC Harbin Branch, holding positions including business department manager, international business department staff member, and deputy section chief for international cargo insurance.

In 2001, Xing moved into insurance regulation, working at the Harbin Insurance Regulatory Office and later the Heilongjiang Regulatory Bureau, gaining experience in audit inspection, property insurance supervision, and administrative offices. In 2005, he formally joined the Taiping system. Starting in 2007, he gained experience across both Taiping Pension and Taiping Life, holding key roles in regional operations, strategic planning, and investment management. In 2014, he was promoted to Assistant General Manager at Taiping Pension; in 2019, he transferred to Taiping Life as Discipline Inspection Secretary; and in October 2023, his qualifications as Deputy General Manager were approved, after which he served as Investment Director (Deputy General Manager level) and Chief Investment Officer at Taiping Life, concurrently heading the Investment Management Department and Real Estate Management Department. Since December 30, 2023, he has also served as a director of Taiping Fund, until his latest transfer back to Taiping Pension as Party Secretary and General Manager designate.

Looking at Taiping Pension's current executive team, the Chairman role is concurrently held by Li Kedong, Deputy Chairman and General Manager of China Taiping Group. There are also three Deputy General Managers: Lin Zhe oversees Human Resources, Annuity Market, Strategic Clients, Investment Business, and Technology Operations; Li Hong manages the Annuity Investment Center and Investment Research; and Shen Yi is responsible for Risk Control and Compliance.

With the leadership team now complete, the core management structure is further solidified.

All Three Insurance Subsidiaries Under China Taiping See Leadership Shifts Within a Year

Over the past year, leadership changes have occurred across China Taiping's major subsidiaries. In 2025, Wang Xuze, former Deputy General Manager of Taiping Life, first served as interim head and then became the new Party Secretary of the company, with his General Manager qualifications officially approved in February 2026. Around the same time, Peng Yunping, former Deputy General Manager of Taiping P&C, was promoted to Party Secretary, interim head, and General Manager designate of the company, though her qualifications have not yet received final regulatory approval.

Now, Taiping Pension has followed suit, with Xing Maohua stepping in as the new leader. Beyond the top positions, adjustments to other executive members across the three subsidiaries are also underway. For instance, Shen Yi, former Deputy Party Secretary and Deputy General Manager overseeing individual insurance at Taiping Life, has moved to Taiping Pension as Deputy General Manager in charge of Risk Control and Compliance. Tang Xinan, former Assistant General Manager at Taiping Pension, transferred to Taiping Life as Assistant General Manager in August 2025.

Taiping Pension Faces Dual Challenges: Shrinking Revenue and Declining Solvency

Founded in 2004, Taiping Pension is the industry's first state-owned pension insurance company. Since its inception, it has focused on annuity and commercial pension businesses, giving it a certain first-mover advantage. However, in recent years, due to new policies affecting pension insurance companies, Taiping Pension has faced operational challenges, with both business scale and solvency declining. Industry observers are watching closely to see what measures Xing Maohua will implement once he officially takes office.

Specifically, due to the requirement to divest certain business lines, Taiping Pension's revenue scale has contracted over the past two years, with insurance business income posting negative growth for two consecutive years, cumulatively down more than 30%. According to solvency reports, in 2024 and 2025, Taiping Pension achieved insurance business income of RMB 8.061 billion and RMB 6.065 billion respectively, representing year-on-year declines of 9.39% and 24.75%.

Additionally, Taiping Pension's solvency has been on a downward trajectory. At the end of 2024, its core and comprehensive solvency adequacy ratios stood at 186.02% and 245.49% respectively; by the end of 2025, these figures had fallen to 160.40% and 215.05%; and in the first quarter of 2026, they further declined to 156.73% and 209.89%.

Despite the premium decline, Taiping Pension's assets under management have continued to grow. According to China Taiping's 2025 annual results, as of the end of 2025, Taiping Pension's managed assets reached HKD 818.057 billion, up 23.1% from HKD 664.774 billion at the end of 2024. Meanwhile, in the third-pillar commercial pension business, as of the end of 2025, the company had opened 484,100 accounts, offered 7 products, and accumulated assets of RMB 18.461 billion, up 29.2% year-on-year.

On the capital front, Taiping Pension has also taken proactive steps. In October 2025, it completed a strategic capital increase, introducing Belgium's Ageas Insurance Group as a new shareholder subscribing to a 10% stake, making it the second-largest shareholder. The largest shareholder, China Taiping, saw its stake diluted from 99.99% to 89.99%. At the same time, regulators approved a RMB 333 million increase in Taiping Pension's registered capital.