New directors for Chinese insurers

Business | Avery Chen 8 Jan 2019

Shares of New China Life Insurance (1336) slumped as much as 9 percent after reports emerged that chairman and chief executive Wan Feng will not continue his tenure.

The insurer's price was slashed 7.57 percent, closing at HK$28.10 yesterday. Wan, who expressed little optimism on the industry earlier, will join rival Shin Kong and HNA Life Insurance, mainland media reported.

At a mainland insurance conference, Wan said the total premiums of life insurance may have negative growth in 2019 as the further decline in wealth management products business, amid insufficient market liquidity and financial strain on banks.

The Beijing-based company clarified that it is currently under normal operation and management. The term of the sixth session of the board of directors is about to expire, and it is currently planning election for a new session.

Meanwhile, China's milk-producer Mengniu Dairy(2319) announced Yu Xubo has succeeded Ma Jianping as chairman and non-executive director.

In other news, Bank of Communications (3328) has won approval from the China Banking and Insurance Regulatory Commission to establish a wealth management business. After completing preparation and establishment procedures, it will apply to the CBIRC for the commencement of business, the company said.

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