Ping An Life Insurance Company of China is undergoing a leadership transition. Just before the Spring Festival in 2026, the company announced that Yang Zheng, who had been re-employed after retirement, is set to resign from his roles as Chairman and Director upon the expiration of his term. Vice Chairman and Deputy General Manager Cai Ting will temporarily assume the Chairman's duties.

Ping An Life stated that the company is continuously strengthening its leadership team to advance its strategic goals and achieve high-quality development. The process of appointing a new Chairman is currently underway, and the company will fulfill its information disclosure obligations in accordance with relevant laws, regulations, and supervisory requirements.

Yang Zheng's retirement was not unexpected, as he was born in February 1964 and has reached the age of 60. He joined Ping An in July 1994 and has served the company for over 30 years. As a veteran of the Ping An Group, Yang has held significant management positions across multiple business lines, including Chairman of Ping An Life, Chairman of Ping An Health Insurance, General Manager of Ping An Property & Casualty Insurance, and various regional and divisional leadership roles.

At the end of 2020, as part of efforts to deepen life insurance reforms and achieve breakthroughs in digital operations, Yang was appointed Party Secretary, Chairman, and CEO of Ping An Life, taking full responsibility for the company's operations. His appointment as Chairman was officially approved in May 2022.

With a background in frontline management, Yang was tasked with leading Ping An Life during a period of reform. The Ping An Group had high expectations for his leadership, hoping to strengthen the company's management framework and drive momentum for ongoing reforms.

In recent years, Ping An Life's transformation has shown positive results. In the first three quarters of 2025, the company continued to deepen its "channel + product" strategy, strengthened channel development, improved business quality, and enhanced its "insurance + services" offerings, particularly in health and retirement planning.

Data shows that in the first three quarters of 2025, the new business value from Ping An Life's agent channel increased by 23.3% year-on-year, while new business value per agent rose by 29.9%. The bancassurance channel saw a 170.9% increase in new business value, reflecting sustained productivity growth. Bancassurance, community financial services, and other channels contributed 35.1% of the company's new business value. As of the end of the third quarter of 2025, Ping An Life's total assets exceeded 5.8 trillion yuan.

Ping An Life acknowledged Yang Zheng's contributions, noting that he fulfilled his duties diligently during his tenure as Chairman and played a key role in implementing the company's "channel + product" strategy. The company expressed sincere gratitude for his service.

Following Yang's retirement, Vice Chairman Cai Ting will act as Chairman in accordance with the company's articles of association. Cai, born in October 1985, is part of the younger generation of leaders at Ping An and currently serves as Vice Chairman and Deputy General Manager, overseeing channel management, product development, and financial planning.

Cai Ting joined Ping An in November 2014 and has held various positions, including Project Manager in the Chief Innovation Officer's Office, Senior Project Manager in the Strategic Development Center, and leadership roles in human resources and financial planning at Ping An Bank and Ping An Life. He is recognized for his strategic vision, digital transformation expertise, and management capabilities across multiple business functions.

Ping An Life has been actively promoting generational turnover in its management team. The current General Manager, Shi Weiyu, born in December 1976, had her appointment approved by regulators in May 2025, making her the company's second female General Manager.

Ping An Life emphasized that these adjustments are part of its ongoing efforts to strengthen leadership, execute its strategy, and pursue high-quality development.