Chang Ying, General Manager and CEO of CMBC Life Insurance, has resigned from his positions after reaching the retirement age for senior executives, with his departure approved by the company's board of directors. Liu Jun has been appointed as the interim head of the company.
CMBC Life Insurance stated that the company maintains a mature and stable management structure, and the leadership change will not impact its normal operations.
Born in 1968, Chang Ying is 58 years old this year. He entered the insurance industry in 2002 and assumed the role of General Manager of CMBC Life Insurance in December 2021. He was responsible for the company's overall management and operations, while also serving as CEO, Head of Investments, Executive Director of the wholly-owned subsidiary CMBC Health Management Co., Ltd., and Vice Chairman of CMBC Asset Management Co., Ltd. Prior to joining CMBC Life Insurance, Chang held positions at COFCO Group and Sino-British Life Insurance, among other companies.
Liu Jun, who has been named interim head, became Deputy General Manager of CMBC Life Insurance in April 2024. From November 2002 to January 2024, Liu worked at CMBC, where he held roles including Assistant General Manager and Deputy General Manager of the Wealth Management Department at the headquarters, Secretary of the Discipline Inspection Commission and Council Member of the Credit Card Center, and Deputy Director of the Training Center. In February 2024, Liu joined CMBC Life Insurance as President of the Bancassurance Division, a position he continues to hold. Since April 2024, he has served as Deputy General Manager, overseeing bancassurance and group insurance operations.
According to industry sources, CMBC Life Insurance plans to appoint Li Gongzheng as General Manager and CEO. Li has spent many years within the CMBC system, having previously served as Assistant General Manager and Deputy General Manager of the Human Resources Department at the headquarters, Party Committee Member and Deputy Head of the Tianjin Branch, General Manager of the Interbank Client Department, and Deputy Head of the Shenzhen Branch. In 2022, Li returned to the CMBC headquarters and assumed the role of Head of the Nanchang Branch in November 2023.
It is worth noting that in December 2025, CMBC Life Insurance underwent a change in its chairman position, with former Chairman Wang Xiaoqing stepping down. The current Chairman, Wang Ying, joined CMBC in 1997 and has held positions including Assistant General Manager and Deputy General Manager of the Beijing Branch, Head of the Tianjin Branch, Head of the Shenzhen Branch, and Assistant President of CMBC. Since November 2023, she has served as Vice President of CMBC, while also holding the positions of Chairman of CMBC Fund Management Co., Ltd. and Director of China UnionPay Co., Ltd.
CMBC Life Insurance is currently jointly owned by CMBC and Cigna Health Insurance, each holding a 50% stake. The company has a registered capital of 2.8 billion yuan and operates 30 branches in cities including Beijing and Shanghai.
Latest performance data shows that in 2025, CMBC Life Insurance achieved annual insurance revenue of 44.631 billion yuan and a net profit of 3.312 billion yuan. The annual investment return rate and comprehensive investment return rate were 4.73% and 4.65%, respectively. As of the end of 2025, the company's core and comprehensive solvency adequacy ratios stood at 129.93% and 203.24%, respectively.