(Image source: Visual China) A new member of the leadership of China Life Insurance Group. The Blue Whale News reporter learned that Huang Benyao, president of PICC Asset Management, has been transferred to China Life Insurance (Group) Corporation (hereinafter referred to as "Guoshou Group") as a member of the Party Committee. Since 2023, there have been many changes in the leadership of Guoshou Group. Huang Benyao joined Guoshou to add new "blood" to the investment sector of Guoshou.
As a "senior citizen insurance", Huang Benyao has worked for PICC Assets and PICC Health for many years and has rich investment experience. For the insurance asset management industry, Huang Benyao proposed that under the new development pattern, we should further adhere to the positioning, return to the origin, adhere to market orientation and differential development, vigorously cultivate and enhance the core competitiveness of the industry, and pragmatically promote high-quality development of the industry.
Huang Benyao, "senior citizen insurance", was just promoted to president of PICC Assets in April
Blue Whale News noticed that the official website of Guoshou Group was updated: Huang Benyao, born in 1972, a member of the company's Party committee. Doctor's degree in management. He will take up his current post in May 2024. He used to be the Secretary of the Party Committee and President of PICC Asset Management Co., Ltd.
Huang Benyao, a new member of Guoshou, has worked in PICC for many years. He once served as assistant to the general manager of PICC Asset Development Planning Department/Market Development Department, and general manager of Financial Accounting Department, Portfolio Management Department, and Stock Investment Department; Member of the Party Committee, Vice President, Chief Investment Executive Officer, and Financial Principal of the People's Health Insurance Company of China Limited. At the beginning of 2021, Huang Benyao was approved as the deputy general manager of PICC Assets.
In July 2023, PICC Asset Management announced that Zeng Beichuan, the former president, would no longer serve as the president of the company because he reached the statutory retirement age. The Board of Directors appointed Huang Benyao, the then deputy secretary of the Party Committee and vice president, as the temporary head of the company. In April this year, Huang Benyao was approved as the general manager of PICC Assets.
In January this year, Huang Benyao wrote in the PICC Internal Journal that first-class investment institutions should have first-class risk management capabilities and create reasonable long-term investment returns for customers on the premise of effective risk management and control. PICC Asset Management Co., Ltd. adheres to the principle of "seeking progress while maintaining stability and promoting stability through progress", and has determined the business strategy of "stabilizing one party's business and third-party business; stabilizing fixed income investment and equity investment; stabilizing public capital management business and advancing private capital management business; stabilizing alternative traditional business and advancing alternative innovative business".
At the performance conference of PICC in 2023, Huang Benyao talked about the specific investment strategy in 2024. The main changes are: first, further strengthen asset liability management, strengthen the linkage between assets and liabilities, and further increase the allocation of long-term fixed income assets; Second, improve the overall risk management system; Third, actively seize investment opportunities and increase the proportion of assets classified as OCI under the new accounting standards; Fourth, accelerate the industrial layout closely related to the main business of insurance; Fifth, actively promote the innovation and transformation of investment business.
From the perspective of industry research and judgment, Huang Benyao said in an interview with the media a few days ago that under the new development pattern, the insurance asset management industry should further adhere to its positioning, return to its roots, adhere to market orientation and differential development, vigorously cultivate and enhance the core competitiveness of the industry, and pragmatically promote high-quality development of the industry.
In order to better play the role of long-term funds, on the one hand, investment should be based on the long-term value judgment of the general trend, industry and individual stocks, and the equity asset allocation proportion should be increased when the market value is underestimated; On the other hand, we should screen high-quality tracks in line with the direction of economic development based on a long-term perspective, promote the optimization of the structure of listed entities, and promote economic transformation and upgrading. At the same time, we should actively practice social responsibility. Promote green investment and ESG investment to help rural revitalization, regional coordinated development and improve people's well-being.
As for the embodiment of the core competitiveness of insurance asset management institutions, he believed that it is necessary to improve the ability to grasp structural opportunities under the new development pattern, the ability to balance short-term fluctuations and medium - and long-term returns, and the ability to identify, respond to and dispose of risks under the new situation, new business model and new model.
By the end of 2023, the assets under management of PICC had reached 1.68 trillion yuan, an increase of 14.7% over the beginning of the year. The annual operating revenue was 1.526 billion yuan, and the net profit was 498 million yuan, ranking first among the subsidiaries in the PICC investment sector.
Continuous adjustment of the leadership of Guoshou Group
After joining Huang Benyao, the leadership of Guoshou Group has a total of 8 people, including Bai Tao, Secretary of the Party Committee and Chairman of the Board; Cai Xiliang, Deputy Secretary of the Party Committee, Vice Chairman and President; Dong Yunpeng, head of the Discipline Inspection and Supervision Group and member of the Party Committee; Wang Kai, member of the Party Committee and Vice President; Yang Liping, member of the Party Committee, Vice President and Chief Risk Officer; Li Mingguang, member of the Party Committee and vice president; Lin Chaohui, member of the Party Committee and vice president, and Huang Benyao, a new member of the Party Committee.
Many of them have adjusted since 2023. At the beginning of 2023, Su Hengxuan, a member of the Party Committee and Vice President of Guoshou Group, will retire at the age of 30. In April, Li Mingguang, a member of the Party Committee, Vice President and Chief Actuary of China Life Insurance, will fill the post and become a member of the Party Committee and Vice President of Guoshou Group.
Three months later, Zhao Peng, member of the party committee, vice president and secretary of the party committee of China Life Insurance, president of Guoshou Group, was transferred to PICC as deputy secretary of the party committee and president. At the end of the year, Guo Xinshuang, Deputy Secretary of the Party Committee and Chairman of the Board of Supervisors of Guoshou Group, stepped down at the age of.
In January this year, Guoshou Group held a cadre meeting and announced that Lin Zhaohui, then the president of CCB Beijing Branch, would be a member of the party committee of Guoshou Group. In March, Dong Yunpeng, secretary of FAW Discipline Inspection Commission, served as the head of the discipline inspection and supervision team of the Central Commission for Discipline Inspection and the State Supervision Commission in China Life Insurance (Group) Corporation, and a member of the Party Committee of China Life Insurance Group. In April, Wu Shaohua, who has reached the retirement age of 60, had his resume removed from the leadership information column of Guoshou Group.
Huang Benyao, who has rich investment experience, will also inject new "blood" into the Guoshou investment sector.
In 2023, China Life Insurance will achieve a net investment income of RMB 19.2 billion, with a net investment return rate of 3.77%; The total return on investment was 141.968 billion yuan, with a total return on investment of 2.68%. After considering the net change in fair value of available for sale financial assets included in other comprehensive income in the current period, the comprehensive rate of return is 3.23%, an increase of 131 basis points over 2022.
In the 2023 performance conference, Liu Hui, Vice President of China Life Insurance, proposed that the company will continue to adhere to the principle of asset liability matching, adhere to long-term investment, value investment and sound investment, and also strengthen the confidence that China's economy will continue to improve and recover.
