Zhao Shang Xinuo Life Insurance General Manager Chang Ying Steps Down Upon Reaching Retirement Age; Successor May Come From Bank of Communications Nanchang Branch

Whale News, March 24 — (Reporter Shi Yu) Today, we learned from CMBIC Life that Chang Ying has reached the age limit for leadership positions and has applied to resign as the company’s General Manager and CEO. The board of directors has approved the resignation. At the same time, the company has appointed Liu Jun as interim responsible person.

CMBIC Life stated, “The company has a mature and stable management system; personnel changes do not affect normal operations.”

Public records show that Chang Ying, born in 1968, is 58 years old. She entered the insurance industry in 2002 and has served as General Manager of CMBIC Life since December 2021, overseeing the company’s overall operations. She also serves as CEO, Investment Head, Executive Director of wholly-owned subsidiary CMBIC Health Management Co., Ltd., and Vice Chairman of CMBIC Asset Management Co., Ltd. Before joining CMBIC Life, Chang Ying worked at COFCO Group, China-UK Insurance, and other companies.

Liu Jun, who is serving as interim responsible person, has been Deputy General Manager of CMBIC Life since April 2024. From November 2002 to January 2024, Liu Jun worked at China Merchants Bank, where she held positions including Assistant to the General Manager of the Wealth Management Department, Deputy General Manager; Secretary of the Disciplinary Committee and Director of the Credit Card Center; Deputy Director of the Training Center. In February 2024, Liu Jun joined CMBIC Life as President of the Bancassurance Division, and since April 2024, she has served as Deputy General Manager, overseeing bancassurance and group insurance businesses.

According to industry sources, CMBIC Life plans to appoint Li Gongzheng as General Manager and CEO. Li Gongzheng has held various positions within China Merchants Bank for many years, including Assistant to the General Manager of the Human Resources Department, Deputy General Manager of the Head Office, Party Committee Member and Vice President of Tianjin Branch, General Manager of the Industry Clients Department at the Head Office, and Vice President of Shenzhen Branch. In 2022, Li Gongzheng returned to China Merchants Bank’s head office, and since November 2023, he has been President of Nanchang Branch.

Notably, in December 2025, CMBIC Life recently completed a leadership change, with former Chairman Wang Xiaoqing stepping down. The current Chairman, Wang Ying, has been with China Merchants Bank since 1997, serving as Assistant to the President of Beijing Branch, Vice President, President of Tianjin Branch, President of Shenzhen Branch, Assistant to the President of China Merchants Bank, and since November 2023, Vice President of China Merchants Bank. He also serves as Chairman of CMB Fund Management Co., Ltd. and Director of China UnionPay Co., Ltd.

Currently, CMBIC Life is equally owned by China Merchants Bank and Cigna Health Life Insurance, with a registered capital of 2.8 billion yuan. The company has established 30 branches in Beijing, Shanghai, and other cities.

Latest performance data shows that in 2025, CMBIC Life achieved an insurance business income of 44.631 billion yuan, a net profit of 3.312 billion yuan, with annual investment yield and comprehensive investment yield of 4.73% and 4.65%, respectively. As of the end of 2025, the company’s core and comprehensive solvency adequacy ratios were 129.93% and 203.24%.

（Editor: Liu Sijia）