Ping An Life Insurance has announced a significant leadership change. Chairman Yang Zheng is set to step down from his roles as Chairman and Director due to the expiration of his post-retirement re-employment contract. Vice Chairman and Deputy General Manager Cai Ting will assume the duties of Chairman on an acting basis. The company stated it is progressing orderly with the formal appointment process for a new Chairman and will fulfill information disclosure obligations as required.
Cai Ting, born in October 1985, is a member of the "post-85" generation and has been with Ping An Life for a decade, with experience spanning Ping An Group, Ping An Bank, and Ping An Life. He currently serves as Vice Chairman and Deputy General Manager, overseeing the channel center, product center, and financial enterprise center. Cai Ting holds a bachelor's degree in Human Resource Management from Antai College of Economics and Management at Shanghai Jiao Tong University. He joined Ping An in November 2014 and has held various positions, including Project Manager in the Chief Innovation Executive Office of Ping An Group, and later roles in strategic development, human resources at Ping An Bank, and as Deputy Chief Financial Executive of Ping An Group. He was appointed as Assistant to the Chairman of Ping An Life in 2023, and subsequently became Deputy General Manager and Executive Director in 2024, before taking on the role of Vice Chairman in March 2025.
Yang Zheng, born in February 1964, is a veteran of Ping An, having joined in July 1994. His career at Ping An includes serving as General Manager of Ping An Property & Casualty Insurance's Shanghai Branch, Assistant General Manager of Ping An Property & Casualty Insurance, Deputy General Manager of Ping An Bank's Eastern Region, Chairman and CEO of Ping An Haoche, General Manager of Ping An Property & Casualty Insurance, and Chairman and CEO of Ping An Health Insurance. He was appointed Party Committee Secretary, Chairman, and CEO of Ping An Life on December 7, 2020, responsible for the company's overall operations and management.
The current leadership team at Ping An Life consists of 10 members, including Party Committee Secretary and Chairman Yang Zheng, Vice Chairman and Deputy General Manager Cai Ting, Executive Director and General Manager Shi Weiyu, Deputy General Manager Wu Jianwei, Assistant General Manager and Chief Actuary Sun Hanjie, Assistant General Manager and Chief Investment Officer Cheng Jianxin, Assistant General Manager Zhao Jin, Assistant General Manager, Financial Controller, Chief Risk Officer, and Board Secretary Huang Yuqiang, Audit Officer Zhang Wenxian, and Chief Compliance Officer Guo Jiming.
Beyond personnel changes, Ping An Life has been active in the secondary market since the start of 2026. On January 22, the company increased its stake in China Life Insurance Company Limited's H-shares through a transaction on the Hong Kong Stock Exchange, purchasing 11.891 million shares at an average price of HK$32.0553 per share, involving approximately HK$381 million. Following this acquisition, Ping An Life's stake in China Life H-shares rose from 8.98% to 9.14%, bringing it close to the 10% threshold that requires a further public disclosure.
Just 11 days later, on February 2, Ping An Life made another move, acquiring 10.895 million China Life H-shares at an average price of approximately HK$33.2588 per share, spending about HK$362 million. These two substantial purchases within a half-month period increased its shareholding from 9.14% directly to 10.12%, with total holdings reaching approximately 753 million shares, triggering the requirement for a second public disclosure.
As a leading life insurance institution, Ping An Life reported continued improvement in its main operational indicators for 2025, with both premium income and net profit achieving double-digit growth. For the first three quarters of 2025, the company recorded insurance revenue of 470.932 billion yuan, an increase of 11.67% year-on-year. Net profit reached 105.566 billion yuan, up 23% year-on-year.
In terms of investment performance, Ping An Life's investment yield for the first three quarters of 2025 was 3.58%, considered average, while its comprehensive investment yield stood at 13.39%, ranking it among the top performers in the life insurance sector. Regarding assets, the company's total assets reached 5.85 trillion yuan by the end of the reporting period, an increase of 12.71% since the beginning of the year. Net assets were 429.836 billion yuan, up 26.9% since the start of the year.
On solvency, Ping An Life's comprehensive solvency adequacy ratio decreased by 43.75 percentage points from 229.43% to 185.68% by the end of the first three quarters of 2025. Its core solvency adequacy ratio fell by 32.46 percentage points from 166.98% to 134.52%. The company's risk comprehensive rating for the first and second quarters of 2025 was AA.