First-Time! This Financial Central Enterprise Replaces Its Chairman, with the New One from the Financial Supervisory Bureau
Domestic only agricultural reinsurance company replaces its chairman for the first time.
Recently, the China Agricultural Reinsurance Co., Ltd. (hereinafter referred to as "China Agric. Re.") announced on its official website that due to work reasons, Zhao Yang has resigned from his positions as chairman, executive director, etc. of the company. The company's board of directors and shareholders meeting reviewed and approved Li Youxiang as the new executive director and chairman. The company received approval for the new appointment from the Financial Supervisory Bureau on [date], with the term effective from the date of approval.
Prior to this, Li Youxiang had served as the secretary of China Agric. Re.'s party committee. Li Youxiang was originally the chief of the Examination and Supervision Department of the Financial Supervisory Bureau, born in 1967, with a wealth of experience and long-term insurance regulatory experience.
According to public information, Li Youxiang graduated from a research institution in 1990 and entered the China People's Bank headquarters supervision department. He later transferred to the original regulatory agency and held positions in several departments, including the Chongqing Regulatory Bureau, and served as the vice mayor of Wuhan City (part-time) in 2017.
In recent years, Li Youxiang has mainly been responsible for regulating the insurance industry. In 2018, he became the director of the Insurance Department (Reinsurance Department) of the original regulatory agency, and in 2023, after the Financial Supervisory Bureau was established, he took up his current position as chief of the Examination and Supervision Department.
China Agric. Re.'s former chairman, Zhao Yang, resigned this year in February.
The company's quarterly report for the first quarter revealed that on February 8th, China Agric. Re. held a meeting of its employees, where relevant responsible persons from CITIC Group announced the decision made by CITIC Group's party committee, and Zhao Yang would no longer serve as the secretary of China Agric. Re.'s party committee, chairman, or executive director. On the same day, Zhao Yang resigned from his positions; in accordance with the company's regulations, the resignation took effect on the same day.
After Zhao Yang's resignation, Li Youxiang took up his new position in the second quarter. The company's report for the second quarter, released on July 31st, showed that the executive director and chairman had fulfilled their duties according to the company's governance procedures, pending approval from the Financial Supervisory Bureau for their new appointment.
China Agric. Re. was approved to operate in December 2020 with registered capital of RMB 161 billion. The company is located in Beijing and is committed to establishing a financial support mechanism for agricultural insurance risk diversification, promoting the development of high-quality agriculture insurance.
According to the list of 27 central financial enterprises released by the Ministry of Finance in February 2021, China Agric. Re. ranked 21st. Originally controlled by the Ministry of Finance, it was approved for a change in shareholding structure to be held by the Central Huijin Corporation, making it a centrally-controlled financial institution. Currently, the Central Huijin Corporation holds a 55.90% stake in China Agric. Re.
According to previous annual reports, from 2021 to 2024, China Agric. Re.'s annual insurance business income was approximately RMB 192 billion, RMB 241 billion, RMB 275 billion, and RMB 275 billion, respectively, with net profits of -RMB 6.95 billion, RMB 0.48 billion, RMB 0.99 billion, and RMB 1.07 billion, respectively.
The second-quarter report showed that China Agric. Re. achieved insurance business income of RMB 176 billion in the first half, with a net profit of -RMB 1.72 billion, and a comprehensive cost rate of 103.89%, indicating an underwriting loss.