(Picture source: Visual China)
The general manager of Zhonghong Life Insurance Co., Ltd. (hereinafter referred to as "Zhonghong Insurance") has officially landed. Blue Whale Finance has learned that recently, Zhonghong Insurance has received regulatory approval and officially appointed Wu Xiaoyong as general manager, with the appointment taking effect immediately.
Wu Xiaoyong has 27 years of investment management experience. She joined Zhonghong Insurance in 2019 and held a management position in the investment department. She will serve as the interim head of the company from June 2023. During his time at the helm of investment management, Zhonghong Insurance's comprehensive investment return rate in the past three years was 5.6%. In 2023, against the background of overall pressure on the investment side of the industry, Zhonghong Insurance's investment rate of return and comprehensive rate of return will be about one percentage point higher than the industry average. The interim head of
was approved to be "regularized", and the new manager
, who has 27 years of investment management experience, was approved, but he is an "old friend" of Zhonghong Insurance.
According to information publicly disclosed by Zhonghong Insurance, Wu Xiaoyong has been with Zhonghong Insurance for nearly five years. In July 2019, Wu Xiaoyong joined China Macro Insurance and held a management position in the investment department. In December of the same year, she was approved by regulators to serve as Assistant General Manager and Chief Investment Officer of China Macro Insurance. Starting from 2021, he will also serve as the chief financial officer of Zhonghong Insurance.
Wu Xiaoyong has more than 27 years of domestic and foreign investment management experience. Before joining Zhonghong Insurance, Wu Xiaoyong worked at Shanghai Fosun Group and held various investment management positions. Prior to that, she also worked at Ruitai Life Insurance, Sino-American Luen Tai MetLife, Hengkang Tianan Life and Yongda Futures Brokerage Co., Ltd. The company holds investment management positions.
Regarding Wu Xiaoyong’s appointment, Zhonghong Insurance commented, “During his tenure, Mr. Wu Xiaoyong demonstrated strong leadership capabilities in cross-department collaboration. As chief investment officer, Mr. Wu Xiaoyong led the investment team to withstand market fluctuations and comprehensively improved China’s Macro Insurance's investment strength and investment performance. After serving as chief financial officer, Mr. Wu Xiaoyong has demonstrated outstanding management capabilities in daily operation management, regulatory communication, financial and actuarial team integration."
In June 2023, the former president of China Macro Insurance Manager Zhang Kai resigned, and Wu Xiaoyong took over as the interim head of Zhonghong Insurance. Nine months later, Wu Xiaoyong was officially approved as general manager.
Sino-Hong Kong Insurance, headed by Wu Xiaoyong, was established in November 1996. It is the first Sino-foreign joint venture life insurance company in China. It is a joint venture between Manulife Life Insurance (International) Co., Ltd., a subsidiary of Manulife Canada, and Sinochem Group Finance Co., Ltd., and is registered. Capital 1.6 billion yuan.
The company’s net profit in 2023 is 402 million yuan, and the comprehensive investment rate of return is 5%
Under the leadership of Wu Xiaoyong, who has rich investment experience, Zhonghong Insurance has achieved good results on the investment side. According to the 2023 Solvency Report, Zhonghong Insurance’s average investment return rate in the past three years was 5.03%, and its average comprehensive investment return rate in the past three years was 5.6%.
In 2023, the investment performance of the entire industry will decline collectively, but Zhonghong Insurance still maintains relatively good results. According to Blue Whale Finance’s analysis of the investment returns of 61 unlisted personal insurance companies, the annual average comprehensive investment return and average investment return are 3.85% and 3.22% respectively. Zhonghong Insurance’s comprehensive investment return in 2023 is 5%. The rate of return is 4.29%, which is more than 1 percentage point higher than the industry level. Among them, the comprehensive investment rate of return ranks 15th among unlisted personal insurance companies.
Under the better performance of return rate, Zhonghong Insurance achieved a net profit of 402 million yuan in 2023, a return on net assets of 4.61%, and an insurance business income of 23.2 billion yuan during the same period, a year-on-year increase of approximately 60%.
In order to further strengthen the company's investment management capabilities, in 2023, Zhonghong Insurance passed a motion on the establishment of Zhonghong Insurance Asset Management Co., Ltd. At that time, the industry evaluated that the establishment of an asset management company would make it more professional in terms of investment decision-making mechanisms, risk control, incentives and constraints, etc., which would be conducive to the institutionalization, standardization, and market-oriented development of the asset management business.
is different from its previous focus on the asset management field. After Wu Xiaoyong took the helm of China Macro Insurance, he also shouldered the important task of monitoring the company's strategic business.
From a strategic perspective, Zhonghong Insurance proposes to focus on the two major areas of health and elderly care, with the long-term strategic goal of "becoming China's leading health and elderly care expert".Under this layout, since 2023, Zhonghong Insurance has launched exclusive cancer protection products for the "sub-standard" population; in August of the same year, it launched its first personal pension insurance product.
At the same time, focusing on the upgrade of the elderly care strategy, Zhonghong Insurance has launched comprehensive elderly care services, covering four major categories of services and a total of 16 service rights, covering a variety of elderly care models such as home care, nursing institutions and high-end elderly care communities. Up to now, Zhonghong Insurance’s health care service network covers more than 200 elderly care institutions in more than 40 cities, with a total of more than 150,000 elderly care beds.
Wu Xiaoyong pointed out, "With the advent of the longevity era, the demand for pension security is accelerating, and it also shows the characteristics of differentiation and refinement. To this end, Zhonghong Insurance is continuing to improve the health and pension ecosystem."
